F5 vs Viavi Solutions
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KIRA’s take AI analyst
I put F5 and Viavi Solutions side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
F5
FFIV
10/11
5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Viavi Solutions
VIAV
1/11
Revenue growth
Side by side
Best in the row
| Latest fiscal year | FFIV FY25 | VIAV FY26 |
|---|---|---|
| Size | ||
| Market cap | $26.5B | $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 | 36.8x | — |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.