Ciena Corporation

CIEN · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$26,789	$9,239	$6,064	$7,148	$8,409	$6,101	$5,749	$4,842	$3,294	$3,002	$3,739	$1,773	$2,382	$1,234	$1,263	$1,266	$1,069	$857	$4,093	$1,971	$1,363	$1,252	$2,864	$1,344	$5,072	–	$4,616	$2,029	$4,143
Enterprise value	$27,063	$9,620	$6,606	$7,186	$7,608	$5,690	$5,491	$4,641	$3,311	$3,238	$4,087	$2,511	$3,122	$1,983	$2,164	$2,037	$827	$738	$3,721	$1,998	$1,060	$986	$2,549	$686	$4,642	–	$4,360	$1,801	$3,880
P/E (TTM) at period end	217.20×	110.05×	23.80×	46.75×	16.81×	16.89×	22.69×	–	2.58×	38.79×	320.47×	–	–	–	–	–	–	22.03×	49.44×	3312.74×	–	–	–	–	–	–	–	38.13×	35.71×
P/S (TTM) at period end	5.62×	2.30×	1.38×	1.97×	2.32×	1.73×	1.61×	1.56×	1.18×	1.15×	1.53×	0.77×	1.14×	0.67×	0.73×	1.02×	1.64×	0.95×	5.25×	3.49×	3.19×	4.19×	10.12×	3.72×	3.16×	–	9.58×	3.99×	10.03×
P/B at period end	9.82×	3.28×	2.13×	2.63×	2.78×	2.43×	2.65×	2.51×	1.54×	3.92×	6.02×	–	–	–	91.07×	7.95×	2.35×	0.86×	4.81×	2.62×	1.85×	1.08×	2.15×	0.88×	2.38×	–	8.70×	4.27×	11.39×
EV / EBITDA (TTM)	89.71×	37.08×	14.68×	22.55×	12.86×	9.80×	12.64×	14.77×	11.34×	14.75×	26.14×	24.78×	57.90×	–	–	–	–	18.23×	48.63×	150.68×	–	–	–	–	14.98×	–	96.24×	11.42×	19.47×
EV / Sales (TTM)	5.67×	2.40×	1.51×	1.98×	2.10×	1.61×	1.54×	1.50×	1.18×	1.24×	1.67×	1.10×	1.50×	1.08×	1.24×	1.65×	1.27×	0.82×	4.77×	3.54×	2.48×	3.30×	9.00×	1.90×	2.90×	–	9.04×	3.54×	9.39×
Returns
Return on equity	4.5%	3.0%	8.9%	5.6%	16.6%	14.4%	11.7%	(18.5%)	59.9%	10.1%	1.9%	–	–	–	(1409.4%)	(209.4%)	(127.5%)	3.9%	9.7%	0.1%	(59.2%)	(68.4%)	(29.0%)	(104.6%)	(84.3%)	10.0%	(0.7%)	11.2%	31.9%
Return on invested capital	4.8%	3.3%	8.1%	6.4%	20.6%	17.2%	13.9%	–	8.8%	10.2%	4.5%	5.7%	(0.2%)	(11.2%)	(17.8%)	(34.6%)	(74.4%)	1.6%	3.6%	(0.7%)	(42.7%)	(47.0%)	(20.2%)	(74.2%)	(66.9%)	10.0%	(1.1%)	28.5%	115.6%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.73×	3.54×	3.84×	3.25×	3.51×	3.43×	2.82×	2.22×	1.93×	2.26×	2.79×	2.17×	2.27×	2.07×	2.94×	3.07×	6.57×	6.58×	2.69×	6.80×	6.15×	6.81×	6.60×	7.32×	8.61×	4.69×	5.05×	6.91×	7.06×
Debt / equity	0.56×	0.55×	0.55×	0.39×	0.22×	0.27×	0.32×	0.36×	0.44×	1.64×	2.05×	(21.04×)	(14.66×)	(16.21×)	103.97×	9.06×	1.75×	0.80×	1.58×	1.12×	0.88×	0.60×	0.55×	0.56×	0.41×	0.01×	0.01×	–	–
Effective tax rate	21.1%	29.9%	21.3%	16.2%	(8.1%)	20.8%	19.1%	331.7%	(708.3%)	16.3%	50.9%	(52.4%)	(6.5%)	(6.9%)	(4.1%)	(0.6%)	0.2%	6.4%	3.4%	69.9%	(0.3%)	(0.1%)	(0.3%)	(7.4%)	(5.1%)	32.5%	35.0%	43.0%	38.5%
Share count
Diluted shares outstanding	145	146	149	152	157	156	158	144	170	151	120	106	102	99	96	93	91	111	100	85	82	75	64	52	45	43	38	37	30

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$6,021	$4,770	$4,015	$4,387	$3,633	$3,621	$3,532	$3,572	$3,094	$2,802	$2,601	$2,446	$2,288	$2,083	$1,834	$1,742	$1,237	$653	$902	$780	$564	$427	$299	$283	$361	$1,603	$859	$482	$508	$413
Cost of revenue	($3,367)	($2,765)	($2,295)	($2,508)	($2,072)	($1,899)	($1,879)	($2,030)	($1,780)	($1,556)	($1,439)	($1,370)	($1,340)	($1,217)	($1,110)	($1,033)	($739)	($368)	($452)	($418)	($306)	($291)	($227)	($210)	($596)	($905)	($413)	($248)	($222)	($156)
Gross profit	$2,654	$2,005	$1,720	$1,879	$1,560	$1,722	$1,653	$1,542	$1,315	$1,246	$1,162	$1,076	$948	$865	$724	$709	$498	$285	$451	$362	$258	$136	$72	$73	($235)	$699	$446	$234	$286	$257
Operating expenses
Research and development	($925)	($848)	($767)	($751)	($625)	($537)	($530)	($548)	($492)	($475)	($452)	($414)	($401)	($383)	($364)	($380)	($328)	($190)	($175)	($127)	($111)	($137)	($205)	($213)	($240)	($236)	($129)	($105)	($64)	($23)
Selling, general and administrative	($251)	($239)	($221)	($215)	($179)	($182)	($170)	($174)	($160)	($143)	($133)	($123)	($127)	($122)	($114)	($126)	($103)	($48)	($69)	($168)	($152)	($149)	($141)	($175)	($216)	($240)	($153)	($85)	($64)	($34)
Total operating expenses	($1,915)	($1,807)	($1,553)	($1,521)	($1,338)	($1,227)	($1,166)	($1,195)	($1,085)	($1,031)	($1,005)	($975)	($903)	($867)	($804)	($872)	($819)	($864)	($429)	($314)	($289)	($568)	($844)	($440)	($1,249)	($2,438)	($347)	($241)	($162)	($68)
Total costs and expenses	($5,282)	($4,572)	($3,848)	($4,029)	($3,410)	($3,125)	($3,045)	($3,225)	($2,864)	($2,587)	($2,444)	($2,345)	($2,243)	($2,084)	($1,914)	($1,905)	($1,558)	($1,232)	($881)	($731)	($595)	($859)	($1,071)	($650)	($1,845)	($3,343)	($759)	($489)	($384)	($224)
Operating income	$739	$198	$167	$358	$223	$495	$487	$347	$230	$215	$156	$100	$46	($2)	($80)	($163)	($322)	($579)	$22	$49	($31)	($432)	($772)	($367)	($1,484)	($1,740)	$99	($7)	$124	$189
Earnings
EBITDA	$869	$302	$259	$450	$319	$592	$581	$434	$314	$292	$220	$156	$101	$54	($21)	($103)	($279)	($557)	$40	$77	$13	($342)	($638)	($253)	($1,351)	$310	$164	$45	$158	$199
Interest income	$64	$49	$50	$62	$7	($2)	$1	$4	($12)	$1	($13)	($26)	($25)	($6)	($15)	$6	$4	$9	$37	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($70)	($89)	($97)	($88)	($47)	($31)	($31)	($37)	($55)	($56)	($57)	($51)	($47)	($44)	($40)	($38)	($19)	($7)	($13)	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$726	$156	$120	$324	$183	$463	$456	$313	$149	$156	$87	$24	($27)	($80)	($135)	($188)	($332)	($582)	$42	$86	$2	($434)	($788)	($385)	($1,487)	($1,707)	$121	($6)	$93	$189
Income tax expense	($71)	($33)	($36)	($69)	($30)	$37	($95)	($60)	($493)	$1,106	($14)	($12)	($14)	($5)	($9)	($8)	($2)	$1	($3)	($3)	($1)	($1)	($1)	($1)	($111)	($87)	($39)	$2	($40)	($73)
Net income	$654	$123	$84	$255	$153	$500	$361	$253	($345)	$1,262	$73	$12	($41)	($85)	($144)	($196)	($334)	($581)	$39	$83	$1	($436)	($789)	($387)	($1,597)	($1,794)	$81	($4)	$53	$116
Per share
Diluted EPS (GAAP)	$4.48	$0.85	$0.58	$1.71	$1.00	$3.19	$2.32	$1.61	($2.49)	$7.53	$0.51	$0.10	($0.38)	($0.83)	($1.45)	($2.04)	($3.58)	($6.37)	$0.42	$0.87	$0.01	($5.30)	($10.59)	($6.06)	($30.61)	($40.26)	$1.89	($0.10)	$1.26	$3.92
Basic EPS (GAAP)	$4.62	$0.87	$0.58	$1.71	$1.01	$3.22	$2.34	$1.63	($2.40)	$8.89	$0.52	$0.10	($0.38)	($0.83)	($1.45)	($2.04)	($3.58)	($6.37)	$0.44	$0.97	$0.01	($5.30)	($10.59)	($6.06)	($30.61)	($40.26)	$2.03	($0.10)	$1.36	$5.39
Basic shares outstanding	142	142	145	149	151	155	154	156	144	142	138	118	106	102	99	96	93	91	89	86	84	82	75	64	52	45	40	38	34	22
Margins
Gross margin	44.1%	42.0%	42.8%	42.8%	43.0%	47.6%	46.8%	43.2%	42.5%	44.5%	44.7%	44.0%	41.4%	41.5%	39.5%	40.7%	40.2%	43.6%	50.0%	46.5%	45.7%	31.9%	24.0%	25.8%	(65.0%)	43.6%	51.9%	48.6%	56.3%	62.2%
Operating margin	12.3%	4.1%	4.1%	8.2%	6.1%	13.7%	13.8%	9.7%	7.4%	7.7%	6.0%	4.1%	2.0%	(0.1%)	(4.4%)	(9.4%)	(26.0%)	(88.8%)	2.4%	6.2%	(5.6%)	(101.0%)	(258.5%)	(129.5%)	(411.0%)	(108.5%)	11.6%	(1.4%)	24.4%	45.7%
Net margin	10.9%	2.6%	2.1%	5.8%	4.2%	13.8%	10.2%	7.1%	(11.1%)	45.0%	2.8%	0.5%	(1.8%)	(4.1%)	(7.9%)	(11.2%)	(27.0%)	(89.0%)	4.3%	10.6%	0.1%	(102.0%)	(264.3%)	(136.5%)	(442.3%)	(111.9%)	9.5%	(0.8%)	10.5%	28.1%

Analyst consensus

Buy42 analysts

Bearish · 0 · Hold · 9 · Bullish · 33

Earnings history

	EPS	Estimate
Q4 2024	$0.54	$0.66	Miss
Q1 2025	$0.64	$0.41	Beat
Q2 2025	$0.42	$0.52	Miss
Q3 2025	$0.67	$0.53	Beat
Q4 2025	$0.91	$0.78	Beat
Q1 2026	$1.35	$1.17	Beat
Q2 2026	$1.64	$1.46	Beat
Q3 2026	$2.11	$1.73	Beat

Peers

Company overview

IPO dateFeb 7, 1997

CEOGary Smith

Employees8,989

SectorTechnology

IndustryCommunication Equipment

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ciena.com

Ciena Corporation is a global technology company focused on telecommunications infrastructure. It delivers integrated solutions – including specialized hardware, software applications, and professional services – designed to facilitate the efficient transmission, routing, switching, aggregation, delivery, and overall management of video, data, and voice traffic across communication networks worldwide. Within its Networking Platforms division, Ciena develops and supplies advanced hardware and integrated solutions. These products are specifically engineered to optimize the convergence of various optical transport methods (like coherent optical transport and optical transport network switching) with packet switching, enabling high-performance data handling. The product portfolio spans a range of packet-optical platforms (e.g., the 6500, 5400, and Z-Series), reconfigurable switching systems (such as the 5430), Waveserver interconnect systems, and dedicated switches for service delivery and aggregation (including the 3000 and 5000 families). This segment also provides the essential operating system software and advanced features embedded within its hardware offerings. Ciena's Blue Planet Automation Software and Services arm is dedicated to intelligent network automation. It offers solutions for orchestrating services across multiple network domains, maintaining precise network inventory, optimizing data routes, coordinating virtualized network functions (NFV), and delivering insightful analytics, alongside related support. The Platform Software and Services segment provides unified management platforms, exemplified by its OneControl system, as well as other software tools for comprehensive network planning, operational control, and ongoing oversight. Finally, the Global Services segment delivers end-to-end client support. This includes strategic consulting, detailed network architecture design, expert installation and deployment, ongoing maintenance, and comprehensive training programs. The company distributes its cutting-edge products and services to network operators through both direct sales forces and indirect channel partners. Established in 1992, Ciena Corporation maintains its corporate headquarters in Hanover, Maryland.

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