Ciena vs Lumentum
Ciena reported revenue of $4.8 billion in fiscal 2025, 1.6 times Lumentum's $3.0 billion in fiscal 2026. Ciena's revenue grew 18.8% in its latest year, and Lumentum's grew 83.2%. Ciena had an operating margin of 4.1%, against 17.4% at Lumentum. Free cash flow was $665 million at Ciena and $300 million at Lumentum. Their fiscal years end in different months (November 1 and June 27), so the periods don't line up exactly.
Side by side
| Ciena | Lumentum | |
|---|---|---|
| Latest fiscal year | FY2025, Nov 1, 2025 | FY2026, Jun 27, 2026 |
| Revenue | $4.8B | $3.0B |
| Revenue growth | 18.8% | 83.2% |
| Revenue growth a year, last 5 years | 6.2% | 11.6% |
| Gross margin | 42.0% | 41.7% |
| Operating margin | 4.1% | 17.4% |
| Net margin | 2.6% | −230.1% |
| Free cash flow | $665M | $300M |
| Free cash flow margin | 13.9% | 10.0% |
| Return on capital | 5.1% | 10.4% |
| Net debt to EBITDA | 0.8x | 0.6x |
| Dividends and buybacks | $334M | $0M |
| Change in diluted share count | −0.5% | 7.2% |
| Last close | $335.93 | $818.10 |
| P/E at the last close | 75.0× | — |
| Insider trades, last 12 months | sold $101.4 million | sold $175.8 million |
| Piotroski F-score | 7 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ 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
CienaLumentum
Operating margin
Percent of revenue
CienaLumentum
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CienaLumentum