FirmAtlas
Company handbook · CIEN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
CIEN · CIK 936395 · LATEST FILING: 10-Q AUG '26 · FILED SEP 3, 2026
Ciena Corp
$332.73
−23.79 (−6.67%)
Close, Oct 16, 2026 · 52-week $160–638
Last fiscal year
Ciena Corp reported revenue of $4.8B for the year ended Nov 1, 2025 (FY25), up 18.8% from FY24. Net income was $123M, operating cash flow $806M and free cash flow $665M. Source: 10-K filed Dec 12, 2025.
Market cap
$46.9B
P/E
71.7
EV/EBITDA
156.3x
P/B
15.3
ROIC
5.1%
Revenue 1Y
18.8%/yr
EPS 1Y
46.6%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGary B. Smith
HQHanover, MD
AuditorPricewaterhouseCoopers LLP
Year endsOctober
Revenue by segment · FY25
Networking Platforms77%
Global Services13%
Platform Softwareand Services8%
Blue Planet Automation Softwareand Services2%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
31.9%
44.8%
97.0%
94.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.1B deployed
Capex
$277M
25.3%
Acquisitions
$231M
21.1%
Buybacks
$589M
53.7%
Operating cash flow over the period: $1.3B. Total debt changed by −$9M. R&D of $1.6B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Nov 1, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,015
4,770+18.8%
6,021
YoY
+18.8%
Gross profit
1,720
2,005+16.6%
2,654
Gross margin
42.8%
42.0%−0.8 pp
—
Operating income
167
198+18.6%
739
Operating margin
4.1%
4.1%−0.0 pp
—
EBITDA
259
302+16.3%
—
EBITDA margin
6.5%
6.3%−0.1 pp
—
Interest expense
97
89−7.9%
—
Interest coverage
2.67x
3.37x+0.70x
—
Net income
84
123+46.9%
654
YoY
+46.9%
Net margin
2.1%
2.6%+0.5 pp
—
EPS (diluted, $)
0.58
0.85+46.6%
4.49
YoY
+46.6%
Balance sheet
Total assets
5,641
5,865+4.0%
7,997
Cash & short-term investments
1,251
1,308+4.6%
—
Accounts receivable
909
976+7.4%
—
Inventory
820
826+0.7%
—
Net PP&E
338
387+14.5%
—
Other assets
2,323
2,367+1.9%
—
Total liabilities
2,825
3,135+11.0%
4,941
Accounts payable
423
543+28.2%
—
Total debt
1,545
1,536−0.6%
3,230
Other liabilities
857
1,057+23.3%
—
Shareholders’ equity
2,816
2,729−3.1%
3,057
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
515
806+56.7%
1,055
Net income
84
123+46.9%
—
Depreciation & amortization
93
104+12.2%
—
Stock-based compensation
156
185+18.0%
—
Working capital & other
181
394+117.3%
—
Cash from investing
(306)
(241)n/m
—
Capex
(137)
(141)n/m
—
Acquisitions
0
(231)n/m
—
Investments bought
(288)
(214)n/m
—
Investments sold / matured
141
349+147.5%
—
Other investing
(23)
(4)n/m
—
Cash from financing
(285)
(406)n/m
—
Debt raised
0
—
—
Debt repaid
(12)
(12)n/m
—
Buybacks
(255)
(335)n/m
—
Shares issued
34
36+4.6%
—
Other financing
(53)
(96)n/m
—
Net change in cash
(76)
157n/m
—
Free cash flow (OCF − capex)
378
665+76.1%
814
Where the cash went
Operating cash flow
515
806+56.7%
1,055
Reinvested in the business
137
372+172.2%
—
% of operating cash flow
26.6%
46.1%
Capex
137
141+3.0%
240
Acquisitions
0
231n/m
—
R&D (memo, already in costs)
767
848+10.5%
—
Free cash flow
378
665+76.1%
814
YoY
+76.1%
Returned to shareholders
255
335+31.4%
—
% of free cash flow
67.3%
50.3%
Buybacks
255
335+31.4%
—
Change in total debt
—
(9)
—
Cash left over
—
91
—
FCF conversion (FCF ÷ net income)
450.1%
539.4%+89.3 pp
—
Owner earnings
—
133
—
Owner earnings margin
—
2.8%
—
Returns & ratios
ROIC (all capital)
3.8%
5.1%+1.4 pp
—
ROIC (operating)
7.1%
9.5%+2.4 pp
—
Net debt / EBITDA
1.13x
0.75x−0.38x
—
Debt / equity
0.55x
0.56x+0.01x
—
Cash conversion cycle (days)
146
112−34 d
—
ROE
3.0%
4.5%+1.5 pp
—
ROA
1.5%
2.1%+0.6 pp
—
ROCE
3.6%
4.3%+0.7 pp
—
NOPAT
117
156+33.6%
—
Invested capital (operating)
1,643
1,646+0.2%
—
Invested capital (all)
3,110
2,957−4.9%
—
Reinvestment rate
—
1.7%
—
Debtor days
83
75−8 d
—
Inventory days
130
109−21 d
—
Days payable
67
72+4 d
—
Income
Nov '25
Jan '26
May '26
Aug '26
Revenue
1,352
1,427
1,571
1,671
vs year-ago quarter
Gross profit
577
626
692
759
Gross margin
42.7%
43.8%
44.0%
45.4%
Operating income
10
189
238
301
Net income
19
150
218
266
vs year-ago quarter
Net margin
1.4%
10.5%
13.9%
15.9%
EPS (diluted, $)
0.14
1.03
1.49
1.83
vs year-ago quarter
Balance sheet
Nov '25
Jan '26
May '26
Aug '26
Total assets
5,865
5,892
6,039
7,997
Cash & equivalents
1,308
1,124
1,045
2,446
Total debt
1,536
1,536
1,531
3,230
Shareholders’ equity
2,729
2,792
2,892
3,057
Cash flow
Nov '25
Jan '26
May '26
Aug '26
Operating cash flow
371
228
260
196
Capex
45
74
41
80
Free cash flow
326
154
219
116
vs year-ago quarter