Ciena
CIEN · Communications Equipment
$320.26
0.7%Ubiquiti
UI · Communications Equipment
$587.42
1.4%The short version
- Ciena is the larger business, with $4.8B of revenue in fiscal 2025 against $3.3B for Ubiquiti.
- Ubiquiti grew revenue faster (27.2%, against 18.8%).
- Ubiquiti kept more of each dollar of sales as operating profit (36.2% operating margin, against 4.1% operating margin).
- Ubiquiti turned more of its sales into free cash flow (27.8% FCF margin, against 14.0% FCF margin).
- Ubiquiti earned a higher return on the capital invested in it (104.2%, against 5.1%).
- Investors pay more for each dollar of Ciena’s earnings: a P/E of 71.5x against 37.1x for Ubiquiti.
| Latest fiscal year | CIEN · FY25 | UI · FY26 |
|---|---|---|
| Size | ||
| Market cap | $46.8B | $35.6B |
| Revenue | $4.8B | $3.3B |
| Free cash flow | $665M | $909M |
| Net income | $123M | $960M |
| Growth | ||
| Revenue growth | 18.8% | 27.2% |
| 5-year growth | 6.2% | 11.5% |
| Share count change | −0.5% | 0.1% |
| Profitability | ||
| Gross margin | 42.0% | 46.2% |
| Operating margin | 4.1% | 36.2% |
| Net margin | 2.6% | 29.3% |
| FCF margin | 14.0% | 27.8% |
| Return on capital | 5.1% | 104.2% |
| Return on equity | 4.5% | 91.1% |
| Balance sheet | ||
| Net debt | $271M | −$611M |
| Net debt / EBITDA | 0.8x | −0.5x |
| Dividends and buybacks | $335M | $194M |
| Valuation & quality | ||
| P/E | 71.5x | 37.1x |
| Piotroski F-score | 7 | 7 |
FY17
CIEN $2.8B
UI $865M
FY18
CIEN $3.1B
UI $1.0B
FY19
CIEN $3.6B
UI $1.2B
FY20
CIEN $3.5B
UI $1.3B
FY21
CIEN $3.6B
UI $1.9B
FY22
CIEN $3.6B
UI $1.7B
FY23
CIEN $4.4B
UI $1.9B
FY24
CIEN $4.0B
UI $1.9B
FY25
CIEN $4.8B
UI $2.6B
FY26
CIEN —
UI $3.3B
CIEN
UI
FY17
CIEN 7.7%
UI 33.5%
FY18
CIEN 7.4%
UI 32.1%
FY19
CIEN 9.7%
UI 33.9%
FY20
CIEN 13.8%
UI 37.2%
FY21
CIEN 13.7%
UI 39.1%
FY22
CIEN 6.1%
UI 27.3%
FY23
CIEN 8.2%
UI 28.1%
FY24
CIEN 4.2%
UI 25.9%
FY25
CIEN 4.1%
UI 32.5%
FY26
CIEN —
UI 36.2%
CIEN
UI
FY17
CIEN $140M
UI $105M
FY18
CIEN $162M
UI $323M
FY19
CIEN $351M
UI $208M
FY20
CIEN $411M
UI $430M
FY21
CIEN $462M
UI $594M
FY22
CIEN −$259M
UI $357M
FY23
CIEN $62.1M
UI −$166M
FY24
CIEN $378M
UI $530M
FY25
CIEN $665M
UI $627M
FY26
CIEN —
UI $909M
CIEN
UI
FY17
CIEN 23.7%
UI 140.2%
FY18
CIEN 6.9%
UI 94.7%
FY19
CIEN 15.8%
UI 138.9%
FY20
CIEN 20.0%
UI 144.4%
FY21
CIEN 23.7%
UI 246.9%
FY22
CIEN 7.7%
UI 324.6%
FY23
CIEN 9.3%
UI 106.2%
FY24
CIEN 3.6%
UI 51.5%
FY25
CIEN 5.1%
UI 85.4%
FY26
CIEN —
UI 104.2%
CIEN
UI
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.