CIEN Ciena Corporation Common Stock

NYSE · Communications · View on SEC EDGAR ↗

$580.09

Price · May 22, 2026

Fundamentals as of Mar 5, 2026

CIEN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$580.09

Market Cap

$26.78B

P/E (TTM)

223.4

EPS (TTM)

$0.85

Revenue (TTM)

$4.77B

Div Yield

—

ROE

4.5%

Debt/Equity

0.6

52W Range

$71 – $599

CIEN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $4.77B

2019-10-31 → 2025-11-01

EPS $0.85

2019-10-31 → 2025-11-01

Free Cash Flow $665M

2019-10-31 → 2025-11-01

Margins 2.6%

2019-10-31 → 2025-11-01

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

CIEN

Peer Median

P/E (TTM)

223.4

64.5

P/S (TTM)

5.6

9.8

P/B

9.8

7.8

EV / EBITDA

136.7

—

Price / FCF

40.3

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

CIEN

Peer Median

Gross Margin

42.0%

48.5%

Operating Margin

4.1%

—

Net Profit Margin

2.6%

12.3%

ROA

2.1%

6.5%

ROE

4.5%

16.3%

ROIC

3.6%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

CIEN

Peer Median

Debt / Equity

0.6

111.5

Current Ratio

2.7

2.0

Quick Ratio

1.7

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

CIEN

Peer Median

Revenue YoY

18.8%

—

Revenue CAGR 3Y

9.5%

—

Revenue CAGR 5Y

6.2%

—

EPS YoY

46.6%

—

Net Income YoY

46.9%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

CIEN

Peer Median

EPS (Diluted)

$0.85

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

CIEN

Peer Median

CIEN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 25 analysts

Strong Buy 7 28.0%
Buy 11 44.0%
Hold 7 28.0%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

19 analysts · 2026-05-19

Median $416.21

Now $580.09

Low $240.00

High $675.00

Median target $416.21 -28.3%

Mean target $440.54 -24.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.08%

Next Report

Jun 04, 2026

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$1.35	$1.19	0.16%
Dec. 31, 2025	$0.91	$0.79	0.12%
Sept. 30, 2025	$0.67	$0.54	0.13%
June 30, 2025	$0.42	$0.53	-0.11%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
CIEN	$26.78B	223.4	18.8%	2.6%	4.5%	42.0%
CSCO	$272.01B	26.9	5.3%	18.0%	22.0%	64.9%
ANET	$164.64B	47.6	28.6%	39.0%	30.2%	64.1%
LITE	$6.61B	256.1	21.0%	1.6%	2.6%	28.0%
MSI	$63.52B	30.1	8.0%	18.4%	104.7%	51.7%
UI	$24.90B	35.0	33.5%	27.7%	148.5%	43.4%
FFIV	$18.64B	27.4	9.7%	22.4%	20.1%	81.4%
AAOI	$2.61B	-54.5	82.8%	-8.4%	-6.6%	30.0%
VIAV	$2.23B	66.7	8.4%	3.2%	4.8%	57.3%
VSAT	$1.36B	-2.3	5.5%	-12.7%	-12.0%	—
ONDS	$3.72B	-15.7	605.3%	-260.7%	-57.0%	39.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17

Annual Income Statement data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Revenue	$4.77B	$4.01B	$4.39B	$3.63B	$3.62B	$3.53B	$3.57B	$3.57B	$3.09B	$3.09B	$2.80B	$2.60B
Cost of Revenue	$2.76B	$2.30B	$2.51B	$2.07B	$1.90B	$1.88B	$2.03B	$2.03B	$1.78B	$1.78B	$1.56B	$1.44B
Gross Profit	$2.00B	$1.72B	$1.88B	$1.56B	$1.72B	$1.65B	$1.54B	$1.54B	$1.31B	$1.31B	$1.25B	$1.16B
R&D Expense	$848M	$767M	$751M	$625M	$537M	$530M	$548M	$548M	$492M	$492M	$475M	$452M
SG&A Expense	$239M	$221M	$215M	$179M	$182M	$170M	$174M	$174M	$160M	$160M	$143M	$133M
Operating Expenses	$1.81B	$1.55B	$1.52B	$1.34B	$1.23B	$1.17B	$1.20B	$1.20B	$1.08B	$1.08B	$1.03B	$1.01B
Operating Income	$198M	$167M	$358M	$223M	$495M	$487M	$347M	$347M	$230M	$230M	$215M	$156M
Interest Expense	·	·	$88M	$47M	$31M	$31M	$37M	$37M	$55M	$55M	$56M	$57M
Other Non-op	$-2M	$-2M	$-5M	$-6M	$-533.0K	$-1M	$-737.0K	$-737.0K	$-1M	$-1M	$-92.0K	$858.0K
Pretax Income	$156M	$120M	$324M	$183M	$463M	$456M	$313M	$313M	$149M	$149M	$156M	$87M
Income Tax	$33M	$36M	$69M	$30M	$-37M	$95M	$60M	$60M	$493M	$493M	$-1.11B	$14M
Net Income	$123M	$84M	$255M	$153M	$500M	$361M	$253M	$253M	$-345M	$-345M	$1.26B	$73M
EPS (Basic)	$0.87	$0.58	$1.71	$1.01	$3.22	$2.34	$1.63	$1.63	$-2.40	$-2.40	$8.89	$0.52
EPS (Diluted)	$0.85	$0.58	$1.71	$1.00	$3.19	$2.32	$1.61	$1.61	$-2.49	$-2.49	$7.53	$0.51
Shares (Basic)	142,221,000	144,715,000	148,971,000	151,208,000	155,279,000	154,287,000	155,720,000	155,720,000	143,738,000	143,738,000	141,997,000	138,312,000
Shares (Diluted)	145,248,000	145,964,000	149,380,000	152,193,000	156,743,000	155,955,000	157,612,000	157,612,000	143,738,000	143,738,000	169,919,000	150,704,000
EBITDA	$198M	$167M	$358M	$223M	$495M	$487M	·	$347M	·	$230M	$215M	$156M

Balance Sheet 28

Annual Balance Sheet data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Cash & Equivalents	$1.09B	$935M	$1.01B	$994M	$1.42B	$1.09B	$904M	$904M	·	$745M	$641M	$778M
Short-term Investments	$216M	$316M	$105M	$154M	$181M	$151M	$110M	$110M	·	$149M	$279M	$275M
Receivables	$976M	$909M	$1.00B	$921M	$885M	$719M	$725M	$725M	·	$787M	$622M	$576M
Inventory	$826M	$820M	$1.05B	$947M	$374M	$344M	$345M	$345M	·	$263M	$267M	$211M
Prepaid Expense	$455M	$564M	$406M	$370M	$326M	$308M	$298M	$298M	·	$199M	$197M	$173M
Current Assets	$3.57B	$3.54B	$3.58B	$3.39B	$3.19B	$2.61B	$2.38B	$2.38B	·	$2.14B	$2.01B	$2.01B
PP&E (Net)	·	·	·	·	·	·	$287M	$287M	·	$292M	$308M	$288M
PP&E (Gross)	·	·	·	·	·	·	$710M	$710M	·	$671M	$651M	$591M
Accum. Depreciation	·	·	·	·	·	·	$424M	$424M	·	$379M	$342M	$303M
Goodwill	$521M	$445M	$445M	$328M	$312M	$311M	$298M	$298M	·	$298M	$267M	$267M
Intangibles	$224M	$165M	$206M	$70M	$65M	$97M	$113M	$113M	·	$148M	$101M	$147M
Other Non-current Assets	$186M	$155M	$116M	$114M	$100M	$103M	$89M	$89M	·	$72M	$64M	$67M
Total Assets	$5.86B	$5.64B	$5.60B	$5.07B	$4.87B	$4.18B	$3.89B	$3.89B	·	$3.76B	$3.95B	$2.87B
Accounts Payable	$543M	$423M	$318M	$516M	$356M	$292M	$345M	$345M	·	$341M	$260M	$236M
Accrued Liabilities	$531M	$394M	$431M	$361M	$409M	$334M	$383M	$383M	·	$340M	$323M	$310M
Current Liabilities	$1.31B	$1000M	$932M	$1.04B	$909M	$761M	$846M	$846M	·	$963M	$1.04B	$892M
Capital Leases	$33M	$25M	$33M	$42M	$42M	$61M	$65M	$65M	·	$68M	$73M	$24M
Deferred Tax	·	·	·	·	·	·	·	·	·	·	$15M	$14M
Other Non-current Liabilities	$175M	$186M	$170M	$150M	$167M	$123M	$149M	$149M	·	$119M	$111M	$124M
Total Liabilities	$3.14B	$2.83B	$2.75B	$2.36B	$1.85B	$1.67B	$1.72B	$1.72B	·	$1.83B	$1.82B	$2.11B
Long-term Debt	$1.54B	$1.54B	$1.56B	$1.07B	$677M	$683M	$687M	·	·	·	$393M	$486M
Total Debt	$1.54B	$1.54B	$1.56B	$1.07B	$677M	$683M	·	$680M	·	$686M	$584M	$1.03B
Common Stock	$1M	$1M	$1M	$1M	$2M	$2M	$2M	$2M	·	$2M	$1M	$1M
Retained Earnings	$-3.17B	$-3.29B	$-3.38B	$-3.63B	$-3.79B	$-4.28B	$-4.64B	$-4.64B	·	$-4.95B	$-4.66B	$-5.93B
AOCI	$-55M	$-47M	$-38M	$-47M	$439.0K	$-35M	$-22M	$-22M	·	$-6M	$-11M	$-24M
Stockholders' Equity	$2.73B	$2.82B	$2.85B	$2.71B	$3.02B	$2.51B	$2.17B	$2.17B	$1.93B	$1.93B	$2.14B	$766M
Liabilities + Equity	$5.86B	$5.64B	$5.60B	$5.07B	$4.87B	$4.18B	$3.89B	$3.89B	·	$3.76B	$3.95B	$2.87B
Shares Outstanding	141,016,300	142,656,116	144,829,938	148,412,943	154,858,981	154,563,005	154,403,850	154,403,850	·	154,318,531	143,043,227	139,767,627

Cash Flow 17

Annual Cash Flow data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Stock-based Comp	$185M	$156M	$130M	$105M	$84M	$68M	$60M	$60M	$53M	$53M	$48M	$52M
Deferred Tax	$-23M	$-77M	$-15M	$-28M	$-156M	$64M	$20M	$20M	$464M	$464M	$-1.13B	$-1M
Amort. of Intangibles	$26M	$30M	$37M	$33M	$24M	$23M	$22M	$22M	$16M	$16M	$33M	$62M
Restructuring	$112M	$25M	$24M	$30M	$30M	$23M	$25M	$25M	$19M	$19M	$11M	$5M
Operating Cash Flow	$806M	$515M	$168M	$-168M	$542M	$494M	$413M	$413M	$229M	$229M	$235M	$290M
CapEx	$141M	$137M	$106M	$91M	$80M	$83M	$63M	$63M	$68M	$68M	$95M	$107M
Investing Cash Flow	$-241M	$-306M	$-383M	$-101M	$-91M	$-220M	$24M	$24M	$-19M	$-19M	$-61M	$-296M
Debt Issued	·	·	·	$400M	$0	$0	$0	$0	$305M	$305M	$0	$249M
Net Debt Issued	$-12M	$-12M	$-9M	$395M	$-7M	$-5M	·	$-7M	·	$12M	·	·
Stock Issued	$36M	$34M	$31M	$30M	$28M	$28M	$23M	$23M	$23M	$23M	$20M	$23M
Stock Repurchased	$335M	$255M	$242M	$501M	$91M	$75M	$150M	$150M	$111M	$111M	$0	$0
Net Stock Activity	$-299M	$-220M	$-211M	$-470M	$-63M	$-46M	·	$-127M	·	$-88M	$20M	$23M
Financing Cash Flow	$-406M	$-285M	$229M	$-133M	$-117M	$-87M	$-279M	$-279M	$-99M	$-99M	$-311M	$-4M
Net Change in Cash	$157M	$-76M	$16M	$-428M	$334M	$185M	$159M	$159M	$105M	$105M	$-137M	$-13M
Taxes Paid	$114M	$55M	$78M	$35M	$73M	$53M	$34M	$34M	$27M	$27M	$22M	$15M
Free Cash Flow	$665M	$378M	$62M	$-259M	$462M	$411M	·	$351M	·	$162M	$140M	$182M
Levered FCF	·	·	$-7M	$-298M	$429M	$386M	·	$320M	·	$290M	$-311M	$135M

Profitability 8

Annual Profitability data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Gross Margin	42.0%	42.8%	42.8%	43.0%	47.6%	46.8%	·	43.2%	·	42.5%	44.5%	44.7%
Operating Margin	4.1%	4.2%	8.2%	6.1%	13.7%	13.8%	·	9.7%	·	7.4%	7.7%	6.0%
Net Margin	2.6%	2.1%	5.8%	4.2%	13.8%	10.2%	·	7.1%	·	-11.1%	45.0%	2.8%
Pretax Margin	3.3%	3.0%	7.4%	5.0%	12.8%	12.9%	·	8.8%	·	4.8%	5.6%	3.3%
EBITDA Margin	4.1%	4.2%	8.2%	6.1%	13.7%	13.8%	·	9.7%	·	7.4%	7.7%	6.0%
ROA	2.1%	1.5%	4.8%	3.1%	11.1%	8.9%	·	6.6%	·	-8.9%	37.0%	2.6%
ROE	4.5%	2.9%	8.8%	5.7%	16.8%	14.6%	·	12.4%	·	-17.0%	87.0%	10.5%
ROIC	3.6%	2.7%	6.4%	4.9%	14.5%	12.1%	·	9.8%	·	-20.4%	63.8%	7.3%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Current Ratio	2.7	3.5	3.8	3.3	3.5	3.4	·	2.8	·	2.2	1.9	2.3
Quick Ratio	1.7	2.2	2.3	2.0	2.7	2.6	·	2.1	·	1.7	1.5	1.8
Debt / Equity	0.6	0.5	0.5	0.4	0.2	0.3	·	0.3	·	0.4	0.3	1.3
LT Debt / Equity	0.6	0.5	0.5	0.4	0.2	0.3	·	0.3	·	0.4	0.3	1.3
Interest Coverage	·	·	4.1	4.7	16.1	15.5	·	9.3	·	4.2	3.8	2.8

Efficiency 3

Annual Efficiency data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Asset Turnover	0.8	0.7	0.8	0.7	0.8	0.9	·	0.9	·	0.8	0.8	0.9
Inventory Turnover	3.4	2.5	2.5	3.1	5.3	5.5	·	6.7	·	6.7	6.5	7.2
Receivables Turnover	5.1	4.2	4.6	4.0	4.5	4.9	·	4.7	·	4.4	4.7	4.6

Per Share 5

Annual Per Share data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Book Value / Share	$19.35	$19.74	$19.67	$18.28	$19.50	$16.24	·	$14.07	·	$12.50	$14.93	$5.48
Revenue / Share	$32.84	$27.51	$29.36	$23.87	$23.10	$22.65	·	$22.66	·	$21.53	$16.49	$17.26
Cash Flow / Share	$5.55	$3.53	$1.13	$-1.10	$3.46	$3.17	·	$2.62	·	$1.59	$1.38	$1.92
Cash / Share	$7.74	$6.55	$6.98	$6.70	$9.19	$7.04	·	$5.86	·	$4.83	$4.48	$5.56
EPS (TTM)	$0.85	$0.58	$1.71	$1.00	$3.19	$2.32	·	$1.61	·	$-2.49	$7.53	$0.51

Growth Rates 9

Annual Growth Rates data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Revenue YoY	18.8%	-8.5%	20.8%	0.33%	2.5%	·	·	·	·	·	·	·
Revenue CAGR 3Y	9.5%	3.5%	7.5%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	6.2%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	46.6%	-66.1%	71.0%	-68.7%	37.5%	·	·	·	·	·	·	·
EPS CAGR 3Y	-5.3%	-43.4%	-9.7%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	-18.2%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	46.9%	-67.0%	66.7%	-69.4%	38.5%	·	·	·	·	·	·	·
Net Income CAGR 3Y	-6.9%	-44.8%	-11.0%	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	-19.3%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Annual Valuation (TTM) data for CIEN
Metric	2025	2024	2023	2022	2021	2020	2019	2019	2018	2018	2017	2016
Revenue TTM	$4.77B	$4.01B	$4.39B	$3.63B	$3.62B	$3.53B	·	$3.57B	·	$3.09B	$2.80B	$2.60B
Net Income TTM	$123M	$84M	$255M	$153M	$500M	$361M	·	$253M	·	$-345M	$1.26B	$73M
Market Cap	$26.78B	$9.13B	$5.94B	$7.16B	$8.41B	$6.09B	·	$5.73B	·	$4.82B	$3.04B	$2.71B
Enterprise Value	$27.01B	$9.42B	$6.38B	$7.08B	$7.48B	$5.53B	·	$5.40B	·	$4.62B	$2.71B	$2.68B
P/E	223.4	110.3	24.0	48.2	17.0	17.0	·	23.1	·	-12.6	2.8	38.0
P/S	5.6	2.3	1.4	2.0	2.3	1.7	·	1.6	·	1.6	1.1	1.0
P/B	9.8	3.2	2.1	2.6	2.8	2.4	·	2.6	·	2.5	1.4	3.5
P / Tangible Book	13.5	4.1	2.7	3.1	3.2	2.9	·	·	·	·	·	·
P / Cash Flow	33.2	17.7	35.3	-42.7	15.5	12.3	·	13.9	·	21.0	13.0	9.4
P / FCF	40.3	24.1	95.6	-27.7	18.2	14.8	·	16.3	·	29.8	21.7	14.9
EV / EBITDA	136.7	56.5	17.8	31.8	15.1	11.4	·	15.6	·	20.1	12.6	17.2
EV / FCF	40.6	24.9	102.7	-27.4	16.2	13.5	·	15.4	·	28.6	19.3	14.7
EV / Revenue	5.7	2.3	1.5	1.9	2.1	1.6	·	1.5	·	1.5	1.0	1.0
Earnings Yield	0.45%	0.91%	4.2%	2.1%	5.9%	5.9%	·	4.3%	·	-8.0%	35.4%	2.6%

Income Statement 17

Quarterly Income Statement data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$1.43B	$1.41B	$1.22B	$1.13B	$1.07B	$1.12B	$942M	$911M	$1.04B	$1.13B	$1.07B	$1.13B	$1.06B	$971M	$868M	$949M
Cost of Revenue	$802M	$847M	$716M	$673M	$600M	$664M	$538M	$522M	$571M	$643M	$619M	$645M	$601M	$537M	$527M	$547M
Gross Profit	$626M	$558M	$503M	$453M	$472M	$460M	$404M	$389M	$467M	$486M	$449M	$488M	$456M	$434M	$341M	$402M
R&D Expense	$221M	$251M	$212M	$215M	$193M	$196M	$189M	$195M	$187M	$189M	$189M	$190M	$182M	$167M	$150M	$159M
SG&A Expense	$59M	$70M	$61M	$57M	$54M	$58M	$58M	$50M	$55M	$64M	$49M	$51M	$51M	$48M	$41M	$46M
Operating Expenses	$436M	$596M	$430M	$420M	$391M	$401M	$377M	$393M	$382M	$395M	$371M	$385M	$371M	$356M	$314M	$343M
Operating Income	$189M	$-37M	$74M	$33M	$81M	$59M	$27M	$-4M	$85M	$91M	$78M	$103M	$85M	$77M	$27M	$58M
Interest Expense	·	·	·	·	·	·	·	$24M	$24M	·	$24M	$24M	$16M	·	$13M	$12M
Other Non-op	$2M	$-1M	$-31.0K	$-2M	$-499.0K	$-433.0K	$-771.0K	$-2M	$2M	$-5M	$-209.0K	$-2M	$2M	$-2M	$-635.0K	$-2M
Pretax Income	$181M	$-47M	$66M	$19M	$69M	$48M	$16M	$-16M	$72M	$71M	$64M	$87M	$101M	$65M	$15M	$47M
Income Tax	$31M	$-31M	$16M	$10M	$24M	$11M	$2M	$820.0K	$22M	$-21M	$35M	$30M	$25M	$8M	$4M	$8M
Net Income	$150M	$-16M	$50M	$9M	$45M	$37M	$14M	$-17M	$50M	$91M	$30M	$58M	$76M	$58M	$11M	$39M
EPS (Basic)	$1.06	$-0.10	$0.35	$0.06	$0.31	$0.26	$0.10	$-0.12	$0.34	$0.61	$0.20	$0.39	$0.51	$0.38	$0.07	$0.26
EPS (Diluted)	$1.03	$-0.12	$0.35	$0.06	$0.31	$0.26	$0.10	$-0.12	$0.34	$0.62	$0.20	$0.38	$0.51	$0.39	$0.07	$0.25
Shares (Basic)	141,676,000	-285,385,000	141,846,000	142,503,000	142,880,000	-289,884,000	144,394,000	144,914,000	145,291,000	-299,416,000	149,690,000	149,616,000	149,081,000	-305,002,000	149,862,000	152,197,000
Shares (Diluted)	145,799,000	-291,139,000	144,499,000	144,972,000	145,944,000	-290,159,000	145,361,000	144,914,000	145,848,000	-300,295,000	149,977,000	150,147,000	149,551,000	-307,421,000	150,463,000	153,344,000
EBITDA	$189M	·	$74M	$33M	$81M	·	$27M	$-4M	$85M	·	$78M	$103M	$85M	·	$27M	$58M

Balance Sheet 25

Quarterly Balance Sheet data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$1.12B	$1.09B	$1.06B	$950M	$875M	$935M	$883M	$1.09B	$1.26B	·	$1.12B	$1.17B	$1.05B	·	$860M	$1.02B
Short-term Investments	$176M	$216M	$270M	$304M	$337M	$316M	$218M	$166M	$107M	·	$142M	$150M	$100M	·	$322M	$530M
Receivables	$967M	$976M	$1.03B	$930M	$939M	$909M	$900M	$840M	$865M	·	$997M	$1.04B	$1.05B	·	$802M	$775M
Inventory	$846M	$826M	$860M	$874M	$845M	$820M	$937M	$1.02B	$985M	·	$1.19B	$1.10B	$1.18B	·	$827M	$537M
Prepaid Expense	$428M	$455M	$474M	$506M	$496M	$564M	$600M	$422M	$387M	·	$362M	$416M	$375M	·	$378M	$367M
Current Assets	$3.54B	$3.57B	$3.69B	$3.56B	$3.49B	$3.54B	$3.54B	$3.54B	$3.61B	·	$3.81B	$3.87B	$3.76B	·	$3.19B	$3.23B
Goodwill	$522M	$521M	$445M	$445M	$444M	$445M	$445M	$445M	$445M	·	$447M	$446M	$447M	·	$329M	$329M
Intangibles	$213M	$224M	$139M	$147M	$156M	$165M	$175M	$185M	$196M	·	$219M	$231M	$245M	·	$77M	$89M
Other Non-current Assets	$191M	$186M	$154M	$159M	$162M	$155M	$146M	$151M	$110M	·	$105M	$90M	$91M	·	$104M	$108M
Total Assets	$5.89B	$5.86B	$5.75B	$5.66B	$5.57B	$5.64B	$5.58B	$5.61B	$5.59B	·	$5.72B	$5.78B	$5.67B	·	$4.90B	$4.96B
Accounts Payable	$547M	$543M	$465M	$419M	$396M	$423M	$317M	$332M	$316M	·	$393M	$445M	$478M	·	$439M	$353M
Accrued Liabilities	$396M	$531M	$436M	$381M	$362M	$394M	$347M	$355M	$330M	·	$356M	$381M	$344M	·	·	·
Current Liabilities	$1.26B	$1.31B	$1.12B	$1.05B	$957M	$1000M	$871M	$912M	$841M	·	$966M	$1.06B	$1.02B	·	$915M	$869M
Capital Leases	$34M	$33M	$34M	$35M	$23M	$25M	$27M	$29M	$32M	·	$38M	$40M	$45M	·	$43M	$40M
Other Non-current Liabilities	$182M	$175M	$196M	$189M	$186M	$186M	$171M	$173M	$176M	·	$157M	$155M	$157M	·	$151M	$148M
Total Liabilities	$3.10B	$3.14B	$2.96B	$2.88B	$2.78B	$2.83B	$2.68B	$2.73B	$2.67B	·	$2.78B	$2.87B	$2.83B	·	$2.23B	$2.18B
Long-term Debt	$1.54B	$1.54B	$1.54B	$1.54B	$1.54B	$1.54B	$1.55B	$1.55B	$1.55B	·	$1.56B	$1.56B	$1.56B	·	·	·
Total Debt	$1.54B	·	$1.54B	$1.54B	$1.54B	·	$1.55B	$1.55B	$1.55B	·	$1.56B	$1.56B	$1.56B	·	·	·
Common Stock	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	·	$1M	$1M	$1M	·	$1M	$2M
Retained Earnings	$-3.02B	$-3.17B	$-3.19B	$-3.24B	$-3.25B	$-3.29B	$-3.33B	$-3.34B	$-3.33B	·	$-3.47B	$-3.50B	$-3.56B	·	$-3.69B	$-3.70B
Treasury Stock	$410M	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
AOCI	$-39M	$-55M	$-45M	$-40M	$-67M	$-47M	$-40M	$-22M	$-25M	·	$-12M	$-40M	$-29M	·	$-22M	$-16M
Stockholders' Equity	$2.79B	$2.73B	$2.79B	$2.78B	$2.79B	$2.82B	$2.89B	$2.88B	$2.92B	$2.85B	$2.95B	$2.91B	$2.84B	$2.71B	$2.67B	$2.78B
Liabilities + Equity	$5.89B	$5.86B	$5.75B	$5.66B	$5.57B	$5.64B	$5.58B	$5.61B	$5.59B	·	$5.72B	$5.78B	$5.67B	·	$4.90B	$4.96B
Shares Outstanding	141,452,656	141,016,300	141,342,527	141,686,082	142,528,510	142,656,116	144,426,873	144,199,201	144,946,510	·	148,772,513	149,498,465	149,157,588	·	148,293,357	150,865,553

Cash Flow 15

Quarterly Cash Flow data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Stock-based Comp	$50M	$56M	$47M	$48M	$41M	$41M	$37M	$40M	$38M	$35M	$33M	$32M	$31M	$27M	$27M	$27M
Amort. of Intangibles	$5M	$6M	$7M	$7M	$7M	$7M	$7M	$8M	$7M	$11M	$9M	$10M	$7M	$6M	$9M	$9M
Restructuring	$1M	$107M	$2M	·	$2M	$3M	$1M	$16M	$5M	$7M	$4M	$8M	$4M	$14M	$8M	$5M
Operating Cash Flow	$228M	$371M	$174M	·	$104M	$349M	$-159M	$58M	$266M	$195M	$9M	$230M	$-266M	$-15M	$-205M	$107M
CapEx	$74M	$45M	$40M	·	$27M	$84M	$20M	$17M	$17M	$23M	$25M	$28M	$30M	$24M	$22M	$19M
Investing Cash Flow	$-44M	$-214M	$20M	·	$-67M	$-149M	$-19M	$-157M	$18M	$-98M	$-8M	$-101M	$-176M	$186M	$196M	$-102M
Net Debt Issued	$0	·	·	·	$-3M	·	·	·	$0	·	·	·	$-2M	·	·	·
Stock Issued	$17M	$2.0K	$19M	·	$17M	$-1.0K	$17M	$-58.0K	$17M	$81.0K	$17M	$341.0K	$14M	$124.0K	$15M	$39.0K
Stock Repurchased	$81M	$84M	$82M	·	$81M	$129M	$31M	$57M	$38M	$184M	$58M	$0	$0	$13M	$155M	$83M
Net Stock Activity	$-63M	·	·	·	$-64M	·	·	·	$-21M	·	·	·	$14M	·	·	·
Financing Cash Flow	$-155M	$-120M	$-85M	·	$-93M	$-149M	$-29M	$-73M	$-35M	$-197M	$-53M	$-13M	$492M	$-23M	$-147M	$-98M
Net Change in Cash	$31M	$36M	$106M	·	$-60M	$51M	$-208M	$-173M	$254M	$-107M	$-50M	$113M	$60M	$135M	$-160M	$-99M
Taxes Paid	$11M	$29M	$29M	·	$10M	$13M	$13M	$21M	$8M	$10M	$44M	$16M	$8M	$6M	$11M	$12M
Free Cash Flow	$154M	·	·	·	$77M	·	·	·	$249M	·	·	·	$-296M	·	·	·
Levered FCF	·	·	·	·	·	·	·	·	$233M	·	·	·	$-308M	·	·	·

Profitability 8

Quarterly Profitability data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Gross Margin	43.8%	·	41.3%	40.2%	44.0%	·	42.9%	42.7%	45.0%	·	42.0%	43.1%	43.2%	·	39.3%	42.3%
Operating Margin	13.3%	·	6.0%	2.9%	7.5%	·	2.8%	-0.44%	8.2%	·	7.3%	9.1%	8.1%	·	3.1%	6.2%
Net Margin	10.5%	·	4.1%	0.80%	4.2%	·	1.5%	-1.8%	4.8%	·	2.8%	5.1%	7.2%	·	1.2%	4.1%
Pretax Margin	12.7%	·	5.4%	1.7%	6.4%	·	1.7%	-1.8%	6.9%	·	6.0%	7.7%	9.6%	·	1.7%	5.0%
EBITDA Margin	13.3%	·	6.0%	2.9%	7.5%	·	2.8%	-0.44%	8.2%	·	7.3%	9.1%	8.1%	·	3.1%	6.2%
ROA	2.6%	·	0.89%	0.16%	0.80%	·	0.25%	-0.30%	0.88%	·	0.56%	1.1%	1.4%	·	0.22%	0.83%
ROE	5.4%	·	1.8%	0.32%	1.6%	·	0.49%	-0.58%	1.7%	·	1.1%	2.0%	2.7%	·	0.38%	1.4%
ROIC	3.6%	·	1.3%	0.36%	1.2%	·	0.52%	-0.09%	1.3%	·	0.80%	1.5%	1.5%	·	0.72%	1.7%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	2.8	·	3.3	3.4	3.7	·	4.1	3.9	4.3	·	3.9	3.7	3.7	·	3.5	3.7
Quick Ratio	1.8	·	2.1	2.1	2.2	·	2.3	2.3	2.7	·	2.3	2.2	2.2	·	2.2	2.7
Debt / Equity	0.6	·	0.6	0.6	0.6	·	0.5	0.5	0.5	·	0.5	0.5	0.5	·	·	·
LT Debt / Equity	0.5	·	0.5	0.6	0.5	·	0.5	0.5	0.5	·	0.5	0.5	0.5	·	·	·
Interest Coverage	·	·	·	·	·	·	·	-0.2	3.6	·	3.3	4.3	5.4	·	2.1	4.9

Efficiency 3

Quarterly Efficiency data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2
Inventory Turnover	0.9	·	0.8	0.7	0.7	·	0.5	0.5	0.5	·	0.6	0.8	0.7	·	0.9	1.2
Receivables Turnover	1.5	·	1.3	1.3	1.2	·	1.0	1.0	1.1	·	1.2	1.3	1.1	·	1.0	1.3

Per Share 5

Quarterly Per Share data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$19.74	·	$19.72	$19.60	$19.60	·	$20.02	$19.97	$20.17	·	$19.81	$19.46	$19.03	·	$17.99	$18.44
Revenue / Share	$9.79	·	$8.44	$7.77	$7.35	·	$6.48	$6.29	$7.12	·	$7.12	$7.54	$7.06	·	$5.77	$6.19
Cash Flow / Share	$1.56	·	·	·	$0.71	·	·	·	$1.82	·	·	·	$-1.78	·	·	·
Cash / Share	$7.94	·	$7.47	$6.70	$6.14	·	$6.12	$7.57	$8.73	·	$7.51	$7.81	$7.07	·	$5.80	$6.76
EPS (TTM)	$1.75	·	·	$0.78	$0.60	·	$0.52	$0.80	$1.43	·	$1.16	$1.21	$1.12	·	$2.13	$2.72

Valuation (TTM) 14

Quarterly Valuation (TTM) data for CIEN
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$4.84B	·	·	$4.21B	$4.00B	·	$3.96B	$4.15B	$4.29B	·	$4.13B	$4.01B	$3.72B	·	$3.65B	$3.62B
Net Income TTM	$254M	·	·	$112M	$87M	·	$77M	$120M	$213M	·	$174M	$183M	$171M	·	$333M	$426M
Market Cap	$35.62B	·	$12.53B	$10.32B	$12.42B	·	$7.24B	$6.72B	$7.45B	·	$6.19B	$6.88B	$7.61B	·	$7.65B	$8.32B
Enterprise Value	$35.86B	·	$12.74B	$10.61B	$12.75B	·	$7.69B	$7.02B	$7.64B	·	$6.48B	$7.12B	$8.02B	·	·	·
P/E	143.9	·	·	93.4	145.2	·	96.5	58.3	36.0	·	35.8	38.0	45.6	·	24.2	20.3
P/S	7.4	·	·	2.5	3.1	·	1.8	1.6	1.7	·	1.5	1.7	2.0	·	2.1	2.3
P/B	12.8	·	4.5	3.7	4.4	·	2.5	2.3	2.5	·	2.1	2.4	2.7	·	2.9	3.0
P / Tangible Book	17.3	·	5.7	4.7	5.7	·	3.2	3.0	3.3	·	2.7	3.1	3.5	·	3.4	3.5
P / Cash Flow	156.5	·	·	·	119.7	·	·	·	28.0	·	·	·	-28.7	·	·	·
P / FCF	231.7	·	·	·	161.6	·	·	·	29.9	·	·	·	-25.7	·	·	·
EV / EBITDA	189.3	·	173.2	323.0	158.1	·	287.7	-1769.6	90.2	·	82.9	69.3	94.1	·	·	·
EV / FCF	233.2	·	·	·	165.9	·	·	·	30.6	·	·	·	-27.1	·	·	·
EV / Revenue	7.4	·	·	2.5	3.2	·	1.9	1.7	1.8	·	1.6	1.8	2.2	·	·	·
Earnings Yield	0.69%	·	·	1.1%	0.69%	·	1.0%	1.7%	2.8%	·	2.8%	2.6%	2.2%	·	4.1%	4.9%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-11-01	2024-11-02	2023-10-28	2022-10-29	2021-10-30
Revenue	$4.77B	$4.01B	$4.39B	$3.63B	$3.62B
Gross Margin %	42.0%	42.8%	42.8%	43.0%	47.6%
Operating Margin %	4.1%	4.2%	8.2%	6.1%	13.7%
Net Income	$123M	$84M	$255M	$153M	$500M
Diluted EPS	$0.85	$0.58	$1.71	$1.00	$3.19

Balance Sheet

	2025-11-01	2024-11-02	2023-10-28	2022-10-29	2021-10-30
Debt / Equity	0.6	0.5	0.5	0.4	0.2
Current Ratio	2.7	3.5	3.8	3.3	3.5
Quick Ratio	1.7	2.2	2.3	2.0	2.7

Cash Flow

	2025-11-01	2024-11-02	2023-10-28	2022-10-29	2021-10-30
Free Cash Flow	$665M	$378M	$62M	$-259M	$462M

Latest News Recent headlines mentioning this company

Ciena (CIEN), Lightstorm Upgrade JGA Submarine Cable to Support 400Gbps Services Yahoo Finance · 1 month ago
This AI Stock Might Be the Biggest Winner in 2026, And It Is Not Nvidia Yahoo Finance · 1 month, 1 week ago
5 Stocks Leading the Market's Rebound: The AI Connectivity Trade Yahoo Finance · 1 month, 1 week ago
Think It’s Too Late to Buy Ciena? Here’s the Case for Getting In Now Yahoo Finance · 1 month, 1 week ago

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