InterDigital vs Viavi Solutions
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The short version
- Viavi Solutions is the larger business, with $1.5B of revenue in fiscal 2026 against $834M for InterDigital, about 1.8 times as much.
- Viavi Solutions grew revenue faster (40.0%, against −4.0%).
- InterDigital kept more of each dollar of sales as operating profit (55.3% operating margin, against 6.9%).
- InterDigital turned more of its sales into free cash flow (63.4% FCF margin, against 5.5%).
- InterDigital earned a higher return on the capital invested in it (113.5%, against 4.3%).
| Latest fiscal year | IDCC · FY25 | VIAV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $11.2B | $7.0B |
| Revenue | $834M | $1.5B |
| Free cash flow | $529M | $82.8M |
| Net income | $407M | −$30.4M |
| Growth | ||
| Revenue growth | −4.0% | 40.0% |
| 5-year growth | 18.4% | 4.8% |
| Share count change | 16.0% | 1.7% |
| Profitability | ||
| Gross margin | — | 57.7% |
| Operating margin | 55.3% | 6.9% |
| Net margin | 48.8% | −2.0% |
| FCF margin | 63.4% | 5.5% |
| Return on capital | 113.5% | 4.3% |
| Return on equity | 41.5% | −2.7% |
| Balance sheet | ||
| Net debt | −$769M | −$7.9M |
| Net debt / EBITDA | −1.4x | −0.1x |
| Dividends and buybacks | $163M | $30.0M |
| Valuation & quality | ||
| P/E | 38.1x | — |
| Piotroski F-score | 6 | 6 |
Revenue
FY17
IDCC $533M
VIAV $805M
FY18
IDCC $307M
VIAV $876M
FY19
IDCC $319M
VIAV $1.1B
FY20
IDCC $359M
VIAV $1.1B
FY21
IDCC $425M
VIAV $1.2B
FY22
IDCC $458M
VIAV $1.3B
FY23
IDCC $550M
VIAV $1.1B
FY24
IDCC $869M
VIAV $1.0B
FY25
IDCC $834M
VIAV $1.1B
FY26
IDCC —
VIAV $1.5B
IDCC
VIAV
Operating margin
FY17
IDCC 56.6%
VIAV 0.9%
FY18
IDCC 20.4%
VIAV 0.2%
FY19
IDCC 11.9%
VIAV 6.0%
FY20
IDCC 15.4%
VIAV 10.4%
FY21
IDCC 16.7%
VIAV 11.9%
FY22
IDCC 32.9%
VIAV 14.3%
FY23
IDCC 40.3%
VIAV 7.5%
FY24
IDCC 50.6%
VIAV 2.1%
FY25
IDCC 55.3%
VIAV 5.3%
FY26
IDCC —
VIAV 6.9%
IDCC
VIAV
Free cash flow
FY17
IDCC $314M
VIAV $55.7M
FY18
IDCC $144M
VIAV $23.5M
FY19
IDCC $84.9M
VIAV $93.8M
FY20
IDCC $152M
VIAV $104M
FY21
IDCC $128M
VIAV $191M
FY22
IDCC $283M
VIAV $106M
FY23
IDCC $209M
VIAV $63.0M
FY24
IDCC $266M
VIAV $96.9M
FY25
IDCC $529M
VIAV $62.0M
FY26
IDCC —
VIAV $82.8M
IDCC
VIAV
Return on capital
FY17
IDCC —
VIAV 2.0%
FY18
IDCC —
VIAV 0.3%
FY19
IDCC 7.1%
VIAV 4.6%
FY20
IDCC 20.3%
VIAV 8.6%
FY21
IDCC 22.1%
VIAV 10.2%
FY22
IDCC 63.7%
VIAV 12.0%
FY23
IDCC —
VIAV 4.9%
FY24
IDCC 132.6%
VIAV 1.2%
FY25
IDCC 113.5%
VIAV 5.6%
FY26
IDCC —
VIAV 4.3%
IDCC
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.