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ADTRAN Holdings, Inc.

ADTN Technology Communication Equipment

ADTRAN Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 17.5% from fiscal 2024.

Revenue
+6.07%
EPS
+45.8%
Free cash flow
−52.7%
Total debt
+15.1%

Quarter to June 2026, against a year earlier

6.32 0.21 −3.22%
Market cap
$532.1M
P/E
0.0×
Fwd P/E
−13.9×
Dividend yield
—
F-score
5/9
Altman Z
0.67
Beneish M
−2.99
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.05
Sold, $m 2.51
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — 1 — 2 — — — — — —
Insider Ownership 7.63%

Capital & Financial Ratios $m

Size
Market Cap 532.07
Revenue ttm 1,138.23
Net income ttm (16.81)
Free cash flow ttm 23.10
Net debt Q 100.51
Valuation
P/E 0.00
Forward P/E (13.90) (negative: loss-making)
Price / sales 0.45
Forward P/S Powerpack
Price / FCF 22.15
Price / book 3.95
Financial health
Current ratio Q 1.79 (at or above 1.5: strong)
Debt / equity Q 1.69
Interest coverage Q (2.38)
Growth
Revenue growth Q +6.07% (above 0%: growing)
Operating income growth Q +24.38% (above 0%: growing)
EPS, this year +25.73% (at or above 15%: strong)
EPS, next year A +101.31% (at or above 15%: strong)
Revenue, next year A +5.74%
EPS, past 5 yrs —
EPS, next 5 yrs A +55.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.5×, against a ten-year median of 1.1×; over the ten years it ranged from 0.4× in 2023 to 2.0× in 2022.
P/S against its own 10 years 6.83%
10-year low 10-year high
P/B against its own 10 years 83.19%
10-year low 10-year high
EV/Sales against its own 10 years 8.63%
10-year low 10-year high
EV/FCF against its own 10 years 32.81%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2016–23
−4.03%/yr
  1. 0.36 ’16
  2. 0.36 ’17 +0%
  3. 0.36 ’18 +0%
  4. 0.36 ’19 +0%
  5. 0.36 ’20 +0%
  6. 0.36 ’21 +0%
  7. 0.36 ’22 +0%
  8. 0.27 ’23 −25%
paid Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 87 76 131 118
Receivables 230 193 221 218
Inventory 360 262 216 209
Other — 12 12 12
719 599 635 618
2023 2024 2025 Q'26
Payables 163 172 167 169
ST’ Debt — — — —
Other — — — —
274 293 362 345

Compound Annual Growth %

10y 5y 3y
Sales 6.09% 16.43% 1.86%
Cash Flow 21.47% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (11.23%) (17.12%) (51.82%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.03 Actual 0.04

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.06 0.05 Miss by 0.01
Q4 FY25 0.08 0.16 Beat by 0.08
Q1 FY26 0.09 0.14 Beat by 0.05
Q2 FY26 0.03 0.04 Beat by 0.01
Q3 FY26 0.03 — Reports 2 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.01) (0.13) — — —
’25 (0.13) (0.24) (0.12) (0.02) (0.52)
’24 (4.12) (0.63) (0.38) (0.58) (5.67)
’23 (0.44) (0.43) (0.93) (1.40) (3.41)
’22 (0.02) 0.04 (0.57) 0.49 (0.03)
’21 0.02 0.10 (0.21) (0.09) (0.18)
’20 (0.21) 0.02 0.11 0.13 0.05
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 286 281 — — —
’25 248 265 279 292 1,084
’24 226 226 228 243 923
’23 324 327 272 225 1,149
’22 155 172 341 358 1,026
’21 128 143 138 154 563
’20 115 129 133 130 507
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 26 — — —
’25 43 32 12 42 130
’24 38 20 43 2 104
’23 (20) (16) 7 (14) (43)
’22 5 (11) (37) (1) (44)
’21 11 8 11 (26) 3
’20 0 2 (7) (11) (17)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 9 — — —
’25 24 18 (5) 23 61
’24 23 4 23 (12) 38
’23 (28) (28) (7) (26) (89)
’22 3 (13) (44) (8) (61)
’21 10 6 9 (28) (3)
’20 (1) 0 (9) (13) (23)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 637 667 529 530 507 563 1,026 1,149 923 1,084 1,138 +6.1% 1,146 1,236 1,332 +7.1%
Gross margin, % 45.75 45.53 38.46 41.35 42.95 38.79 31.91 28.82 35.13 38.29 38.46 (7.5) pt
EBT 47 45 (33) (25) (6) (6) (71) (234) (443) (31) (10) n/m
EBT margin, % 7.36 6.70 (6.31) (4.67) (1.23) (1.12) (6.92) (20.33) (47.98) (2.88) (0.86) (10.2) pt
Net income 35 24 (19) (53) 2 (9) (9) (262) (450) (36) (17) n/m
Per share, $
Per share, $ Revenue 13.07 13.85 11.05 11.08 10.55 11.59 16.45 14.65 11.69 13.59 14.06 +0.4%
Earnings 0.72 0.49 (0.40) (1.13) 0.05 (0.18) (0.03) (3.41) (5.67) (0.52) (0.28) n/m
Cash flow 0.86 (0.88) 1.16 (0.05) (0.34) 0.06 (0.71) (0.55) 1.31 1.63 1.15 +7.3%
Capex (0.44) (0.30) (0.17) (0.20) (0.13) (0.12) (0.27) (0.58) (0.83) (0.87) (0.86) +7.8%
Free cash flow 0.42 (1.18) 0.99 (0.25) (0.48) (0.05) (0.98) (1.13) 0.49 0.76 0.29 +6.7%
Book value 9.84 10.34 9.32 7.95 7.77 7.35 20.91 7.72 1.61 1.83 1.60 (17.1%)
Shares, m 49 48 48 48 48 49 62 78 79 80 80 +5.6%
Valuation, ×
Valuation, × P/E 31.03 40.00 0.00 0.00 323.19 0.00 0.00 0.00 0.00 0.00 0.00 39.4
P/S 1.73 1.44 0.97 0.89 1.40 1.97 1.14 0.51 0.71 0.64 0.45 1.1
P/B 2.30 1.93 1.15 1.24 1.90 3.11 0.90 0.96 5.18 4.75 3.95 2.3
EV/Sales 1.58 1.33 0.81 0.75 1.29 1.88 1.13 0.61 0.85 0.73 0.55 1.1
EV/FCF 48.99 (15.56) 9.08 (33.36) (28.39) (397.20) (18.94) (8.83) 20.35 13.07 26.96 (41.1)
Cash, $m
Cash, $m Operating cash flow 42 (42) 55 (2) (17) 3 (44) (43) 104 130 93 +13.4%
Capex (21) (15) (8) (9) (6) (6) (17) (46) (65) (69) (70) +13.9%
Free cash flow 21 (57) 47 (12) (23) (3) (61) (89) 38 61 23 +12.7%
Balance, $m
Balance, $m Working capital 226 306 237 208 223 221 454 445 306 273 273 +2.1%
Net debt (95) (76) (83) (74) (57) (52) (13) 108 114 87 101 n/m
Shareholders’ equity 480 498 446 380 373 357 1,304 605 127 146 129 (12.4%)
Returns, %
Returns, % ROA 5.42 3.57 (2.98) (9.03) 0.44 (1.58) (0.16) (14.85) (32.29) (3.84) (2.20) (9.3) pt
ROIC 5.62 5.54 (7.82) (8.15) (1.94) (3.01) (3.53) (19.60) (111.11) (4.18) (0.55) (9.8) pt
ROE 7.34 4.88 (4.10) (12.82) 0.63 (2.37) (0.25) (28.17) (125.62) (33.47) (17.44) (40.8) pt
People
People Employees 2,033 2,060 1,900 1,790 1,405 1,335 3,307 3,227 3,234 3,338 — +5.7%
Revenue/emp, $m 0.31 0.32 0.28 0.30 0.36 0.42 0.31 0.36 0.29 0.32 — +0.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

ADTRAN Holdings, Inc. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FEIM Frequency Electronics, Inc. $762.6M 263× 55.2× +69.79% (above 0%: growing) +485.71% (above 0%: growing) +361.82% (above 0%: growing) 45.84% 22.17% Compare
NTGR NETGEAR, Inc. $614.3M — (loss-making) — (loss-making) −1.16% (below 0%: shrinking) n/m −118.63% (below 0%: shrinking) 40.21% (5.01%) Compare
TSAT Telesat Corporation $611.8M — (loss-making) — (loss-making) −21.45% (below 0%: shrinking) n/m +68.09% (above 0%: growing) 8.53% (30.37%) Compare
GILT Gilat Satellite Networks Ltd. $599.3M 16.1× 21.6× +16.86% (above 0%: growing) −35.29% (below 0%: shrinking) −250.32% (below 0%: shrinking) 30.37% 3.83% Compare
ADTN ADTRAN Holdings, Inc. $532.1M — (loss-making) — (loss-making) +6.07% (above 0%: growing) n/m −52.65% (below 0%: shrinking) 36.97% (3.58%)
CLFD Clearfield, Inc. $435.1M — (loss-making) 153× +13.18% (above 0%: growing) +100.00% (above 0%: growing) −6.00% (below 0%: shrinking) 31.79% 5.86% Compare
LTRX Lantronix, Inc. $281.8M — (loss-making) 68.7× +8.03% (above 0%: growing) n/m +89.00% (above 0%: growing) 43.67% (1.26%) Compare
AUDC AudioCodes Ltd. $266.9M 41.2× 39.8× +3.08% (above 0%: growing) +100.00% (above 0%: growing) −15.07% (below 0%: shrinking) 65.70% 5.08% Compare
AVNW Aviat Networks, Inc. $259.4M 105× 12.8× +4.81% (above 0%: growing) n/m −56.30% (below 0%: shrinking) 30.81% 4.82% Compare
Median of peers $517.2M 73.0× 47.5× +6.42% +100.00% −10.53% 36.00% 4.33%

All 46 Communication Equipment stocks →

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 7.68m 6.51m 62.59
2024 3.82m 3.72m 60.00
2023 5.85m (3.44m) 52.87
2022 10.47m 9.15m 131.83
2021 4.52m 6.57m 157.43
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

ADTRAN Holdings, Inc. (ADTN) Latest News

29 Oct

Impact 3 · · Business Wire

19 Oct

Impact 3 · · Business Wire
Impact 3 · · Trefis

14 Oct

Impact 3 · · Zacks

8 Oct

Impact 4 · · Business Wire

30 Sep

Impact 3 · · Zacks

22 Sep

Impact 3 · · Zacks

17 Sep

Impact 3 ·

15 Sep

Impact 3 ·

9 Sep

Impact 4 ·

9 Aug

Impact 3 ·

6 Aug

Impact 4 ·

5 Aug

Impact 3 ·

4 Aug

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 · · Moby transcript

3 Aug

Impact 3 ·

23 Jul

Impact 3 ·

22 Jul

Impact 4 ·
Impact 3 · · InvestorsHub

26 Jun

Impact 3 ·

16 Jun

Impact 4 · · The Motley Fool

14 Jun

Impact 4 ·

11 Jun

Impact 3 ·

1 Jun

Impact 3 · · Simply Wall St.

29 May

Impact 3 · · Business Wire

27 May

Impact 4 · · The Motley Fool
Impact 3 · · Business Wire
stockrow.com/ADTN · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com