Viavi Solutions

VIAV · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

VIAV · Last close · October 26, 2026

$31.88

Viavi Solutions' revenue rose 40.0% to $1.5 billion in fiscal 2026. Its operating margin was 6.9%, up from 5.3% a year earlier. Free cash flow was $83 million, up 33.5%. It paid out $30 million in dividends and buybacks, 36% of free cash flow. The diluted share count rose 1.7%.

Viavi Solutions Inc. Latest fiscal year ended June 27, 2026 10-K filed August 13, 2026 · 0001628280-26-056765 Updated October 17, 2026

Revenue

$1.5B

40.0%

Operating margin

6.9%

1.6 pts

Net income

−$30M

$35M a year earlier

Free cash flow

$83M

33.5%

Return on capital

4.3%

1.3 pts

Market cap

$7.3B

Oct 26 close

P/E

—

Loss: no P/E

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 2017 to 2025, earnings per share fell 17.2% a year and net income 17.4% a year, while buybacks cut the share count by 4%. Viavi Solutions then lost money in fiscal 2026.

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 Viavi Solutions 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 Viavi Solutions' 10-K 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 Viavi Solutions' fiscal 2026 free cash flow of $83M, net cash of $8M at June 27, 2026 and 230 million diluted shares, from its filings. The scenarios are fitted to Viavi Solutions: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.1% 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 11%: 9% for a business of moderate risk (Communications Equipment), plus 1 point as a smaller company, worth $7.3B, plus 1 point for unsteady results (a loss in fiscal 2026); 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 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 27, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Viavi Solutions's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 12% discount rate. Base: growth of 11% then 7% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 16.5% then 10% a year, 3% after year 10, a 10% 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: $31.88
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.

The P/E method needs positive earnings, and Viavi Solutions' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	561	521	491	425	650
Debt incl. finance leases	685	726	636	642	642
Net debt (negative means net cash)	124	205	145	217	−8
Net debt to EBITDA	0.5x	1.6x	2.2x	2.2x	−0.1x
Debt to equity	1.0x	1.1x	0.9x	0.8x	0.4x
Interest coverage	7.9x	3.0x	0.7x	1.9x	2.2x
Current ratio	2.7x	2.8x	3.5x	1.5x	1.9x
Quick ratio	2.4x	2.4x	3.2x	1.3x	1.6x

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 Viavi Solutions shares on the open market, and 13 insiders sold $61.7 million, $2.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 23, 2026	Luke M ScrivanichSVP General Manager OSP	Sold plan	35,866	$36.24	$1.3 million	Form 4
Sep 11, 2026	Paul McNabEVP, Chief Mktg & Stgy Officer	Sold	11,032	$38.97	$429,877	Form 4
Aug 31, 2026	Ilan DaskalEVP, CFO	Sold	56,290	$36.29	$2.0 million	Form 4
Aug 31, 2026	Luke M ScrivanichSVP General Manager OSP	Sold plan	23,911	$36.37	$869,643	Form 4
Aug 17, 2026	Laura A. BlackDirector	Sold	71,000	$46.12	$3.3 million	Form 4
Aug 14, 2026	Joanne SolomonDirector	Sold	10,000	$42.92	$429,200	Form 4
Aug 10, 2026	Paul McNabEVP, Chief Mktg & Stgy Officer	Sold	1,595	$37.37	$59,605	Form 4
May 8, 2026	Oleg KhaykinPresident & CEO, Director	Sold	136,547	$51.82	$7.1 million	Form 4
May 7, 2026	Oleg KhaykinPresident & CEO, Director	Sold	123,333	$51.43	$6.3 million	Form 4
May 6, 2026	Oleg KhaykinPresident & CEO, Director	Sold	34,024	$54.07	$1.8 million	Form 4
May 6, 2026	Luke M ScrivanichSVP General Manager OSP	Sold	10,693	$53.00	$566,729	Form 4
May 5, 2026	Oleg KhaykinPresident & CEO, Director	Sold	124,790	$54.64	$6.8 million	Form 4

The latest 12 of 48 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	FY24	FY25	FY26
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	5 of 9	6 of 9	6 of 9
Accruals ratio	−7.9%	−3.0%	−6.1%

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

Compare

Put Viavi Solutions 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
Viavi Solutions	FY26	40.0%	6.9%	5.5%	4.3%	−0.1x	6
InterDigital	FY25	−4.0%	55.3%	63.4%	113.5%	−1.4x	6	Compare
Lumentum	FY26	83.2%	17.4%	10.0%	10.4%	0.6x	5	Compare
F5	FY25	9.7%	24.8%	29.4%	30.5%	−1.6x	8	Compare
Ubiquiti	FY26	27.2%	36.2%	27.8%	104.2%	−0.5x	7	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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	805	876	1,130	1,136	1,199	1,292	1,106	1,000	1,084	1,518
Revenue growth	−11.2%	8.8%	29.1%	0.5%	5.5%	7.8%	−14.4%	−9.6%	8.4%	40.0%
Gross profit	479	488	651	665	714	774	639	576	621	875
Research and development	136	133	187	194	203	213	207	202	209	263
Operating income	7	2	67	118	142	185	82	21	58	105
Net income	160	−49	5	49	68	16	26	−26	35	−30
Diluted EPS (US$)	0.68	−0.21	0.02	0.21	0.29	0.07	0.11	−0.12	0.15	−0.13
Diluted shares (millions)	234	227	231	235	236	238	227	223	226	230
Cash flow
Cash from operations	94	66	139	136	243	178	114	116	90	114
Capital expenditure	39	42	45	32	52	72	51	20	28	31
Free cash flow	56	24	94	104	191	106	63	97	62	83
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	92	41	11	44	42	236	84	20	16	30
Acquisitions	0	510	47	2	1	8	67	0	121	399
Stock-based compensation	33	30	38	45	48	52	51	49	53	55
Balance sheet at fiscal year end
Cash and short-term investments	1,437	781	523	540	699	561	521	491	425	650
Debt incl. finance leases	931	833	579	604	681	685	726	636	642	642
Total assets	2,110	2,027	1,815	1,776	1,961	1,828	1,850	1,736	1,994	2,706
Total liabilities	1,307	1,292	1,188	1,143	1,198	1,156	1,160	1,055	1,214	1,257
Shareholders' equity	804	735	627	633	764	672	691	682	780	1,448
Margins and ratios
Gross margin	59.5%	55.8%	57.6%	58.5%	59.6%	59.9%	57.8%	57.6%	57.3%	57.7%
Operating margin	0.9%	0.2%	6.0%	10.4%	11.9%	14.3%	7.5%	2.1%	5.3%	6.9%
Net margin	19.9%	−5.5%	0.5%	4.3%	5.6%	1.2%	2.3%	−2.6%	3.2%	−2.0%
Free cash flow margin	6.9%	2.7%	8.3%	9.1%	15.9%	8.2%	5.7%	9.7%	5.7%	5.5%
Return on capital	2.0%	0.3%	4.6%	8.6%	10.2%	12.0%	4.9%	1.2%	5.6%	4.3%
Return on equity	21.5%	−6.3%	0.8%	7.8%	9.7%	2.2%	3.7%	−3.8%	4.8%	−2.7%
Return on assets	8.5%	−2.4%	0.3%	2.7%	3.6%	0.8%	1.4%	−1.4%	1.9%	−1.3%
Net debt to EBITDA	−10.0x	0.9x	0.4x	0.3x	−0.1x	0.5x	1.6x	2.2x	2.2x	−0.1x

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