Arista Networks vs Ciena
Arista Networks reported revenue of $9.0 billion in fiscal 2025, 1.9 times Ciena's $4.8 billion in fiscal 2025. Arista Networks' revenue grew 28.6% in its latest year, and Ciena's grew 18.8%. Arista Networks had an operating margin of 42.8%, against 4.1% at Ciena. Free cash flow was $4.3 billion at Arista Networks and $665 million at Ciena. Their fiscal years end in different months (December 31 and November 1), so the periods don't line up exactly.
Side by side
| Arista Networks | Ciena | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Nov 1, 2025 |
| Revenue | $9.0B | $4.8B |
| Revenue growth | 28.6% | 18.8% |
| Revenue growth a year, last 5 years | 31.2% | 6.2% |
| Gross margin | 64.1% | 42.0% |
| Operating margin | 42.8% | 4.1% |
| Net margin | 39.0% | 2.6% |
| Free cash flow | $4.3B | $665M |
| Free cash flow margin | 47.2% | 13.9% |
| Return on capital | — | 5.1% |
| Net debt to EBITDA | −2.7x | 0.8x |
| Dividends and buybacks | $1.6B | $334M |
| Change in diluted share count | −0.4% | −0.5% |
| Last close | $177.24 | $335.93 |
| P/E at the last close | 55.9× | 75.0× |
| Insider trades, last 12 months | sold $1.5 billion | sold $101.4 million |
| Piotroski F-score | 4 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Arista NetworksCiena
Operating margin
Percent of revenue
Arista NetworksCiena
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Arista NetworksCiena
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Arista Networks and Ciena pages.