F5 vs Viavi Solutions
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The short version
- F5 is the larger business, with $3.1B of revenue in fiscal 2025 against $1.5B for Viavi Solutions, about 2.0 times as much.
- Viavi Solutions grew revenue faster (40.0%, against 9.7%).
- F5 kept more of each dollar of sales as operating profit (24.8% operating margin, against 6.9%).
- F5 turned more of its sales into free cash flow (29.4% FCF margin, against 5.5%).
- F5 earned a higher return on the capital invested in it (30.5%, against 4.3%).
| Latest fiscal year | FFIV · FY25 | VIAV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $26.2B | $7.0B |
| Revenue | $3.1B | $1.5B |
| Free cash flow | $906M | $82.8M |
| Net income | $692M | −$30.4M |
| Growth | ||
| Revenue growth | 9.7% | 40.0% |
| 5-year growth | 5.6% | 4.8% |
| Share count change | −1.1% | 1.7% |
| Profitability | ||
| Gross margin | 81.4% | 57.7% |
| Operating margin | 24.8% | 6.9% |
| Net margin | 22.4% | −2.0% |
| FCF margin | 29.4% | 5.5% |
| Return on capital | 30.5% | 4.3% |
| Return on equity | 20.6% | −2.7% |
| Balance sheet | ||
| Net debt | −$1.3B | −$7.9M |
| Net debt / EBITDA | −1.6x | −0.1x |
| Dividends and buybacks | $502M | $30.0M |
| Valuation & quality | ||
| P/E | 36.3x | — |
| Piotroski F-score | 8 | 6 |
FY17
FFIV $2.1B
VIAV $805M
FY18
FFIV $2.2B
VIAV $876M
FY19
FFIV $2.2B
VIAV $1.1B
FY20
FFIV $2.4B
VIAV $1.1B
FY21
FFIV $2.6B
VIAV $1.2B
FY22
FFIV $2.7B
VIAV $1.3B
FY23
FFIV $2.8B
VIAV $1.1B
FY24
FFIV $2.8B
VIAV $1.0B
FY25
FFIV $3.1B
VIAV $1.1B
FY26
FFIV —
VIAV $1.5B
FFIV
VIAV
FY17
FFIV 27.0%
VIAV 0.9%
FY18
FFIV 27.3%
VIAV 0.2%
FY19
FFIV 23.1%
VIAV 6.0%
FY20
FFIV 16.7%
VIAV 10.4%
FY21
FFIV 15.1%
VIAV 11.9%
FY22
FFIV 15.0%
VIAV 14.3%
FY23
FFIV 16.8%
VIAV 7.5%
FY24
FFIV 23.4%
VIAV 2.1%
FY25
FFIV 24.8%
VIAV 5.3%
FY26
FFIV —
VIAV 6.9%
FFIV
VIAV
FY17
FFIV $702M
VIAV $55.7M
FY18
FFIV $708M
VIAV $23.5M
FY19
FFIV $644M
VIAV $93.8M
FY20
FFIV $601M
VIAV $104M
FY21
FFIV $615M
VIAV $191M
FY22
FFIV $409M
VIAV $106M
FY23
FFIV $599M
VIAV $63.0M
FY24
FFIV $762M
VIAV $96.9M
FY25
FFIV $906M
VIAV $62.0M
FY26
FFIV —
VIAV $82.8M
FFIV
VIAV
FY17
FFIV —
VIAV 2.0%
FY18
FFIV —
VIAV 0.3%
FY19
FFIV —
VIAV 4.6%
FY20
FFIV 27.7%
VIAV 8.6%
FY21
FFIV 20.9%
VIAV 10.2%
FY22
FFIV 18.0%
VIAV 12.0%
FY23
FFIV 19.5%
VIAV 4.9%
FY24
FFIV 26.5%
VIAV 1.2%
FY25
FFIV 30.5%
VIAV 5.6%
FY26
FFIV —
VIAV 4.3%
FFIV
VIAV
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.