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Adtran Holdings, Inc. (ADTN) stock

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NASDAQ: ADTN Nasdaq Communications Equipment Next results ~January 15, 2027

C Fundamentals grade

Adtran Holdings, Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$12

Valuation models combined (2)

Base case. Range ~$9.3–$23. Weighted average of 2 models (forward price-to-earnings vs peers, forward price-to-sales vs peers), the forward price-to-earnings vs peers counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Adtran Holdings, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 3 selling4 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds144 adding, 101 cuttingOf 50 active managers that changed their stake, 23 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Adtran Holdings files

Where Adtran stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.14bn, up 15.7% on a year earlier, slower than the 18.8% growth a quarter earlier. Free-cash-flow margin fell to 5.0% from 10.1% a year earlier. Operating margin widened to -0.2% from -6.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 6 financial-health checks. Our cash-flow model value is $10.26 a share, against a share price of $6.63. At that price, our model says the market is pricing in about 1.0% a year of cash-flow growth for five years, slower than the 15.1% a year revenue growth it has delivered.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 15, 2027 (estimated)

Adtran Holdings, Inc.'s trailing-twelve-month revenue grew 15.7% year on year, with a free-cash-flow margin of 5.0%. Where it stands out: stock pay as % of revenue of 0.8% ranks 4 of 37 communications equipment companies we cover. Where it lags: change in growth rate of -3.1pp ranks 34 of 40 communications equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 42.8% while net income grew 76.6%: a 119pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.7% over the last 12 months, against a median of 11.3% for communications equipment companies we cover.
  • Margins widening. Operating margin is up 5.9 points on a year ago.

Things to watch

  • Loss-making. Operating margin is -0.2%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 67% and a beta of 1.9 against the S&P 500.
  • Growth easing. The growth rate is 3.1 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -3.1pp ranks 34 of 40 communications equipment companies we cover (median +2.0pp).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 16.9% ranks 18 of 23 communications equipment companies we cover (median 10.4%).
  • Heavily shorted. 17.5% of the shares available to trade are sold short (7.3 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 4, 2026
Earnings per share
$0.04 against an average estimate of $0.04: beat by 14.3%
Revenue
$281m, up 6.1% on a year earlier
Share reaction
-10.7% in the first session after the results on August 4, 2026, against +1.6% for the S&P 500
Guidance given
revenue $275m to $295m (third quarter of 2026); non-GAAP operating margin 1.5% to 5.5% (third quarter of 2026)
Next report
November 2, 2026; average EPS estimate $0.04

Adtran Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.8%
  • 1 week-4.1%
  • 1 month-10.8%
  • This year-27.7%
  • 1 year-39.7%
  • 5 years-67.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
-0.2%
Net margin
-2.3%
EPS (TTM, diluted)
$-0.33

Growth

Revenue growth
+15.7%
Change in growth rate
−3.1 pts
Share count change
+1.1%

Cash

Free cash flow (TTM)
$56.9M
FCF margin
5.0%
Stock pay % of revenue
0.8%

Earnings

Last results
November 3, 2026
Next results (est.)
January 15, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Results
  4. Product
  5. Announcement
  6. Product
  7. Announcement
  8. Leadership
  9. Product
  10. Regulatory
  11. Results
  12. Guidance
  13. Financing
  14. Agreement
  15. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Adtran Holdings, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Adtran Holdings, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.38 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.3 ~$7.7–$13 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$23 ~$25–$73 Included, half weight
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$12 ~$9.3–$23 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Adtran Holdings, Inc. with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.31$18.95$16.68$9.48$8.99$13.88$21.85$18.29$7.34$8.33$8.69$6.28
Market value$734m$927m$812m$454m$430m$670m$1.1bn$1.1bn$576m$657m$693m$504m
+ Net debt (− = net cash)−$56m−$52m−$60m−$80m−$49m−$60m−$57m−$13m$108m$114m$97m$115m
Enterprise value$678m$875m$753m$374m$381m$611m$1.0bn$1.1bn$683m$771m$790m$618m
Multiples
Price / sales 1.2x1.5x1.2x0.9x0.8x1.3x1.9x1.1x0.5x0.7x0.6x0.4x
Price / earnings 39.4x26.3x34.1x——n/m——————
Price / free cash flow 108.0x45.1x—9.6x—————9.5x7.1x8.9x
EV / EBITDA 24.5x17.9x14.2x——89.1xn/m———10.3x9.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

51 /100

Moderate moat

How hard Adtran Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.0% of total assets over 10 years.

  • Pricing power 11 / 20

    Gross margin has been a median 39.9%, moving by 4.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -3.1%; its worst year was -54.1%.

  • Cash conversion 5 / 20

    Free cash flow was positive in 5 of 10 years, at a median -0.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 64.3% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (56 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.29 +26% $1.1bn +6%
Next $0.58 +102% $1.2bn +8%

Next year's EPS estimate has moved −23.3% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −49.7% on 90 days ago. In the last 30 days, 0 analysts raised Adtran Holdings, Inc.'s forecast and 6 cut it.

Consensus EPS forecast Adtran Holdings, Inc., last 90 days
$0.20 $0.40 $0.60 $0.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.57 Current fiscal year, 60 days ago: $0.57 Current fiscal year, 30 days ago: $0.57 Current fiscal year, 7 days ago: $0.43 Current fiscal year, Now: $0.29 $0.29 Next fiscal year, 90 days ago: $0.76 Next fiscal year, 60 days ago: $0.76 Next fiscal year, 30 days ago: $0.76 Next fiscal year, 7 days ago: $0.59 Next fiscal year, Now: $0.58 $0.58

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.57$0.76
60 days ago $0.57$0.76
30 days ago $0.57$0.76
7 days ago $0.43$0.59
Now $0.29$0.58

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.04 $0.04 +14.3%
Mar 2026 $0.09 $0.14 +50.0%
Dec 2025 $0.08 $0.16 +95.1%
Sept 2025 $0.06 $0.05 −19.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • revenue third quarter of 2026 $275m to $295m
    “For the third quarter of 2026, the Company expects revenue to be within a range of $275.0 million to $295.0 million.” source
  • Non-GAAP operating margin third quarter of 2026 1.5% to 5.5% Non-GAAP
    “Non-GAAP operating margin is expected to be within a range of 1.5% to 5.5%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

9 analysts, Nov 2026
Buy778%
Hold222%
Sell00%

Monthly trend

  1. Nov 20261629

Counts of recommendations published by analysts covering Adtran Holdings, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.5%
of tradable shares
Days to cover
7.32
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.2%
of shares
Employees
3,201
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −39.7%

$10.42 on October 31, 2025 to $6.28

ThenNowEffect
Revenue (last 12 months) $983m $1.1bn +15.7%
P/S multiple 0.8x 0.4x −47.3%
Share count 79m 80m −1.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −13.9%

$7.29 on November 3, 2023 to $6.28

ThenNowEffect
Revenue (last 12 months) $1.4bn $1.1bn −15.7%
P/S multiple 0.4x 0.4x +6.8%
Share count 77m 80m −4.3%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ADTN+57%−16%−60%+14%+4%−28%
Industry peers (median)+17%−18%−12%+33%+1%−3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ADTN58%33%25%42%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ADTN−29%−29%−74%−41%−39%−68%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 82% from August 19, 2022 to April 30, 2024. Getting back needed a 455% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$6.28 – $19.40
From 52-week high
−67.6%
vs 50-day average
−11.6%
vs 200-day average
−43.5%
Volatility (1 year)
67%
Beta vs S&P 500
1.85

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 8 down
typical move ±8.2%
After a week
4 up, 7 down
typical move ±10.7%
After a month
6 up, 5 down
typical move ±12.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 4, 2026 −10.7% +1.6% −12.4% −15.1%
July 22, 2026 −16.4% −1.3% −31.4% −35.3%
May 5, 2026 −14.3% +2.2% −18.0% −5.8%
February 26, 2026 −4.6% −1.0% −5.9% +21.0%
January 22, 2026 +2.8% +0.6% +0.9% +10.0%
November 4, 2025 −19.5% −0.8% −23.0% −18.1%
August 5, 2025 −8.6% +0.3% −3.9% +2.1%
July 16, 2025 +8.0% +0.9% +6.8% +1.0%
May 28, 2025 +1.6% −0.2% +2.2% +10.7%
May 8, 2025 −3.0% +0.6% +3.0% +4.7%
February 27, 2025 −0.4% −0.1% −10.4% −16.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Adtran Holdings, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Adtran Holdings, Inc.
$900M $1B $1.1B $1.2B $1.3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.3B Revenue (TTM), FY23 Q4: $1.1B Revenue (TTM), FY24 Q1: $1.1B Revenue (TTM), FY24 Q2: $950M Revenue (TTM), FY24 Q3: $905.3M Revenue (TTM), FY24 Q4: $922.7M Revenue (TTM), FY25 Q1: $944.3M Revenue (TTM), FY25 Q2: $983.4M Revenue (TTM), FY25 Q3: $1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.3B
FY23 Q4 $1.1B
FY24 Q1 $1.1B
FY24 Q2 $950M
FY24 Q3 $905.3M
FY24 Q4 $922.7M
FY25 Q1 $944.3M
FY25 Q2 $983.4M
FY25 Q3 $1B
FY25 Q4 $1.1B
FY26 Q1 $1.1B
FY26 Q2 $1.1B
Revenue growth, TTM YoY Adtran Holdings, Inc.
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 56.1% Revenue growth, TTM YoY, FY23 Q4: 12.0% Revenue growth, TTM YoY, FY24 Q1: -12.0% Revenue growth, TTM YoY, FY24 Q2: -29.6% Revenue growth, TTM YoY, FY24 Q3: -29.4% Revenue growth, TTM YoY, FY24 Q4: -19.7% Revenue growth, TTM YoY, FY25 Q1: -10.2% Revenue growth, TTM YoY, FY25 Q2: 3.5% Revenue growth, TTM YoY, FY25 Q3: 14.3% Revenue growth, TTM YoY, FY25 Q4: 17.5% Revenue growth, TTM YoY, FY26 Q1: 18.8% Revenue growth, TTM YoY, FY26 Q2: 15.7% 15.7%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 56.1%
FY23 Q4 12.0%
FY24 Q1 -12.0%
FY24 Q2 -29.6%
FY24 Q3 -29.4%
FY24 Q4 -19.7%
FY25 Q1 -10.2%
FY25 Q2 3.5%
FY25 Q3 14.3%
FY25 Q4 17.5%
FY26 Q1 18.8%
FY26 Q2 15.7%
Operating margin (TTM) Adtran Holdings, Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -16.9% Operating margin (TTM), FY23 Q4: -19.5% Operating margin (TTM), FY24 Q1: -49.5% Operating margin (TTM), FY24 Q2: -54.1% Operating margin (TTM), FY24 Q3: -49.8% Operating margin (TTM), FY24 Q4: -46.3% Operating margin (TTM), FY25 Q1: -9.0% Operating margin (TTM), FY25 Q2: -6.1% Operating margin (TTM), FY25 Q3: -3.6% Operating margin (TTM), FY25 Q4: -1.4% Operating margin (TTM), FY26 Q1: -0.5% Operating margin (TTM), FY26 Q2: -0.2% -0.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -16.9%
FY23 Q4 -19.5%
FY24 Q1 -49.5%
FY24 Q2 -54.1%
FY24 Q3 -49.8%
FY24 Q4 -46.3%
FY25 Q1 -9.0%
FY25 Q2 -6.1%
FY25 Q3 -3.6%
FY25 Q4 -1.4%
FY26 Q1 -0.5%
FY26 Q2 -0.2%
FCF margin (TTM) Adtran Holdings, Inc.
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -5.6% FCF margin (TTM), FY23 Q4: -6.9% FCF margin (TTM), FY24 Q1: -2.5% FCF margin (TTM), FY24 Q2: 1.0% FCF margin (TTM), FY24 Q3: 5.9% FCF margin (TTM), FY24 Q4: 7.5% FCF margin (TTM), FY25 Q1: 8.5% FCF margin (TTM), FY25 Q2: 10.1% FCF margin (TTM), FY25 Q3: 6.4% FCF margin (TTM), FY25 Q4: 9.0% FCF margin (TTM), FY26 Q1: 6.0% FCF margin (TTM), FY26 Q2: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -5.6%
FY23 Q4 -6.9%
FY24 Q1 -2.5%
FY24 Q2 1.0%
FY24 Q3 5.9%
FY24 Q4 7.5%
FY25 Q1 8.5%
FY25 Q2 10.1%
FY25 Q3 6.4%
FY25 Q4 9.0%
FY26 Q1 6.0%
FY26 Q2 5.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 484 606 717 621 642 630 600 637 667 529 530 507 563 1,026 1,149 923 1,084 1,138
Gross profit 287 359 414 317 309 311 267 291 304 204 219 218 218 327 331 324 415 438
EBITDA 114 164 201 70 63 62 28 49 53 −30 −22 7 1 −5 −111 −337 77 63
Operating income 104 154 189 56 48 47 13 35 37 −45 −40 −10 −15 −73 −224 −428 −16 −2
Net income 74 114 139 47 46 45 19 35 24 −19 −53 2 −9 −2 −269 −460 −46 −26
Diluted EPS $1.17 $1.78 $2.12 $0.74 $0.77 $0.80 $0.36 $0.72 $0.49 −$0.40 −$1.11 $0.05 −$0.18 −$0.03 −$3.43 −$5.79 −$0.52 −$0.33
Growth (year on year)
Revenue −3.3% +25.1% +18.4% −13.5% +3.4% −1.8% −4.8% +6.1% +4.7% −20.6% +0.1% −4.4% +11.2% +82.2% +12.0% −19.7% +17.5% +15.7%
EBITDA −7.6% +43.8% +22.0% −65.0% −10.2% −1.8% −55.3% +76.7% +8.4% −155.6% — — — — — — — —
Operating income −8.4% +47.6% +22.9% −70.3% −13.7% −2.8% −71.4% +156.5% +8.1% −221.5% — — — — — — — —
Net income −5.5% +53.6% +21.6% −65.9% −3.1% −2.6% −58.2% +88.9% −32.3% −181.1% — — — — — — — —
Diluted EPS −4.1% +52.1% +19.1% −65.1% +4.1% +3.9% −55.0% +100.0% −31.9% −181.6% — — — — — — — —
Margins
Gross margin 59.3% 59.3% 57.8% 51.0% 48.1% 49.4% 44.5% 45.8% 45.5% 38.5% 41.3% 43.0% 38.8% 31.9% 28.8% 35.1% 38.3% 38.5%
EBITDA margin 23.6% 27.1% 28.0% 11.3% 9.8% 9.8% 4.6% 7.7% 8.0% −5.6% −4.2% 1.4% 0.2% −0.5% −9.6% −36.5% 7.1% 5.5%
Operating margin 21.5% 25.4% 26.4% 9.1% 7.6% 7.5% 2.2% 5.4% 5.6% −8.6% −7.5% −1.9% −2.6% −7.1% −19.5% −46.3% −1.4% −0.2%
Net margin 15.3% 18.8% 19.3% 7.6% 7.1% 7.1% 3.1% 5.5% 3.6% −3.7% −10.0% 0.5% −1.5% −0.2% −23.4% −49.8% −4.2% −2.3%
Free-cash-flow margin 16.8% 13.7% 19.3% 11.9% 8.0% 7.1% 1.1% 3.2% −8.6% 8.9% −2.3% −4.5% −0.5% −6.0% −6.9% 7.5% 9.0% 5.0%
Cash flow
Cash from operations 90 93 150 86 60 56 19 42 −42 55 −2 −17 3 −44 −43 104 130 93
Capital spending 9 10 12 12 8 11 12 21 15 8 9 6 6 17 36 35 32 36
Free cash flow 81 83 139 74 52 45 7 21 −57 47 −12 −23 −3 −61 −79 69 98 57
Stock-based pay 7 8 9 9 9 9 7 7 7 7 7 7 7 28 16 16 10 9
Free cash flow after stock pay 74 75 130 64 43 36 0 14 −65 40 −19 −30 −10 −90 −96 53 88 48
Balance sheet
Cash 24 32 43 68 58 73 85 80 86 106 74 60 57 109 87 76 96 79
Total debt 48 48 47 47 47 30 29 28 27 26 25 1 — 96 195 190 193 194
Net debt (negative = net cash) 24 16 4 −22 −12 −43 −56 −52 −60 −80 −49 −60 −57 −13 108 114 97 115
Diluted shares 63m 64m 65m 64m 59m 55m 51m 49m 49m 48m 48m 48m 49m 62m 78m 79m 80m 80m
Returned to shareholders
Dividends 23 23 23 23 21 20 18 18 17 17 17 17 18 23 21 0 — —
Buybacks 16 18 36 39 124 81 66 26 17 16 0 — — — — — — —
Total returned 38 41 59 62 146 100 85 43 35 33 17 17 18 23 21 0 — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $1.1bn
Short-term assets $618mLonger-term assets $532m
What it owes, and who funded it · $791m
Short-term liabilities $345mLonger-term liabilities $316mShareholders' equity $129m
  • Short-term assets cover short-term liabilities $618m of assets due within a year against $345m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $618m short-term assets against $316m of longer-dated liabilities.
  • More cash than debt $79m of cash against $194m of debt.
  • Debt below 40% of shareholders' equity Debt is 150% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $93m of operating cash flow against $194m of debt.
  • Operating profit covers interest at least five times over Operating income of −$2m against $18m of interest.

From Adtran Holdings, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.1%
year over year
R&D spending
18.3%
of revenue
Sales & admin spending
20.4%
of revenue
Days sales outstanding
66 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated ADTN CALX EXTR NTCT RBBN NTGR Median
Revenue, last 12 months $1.1bn $1.1bn $1.3bn $883m $801m $694m $324m
Revenue growth, last 12 months 15.7% 27.8% 11.3% 5.8% −7.8% −0.5% 11.0%
Revenue growth, 3-year average −5.5% 3.9% −1.3% −1.2% −1.3% −6.6% 4.1%
Revenue growth, latest quarter 6.1% 21.3% 9.9% 12.7% 1.6% −1.2% 12.9%
Gross margin 38.5% 56.6% 61.9% 79.8% 48.3% 40.0% 43.7%
Operating margin −0.2% 5.5% 5.7% 14.8% −3.6% −4.9% 2.2%
Operating margin, 3-year average −20.1% 0.1% −0.6% −17.1% −0.4% −2.3% −1.4%
Net margin −2.3% 4.6% 4.0% 13.7% 2.3% −3.7% −0.0%
Cash from operations / revenue 8.2% 9.9% 13.9% 30.8% −2.3% 0.5% 9.9%
Free-cash-flow margin 5.0% 7.7% 11.8% 29.6% −3.6% −2.5% 7.7%
Free-cash-flow margin, 3-year average 5.4% 7.1% 5.9% 24.5% 0.5% 9.6% 2.2%
Stock pay / revenue 0.8% 7.2% 6.7% 6.6% 2.7% 5.2% 3.9%
Change in share count 1.1% 7.9% 1.2% 3.3% 2.5% −5.3% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 15.7% 11.3% 17 of 40
Change in growth rate Growth -3.1pp +2.0pp 34 of 40
Gross margin Profitability 38.5% 44.1% 26 of 36
Operating margin Profitability -0.2% 2.4% 22 of 40
Net margin Profitability -2.3% 0.6% 23 of 40
Free-cash-flow margin Cash generation 5.0% 8.2% 23 of 38
Stock pay as % of revenue Cash generation 0.8% 3.9% 4 of 37
Long-term debt as % of assets Balance sheet 16.9% 10.4% 18 of 23
Change in share count Balance sheet 1.1% 1.6% 15 of 36
Days sales outstanding Balance sheet 66 days 75 days 16 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Network Solutions $897M 82.8% ▲ 21.4%
Services and Support $187M 17.2% ▲ 1.7%
Products and services
Line of business Revenue YoY
Optical Networking Solutions $380M ▲ 26.4%
Subscriber Solutions $369M ▲ 11.6%
Access Aggregation Solutions $334M ▲ 14.9%
Access and Aggregations $334M ▲ 14.9%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $481M 44.4% ▲ 20.7%
Other International $260M 24.0% ▲ 24.8%
United Kingdom $213M 19.7% ▲ 8.7%
Germany $130M 12.0% ▲ 8.1%

From Adtran Holdings, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.2B
Institutions reporting
248
Shares held vs prior quarter
▲ 9.2%
Positions opened / closed
50 / 28

Top buyers and sellers, Q2 2026: 144 institutions bought and 101 sold ; the biggest buyer was UBS Group AG (+2.7M shares) and the biggest seller Shannon River Fund Management LLC (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $109M 7.8M 9.1% ▼ 0.1%
Vanguard Portfolio Management LLC $71.4M 5.1M 6.0% ▲ 7.6%
Vanguard Capital Management LLC $48.8M 3.5M 4.1% ▲ 2.5%
State Street Corp $42.9M 3.1M 3.6% ▲ 31.1%
Royce & Associates LP $41.3M 3.0M 3.5% ▼ 4.9%
UBS Group AG $40.9M 2.9M 3.4% ▲ 1080.3%
Two Sigma Investments, LP $40.3M 2.9M 3.4% ▲ 157.8%
Millennium Management LLC $37.8M 2.7M 3.2% ▲ 43.6%
DNB Asset Management As $36.4M 2.6M 3.0% ▼ 16.1%
Jpmorgan Chase & Co $36.1M 2.6M 3.0% ▲ 72.7%
First Eagle Investment Management, LLC $34.7M 2.5M 2.9% ▲ 82.4%
Geode Capital Management, LLC $27.2M 2.0M 2.3% ▲ 7.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Adtran Holdings, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $499,754 4 trades by 3 insiders, last 12 months Insider sales History → $2.5M 5 trades by 3 insiders · 89% under pre-set plans
Net ▼ $2M net selling
Insider Date Trade Shares Price Value
Santo Timothy P SVP of Finance; CFO August 6, 2026 Buy 6,579 $7.60 $50,000
Wilson James Denson Jr Chief Revenue Officer May 20, 2026 Sell 9,332 $14.72 $137,367
Glingener Christoph Chief Technology Officer May 8, 2026 Sell pre-set plan 22,277 $15.00 $334,155
Glingener Christoph Chief Technology Officer May 7, 2026 Sell pre-set plan 41,220 $14.73 $607,171
Glingener Christoph Chief Technology Officer May 7, 2026 Sell pre-set plan 84,895 $15.06 $1.3M
Jacqueline Hourigan Rice Director March 4, 2026 Sell 14,406 $10.29 $148,238
Santo Timothy P SVP of Finance; CFO November 28, 2025 Buy 6,150 $8.02 $49,323
Theodosopoulos Nikos Director November 26, 2025 Buy 12,859 $7.81 $100,429
Stanton Thomas R Chairman & CEO November 24, 2025 Buy 40,928 $7.33 $300,002

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Adtran Holdings, Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Mo Brooks(R-AL 5):Sale (full), $1,001 - $15,000, traded January 2, 2020, filed January 20, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 15, 2027 estimated from the company's past filing pattern, not announced

  • November 3, 2026
  • August 4, 2026
  • July 22, 2026
  • May 5, 2026
  • February 26, 2026
  • January 22, 2026

Recent SEC filings

Data status

When each part of this page on Adtran Holdings, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Adtran Holdings, Inc. in brief

What does Adtran Holdings, Inc. do?
Adtran Holdings, Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Adtran Holdings, Inc.'s stock ticker?
Adtran Holdings, Inc. trades under the ticker ADTN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Adtran Holdings, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Adtran Holdings, Inc. reported revenue of $1.1B, 15.7% higher than a year earlier, according to its SEC filings.
What is Adtran Holdings, Inc.'s free cash flow?
Adtran Holdings, Inc.'s free-cash-flow margin is 5.0% of revenue over the trailing twelve months, ranking 23 of the 38 communications equipment companies we cover.
Who are Adtran Holdings, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Adtran Holdings, Inc.'s market cap?
On November 2, 2026, Adtran Holdings, Inc.'s market capitalisation was about $504M and net debt of $115M. Market figures come from third-party market data and may be delayed.
How much debt does Adtran Holdings, Inc. have?
Adtran Holdings, Inc.'s debt-to-equity ratio is 149.7%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Adtran Holdings, Inc.'s competitors?
In our Communications Equipment peer group, the companies closest to Adtran Holdings, Inc. are Calix, Inc, Extreme Networks Inc, Netscout Systems Inc, Ribbon Communications Inc. and Netgear, Inc. The side-by-side comparison below sets their revenue, margins and growth against Adtran Holdings, Inc.'s.
Are insiders buying or selling Adtran Holdings, Inc. stock?
Over the last 12 months, Adtran Holdings, Inc.'s directors and officers reported 4 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Adtran Holdings, Inc.'s next earnings date?
Around January 15, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Adtran Holdings, Inc. announces its own schedule.