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Ciena

CIEN NYSE Communications Equipment Financials FY2016–FY2025

Ciena's revenue rose 18.8% to $4.8 billion in fiscal 2025. Its operating margin was 4.1%, about the same as 4.2% a year earlier. Free cash flow was $665 million, up 76.0%. It paid out $335 million in dividends and buybacks, 50% of free cash flow. The diluted share count fell 0.5%.

Last close · Oct 23, 2026

$320.26

0.7%
Value it Compare
Revenue Total sales reported in the income statement.
$4.8B
18.8% vs prior year
Operating margin Operating income as a share of revenue.
4.1%
0.0 pts
Net income Profit after all expenses, interest and tax.
$123M
46.8%
Free cash flow Cash from operations minus capital spending.
$665M
76.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.1%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$46.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
71.5x
On $4.48 EPS (TTM)

What Ciena does

No business description yet.

Legal name
Ciena Corp
Fiscal year ends
November 1, 2025
Latest annual report
—
Accession · CIK
0001628280-25-056698
0000936395

Revenue and margins

Ciena had $4.8B of revenue in fiscal 2025, up 18.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $665M in fiscal 2025, 14.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ciena returned $335M to shareholders in fiscal 2025, 50% of free cash flow. The diluted share count fell 0.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ciena yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$271M and divides by 145.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 71.5x · peers 36.7x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ciena can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.6B$1.1B$1.1B$1.3B$1.3B
Debt incl. finance leases $744M$1.1B$1.6B$1.6B$1.6B
Net debt / EBITDA −1.4x−0.1x1.0x1.2x0.8x
Debt / equity 0.3x0.4x0.6x0.6x0.6x
Interest coverage 16.1x4.7x4.1x1.7x2.2x
Current ratio 3.5x3.3x3.8x3.5x2.7x
Quick ratio 3.1x2.3x2.7x2.7x2.1x
Total assets $4.9B$5.1B$5.6B$5.6B$5.9B
Total liabilities $1.8B$2.4B$2.8B$2.8B$3.1B
Shareholders' equity $3.0B$2.7B$2.8B$2.8B$2.7B
Net debt (− = net cash) −$861M−$23.3M$492M$342M$271M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.4M

10 insiders

Of sales under plans

72%

$6.1M

DateInsiderTradeSharesPriceValueFiling
Oct 15, 2026 Brodie GageEVP & Chief Product & Tech Sold plan 1,200 $344.08 $0.4M Form 4
Oct 15, 2026 David M RothensteinEVP & Chief Strategy Officer Sold plan 2,500 $348.06 $0.9M Form 4
Oct 15, 2026 Dino DiPernaEVP & Chief R&D Officer Sold plan 890 $347.04 $0.3M Form 4
Oct 15, 2026 Gary B SmithPresident & CEO, Director Sold plan 2,952 $348.02 $1.0M Form 4
Oct 1, 2026 Gary B SmithPresident & CEO, Director Sold plan 2,952 $369.66 $1.1M Form 4
Oct 1, 2026 Jason PhippsEVP & Chief Customer Officer Sold plan 2,629 $355.19 $0.9M Form 4
Oct 1, 2026 Marc D. GraffEVP & Chief Financial Officer Sold plan 97 $355.19 $0.0M Form 4
Oct 1, 2026 Sheela KosarajuEVP & Chief Legal Officer Sold plan 2,101 $355.19 $0.7M Form 4
Sep 25, 2026 Joseph CumelloEVP & General Mgr. Sold plan 1,586 $358.52 $0.6M Form 4
Sep 24, 2026 Bruce L. ClaflinDirector Sold 2,857 $355.91 $1.0M Form 4
Sep 23, 2026 Thomas Michael NevensDirector Sold 3,738 $359.04 $1.3M Form 4
Sep 16, 2026 Dino DiPernaEVP & Chief R&D Officer Sold plan 249 $350.00 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 95 / 97 / 9
Accruals ratio 1.6%−7.7%−11.9%
Altman Z'' 2.652.301.90

Similar companies

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CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
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10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.6B $2.8B $3.1B $3.6B $3.5B $3.6B $3.6B $4.4B $4.0B $4.8B
Gross profit $1.2B $1.2B $1.3B $1.5B $1.7B $1.7B $1.6B $1.9B $1.7B $2.0B
Research and development $452M $475M $492M $548M $530M $537M $625M $751M $768M $848M
Operating income $156M $215M $230M $347M $487M $495M $223M $358M $167M $198M
Interest expense $56.7M $55.9M $55.2M $37.5M $31.3M $30.8M $47.0M $88.0M $97.0M $89.4M
Pretax income $86.7M $156M $149M $313M $456M $463M $183M $324M $120M $156M
Income tax $14.1M −$1.1B $494M $59.8M $94.7M −$37.4M $29.6M $68.8M $35.9M $32.9M
Net income $72.6M $1.3B −$345M $253M $361M $500M $153M $255M $84.0M $123M
Diluted EPS $0.51 $7.53 −$2.49 $1.61 $2.32 $3.19 $1.00 $1.71 $0.58 $0.85
Diluted shares 0.15B 0.17B 0.14B 0.16B 0.16B 0.16B 0.15B 0.15B 0.15B 0.15B
Cash flow
Cash from operations $290M $235M $229M $413M $494M $542M −$168M $168M $515M $806M
Capital expenditure $107M $94.6M $67.6M $62.6M $82.7M $79.5M $90.8M $106M $137M $141M
Free cash flow $182M $140M $162M $351M $411M $462M −$259M $62.1M $378M $665M
Depreciation and amortization $125M $110M $100M $109M $117M $120M $128M $130M $122M $130M
Stock-based compensation $52.0M $48.4M $53.0M $59.7M $67.8M $84.3M $105M $131M $156M $185M
Acquisitions $32.0M $0.0M $82.7M $0.0M $28.3M $0.0M $62.0M $230M $0.0M $231M
Share buybacks $0.0M $0.0M $111M $150M $74.5M $91.3M $501M $242M $255M $335M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $111M $150M $74.5M $91.3M $501M $242M $255M $335M
Balance sheet
Cash and short-term investments $1.1B $920M $894M $1.0B $1.2B $1.6B $1.1B $1.1B $1.3B $1.3B
Total debt $486M $393M $686M $680M $683M $677M $1.1B $1.6B $1.5B $1.5B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $64.4M $66.2M $56.9M $52.1M $47.9M $43.3M
Current assets $2.0B $2.0B $2.1B $2.4B $2.6B $3.2B $3.4B $3.6B $3.5B $3.6B
Current liabilities $892M $1.0B $963M $846M $761M $909M $1.0B $932M $1,000M $1.3B
Inventory $211M $267M $263M $345M $344M $374M $947M $1.1B $820M $826M
Property and equipment, net $288M $309M $292M $287M $272M $285M $268M $280M $338M $387M
Total assets $2.9B $4.0B $3.8B $3.9B $4.2B $4.9B $5.1B $5.6B $5.6B $5.9B
Total liabilities $2.1B $1.8B $1.8B $1.7B $1.7B $1.8B $2.4B $2.8B $2.8B $3.1B
Shareholders' equity $766M $2.1B $1.9B $2.2B $2.5B $3.0B $2.7B $2.8B $2.8B $2.7B
Margins
Gross margin 44.7% 44.5% 42.5% 43.2% 46.8% 47.6% 43.0% 42.8% 42.8% 42.0%
Operating margin 6.0% 7.7% 7.4% 9.7% 13.8% 13.7% 6.1% 8.2% 4.2% 4.1%
EBITDA margin 10.8% 11.6% 10.7% 12.8% 17.1% 17.0% 9.7% 11.1% 7.2% 6.9%
Net margin 2.8% 45.0% −11.1% 7.1% 10.2% 13.8% 4.2% 5.8% 2.1% 2.6%
FCF margin 7.0% 5.0% 5.2% 9.8% 11.6% 12.8% −7.1% 1.4% 9.4% 14.0%
Returns
Return on capital 22.4% 23.7% 6.9% 15.8% 20.0% 23.7% 7.7% 9.3% 3.6% 5.1%
Return on capital employed 7.8% 8.8% 8.1% 11.9% 15.1% 13.4% 5.6% 8.2% 3.6% 4.3%
Return on equity 10.5% 87.0% −17.0% 12.4% 15.4% 18.1% 5.3% 9.2% 3.0% 4.5%
Return on assets 2.6% 37.0% −8.9% 6.6% 9.0% 11.1% 3.1% 4.8% 1.5% 2.1%
Growth
Revenue growth 6.3% 7.7% 10.4% 15.4% −1.1% 2.5% 0.3% 20.8% −8.5% 18.8%
Net income growth 522.1% 1,638.6% −127.3% — 42.6% 38.5% −69.4% 66.7% −67.1% 46.9%
EPS growth 410.0% 1,376.5% −133.1% — 44.1% 37.5% −68.7% 71.0% −66.1% 46.6%
FCF growth −8.8% −23.1% 15.2% 116.9% 17.2% 12.4% −156.0% — 508.2% 76.1%
Share count change 25.5% 12.8% −15.4% 9.7% −1.1% 0.5% −2.9% −1.9% −2.3% −0.5%
Financial health
Net debt / EBITDA −2.0x −1.6x −0.6x −0.7x −0.8x −1.4x −0.1x 1.0x 1.2x 0.8x
Debt / equity 0.6x 0.2x 0.4x 0.3x 0.3x 0.3x 0.4x 0.6x 0.6x 0.6x
Interest coverage 2.8x 3.8x 4.2x 9.3x 15.6x 16.1x 4.7x 4.1x 1.7x 2.2x
Current ratio 2.3x 1.9x 2.2x 2.8x 3.4x 3.5x 3.3x 3.8x 3.5x 2.7x
Quick ratio 2.0x 1.7x 2.0x 2.4x 3.0x 3.1x 2.3x 2.7x 2.7x 2.1x
Capital allocation
Capex / revenue 4.1% 3.4% 2.2% 1.8% 2.3% 2.2% 2.5% 2.4% 3.4% 3.0%
Stock comp / revenue 2.0% 1.7% 1.7% 1.7% 1.9% 2.3% 2.9% 3.0% 3.9% 3.9%
Payouts / FCF 0.0% 0.0% 68.7% 42.8% 18.1% 19.8% — 389.8% 67.4% 50.3%
Quality scores
Piotroski F-score 6.0 5.0 4.0 8.0 8.0 7.0 2.0 6.0 5.0 7.0
Altman Z'' −3.4 −0.6 −0.7 0.6 1.9 2.9 2.2 2.7 2.3 1.9
Accruals ratio −7.8% 30.1% −14.9% −4.2% −3.3% −0.9% 6.5% 1.6% −7.7% −11.9%

Source: SEC EDGAR XBRL filings (CIK 0000936395). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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