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Friday 6 November 2026
Export VIAV’s income statement to Excel — free account
Viavi Solutions Inc.
VIAV Technology Communication Equipment
Viavi Solutions Inc.’s revenue for fiscal 2026 (year ended June 2026) was $1.5 billion, up 40.0% from fiscal 2025.
- Revenue
- +56.9%
- EPS
- +410.0%
- Free cash flow
- +459.9%
- Total debt
- −18.8%
Quarter to September 2026, against a year earlier
28.09
1.79
+6.81%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to June
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 805 | 876 | 1,130 | 1,136 | 1,199 | 1,292 | 1,106 | 1,000 | 1,084 | 1,518 | 1,689 | +7.3% | 1,887 | 2,140 | 2,499 | +18.1% | |
| Gross margin, % | 59.50 | 55.77 | 57.63 | 58.55 | 59.59 | 59.85 | 57.75 | 57.57 | 57.28 | 57.66 | 58.85 | (1.8) pt | ||||||
| EBT | 180 | (36) | 39 | 114 | 131 | 65 | 61 | 12 | 39 | 16 | 105 | (23.4%) | ||||||
| EBT margin, % | 22.36 | (4.08) | 3.48 | 10.06 | 10.91 | 5.04 | 5.49 | 1.16 | 3.56 | 1.07 | 6.21 | (21.3) pt | ||||||
| Net income | 160 | (49) | 5 | 49 | 68 | 16 | 26 | (26) | 35 | (30) | 67 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 3.50 | 3.86 | 4.96 | 4.95 | 5.24 | 5.60 | 4.92 | 4.49 | 4.87 | 6.62 | 6.85 | +7.3% | |||||
| Earnings | 0.73 | (0.20) | 0.02 | 0.21 | 0.30 | 0.07 | 0.11 | (0.12) | 0.16 | (0.13) | 0.27 | n/m | ||||||
| Cash flow | 0.41 | 0.29 | 0.61 | 0.59 | 1.06 | 0.77 | 0.51 | 0.52 | 0.40 | 0.50 | 0.99 | +2.1% | ||||||
| Capex | (0.14) | (0.16) | (0.17) | (0.14) | (0.21) | (0.27) | (0.20) | (0.07) | (0.10) | (0.12) | 0.00 | (2.0%) | ||||||
| Free cash flow | 0.27 | 0.13 | 0.43 | 0.45 | 0.85 | 0.50 | 0.30 | 0.45 | 0.30 | 0.38 | 0.99 | +3.9% | ||||||
| Book value | 3.42 | 3.24 | 3.18 | 3.10 | 3.34 | 2.91 | 3.08 | 3.06 | 3.51 | 6.31 | 5.37 | +7.0% | ||||||
| Shares, m | 230 | 227 | 228 | 229 | 229 | 231 | 225 | 223 | 223 | 230 | 233 | 0.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 15.16 | 0.00 | 699.00 | 59.31 | 64.03 | 220.50 | 103.00 | 0.00 | 62.94 | 0.00 | 97.44 | 122.4 | |||||
| P/S | 3.01 | 2.68 | 2.82 | 2.57 | 3.37 | 2.36 | 2.30 | 1.55 | 2.07 | 7.22 | 3.84 | 3.0 | ||||||
| P/B | 3.08 | 3.19 | 4.39 | 4.11 | 5.29 | 4.55 | 3.68 | 2.28 | 2.87 | 7.57 | 4.90 | 4.1 | ||||||
| EV/Sales | 2.37 | 2.73 | 2.99 | 2.62 | 3.35 | 2.46 | 2.48 | 1.79 | 2.26 | 7.21 | 3.83 | 3.0 | ||||||
| EV/FCF | 30.92 | 81.53 | 34.11 | 28.76 | 20.56 | 27.51 | 40.31 | 17.82 | 36.57 | 91.81 | 32.34 | 41.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 94 | 66 | 139 | 136 | 243 | 178 | 114 | 116 | 90 | 114 | 245 | +2.1% | |||||
| Capex | (33) | (37) | (40) | (32) | (48) | (63) | (46) | (16) | (23) | (27) | (45) | (2.1%) | ||||||
| Free cash flow | 62 | 29 | 99 | 104 | 195 | 115 | 68 | 100 | 67 | 87 | 245 | +3.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,438 | 602 | 633 | 681 | 365 | 636 | 602 | 629 | 296 | 576 | 448 | (9.7%) | |||||
| Net debt | (515) | 45 | 53 | 60 | (23) | 120 | 200 | 140 | 214 | (15) | 643 | (32.6%) | ||||||
| Shareholders’ equity | 786 | 735 | 726 | 711 | 764 | 672 | 691 | 682 | 780 | 1,449 | 1,324 | +7.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 8.46 | (2.35) | 0.28 | 2.73 | 3.61 | 0.82 | 1.39 | (1.44) | 1.87 | (1.29) | 2.87 | (9.7) pt | |||||
| ROIC | 1.61 | 0.15 | 5.41 | 9.57 | 12.00 | 14.60 | 5.78 | 1.58 | 3.62 | 4.58 | 5.69 | +3.0 pt | ||||||
| ROE | 21.71 | (6.39) | 0.74 | 6.82 | 9.15 | 2.16 | 3.74 | (3.76) | 4.76 | (2.73) | 6.54 | (24.4) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 2,700 | 3,500 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | 4,100 | — | +4.8% | |||||
| Revenue/emp, $m | 0.30 | 0.25 | 0.31 | 0.32 | 0.33 | 0.36 | 0.31 | 0.28 | 0.30 | 0.37 | — | +2.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jun 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Network and Service Enablement | 777 | 71.62% |
|---|---|---|
| Optical Security and Performance Products | 308 | 28.38% |
| Gross margin | 57.28% | |
| Operating margin | 5.30% | |
| Pre-tax margin | 3.56% |
Viavi Solutions 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 |
|---|---|---|---|---|---|---|---|---|---|
| ZBRA Zebra Technologies Corporation | $15.2B | 25.9× | 24.3× | +22.27% (above 0%: growing) | +75.19% (above 0%: growing) | +38.89% (above 0%: growing) | 45.72% | 14.68% | Compare |
| ASTS AST SpaceMobile, Inc. | $11.8B | — (loss-making) | — (loss-making) | +2,626.64% (above 0%: growing) | n/m | −103.37% (below 0%: shrinking) | 25.23% | (944.09%) | Compare |
| VSAT Viasat Inc. | $8.2B | — (loss-making) | — (loss-making) | −1.24% (below 0%: shrinking) | n/m | −31.14% (below 0%: shrinking) | 35.70% | 4.09% | Compare |
| VIAV Viavi Solutions Inc. | $6.5B | 97.4× | 26.6× | +56.90% (above 0%: growing) | n/m | +459.89% (above 0%: growing) | 61.22% | 17.41% | |
| AAOI Applied Optoelectronics, Inc. | $4.0B | — (loss-making) | 19.6× | +127.49% (above 0%: growing) | n/m | +96.12% (above 0%: growing) | 28.22% | (0.53%) | Compare |
| BDC Belden Inc | $3.8B | 21.7× | 16.9× | +38.35% (above 0%: growing) | n/m | +25.32% (above 0%: growing) | 35.07% | 1.74% | Compare |
| EXTR Extreme Networks, Inc. | $2.8B | 52.7× | 42.1× | +9.94% (above 0%: growing) | +203.75% (above 0%: growing) | +285.41% (above 0%: growing) | 62.13% | 6.77% | Compare |
| ONDS Ondas Holdings Inc. | $2.6B | — (loss-making) | 23.4× | +1,235.44% (above 0%: growing) | n/m | −1,000.26% (below 0%: shrinking) | 43.13% | (194.51%) | Compare |
| DGII Digi International Inc. | $2.4B | 48.0× | 47.9× | +28.98% (above 0%: growing) | +50.00% (above 0%: growing) | +41.46% (above 0%: growing) | 64.85% | 16.51% | Compare |
| Median of peers | $3.9B | 36.9× | 23.9× | +33.67% | +75.19% | +32.11% | 39.42% | 2.92% |
From the latest earnings call
- CEO Oleg Khaykin said data center demand was driving sales of lab, production and field instruments, while aerospace and defense customers also increased demand.
- Khaykin said Viavi had begun shipping into semiconductor assembly and test, which he expects to become a business exceeding $100 million in a couple of years.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
96.95%
Held by the ten largest
47.16%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 26.45m | 10.71% | −3.63m |
| BlackRock | 25.73m | 10.42% | −9.51m |
| T. Rowe Price | 14.38m | 5.82% | −4.64m |
| Jane Street | 9.29m | 3.76% | +9.06m |
| Capital Group | 9.16m | 3.71% | −2.41m |
| State Street | 7.76m | 3.14% | −1.49m |
| Whale Rock Capital Management LLC | 6.88m | 2.78% | +3.40m |
| Geode Capital Management | 5.68m | 2.30% | −606.89k |
| Two Sigma | 5.59m | 2.26% | +3.84m |
| Invesco | 5.57m | 2.26% | −2.27m |
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 2 October 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 12.31m | 95.29m | 273.00 |
| 2025 | 10.60m | 16.38m | 57.00 |
| 2024 | 8.33m | (1.52m) | 39.00 |
| 2023 | 8.98m | 5.27m | 65.00 |
| 2022 | 9.34m | 2.48m | 75.00 |
Ownership
Directors and executive officers, together
1.20%
Entities affiliated with BlackRock, Inc.
9.50%
Vanguard Portfolio Management
5.60%
Vanguard Capital Management
5.20%
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.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Viavi Solutions Inc. (VIAV) Latest News
5 Nov
4 Nov
25 Oct
19 Oct
7 Oct
30 Sep
24 Sep
VIAV 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
Viavi Solutions makes equipment, software and optical products used to test, monitor and protect communications and other infrastructure. Its customers include data center operators, telecommunications providers, equipment manufacturers, governments and military organizations. Oleg Khaykin is its president and chief executive officer.
The Network and Service Enablement segment, or NSE, supplies tools for designing, building and maintaining networks. Its optical and Ethernet equipment tests components and network equipment used in data centers. Fiber instruments help customers inspect, activate, maintain and monitor broadband networks. Viavi also sells wireless testing hardware and software, alongside services that allow customers to test wireless infrastructure.