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Viavi Solutions

VIAV Nasdaq Communications Equipment Financials FY2017–FY2026

Viavi Solutions' revenue rose 40.0% to $1.5 billion in fiscal 2026. Its operating margin was 6.9%, up from 5.3% a year earlier. Free cash flow was $83 million, up 33.5%. It paid out $30 million in dividends and buybacks, 36% of free cash flow. The diluted share count rose 1.7%.

Last close · Oct 23, 2026

$30.45

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$1.5B
40.0% vs prior year
Operating margin Operating income as a share of revenue.
6.9%
1.6 pts
Net income Profit after all expenses, interest and tax.
−$30.4M
187.4%
Free cash flow Cash from operations minus capital spending.
$82.8M
33.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.3%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Viavi Solutions does

No business description yet.

Legal name
Viavi Solutions Inc.
Fiscal year ends
June 27, 2026
Latest annual report
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Accession · CIK
0001628280-26-056765
0000912093

Revenue and margins

Viavi Solutions had $1.5B of revenue in fiscal 2026, up 40.0% 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

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 $82.8M in fiscal 2026, 5.5% 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

Viavi Solutions returned $30.0M to shareholders in fiscal 2026, 36% of free cash flow. The diluted share count rose 1.7%.

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

Value Viavi Solutions 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

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Adds net cash of $7.9M and divides by 229.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $561M$521M$491M$425M$650M
Debt incl. finance leases $685M$726M$636M$643M$642M
Net debt / EBITDA 0.5x1.6x2.2x2.2x−0.1x
Debt / equity 1.0x1.1x0.9x0.8x0.4x
Interest coverage 7.9x3.0x0.7x1.9x2.2x
Current ratio 2.7x2.8x3.6x1.5x1.9x
Quick ratio 2.4x2.4x3.2x1.3x1.6x
Total assets $1.8B$1.9B$1.7B$2.0B$2.7B
Total liabilities $1.2B$1.2B$1.1B$1.2B$1.3B
Shareholders' equity $672M$691M$682M$780M$1.4B
Net debt (− = net cash) $124M$205M$145M$217M−$7.9M

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

$31.0M

6 insiders

Of sales under plans

7%

$2.2M

DateInsiderTradeSharesPriceValueFiling
Sep 23, 2026 Luke M ScrivanichSVP General Manager OSP Sold plan 35,866 $36.24 $1.3M Form 4
Sep 11, 2026 Paul McNabEVP, Chief Mktg & Stgy Officer Sold 11,032 $38.97 $0.4M Form 4
Aug 31, 2026 Ilan DaskalEVP, CFO Sold 56,290 $36.29 $2.0M Form 4
Aug 31, 2026 Luke M ScrivanichSVP General Manager OSP Sold plan 23,911 $36.37 $0.9M Form 4
Aug 17, 2026 Laura A. BlackDirector Sold 71,000 $46.12 $3.3M Form 4
Aug 14, 2026 Joanne SolomonDirector Sold 10,000 $42.92 $0.4M Form 4
Aug 10, 2026 Paul McNabEVP, Chief Mktg & Stgy Officer Sold 1,595 $37.37 $0.1M Form 4
May 8, 2026 Oleg KhaykinPresident & CEO, Director Sold 136,547 $51.82 $7.1M Form 4
May 7, 2026 Oleg KhaykinPresident & CEO, Director Sold 123,333 $51.43 $6.3M Form 4
May 6, 2026 Luke M ScrivanichSVP General Manager OSP Sold 10,693 $53.00 $0.6M Form 4
May 6, 2026 Oleg KhaykinPresident & CEO, Director Sold 34,024 $54.07 $1.8M Form 4
May 5, 2026 Oleg KhaykinPresident & CEO, Director Sold 124,790 $54.64 $6.8M Form 4

Piotroski F-score

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

TestFY24FY25FY26
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 5 / 96 / 96 / 9
Accruals ratio −7.9%−3.0%−6.1%
Altman Z'' −127.63−112.01−81.10

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Viavi Solutions VIAV $7.0B 40.0% 6.9% 5.5% 4.3% — 6
InterDigital IDCC $11.2B −4.0% 55.3% 63.4% 113.5% 38.1x 6 Compare →
Lumentum LITE $56.4B 83.2% 17.4% 10.0% 10.4% — 5 Compare →
F5 FFIV $26.2B 9.7% 24.8% 29.4% 30.5% 36.3x 8 Compare →
Ubiquiti UI $35.6B 27.2% 36.2% 27.8% 104.2% 37.1x 7 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $805M $876M $1.1B $1.1B $1.2B $1.3B $1.1B $1.0B $1.1B $1.5B
Gross profit $479M $488M $651M $665M $714M $774M $639M $576M $621M $875M
Research and development $136M $133M $187M $194M $203M $213M $207M $202M $209M $263M
Operating income $7.0M $1.9M $67.4M $118M $142M $185M $82.4M $20.8M $57.5M $105M
Interest expense $43.2M $47.3M $34.3M $13.4M $14.7M $23.3M $27.1M $30.9M $30.0M $47.4M
Pretax income $180M −$35.7M $39.3M $114M $131M $65.1M $60.7M $11.6M $38.6M $16.3M
Income tax $21.4M $12.9M $31.5M $65.3M $63.3M $49.6M $35.2M $37.4M $4.4M $47.5M
Net income $160M −$48.6M $5.4M $49.0M $67.5M $15.5M $25.5M −$25.8M $34.8M −$30.4M
Diluted EPS $0.68 −$0.21 $0.02 $0.21 $0.29 $0.07 $0.11 −$0.12 $0.15 −$0.13
Diluted shares 0.23B 0.23B 0.23B 0.23B 0.24B 0.24B 0.23B 0.22B 0.23B 0.23B
Cash flow
Cash from operations $94.3M $66.0M $139M $136M $243M $178M $114M $116M $89.8M $114M
Capital expenditure $38.6M $42.5M $45.0M $31.9M $52.1M $72.5M $51.1M $19.5M $27.8M $31.1M
Free cash flow $55.7M $23.5M $93.8M $104M $191M $106M $63.0M $96.9M $62.0M $82.8M
Depreciation and amortization $43.4M $56.7M $77.8M $75.1M $69.1M $45.4M $44.9M $44.9M $43.2M $62.9M
Stock-based compensation $33.2M $30.5M $38.2M $44.6M $48.3M $52.3M $51.2M $49.4M $53.1M $55.4M
Acquisitions $0.0M $510M $47.0M $2.5M $0.7M $8.3M $67.3M $0.0M $121M $399M
Share buybacks $92.0M $40.8M $11.2M $44.4M $42.2M $236M $83.9M $20.0M $16.4M $30.0M
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 $92.0M $40.8M $11.2M $44.4M $42.2M $236M $83.9M $20.0M $16.4M $30.0M
Balance sheet
Cash and short-term investments $1.4B $781M $523M $541M $699M $561M $521M $491M $425M $650M
Total debt $931M $833M $579M $604M $681M $685M $726M $636M $643M $642M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.7B $1.2B $917M $914M $1.1B $1.0B $945M $877M $885M $1.3B
Current liabilities $229M $553M $284M $233M $747M $369M $344M $247M $590M $681M
Inventory $48.0M $92.3M $103M $83.3M $94.9M $110M $116M $96.5M $118M $155M
Property and equipment, net $137M $171M $180M $173M $196M $229M $243M $228M $232M $225M
Total assets $2.1B $2.0B $1.8B $1.8B $2.0B $1.8B $1.9B $1.7B $2.0B $2.7B
Total liabilities $1.3B $1.3B $1.2B $1.1B $1.2B $1.2B $1.2B $1.1B $1.2B $1.3B
Shareholders' equity $804M $735M $627M $633M $764M $672M $691M $682M $780M $1.4B
Margins
Gross margin 59.5% 55.8% 57.6% 58.6% 59.6% 59.9% 57.8% 57.6% 57.3% 57.7%
Operating margin 0.9% 0.2% 6.0% 10.4% 11.9% 14.3% 7.5% 2.1% 5.3% 6.9%
EBITDA margin 6.3% 6.7% 12.9% 17.0% 17.6% 17.8% 11.5% 6.6% 9.3% 11.1%
Net margin 19.9% −5.6% 0.5% 4.3% 5.6% 1.2% 2.3% −2.6% 3.2% −2.0%
FCF margin 6.9% 2.7% 8.3% 9.1% 16.0% 8.2% 5.7% 9.7% 5.7% 5.5%
Returns
Return on capital 2.0% 0.3% 4.6% 8.6% 10.2% 12.0% 4.9% 1.2% 5.6% 4.3%
Return on capital employed 0.4% 0.1% 4.5% 7.7% 10.3% 13.8% 5.6% 1.4% 4.0% 6.1%
Return on equity 21.5% −6.3% 0.8% 7.8% 9.7% 2.2% 3.7% −3.8% 4.8% −2.7%
Return on assets 8.5% −2.4% 0.3% 2.7% 3.6% 0.8% 1.4% −1.4% 1.9% −1.3%
Growth
Revenue growth −11.2% 8.8% 29.1% 0.5% 5.5% 7.8% −14.4% −9.6% 8.4% 40.0%
Net income growth — −130.3% — 807.4% 37.8% −77.0% 64.5% −201.2% — −187.4%
EPS growth — −130.9% — 950.0% 38.1% −75.9% 57.1% −209.1% — −186.7%
FCF growth 93.4% −57.8% 299.2% 10.6% 84.4% −44.8% −40.3% 53.8% −36.0% 33.6%
Share count change 0.2% −3.2% 1.8% 1.6% 0.6% 0.8% −4.9% −1.8% 1.4% 1.7%
Financial health
Net debt / EBITDA −10.0x 0.9x 0.4x 0.3x −0.1x 0.5x 1.6x 2.2x 2.2x −0.1x
Debt / equity 1.2x 1.1x 0.9x 1.0x 0.9x 1.0x 1.1x 0.9x 0.8x 0.4x
Interest coverage 0.2x 0.0x 2.0x 8.8x 9.7x 7.9x 3.0x 0.7x 1.9x 2.2x
Current ratio 7.3x 2.1x 3.2x 3.9x 1.5x 2.7x 2.8x 3.6x 1.5x 1.9x
Quick ratio 7.1x 1.9x 2.9x 3.6x 1.4x 2.4x 2.4x 3.2x 1.3x 1.6x
Capital allocation
Capex / revenue 4.8% 4.9% 4.0% 2.8% 4.4% 5.6% 4.6% 2.0% 2.6% 2.1%
Stock comp / revenue 4.1% 3.5% 3.4% 3.9% 4.0% 4.1% 4.6% 4.9% 4.9% 3.7%
Payouts / FCF 165.2% 173.6% 11.9% 42.8% 22.1% 223.4% 133.2% 20.6% 26.5% 36.2%
Quality scores
Piotroski F-score 5.0 4.0 8.0 7.0 6.0 6.0 6.0 5.0 6.0 6.0
Altman Z'' −101.9 −109.0 −121.5 −123.8 −112.8 −120.5 −119.6 −127.6 −112.0 −81.1
Accruals ratio 3.5% −5.5% −6.9% −4.8% −9.4% −8.6% −4.8% −7.9% −3.0% −6.1%

Source: SEC EDGAR XBRL filings (CIK 0000912093). Data updated October 17, 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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