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Sunday 1 November 2026
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Ciena Corporation
CIEN Technology Communication Equipment
Ciena Corporation’s revenue for fiscal 2025 (year ended October 2025) was $4.8 billion, up 18.8% from fiscal 2024.
- Revenue
- +37.1%
- EPS
- +437.1%
- Free cash flow
- −13.6%
- Total debt
- +110.0%
Quarter to July 2026, against a year earlier
320.72
28.73
−8.22%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to October
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jul ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,601 | 2,802 | 3,094 | 3,572 | 3,532 | 3,621 | 3,633 | 4,387 | 4,015 | 4,770 | 6,021 | +7.0% | 6,428 | 8,431 | 10,995 | +32.1% | |
| Gross margin, % | 44.67 | 44.47 | 42.49 | 43.17 | 46.80 | 47.56 | 42.95 | 42.83 | 42.83 | 42.04 | 44.07 | (2.6) pt | ||||||
| EBT | 87 | 156 | 149 | 313 | 456 | 463 | 183 | 324 | 120 | 156 | 726 | +6.8% | ||||||
| EBT margin, % | 3.33 | 5.57 | 4.81 | 8.77 | 12.91 | 12.78 | 5.02 | 7.38 | 2.99 | 3.28 | 12.05 | (0.1) pt | ||||||
| Net income | 73 | 1,262 | (345) | 253 | 361 | 500 | 153 | 255 | 84 | 123 | 654 | +6.1% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 18.80 | 19.73 | 21.53 | 22.94 | 22.89 | 23.32 | 24.02 | 29.45 | 27.74 | 33.54 | 42.38 | +6.6% | |||||
| Earnings | 0.52 | 8.89 | (2.40) | 1.63 | 2.34 | 3.22 | 1.01 | 1.71 | 0.58 | 0.87 | 4.62 | +5.9% | ||||||
| Cash flow | 2.09 | 1.65 | 1.60 | 2.65 | 3.20 | 3.49 | (1.11) | 1.13 | 3.56 | 5.67 | 7.42 | +11.7% | ||||||
| Capex | (0.77) | (0.67) | (0.47) | (0.40) | (0.54) | (0.51) | (0.60) | (0.71) | (0.94) | (0.99) | (1.69) | +2.8% | ||||||
| Free cash flow | 1.32 | 0.99 | 1.12 | 2.25 | 2.66 | 2.98 | (1.71) | 0.42 | 2.61 | 4.68 | 5.73 | +15.1% | ||||||
| Book value | 5.54 | 15.05 | 13.42 | 13.95 | 16.27 | 19.45 | 17.94 | 19.12 | 19.46 | 19.19 | 21.52 | +14.8% | ||||||
| Shares, m | 138 | 142 | 144 | 156 | 154 | 155 | 151 | 149 | 145 | 142 | 142 | +0.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 37.27 | 2.41 | 0.00 | 22.63 | 16.73 | 17.16 | 46.96 | 24.53 | 109.50 | 220.84 | 69.34 | 49.8 | |||||
| P/S | 1.03 | 1.08 | 1.45 | 1.62 | 1.71 | 2.37 | 1.99 | 1.43 | 2.29 | 5.66 | 7.56 | 2.1 | ||||||
| P/B | 3.50 | 1.41 | 2.33 | 2.66 | 2.41 | 2.84 | 2.67 | 2.21 | 3.26 | 9.90 | 14.89 | 3.3 | ||||||
| EV/Sales | 1.11 | 1.08 | 1.39 | 1.53 | 1.55 | 2.11 | 1.97 | 1.53 | 2.36 | 5.71 | 7.66 | 2.0 | ||||||
| EV/FCF | 15.80 | 21.65 | 26.55 | 15.56 | 13.34 | 16.56 | (27.70) | 108.25 | 25.10 | 40.94 | 56.63 | 25.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 290 | 235 | 229 | 413 | 494 | 542 | (168) | 168 | 515 | 806 | 1,055 | +12.0% | |||||
| Capex | (107) | (95) | (68) | (63) | (83) | (80) | (91) | (106) | (137) | (141) | (240) | +3.1% | ||||||
| Free cash flow | 182 | 140 | 162 | 351 | 411 | 462 | (259) | 62 | 378 | 665 | 814 | +15.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,122 | 969 | 1,180 | 1,536 | 1,850 | 2,280 | 2,345 | 2,644 | 2,545 | 2,257 | 3,877 | +8.1% | |||||
| Net debt | 201 | 16 | (201) | (327) | (556) | (927) | (80) | 440 | 294 | 228 | 600 | +1.4% | ||||||
| Shareholders’ equity | 766 | 2,136 | 1,929 | 2,173 | 2,510 | 3,020 | 2,713 | 2,848 | 2,816 | 2,729 | 3,057 | +15.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 2.61 | 36.98 | (8.94) | 6.63 | 8.95 | 11.06 | 3.08 | 4.78 | 1.49 | 2.14 | 9.52 | (0.5) pt | |||||
| ROIC | 10.09 | 6.23 | 8.32 | 11.74 | 15.58 | 14.79 | 5.29 | 6.80 | 3.35 | 4.18 | 12.63 | (5.9) pt | ||||||
| ROE | 10.46 | 86.95 | (16.96) | 12.36 | 15.43 | 18.09 | 5.33 | 9.16 | 2.96 | 4.45 | 22.40 | (6.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 5,555 | 5,737 | 6,013 | 6,383 | 7,032 | 7,241 | 8,079 | 8,483 | 8,657 | 9,080 | — | +5.6% | |||||
| Revenue/emp, $m | 0.47 | 0.49 | 0.51 | 0.56 | 0.50 | 0.50 | 0.45 | 0.52 | 0.46 | 0.53 | — | +1.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Oct 2025 · latest quarter Jul 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Networking Platforms | 3,676 | 77.08% |
|---|---|---|
| Global Services | 614 | 12.87% |
| Platform Software and Services | 364 | 7.63% |
| Blue Planet Automation Software and Services | 116 | 2.42% |
| Gross margin | 42.04% | |
| Operating margin | 4.14% | |
| Pre-tax margin | 3.28% |
Ciena Corporation 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 |
|---|---|---|---|---|---|---|---|---|---|
| LITE Lumentum Holdings Inc. | $83.3B | — (loss-making) | 39.4× | +109.34% (above 0%: growing) | n/m | +1,870.30% (above 0%: growing) | 47.43% | 27.76% | Compare |
| MSI Motorola Solutions, Inc. | $81.4B | 38.3× | 35.6× | +13.31% (above 0%: growing) | +9.09% (above 0%: growing) | +84.00% (above 0%: growing) | 53.56% | 25.82% | Compare |
| HPE Hewlett Packard Enterprise Company | $78.2B | 27.4× | 19.7× | +33.68% (above 0%: growing) | +438.10% (above 0%: growing) | +20.63% (above 0%: growing) | 40.11% | 11.41% | Compare |
| NOK Nokia Corporation | $52.7B | 4.6× | — | +8.48% (above 0%: growing) | n/m | −624.57% (below 0%: shrinking) | 44.57% | (1.04%) | Compare |
| CIEN Ciena Corporation | $49.6B | 69.3× | 55.3× | +37.05% (above 0%: growing) | +437.14% (above 0%: growing) | −13.59% (below 0%: shrinking) | 45.43% | 18.02% | |
| UI Ubiquiti Inc. | $36.7B | 35.7× | 28.0× | +23.47% (above 0%: growing) | +6.80% (above 0%: growing) | +134.17% (above 0%: growing) | 45.80% | 36.27% | Compare |
| ERIC Ericsson | $33.4B | 14.3× | — | −3.14% (below 0%: shrinking) | −7.14% (below 0%: shrinking) | −89.23% (below 0%: shrinking) | 45.78% | 11.24% | Compare |
| ZBRA Zebra Technologies Corporation | $17.9B | 32.7× | 24.3× | +20.42% (above 0%: growing) | +122.27% (above 0%: growing) | +52.31% (above 0%: growing) | 52.99% | 20.62% | Compare |
| ASTS AST SpaceMobile, Inc. | $16.8B | — (loss-making) | — (loss-making) | +2,626.64% (above 0%: growing) | n/m | −103.37% (below 0%: shrinking) | 25.23% | (944.09%) | Compare |
| Median of peers | $44.7B | 30.1× | 28.0× | +21.94% | +9.09% | +36.47% | 45.79% | 16.02% |
From the latest earnings call
- Gary Smith said Ciena expects demand for network infrastructure to remain elevated as AI increases bandwidth and connectivity requirements across wide-area networks and data centers.
- Marc Graff said supply capacity is limiting the pace at which Ciena can convert its backlog into fiscal 2027 revenue, despite customer demand exceeding its outlook.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
93.32%
Held by the ten largest
57.85%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Fidelity (FMR) | 19.11m | 13.50% | −2.10m |
| Vanguard | 18.40m | 13.00% | +423.81k |
| BlackRock | 12.72m | 8.98% | −655.29k |
| JPMorgan Chase | 11.21m | 7.92% | +979.56k |
| State Street | 6.68m | 4.72% | +371.53k |
| T. Rowe Price | 4.34m | 3.07% | −1.32m |
| Geode Capital Management | 3.37m | 2.38% | −695.10k |
| Capital Group | 2.41m | 1.70% | −2.06m |
| American Century | 1.85m | 1.31% | +1.32m |
| Bank of America | 1.79m | 1.26% | −166.05k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 12 February 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 18.53m | 94.50m | 482.15 |
| 2024 | 14.08m | 23.21m | 162.40 |
| 2023 | 15.43m | 10.33m | 104.14 |
| 2022 | 12.02m | 8.21m | 122.49 |
| 2021 | 11.45m | 22.40m | 137.83 |
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
Ciena Corporation (CIEN) Latest News
30 Oct
21 Oct
20 Oct
19 Oct
13 Oct
12 Oct
10 Oct
9 Oct
7 Oct
6 Oct
CIEN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Ciena is a network technology company that sells hardware, software and services used to move, manage and automate network traffic. Its systems carry cloud, voice, video, data and AI traffic for cloud providers, communications service providers and other network operators.
Its main hardware portfolios are Optical Networking and Routing and Switching. Optical products use WaveLogic coherent optical technology, photonic line systems and components such as lasers, modulators and amplifiers to send data over fiber. They are used for data-center interconnect, long-haul, metro, regional and submarine networks. Routing and switching products route, aggregate and switch IP-based traffic for metro, access, aggregation, enterprise and broadband applications.