Ciena

CIEN · NYSE · Information Technology · Financials, fiscal 2016 to 2025

CIEN · Last close · October 26, 2026

$335.93

Ciena's revenue rose 18.8% to $4.8 billion in fiscal 2025. Its operating margin was 4.1%, about the same as 4.2% a year earlier. Free cash flow was $665 million, up 76.0%. It paid out $335 million in dividends and buybacks, 50% of free cash flow. The diluted share count fell 0.5%.

Ciena Corp Latest fiscal year ended November 1, 2025 10-K filed December 12, 2025 · 0001628280-25-056698 Updated October 9, 2026

Revenue

$4.8B

18.8%

Operating margin

4.1%

0.0 pts

Net income

$123M

46.9%

Free cash flow

$665M

76.0%

Return on capital

5.1%

1.5 pts

Market cap

$49.0B

Oct 26 close

P/E

75.0x

On $4.48 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 5.8% a year and net income 6.1% a year, as buybacks cut the share count by 4%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ciena yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ciena's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Ciena's fiscal 2025 free cash flow of $665M, net cash of −$271M at November 1, 2025 and 145 million diluted shares, from its filings. The scenarios are fitted to Ciena: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.5% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Communications Equipment); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at November 1, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Ciena's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 10% discount rate. Base: growth of 9.5% then 6% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 14.5% then 9% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $335.93
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Ciena's earnings per share of $4.48 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 36.8×, the middle of Ciena's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 1, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Ubiquiti, F5.

Earnings growth in the years ahead (% a year) Starts at Ciena's revenue growth over the last 3 years, 9.5% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $335.93
Value at this multiple, against the last close: —
Ciena's P/E at the last close: 75.0×

Company	Last close	Earnings per share	P/E today
CienaCIEN	$335.93	$4.48	75.0×
UbiquitiUI	$584.72	$15.85	36.9×
F5FFIV	$461.60	$12.56	36.8×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,604	1,148	1,115	1,251	1,308
Debt incl. finance leases	744	1,125	1,607	1,593	1,579
Net debt (negative means net cash)	−860	−23	492	342	271
Net debt to EBITDA	−1.4x	−0.1x	1.0x	1.2x	0.8x
Debt to equity	0.2x	0.4x	0.6x	0.6x	0.6x
Interest coverage	16.1x	4.7x	4.1x	1.7x	2.2x
Current ratio	3.5x	3.2x	3.8x	3.5x	2.7x
Quick ratio	3.1x	2.3x	2.7x	2.7x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Ciena shares on the open market, and 11 insiders sold $101.4 million, $97.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Gary B SmithPresident & CEO, Director	Sold plan	2,952	$348.02	$1.0 million	Form 4
Oct 15, 2026	David M RothensteinEVP & Chief Strategy Officer	Sold plan	2,500	$348.06	$870,157	Form 4
Oct 15, 2026	Brodie GageEVP & Chief Product & Tech	Sold plan	1,200	$344.08	$412,896	Form 4
Oct 15, 2026	Dino DiPernaEVP & Chief R&D Officer	Sold plan	890	$347.04	$308,866	Form 4
Oct 1, 2026	Gary B SmithPresident & CEO, Director	Sold plan	2,952	$369.66	$1.1 million	Form 4
Oct 1, 2026	Jason PhippsEVP & Chief Customer Officer	Sold plan	2,629	$355.19	$933,795	Form 4
Oct 1, 2026	Sheela KosarajuEVP & Chief Legal Officer	Sold plan	2,101	$355.19	$746,254	Form 4
Oct 1, 2026	Marc D. GraffEVP & Chief Financial Officer	Sold plan	97	$355.19	$34,453	Form 4
Sep 25, 2026	Joseph CumelloEVP & General Mgr.	Sold plan	1,586	$358.52	$568,613	Form 4
Sep 24, 2026	Bruce L. ClaflinDirector	Sold	2,857	$355.91	$1.0 million	Form 4
Sep 23, 2026	Thomas Michael NevensDirector	Sold	3,738	$359.04	$1.3 million	Form 4
Sep 16, 2026	Dino DiPernaEVP & Chief R&D Officer	Sold plan	249	$350.00	$87,150	Form 4

The latest 12 of 74 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	5 of 9	7 of 9
Accruals ratio	1.6%	−7.7%	−11.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Ciena side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ciena	FY25	18.8%	4.1%	13.9%	5.1%	0.8x	7
Viasat	FY26	2.7%	2.3%	32.2%	0.6%	3.3x	6	Compare
Ubiquiti	FY26	27.2%	36.2%	27.8%	104.2%	−0.5x	7	Compare
F5	FY25	9.7%	24.8%	29.4%	30.5%	−1.6x	8	Compare
Lumentum	FY26	83.2%	17.4%	10.0%	10.4%	0.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,601	2,802	3,094	3,572	3,532	3,621	3,633	4,386	4,015	4,770
Revenue growth	6.3%	7.7%	10.4%	15.4%	−1.1%	2.5%	0.3%	20.8%	−8.5%	18.8%
Gross profit	1,162	1,246	1,315	1,542	1,653	1,722	1,560	1,879	1,720	2,005
Research and development	452	475	492	548	530	537	625	751	768	848
Operating income	156	215	230	347	487	495	223	358	167	198
Net income	73	1,262	−345	253	361	500	153	255	84	123
Diluted EPS (US$)	0.51	7.53	−2.49	1.61	2.32	3.19	1.00	1.71	0.58	0.85
Diluted shares (millions)	151	170	144	158	156	157	152	149	146	145
Cash flow
Cash from operations	290	235	229	413	494	542	−168	168	514	806
Capital expenditure	107	95	68	63	83	80	91	106	137	141
Free cash flow	182	140	162	351	411	462	−259	62	378	665
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	111	150	74	91	501	242	254	334
Acquisitions	32	0	83	0	28	0	62	230	0	231
Stock-based compensation	52	48	53	60	68	84	105	130	156	184
Balance sheet at fiscal year end
Cash and short-term investments	1,053	920	894	1,014	1,239	1,604	1,148	1,115	1,251	1,308
Debt incl. finance leases	486	393	686	680	748	744	1,125	1,607	1,593	1,579
Total assets	2,874	3,952	3,756	3,893	4,181	4,865	5,070	5,602	5,641	5,865
Total liabilities	2,107	1,815	1,827	1,721	1,671	1,845	2,357	2,753	2,825	3,135
Shareholders' equity	766	2,136	1,929	2,173	2,510	3,020	2,713	2,848	2,816	2,729
Margins and ratios
Gross margin	44.7%	44.5%	42.5%	43.2%	46.8%	47.6%	43.0%	42.8%	42.8%	42.0%
Operating margin	6.0%	7.7%	7.4%	9.7%	13.8%	13.7%	6.1%	8.2%	4.2%	4.1%
Net margin	2.8%	45.0%	−11.1%	7.1%	10.2%	13.8%	4.2%	5.8%	2.1%	2.6%
Free cash flow margin	7.0%	5.0%	5.2%	9.8%	11.6%	12.8%	−7.1%	1.4%	9.4%	13.9%
Return on capital	22.4%	23.7%	6.9%	15.8%	20.0%	23.7%	7.7%	9.3%	3.6%	5.1%
Return on equity	10.5%	87.0%	−17.0%	12.4%	15.4%	18.1%	5.3%	9.2%	3.0%	4.5%
Return on assets	2.6%	37.0%	−8.9%	6.6%	8.9%	11.1%	3.1%	4.8%	1.5%	2.1%
Net debt to EBITDA	−2.0x	−1.6x	−0.6x	−0.7x	−0.8x	−1.4x	−0.1x	1.0x	1.2x	0.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ciena's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ciena.