Ciena vs Ubiquiti
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KIRA’s take AI analyst
I put Ciena and Ubiquiti side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Ubiquiti turned more of its sales into free cash flow (27.8% FCF margin, against 14.0%).
- Ubiquiti earned a higher return on the capital invested in it (104.2%, against 5.1%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Ciena
CIEN
1/11
Share count change
Ubiquiti
UI
9/11
Revenue growth5-year growthGross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CIEN FY25 | UI FY26 |
|---|---|---|
| Size | ||
| Market cap | $51.3B | $36.3B |
| 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 | 78.4x | — |
| Piotroski F-score | 7 | 7 |
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.