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Ciena (CIEN) stock

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NYSE: CIEN NYSE Communications Equipment Next results ~December 3, 2026

C+ Fundamentals grade

Ciena is a US-listed company in the communications equipment industry. Its financial year ends in October.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$150

Cash-flow model

Base case. Range ~$110–$190 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 48% below it.

Price used: $284.34, November 2, 2026

Ciena 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.

Value diary

Our note on each quarter Ciena files

Where Ciena stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $6.02bn, up 32.6% on a year earlier, faster than 30.6% a quarter earlier. Free-cash-flow margin held at 13.5%. Operating margin widened to 12.3% from 5.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $96.59 a share, against a share price of $344.

Source: 10-Q filed September 3, 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 ~December 3, 2026 (estimated)

Ciena's trailing-twelve-month revenue grew 32.6% year on year, with a free-cash-flow margin of 13.5%. Where it lags: long-term debt as % of assets of 40.4% ranks 22 of 23 communications equipment companies we cover.

Our discounted-cash-flow model values the business at ~$150 per share in the base case (~$110–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 34.5% while net income grew 364.5%: a 330pp 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 32.6% over the last 12 months, against a median of 11.3% for communications equipment companies we cover.
  • Margins widening. Operating margin is up 6.9 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 29.0% over 90 days.

Things to watch

  • Priced above our value. The share price of $284.34 is 48% above our value per share of $150.
  • High earnings multiple. The shares trade at 63 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 78% and a beta of 2.9 against the S&P 500.
  • Insiders selling. 11 insiders sold $100M of stock over the past 365 days and none bought (96% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 40.4% ranks 22 of 23 communications equipment companies we cover (median 10.4%).

Latest results: FY2026 Q3

Filed September 3, 2026
Earnings per share
$2.11 against an average estimate of $1.73: beat by 22.1%
Revenue
$1.67bn, up 37.0% on a year earlier
Share reaction
-9.4% in the first session after the results on September 3, 2026, against +0.7% for the S&P 500
Guidance given
revenue $1.75bn (fiscal fourth quarter 2026); revenue $6.42bn (fiscal year 2026)
Next report
September 3, 2026; average EPS estimate $2.08

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

Price chart

  • 1 day-11.3%
  • 1 week-15.4%
  • 1 month-27.3%
  • This year+21.6%
  • 1 year+49.7%
  • 5 years+372.3%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6B
Operating margin
12.3%
Net margin
10.9%
EPS (TTM, diluted)
$4.48

Growth

Revenue growth
+32.6%
Change in growth rate
+2.0 pts
Share count change
+0.1%

Cash

Free cash flow (TTM)
$814M
FCF margin
13.5%
Stock pay % of revenue
3.5%

Earnings

Last results
September 3, 2026
Next results (est.)
December 3, 2026

News & updates

Updated October 31, 2026

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

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

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

Ciena valuation models and calculator

What the price is pricing in

The share price implies about 30.2% a year of cash-flow growth for five years.That is faster than the 10.7% a year revenue growth Ciena has delivered.

  • Priced in30.2%
  • Last 12 months32.6%
  • 3 years a year12.5%
  • 5 years a year10.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($304.80, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$150
Price used
$304.80close November 3, 2026
Implied change
▼ 52%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Ciena's free cash flow after stock-based pay with after-tax interest added back ($566M, FY2026 Q3 TTM), growing 27% and 18.6% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$110–~$190 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ciena's free cash flow after stock-based pay ( $566M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ciena as an operating company, with every model that fits that kind of business. Cost of equity 11.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.47 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$150 ~$110–$190 Primary model, counts double
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. ~$110 ~$70–$150 Included
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. ~$160 ~$130–$210 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$17 ~$11–$24 Left out: out of range vs price (0.06x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$16 ~$14–$18 Left out: out of range vs price (0.06x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) 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. ~$140 ~$110–$160 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ciena 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.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +1%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $53$74$101$137$184$244
8.5% $40$55$74$100$133$176
10% $32$43$58$78$103$136

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$19.38$21.27$32.02$36.43$39.39$54.29$48.25$41.02$63.97$189.92$284.34
Market value$2.9bn$3.6bn$4.6bn$5.7bn$6.1bn$8.5bn$7.3bn$6.1bn$9.3bn$27.6bn$41.5bn
+ Net debt (− = net cash)$476m$295m−$52m−$904m−$405m−$745m$74m$544m$610m$444m$784m
Enterprise value$3.4bn$3.9bn$4.6bn$4.8bn$5.7bn$7.8bn$7.4bn$6.7bn$9.9bn$28.0bn$42.3bn
Multiples
Price / sales 1.1x1.3x1.5x1.6x1.7x2.4x2.0x1.4x2.3x5.8x6.9x
Price / earnings 40.2x2.9x—22.7x17.0x17.0x48.0x24.0x111.2xn/m63.4x
Price / free cash flow 16.0x25.8x28.5x16.4x14.9x18.4x—98.6x24.7x41.5x50.9x
EV / EBITDA 15.5x13.4x14.5x11.1x9.9x13.1x23.3x14.8x38.3x92.9x48.7x

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

71 /100

Strong moat

How hard Ciena'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 20.2% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 43.4%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 8.0%; its worst year was 4.9%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 9 of 10 years, at a median 7.5% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 6.9% over five years; stock-based pay has been a median 2.5% 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 (76 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 $7.17 +171% $6.4bn +35%
Next $10.33 +78% $8.4bn +31%

Next year's EPS estimate has moved +29.0% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +9.6% on 90 days ago. In the last 30 days, 18 analysts raised Ciena's forecast and 0 cut it.

Consensus EPS forecast Ciena, last 90 days
$6.00 $7.00 $8.00 $9.00 $10.00 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.54 Current fiscal year, 60 days ago: $6.55 Current fiscal year, 30 days ago: $7.17 Current fiscal year, 7 days ago: $7.17 Current fiscal year, Now: $7.17 $7.17 Next fiscal year, 90 days ago: $8.01 Next fiscal year, 60 days ago: $8.08 Next fiscal year, 30 days ago: $10.24 Next fiscal year, 7 days ago: $10.33 Next fiscal year, Now: $10.33 $10.33

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.54$8.01
60 days ago $6.55$8.08
30 days ago $7.17$10.24
7 days ago $7.17$10.33
Now $7.17$10.33

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $1.73 $2.11 +22.1%
Apr 2026 $1.46 $1.64 +12.3%
Jan 2026 $1.17 $1.35 +15.6%
Oct 2025 $0.77 $0.91 +18.2%

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

Management guidance

Earnings release, September 3, 2026
  • revenue fiscal year 2026 about $6.42bn Raised
    “Raising revenue guidance for fiscal year 2026 to $6.42 billion plus or minus $50 million, a 35% increase year-over-year at the midpoint” source
  • revenue fiscal fourth quarter 2026 about $1.75bn New
    “Providing revenue guidance for fiscal fourth quarter 2026 of $1.75 billion plus or minus $50 million” source
  • Adjusted (non-GAAP) gross margin fiscal fourth quarter 2026 about 45% Non-GAAP
    “Adjusted (non-GAAP) gross margin in the range of 45% plus or minus 50 bps” source
  • Adjusted (non-GAAP) operating margin fiscal fourth quarter 2026 about 20% Non-GAAP
    “Adjusted (non-GAAP) operating margin in the range of 20% plus or minus 50 bps” source
  • Adjusted (non-GAAP) operating expense fiscal fourth quarter 2026 about $415m Non-GAAP
    “Adjusted (non-GAAP) operating expense in the range of $415 million plus or minus $10 million” source

How earlier guidance turned out

  • Revenue, fiscal third quarter 2026 guided about $1.625bn Above range: $1.671129bn

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.

How our valuation uses these forecasts

Our cash-flow model grows Ciena's revenue by +27.0% next year and +18.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+31.7%, weight 56%) , management guidance (+31.5%, weight 19%) and the company's own record (+13.0%, weight 25%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy1676%
Hold524%
Sell00%

Monthly trend

  1. Oct 2026511521
  2. Sep 2026511521
  3. Aug 202659520
  4. Jul 202658620

Counts of recommendations published by analysts covering Ciena, 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
4.4%
of tradable shares
Days to cover
1.31
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.6%
of shares
Employees
8,898
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 +49.7%

$189.92 on October 31, 2025 to $284.34

ThenNowEffect
Revenue (last 12 months) $4.5bn $6.0bn +32.6%
Net margin 3.1% 10.9% +250.4%
P/E multiple 196.5x 63.4x −67.7%
Share count 146m 146m −0.1%

Biggest factor: net margin.

Last 3 years +547.7%

$43.90 on November 3, 2023 to $284.34

ThenNowEffect
Revenue (last 12 months) $4.2bn $6.0bn +42.4%
Net margin 5.2% 10.9% +107.7%
P/E multiple 29.7x 63.4x +113.5%
Share count 150m 146m +2.6%

Biggest factor: p/e multiple.

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
CIEN+46%−34%−12%+88%+176%+22%
Industry peers (median)+17%−18%−12%+23%+1%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CIEN67%33%42%83%83%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CIEN−16%−49%−23%−30%−46%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from June 2, 2026 to November 2, 2026. Getting back needed a 121% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$176.45 – $627.00
From 52-week high
−54.7%
vs 50-day average
−21.3%
vs 200-day average
−29.8%
Volatility (1 year)
78%
Beta vs S&P 500
2.85

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, 9 down
typical move ±11.1%
After a week
3 up, 9 down
typical move ±11.0%
After a month
7 up, 5 down
typical move ±18.1%
Results releasedNext dayS&P 500 next day5 days21 days
September 3, 2026 −9.4% +0.7% −1.3% +10.0%
June 4, 2026 −21.3% −2.2% −28.2% −32.5%
March 5, 2026 −14.4% −1.9% −2.0% +26.4%
December 11, 2025 −1.5% −0.8% −5.0% +11.1%
September 4, 2025 +23.1% +0.5% +39.7% +59.7%
June 5, 2025 −13.3% +0.5% −11.6% −6.2%
March 11, 2025 +1.3% −0.3% −1.8% −5.4%
December 12, 2024 +22.6% −0.5% +17.2% +17.1%
September 4, 2024 −5.3% −0.4% −3.7% +17.9%
June 6, 2024 −5.2% −0.1% +0.2% −3.1%
March 7, 2024 −12.4% +0.4% −18.9% −23.3%
December 7, 2023 −3.1% +1.2% −2.6% +4.7%

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.

Options strategies

All options ideas

How Ciena’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.02× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ciena in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

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) Ciena
$4B $5B $6B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.4B Revenue (TTM), FY24 Q1: $4.4B Revenue (TTM), FY24 Q2: $4.1B Revenue (TTM), FY24 Q3: $4B Revenue (TTM), FY24 Q4: $4B Revenue (TTM), FY25 Q1: $4B Revenue (TTM), FY25 Q2: $4.3B Revenue (TTM), FY25 Q3: $4.5B Revenue (TTM), FY25 Q4: $4.8B Revenue (TTM), FY26 Q1: $5.1B Revenue (TTM), FY26 Q2: $5.6B Revenue (TTM), FY26 Q3: $6B $6B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.4B
FY24 Q1 $4.4B
FY24 Q2 $4.1B
FY24 Q3 $4B
FY24 Q4 $4B
FY25 Q1 $4B
FY25 Q2 $4.3B
FY25 Q3 $4.5B
FY25 Q4 $4.8B
FY26 Q1 $5.1B
FY26 Q2 $5.6B
FY26 Q3 $6B
Revenue growth, TTM YoY Ciena
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 20.8% Revenue growth, TTM YoY, FY24 Q1: 13.6% Revenue growth, TTM YoY, FY24 Q2: 2.9% Revenue growth, TTM YoY, FY24 Q3: -4.9% Revenue growth, TTM YoY, FY24 Q4: -8.5% Revenue growth, TTM YoY, FY25 Q1: -7.3% Revenue growth, TTM YoY, FY25 Q2: 2.9% Revenue growth, TTM YoY, FY25 Q3: 13.0% Revenue growth, TTM YoY, FY25 Q4: 18.8% Revenue growth, TTM YoY, FY26 Q1: 26.5% Revenue growth, TTM YoY, FY26 Q2: 30.6% Revenue growth, TTM YoY, FY26 Q3: 32.6% 32.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 20.8%
FY24 Q1 13.6%
FY24 Q2 2.9%
FY24 Q3 -4.9%
FY24 Q4 -8.5%
FY25 Q1 -7.3%
FY25 Q2 2.9%
FY25 Q3 13.0%
FY25 Q4 18.8%
FY26 Q1 26.5%
FY26 Q2 30.6%
FY26 Q3 32.6%
Operating margin (TTM) Ciena
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.2% Operating margin (TTM), FY24 Q1: 8.2% Operating margin (TTM), FY24 Q2: 6.0% Operating margin (TTM), FY24 Q3: 4.9% Operating margin (TTM), FY24 Q4: 4.1% Operating margin (TTM), FY25 Q1: 4.0% Operating margin (TTM), FY25 Q2: 4.7% Operating margin (TTM), FY25 Q3: 5.4% Operating margin (TTM), FY25 Q4: 4.1% Operating margin (TTM), FY26 Q1: 6.0% Operating margin (TTM), FY26 Q2: 9.2% Operating margin (TTM), FY26 Q3: 12.3% 12.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.2%
FY24 Q1 8.2%
FY24 Q2 6.0%
FY24 Q3 4.9%
FY24 Q4 4.1%
FY25 Q1 4.0%
FY25 Q2 4.7%
FY25 Q3 5.4%
FY25 Q4 4.1%
FY26 Q1 6.0%
FY26 Q2 9.2%
FY26 Q3 12.3%
FCF margin (TTM) Ciena
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 1.4% FCF margin (TTM), FY24 Q1: 13.9% FCF margin (TTM), FY24 Q2: 10.8% FCF margin (TTM), FY24 Q3: 7.1% FCF margin (TTM), FY24 Q4: 9.4% FCF margin (TTM), FY25 Q1: 5.1% FCF margin (TTM), FY25 Q2: 6.8% FCF margin (TTM), FY25 Q3: 13.3% FCF margin (TTM), FY25 Q4: 13.9% FCF margin (TTM), FY26 Q1: 14.5% FCF margin (TTM), FY26 Q2: 15.0% FCF margin (TTM), FY26 Q3: 13.5% 13.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 1.4%
FY24 Q1 13.9%
FY24 Q2 10.8%
FY24 Q3 7.1%
FY24 Q4 9.4%
FY25 Q1 5.1%
FY25 Q2 6.8%
FY25 Q3 13.3%
FY25 Q4 13.9%
FY26 Q1 14.5%
FY26 Q2 15.0%
FY26 Q3 13.5%

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

Where the money goes

FY2025, from the 10-K

Each dollar Ciena took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $4.8B
  2. Cost of revenue $2.8B · 58.0%
  3. Gross profit $2B · 42.0%
  4. Research and development $848M · 17.8%
  5. Selling, general and admin $820M · 17.2%
  6. Other operating costs $139M · 2.9%
  7. Operating income $198M · 4.1%
  8. Income tax $32.9M · 0.7%
  9. Interest and other $41.2M · 0.9%
  10. Net income $123M · 2.6%

Shares of revenue. Source: Ciena's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Oct 2009 2010 Oct 2010 2011 Oct 2011 2012 Oct 2012 2013 Oct 2013 2014 Oct 2014 2015 Oct 2015 2016 Oct 2016 2017 Oct 2017 2018 Nov 2018 2019 Nov 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 653 1,237 1,742 1,834 2,083 2,288 2,446 2,601 2,802 3,094 3,572 3,532 3,621 3,633 4,387 4,015 4,770 6,021
Gross profit 285 498 709 724 865 948 1,076 1,162 1,246 1,315 1,542 1,653 1,722 1,560 1,879 1,720 2,005 2,654
EBITDA −557 −279 −103 −21 54 101 156 220 292 314 434 581 592 319 450 259 302 869
Operating income −579 −322 −163 −80 −2 46 100 156 215 230 347 487 495 223 358 167 198 739
Net income −581 −334 −196 −144 −85 −41 12 73 1,262 −345 253 361 500 153 255 84 123 654
Diluted EPS −$6.37 −$3.58 −$2.04 −$1.45 −$0.83 −$0.38 $0.10 $0.51 $7.53 −$2.49 $1.61 $2.32 $3.19 $1.00 $1.71 $0.58 $0.85 $4.48
Growth (year on year)
Revenue −27.7% +89.5% +40.9% +5.3% +13.6% +9.9% +6.9% +6.3% +7.7% +10.4% +15.4% −1.1% +2.5% +0.3% +20.8% −8.5% +18.8% +32.6%
EBITDA <−999% — — — — +87.9% +54.3% +40.4% +33.0% +7.6% +38.3% +33.7% +1.8% −46.1% +41.2% −42.4% +16.3% +150.6%
Operating income <−999% — — — — — — +55.5% +37.5% +7.1% +50.8% +40.4% +1.7% −55.0% +60.5% −53.4% +18.6% +200.1%
Net income <−999% — — — — — — — +>999% −127.3% — +42.6% +38.4% −69.4% +66.7% −67.1% +46.9% +364.5%
Diluted EPS <−999% — — — — — — — +>999% −133.1% — +44.1% +37.5% −68.7% +71.0% −66.1% +46.6% +364.1%
Margins
Gross margin 43.6% 40.2% 40.7% 39.5% 41.5% 41.4% 44.0% 44.7% 44.5% 42.5% 43.2% 46.8% 47.6% 43.0% 42.8% 42.8% 42.0% 44.1%
EBITDA margin −85.4% −22.6% −5.9% −1.1% 2.6% 4.4% 6.4% 8.4% 10.4% 10.2% 12.2% 16.4% 16.3% 8.8% 10.3% 6.5% 6.3% 14.4%
Operating margin −88.8% −26.0% −9.4% −4.4% −0.1% 2.0% 4.1% 6.0% 7.7% 7.4% 9.7% 13.8% 13.7% 6.1% 8.2% 4.1% 4.1% 12.3%
Net margin −89.0% −27.0% −11.2% −7.9% −4.1% −1.8% 0.5% 2.8% 45.0% −11.1% 7.1% 10.2% 13.8% 4.2% 5.8% 2.1% 2.6% 10.9%
Free-cash-flow margin −2.6% −22.7% −8.2% 3.2% 0.0% 1.8% 8.2% 7.0% 5.0% 5.2% 9.8% 11.6% 12.8% −7.1% 1.4% 9.4% 13.9% 13.5%
Cash flow
Cash from operations 7 −229 −90 107 45 90 262 290 235 229 413 494 542 −168 168 515 806 1,055
Capital spending 24 51 52 48 44 48 62 107 95 68 63 83 80 91 106 137 141 240
Free cash flow −17 −280 −143 59 1 42 200 182 140 162 351 411 462 −259 62 378 665 814
Stock-based pay 34 36 38 32 38 43 55 52 48 53 60 68 84 105 130 156 185 212
Free cash flow after stock pay −51 −316 −181 27 −37 −1 145 130 92 109 291 343 378 −364 −68 221 481 602
Balance sheet
Cash 486 689 542 642 346 587 791 778 641 745 904 1,089 1,423 994 1,011 935 1,092 2,446
Total debt 798 1,443 1,442 1,442 1,212 1,465 1,274 1,254 936 693 — 683 677 1,068 1,555 1,545 1,536 3,230
Net debt (negative = net cash) 312 754 900 800 866 878 483 476 295 −52 −904 −405 −745 74 544 610 444 784
Diluted shares 91m 93m 96m 99m 102m 106m 120m 151m 170m 144m 158m 156m 157m 152m 149m 146m 145m 146m
Returned to shareholders
Buybacks — — — — — — — 0 0 111 150 75 91 501 242 255 335 422
Total returned — — — — — — — 0 0 111 150 75 91 501 242 255 335 422

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

4 of 7 checks passed · August 1, 2026
What it owns · $8.0bn
Short-term assets $5.3bnLonger-term assets $2.7bn
What it owes, and who funded it · $8.0bn
Short-term liabilities $1.4bnLonger-term liabilities $3.6bnShareholders' equity $3.1bn
  • Short-term assets cover short-term liabilities $5.3bn of assets due within a year against $1.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.3bn short-term assets against $3.6bn of longer-dated liabilities.
  • More cash than debt $2.4bn of cash against $3.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 106% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 38% to 106% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $3.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $739m against $70m of interest.

From Ciena'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

FY2026 Q3 TTM
Buybacks (TTM)
$422M
Returned to shareholders
52%
of free cash flow
Buybacks, last 3 fiscal years
$831M
Diluted share count
+0.1%
year over year
Total shareholder yield
1.1%
dividends 0.0% + buybacks 1.1% of market value
R&D spending
15.4%
of revenue
Days sales outstanding
75 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated CIEN VSAT ANET FFIV UI LITE Median
Revenue, last 12 months $6.0bn $4.6bn $10.5bn $3.3bn $3.3bn $3.0bn $324m
Revenue growth, last 12 months 32.6% 1.3% 32.6% 9.4% 27.2% 83.2% 11.0%
Revenue growth, 3-year average 12.5% 18.8% 26.1% 5.7% 19.0% 19.5% 4.1%
Revenue growth, latest quarter 37.0% −1.2% 37.7% 10.9% 23.5% 109.3% 12.9%
Gross margin 44.1% — 63.0% 81.9% 46.2% 41.7% 43.7%
Operating margin 12.3% 2.4% 43.1% 24.5% 36.2% 17.4% 2.2%
Operating margin, 3-year average 7.5% −5.7% 42.5% 24.1% 31.5% −8.5% −1.4%
Net margin 10.9% −0.6% 38.4% 22.0% 29.3% −230.1% −0.0%
Cash from operations / revenue 17.5% 34.4% 50.3% 31.7% 28.4% 24.9% 9.9%
Free-cash-flow margin 13.5% 12.5% 48.9% 29.3% 27.8% 10.0% 7.7%
Free-cash-flow margin, 3-year average 11.3% 2.2% 47.2% 28.6% 26.5% −1.5% 2.2%
Stock pay / revenue 3.5% 2.1% 4.8% 7.6% 0.2% 5.4% 3.9%
Change in share count 0.1% 4.9% −0.3% −1.7% 0.1% 21.8% 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 32.6% 11.3% 9 of 40
Change in growth rate Growth +2.0pp +2.0pp 20 of 40
Gross margin Profitability 44.1% 44.1% 18 of 36
Operating margin Profitability 12.3% 2.4% 11 of 40
Net margin Profitability 10.9% 0.6% 11 of 40
Free-cash-flow margin Cash generation 13.5% 8.2% 11 of 38
Stock pay as % of revenue Cash generation 3.5% 3.9% 18 of 37
Long-term debt as % of assets Balance sheet 40.4% 10.4% 22 of 23
Change in share count Balance sheet 0.1% 1.6% 13 of 36
Days sales outstanding Balance sheet 75 days 75 days 18 of 34

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

Where the revenue comes from

Fiscal year to November 1, 2025
Segments
Line of business Revenue Share YoY
Networking Platforms $3.7B 77.1% ▲ 20.9%
Global Services $614M 12.9% ▲ 14.2%
Platform Software and Services $364M 7.6% ▲ 1.6%
Blue Planet Automation Software and Services $116M 2.4% ▲ 48.9%
Products and services
Line of business Revenue YoY
Products $3.8B ▲ 21.0%
Optical Networking $3.2B ▲ 22.8%
Services $947M ▲ 10.6%
Routing and Switching $430M ▲ 7.7%
Platform Software and Services $364M ▲ 1.6%
Maintenance Support and Learning $317M ▲ 4.7%
Implementation $246M ▲ 33.5%
Blue Planet Automation Software and Services $116M ▲ 48.9%
Advisory and Enablement $50.5M ▲ 1.4%

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

Geography
Region Revenue Share YoY
Americas $3.6B 75.6% ▲ 22.2%
EMEA $732M 15.3% ▲ 12.8%
Asia Pacific $431M 9.0% ▲ 4.1%

From Ciena's 10-K filed December 12, 2025, 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
$64.6B
Institutions reporting
1,221
Shares held vs prior quarter
▼ 1.5%
Positions opened / closed
241 / 106

Top buyers and sellers, Q2 2026: 710 institutions bought and 488 sold ; the biggest buyer was American Century Companies Inc (+1.3M shares) and the biggest seller FMR LLC (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $9.4B 19.1M 14.5% ▼ 9.9%
Blackrock, Inc. $6.2B 12.7M 9.7% ▼ 4.9%
Jpmorgan Chase & Co $5.4B 11.2M 8.3% ▲ 9.6%
Vanguard Capital Management LLC $4.5B 9.2M 7.0% ▲ 0.7%
Vanguard Portfolio Management LLC $3.8B 7.7M 5.8% ▲ 4.2%
State Street Corp $3.3B 6.7M 5.1% ▲ 5.9%
Price T Rowe Associates Inc $2B 4.1M 3.1% ▼ 22.3%
Geode Capital Management, LLC $1.6B 3.4M 2.5% ▼ 17.1%
American Century Companies Inc $908M 1.9M 1.4% ▲ 245.6%
Bank Of America Corp $877M 1.8M 1.4% ▼ 8.5%
Capital World Investors $861M 1.8M 1.3% ▲ 1.8%
Invesco Ltd. $849M 1.7M 1.3% ▲ 13.1%

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 Ciena's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $100M 90 trades by 11 insiders · 96% under pre-set plans
Net ▼ $100M net selling
Insider Date Trade Shares Price Value
Rothenstein David M EVP & Chief Strategy Officer October 15, 2026 Sell pre-set plan 2,500 $348.06 $870,157
Smith Gary B President & CEO October 15, 2026 Sell pre-set plan 2,952 $348.02 $1M
Diperna Dino EVP & Chief R&D Officer October 15, 2026 Sell pre-set plan 445 $350.00 $155,750
Diperna Dino EVP & Chief R&D Officer October 15, 2026 Sell pre-set plan 445 $344.08 $153,116
Gage Brodie EVP & Chief Product & Tech October 15, 2026 Sell pre-set plan 1,200 $344.08 $412,896
Phipps Jason EVP & Chief Customer Officer October 1, 2026 Sell pre-set plan 2,629 $355.19 $933,795
Kosaraju Sheela EVP & Chief Legal Officer October 1, 2026 Sell pre-set plan 2,101 $355.19 $746,254
Graff Marc D. EVP & Chief Financial Officer October 1, 2026 Sell pre-set plan 97 $355.19 $34,453
Smith Gary B President & CEO October 1, 2026 Sell pre-set plan 2,952 $369.66 $1.1M
Cumello Joseph EVP & General Mgr. September 25, 2026 Sell pre-set plan 1,586 $358.52 $568,605
Claflin Bruce L. Director September 24, 2026 Sell 2,857 $355.91 $1M
Nevens Thomas Michael Director September 23, 2026 Sell 3,738 $359.04 $1.3M

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 15 trades and filings

In the last 12 months, 1 member of Congress disclosed 2 purchases and 0 sales of Ciena shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 29, 2026, filed June 8, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded May 14, 2026, filed June 8, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

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

Earnings dates and SEC filings

Results announcements

Next expected around December 3, 2026 estimated from the company's past filing pattern, not announced

  • September 3, 2026
  • June 4, 2026
  • March 5, 2026
  • December 11, 2025
  • September 4, 2025
  • June 5, 2025

Recent SEC filings

Data status

When each part of this page on Ciena 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.

Ciena in brief

What does Ciena do?
Ciena is a US-listed company in the communications equipment industry. Its financial year ends in October.
What is Ciena's stock ticker?
Ciena trades under the ticker CIEN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ciena's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ciena reported revenue of $6B, 32.6% higher than a year earlier, according to its SEC filings.
What is Ciena's free cash flow?
Ciena's free-cash-flow margin is 13.5% of revenue over the trailing twelve months, ranking 11 of the 38 communications equipment companies we cover.
What is Ciena's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ciena's free cash flow after stock-based pay gives ~$150 per share in the base case, and ~$110–$190 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ciena's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Jpmorgan Chase & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ciena buying back stock, and does it pay a dividend?
Ciena spent $422M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.1% over the year.
What is Ciena's market cap?
On November 2, 2026, Ciena's market capitalisation was about $41.5B, with a price-to-earnings ratio of 63.4 and net debt of $784M. Market figures come from third-party market data and may be delayed.
How much debt does Ciena have?
Ciena's debt-to-equity ratio is 105.7%, from its latest balance sheet (37.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ciena's competitors?
In our Communications Equipment peer group, the companies closest to Ciena are Viasat Inc, Arista Networks, F5, Inc., Ubiquiti Inc. and Lumentum. The side-by-side comparison below sets their revenue, margins and growth against Ciena's.
Are insiders buying or selling Ciena stock?
Over the last 12 months, Ciena's directors and officers reported 0 open-market purchases and 90 sales on Form 4. The insider trading page charts every trade.
When is Ciena's next earnings date?
Around December 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ciena announces its own schedule.