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Ribbon Communications Inc. (RBBN) stock

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NASDAQ: RBBN Nasdaq Communications Equipment Next results ~February 4, 2027

D Fundamentals grade

Ribbon Communications supplies communications technology to service providers and enterprises, combining software and high-performance hardware products, network solutions and support services. Its offerings secure the delivery of voice and data traffic and provide high-bandwidth networking for residential consumers and for small, medium and large businesses. Products include Session Border Controllers, call controllers, media gateways and the Acumen platform for AI-driven network operations, alongside the Apollo optical transport, Neptune switching and routing, and Muse orchestration software lines.

The company sells these products, solutions and services to telephone companies, cable operators and other communications providers, and to enterprises in verticals such as finance, education, government, utilities and transportation. Its customers span more than 140 countries, with Verizon its largest.

Ribbon reports through two segments: Cloud and Edge, covering voice and unified communications, and IP Optical Networks, covering transport, switching and routing. It is headquartered in Plano, Texas, with research, sales or support sites in over 30 countries. The firm was formed in 2017 by merging Sonus Networks and GENBAND, later adding ECI Telecom in 2020.

Based on Ribbon Communications Inc.'s 10-K filed February 26, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.8

Valuation models combined (3)

Base case. Range ~$1.4–$2.4. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Ribbon Communications 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.

  • Insiders1 buying, 0 selling4 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds87 adding, 54 cuttingOf 27 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ribbon Communications files

10-Q filed October 28: Ribbon Communications

Model value −1.5%

Revenue for the twelve months to September 2026 reached $801m, down 7.8% on a year earlier, roughly matching the pace recorded a quarter ago. That leaves Ribbon last among the communications equipment companies we cover, 14 of 14 on growth. Free-cash-flow margin swung to -3.6% from 6.1% a year earlier, while operating margin narrowed to -3.6% from 2.4%. Share count tells a similar story, with the diluted figure up 2.5% over the year, diluting existing holders. On the back of all this, our model value edges down from $2.71 to $2.67 a share. The shares currently trade at $1.40.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Ribbon Communications stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $798m, down 7.6% on a year earlier, slower than -1.2% a quarter earlier. That puts it 21 of 21 for growth among the software and IT services companies we cover. Free-cash-flow margin held at 0.9%. Operating margin narrowed to -4.0% from 2.0%. The diluted share count is up 2.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 6 financial-health checks. Our revenue-to-maturity cash-flow model value is $2.13 a share, against a share price of $1.40.

10-Q on SEC EDGAR

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 ~February 4, 2027 (estimated)

Ribbon Communications Inc.'s trailing-twelve-month revenue fell 7.8% year on year, with a free-cash-flow margin of -3.6%. Where it lags: days sales outstanding of 112 days ranks 31 of 34 communications equipment companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 84% in the quarter to 2026-09-30, the 3rd beat in the last four quarters.

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

Nothing in Ribbon Communications Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 7.8% over the last 12 months.
  • Loss-making. Operating margin is -3.6%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 6.0 points on a year ago.
  • Burning cash. Free cash flow was -3.6% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.5% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 66% and a beta of 1.4 against the S&P 500.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.07 against an average estimate of $0.04: beat by 84.2%
Revenue
$219m, up 1.6% on a year earlier
Share reaction
+21.6% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenue $215m to $230m (third quarter of 2026); non-GAAP gross margin 51% to 52% (third quarter of 2026)
Next report
October 27, 2026; average EPS estimate $0.01

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

Price chart

  • 1 day+4.5%
  • 1 week+20.9%
  • 1 month-8.5%
  • This year-43.7%
  • 1 year-51.8%
  • 5 years-72.9%
  • 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)
$801M
Operating margin
-3.6%
Net margin
2.3%
EPS (TTM, diluted)
$0.10

Growth

Revenue growth
−7.8%
Change in growth rate
−0.2 pts
Share count change
+2.5%

Cash

Free cash flow (TTM)
-$29.1M
FCF margin
-3.6%
Stock pay % of revenue
2.7%

Earnings

Last results
October 27, 2026
Next results (est.)
February 4, 2027

News & updates

Updated November 1, 2026

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

  1. Results
  2. Announcement
  3. Announcement
  4. Partnership
  5. Announcement
  6. Announcement
  7. Announcement
  8. Announcement
  9. Partnership
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Results
  15. Guidance

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

Ribbon Communications Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Ribbon Communications Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.41 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
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. ~$1.7 ~$0.7–$2.6 Primary model, counts double
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. ~$2.4 ~$1.9–$3.2 Included
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. ~$7.5 ~$8.0–$23 Left out: far from the other models (more than 3x away from their median)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$1.4 ~$1.4–$2.3 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) 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. ~$1.8 ~$1.4–$2.4 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ribbon Communications 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$7.13$6.30$7.73$4.82$3.10$6.56$6.05$2.79$2.90$4.16$2.88$1.62
Market value$353m$311m$455m$501m$340m$949m$893m$437m$494m$724m$518m$292m
+ Net debt (− = net cash)−$50m−$32m−$17m$66m$12m$260m$266m$263m$209m$260m$246m$325m
Enterprise value$303m$279m$438m$567m$352m$1.2bn$1.2bn$700m$703m$985m$764m$618m
Multiples
Price / sales 1.4x1.2x1.4x0.9x0.6x1.1x1.1x0.5x0.6x0.9x0.6x0.4x
Price / earnings —————10.7x————13.1x15.7x
Price / free cash flow 29.3x21.4x111.4x—7.6x12.7xn/m—64.1x26.0x19.9x—
EV / EBITDA —————64.1x———32.4x57.0x—

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

54 /100

Moderate moat

How hard Ribbon Communications'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 15.3% of total assets over 9 years.

  • Pricing power 14 / 20

    Gross margin has been a median 52.0%, moving by 5.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -5.8%; its worst year was -21.6%.

  • Cash conversion 6 / 20

    Free cash flow was positive in 5 of 9 years, at a median 0.7% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 20.0% over five years; stock-based pay has been a median 2.1% 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 (60 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 −$0.01 −101% $819m −3%
Next $0.15 +3060% $862m +5%

Next year's EPS estimate has moved −14.9% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −108.3% on 90 days ago. In the last 30 days, 0 analysts raised Ribbon Communications Inc.'s forecast and 4 cut it.

Consensus EPS forecast Ribbon Communications Inc., last 90 days
−$0.05 $0.00 $0.05 $0.10 $0.15 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.06 Current fiscal year, 60 days ago: $0.06 Current fiscal year, 30 days ago: $0.06 Current fiscal year, 7 days ago: $0.06 Current fiscal year, Now: −$0.01 −$0.01 Next fiscal year, 90 days ago: $0.17 Next fiscal year, 60 days ago: $0.16 Next fiscal year, 30 days ago: $0.16 Next fiscal year, 7 days ago: $0.16 Next fiscal year, Now: $0.15 $0.15

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.06$0.17
60 days ago $0.06$0.16
30 days ago $0.06$0.16
7 days ago $0.06$0.16
Now −$0.01$0.15

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.04 $0.07 +84.2%
Jun 2026 −$0.01 −$0.03 −114.3%
Mar 2026 −$0.06 −$0.05 +18.9%
Dec 2025 $0.11 $0.59 +444.6%

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

Management guidance

Earnings release, July 28, 2026
  • revenue full-year 2026 $810m to $840m
    “The Company has also adjusted full-year 2026 targets and now expects revenue in a range of $810 million to $840 million, non-GAAP gross margin in a range of 51% to 52%, and Adjusted EBITDA in a range of $78 million to $88 million.” source
  • revenue third quarter of 2026 $215m to $230m
    “For the third quarter of 2026, the Company projects revenue of $215 million to $230 million.” source
  • non-GAAP gross margin full-year 2026 51% to 52% Non-GAAP
    “The Company has also adjusted full-year 2026 targets and now expects revenue in a range of $810 million to $840 million, non-GAAP gross margin in a range of 51% to 52%, and Adjusted EBITDA in a range of $78 million to $88 million.” source
  • GAAP outlook Year ending December 31, 2026 about 49.3% GAAP
    “GAAP outlook 49.5 % 49.3 %” source
  • Non-GAAP gross margin third quarter of 2026 51% to 52% Non-GAAP
    “Non-GAAP gross margin is projected in a range of 51% to 52%.” source
  • GAAP outlook Three months ending September 30, 2026 about 49.5% GAAP
    “GAAP outlook 49.5 % 49.3 %” source
Show 2 more items
  • Adjusted EBITDA full-year 2026 $78m to $88m Non-GAAP
    “The Company has also adjusted full-year 2026 targets and now expects revenue in a range of $810 million to $840 million, non-GAAP gross margin in a range of 51% to 52%, and Adjusted EBITDA in a range of $78 million to $88 million.” source
  • Adjusted EBITDA third quarter of 2026 $26m to $31m Non-GAAP
    “Adjusted EBITDA is projected in a range of $26 million to $31 million.” source

How earlier guidance turned out

  • GAAP outlook, Three months ending September 30, 2026 guided about 49.5% Below range: 48.24928%
  • revenue, third quarter of 2026 guided $215m to $230m Within range: $219m

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

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 2026415
  2. Sep 2026415
  3. Aug 202655
  4. Jul 202655

Counts of recommendations published by analysts covering Ribbon Communications 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
5.4%
of tradable shares
Days to cover
3.66
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
18.9%
of shares
Employees
3,080
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 −51.8%

$3.36 on October 31, 2025 to $1.62

ThenNowEffect
Revenue (last 12 months) $863m $798m −7.6%
P/S multiple 0.7x 0.4x −46.5%
Share count 176m 180m −2.4%

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

Last 3 years −21.4%

$2.06 on November 3, 2023 to $1.62

ThenNowEffect
Revenue (last 12 months) $838m $798m −4.8%
P/S multiple 0.4x 0.4x −11.3%
Share count 167m 180m −6.9%

Biggest factor: p/s multiple. 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
RBBN−8%−54%+4%+43%−31%−44%
Industry peers (median)+18%−18%−12%+23%+3%−3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
RBBN42%58%58%67%42%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
RBBN−53%−64%−60%−28%−47%−61%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 88% from February 16, 2021 to October 16, 2026. Getting back needed a 744% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.32 – $3.36
From 52-week high
−51.8%
vs 50-day average
−6.8%
vs 200-day average
−27.6%
Volatility (1 year)
66%
Beta vs S&P 500
1.45

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
6 up, 6 down
typical move ±14.7%
After a week
6 up, 5 down
typical move ±12.3%
After a month
3 up, 8 down
typical move ±13.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +21.6% +0.9% — —
July 28, 2026 +7.4% −1.3% +6.4% −0.5%
April 28, 2026 −10.5% −0.5% +2.6% +15.8%
February 5, 2026 −27.1% +0.6% −27.5% −18.6%
October 22, 2025 −14.6% +0.1% −14.6% −31.7%
July 23, 2025 −3.5% +0.9% −5.7% −7.2%
April 29, 2025 −12.8% +0.7% −15.5% −4.9%
February 12, 2025 +15.2% +0.7% +14.1% −9.0%
October 23, 2024 +8.5% −0.7% +8.2% +14.0%
July 24, 2024 −17.9% −2.8% −13.5% −17.6%
April 24, 2024 +26.1% −0.4% +24.1% +23.3%
February 14, 2024 +11.7% +1.6% +2.6% −4.2%

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.

Ribbon Communications Inc. in five measures

Fundamentals grade D
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) Ribbon Communications Inc.
$780M $800M $820M $840M $860M $880M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $826.3M Revenue (TTM), FY24 Q1: $819.8M Revenue (TTM), FY24 Q2: $801.8M Revenue (TTM), FY24 Q3: $808.9M Revenue (TTM), FY24 Q4: $833.9M Revenue (TTM), FY25 Q1: $835.5M Revenue (TTM), FY25 Q2: $863.5M Revenue (TTM), FY25 Q3: $868.6M Revenue (TTM), FY25 Q4: $844.6M Revenue (TTM), FY26 Q1: $825.9M Revenue (TTM), FY26 Q2: $797.6M Revenue (TTM), FY26 Q3: $801M $801M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $826.3M
FY24 Q1 $819.8M
FY24 Q2 $801.8M
FY24 Q3 $808.9M
FY24 Q4 $833.9M
FY25 Q1 $835.5M
FY25 Q2 $863.5M
FY25 Q3 $868.6M
FY25 Q4 $844.6M
FY26 Q1 $825.9M
FY26 Q2 $797.6M
FY26 Q3 $801M
Revenue growth, TTM YoY Ribbon Communications Inc.
-10% -5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 0.8% Revenue growth, TTM YoY, FY24 Q1: -1.5% Revenue growth, TTM YoY, FY24 Q2: -4.3% Revenue growth, TTM YoY, FY24 Q3: -3.0% Revenue growth, TTM YoY, FY24 Q4: 0.9% Revenue growth, TTM YoY, FY25 Q1: 1.9% Revenue growth, TTM YoY, FY25 Q2: 7.7% Revenue growth, TTM YoY, FY25 Q3: 7.4% Revenue growth, TTM YoY, FY25 Q4: 1.3% Revenue growth, TTM YoY, FY26 Q1: -1.2% Revenue growth, TTM YoY, FY26 Q2: -7.6% Revenue growth, TTM YoY, FY26 Q3: -7.8% -7.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 0.8%
FY24 Q1 -1.5%
FY24 Q2 -4.3%
FY24 Q3 -3.0%
FY24 Q4 0.9%
FY25 Q1 1.9%
FY25 Q2 7.7%
FY25 Q3 7.4%
FY25 Q4 1.3%
FY26 Q1 -1.2%
FY26 Q2 -7.6%
FY26 Q3 -7.8%
Operating margin (TTM) Ribbon Communications Inc.
-4% -2% 0% 2% 4% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -2.9% Operating margin (TTM), FY24 Q1: -0.3% Operating margin (TTM), FY24 Q2: 0.3% Operating margin (TTM), FY24 Q3: 0.0% Operating margin (TTM), FY24 Q4: 2.0% Operating margin (TTM), FY25 Q1: 1.3% Operating margin (TTM), FY25 Q2: 2.0% Operating margin (TTM), FY25 Q3: 2.4% Operating margin (TTM), FY25 Q4: -0.4% Operating margin (TTM), FY26 Q1: -1.9% Operating margin (TTM), FY26 Q2: -4.0% Operating margin (TTM), FY26 Q3: -3.6% -3.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -2.9%
FY24 Q1 -0.3%
FY24 Q2 0.3%
FY24 Q3 0.0%
FY24 Q4 2.0%
FY25 Q1 1.3%
FY25 Q2 2.0%
FY25 Q3 2.4%
FY25 Q4 -0.4%
FY26 Q1 -1.9%
FY26 Q2 -4.0%
FY26 Q3 -3.6%
FCF margin (TTM) Ribbon Communications Inc.
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 0.9% FCF margin (TTM), FY24 Q1: 1.2% FCF margin (TTM), FY24 Q2: 0.1% FCF margin (TTM), FY24 Q3: -1.1% FCF margin (TTM), FY24 Q4: 3.3% FCF margin (TTM), FY25 Q1: 0.2% FCF margin (TTM), FY25 Q2: 0.9% FCF margin (TTM), FY25 Q3: 6.1% FCF margin (TTM), FY25 Q4: 3.1% FCF margin (TTM), FY26 Q1: 2.0% FCF margin (TTM), FY26 Q2: 0.9% FCF margin (TTM), FY26 Q3: -3.6% -3.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 0.9%
FY24 Q1 1.2%
FY24 Q2 0.1%
FY24 Q3 -1.1%
FY24 Q4 3.3%
FY25 Q1 0.2%
FY25 Q2 0.9%
FY25 Q3 6.1%
FY25 Q4 3.1%
FY26 Q1 2.0%
FY26 Q2 0.9%
FY26 Q3 -3.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. 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 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 Sept 2026
Income
Revenue 249 253 330 578 563 844 845 820 826 834 845 801
Gross profit 162 168 201 347 317 451 445 401 408 440 421 387
EBITDA — — — −54 −178 19 −101 −33 −10 30 13 −11
Operating income −31 −14 −55 −65 −189 2 −118 −48 −24 17 −3 −29
Net income −32 −14 −35 −77 −130 89 −177 −98 −66 −54 40 19
Diluted EPS −$0.64 −$0.28 −$0.60 −$0.74 −$1.19 $0.61 −$1.20 −$0.63 −$0.39 −$0.31 $0.22 $0.10
Growth (year on year)
Revenue — +1.4% +30.6% +75.2% −2.6% +49.8% +0.1% −3.0% +0.8% +0.9% +1.3% −7.8%
EBITDA — — — — — — −634.7% — — — −55.9% −130.8%
Operating income — — — — — — — — — — −119.7% −240.9%
Net income — — — — — — −300.0% — — — — —
Diluted EPS — — — — — — −296.7% — — — — —
Margins
Gross margin 64.9% 66.4% 61.1% 60.1% 56.3% 53.4% 52.6% 48.9% 49.4% 52.7% 49.8% 48.3%
EBITDA margin — — — −9.4% −31.5% 2.2% −11.9% −4.0% −1.2% 3.6% 1.6% −1.4%
Operating margin −12.5% −5.4% −16.7% −11.3% −33.6% 0.2% −13.9% −5.9% −2.9% 2.0% −0.4% −3.6%
Net margin −12.8% −5.5% −10.7% −13.3% −23.1% 10.5% −21.0% −12.0% −8.0% −6.5% 4.7% 2.3%
Free-cash-flow margin 4.8% 5.8% 1.2% −3.0% 8.0% 8.9% 0.2% −4.5% 0.9% 3.3% 3.1% −3.6%
Cash flow
Cash from operations 20 19 8 −10 56 102 19 −26 17 50 51 −19
Capital spending 8 5 4 8 11 27 17 10 9 22 25 10
Free cash flow 12 15 4 −18 45 75 2 −37 8 28 26 −29
Stock-based pay 22 20 26 11 13 14 19 19 22 16 19 21
Free cash flow after stock pay −10 −5 −22 −29 32 61 −17 −55 −14 12 7 −50
Balance sheet
Cash 50 32 57 44 45 128 104 67 26 88 96 40
Total debt 0 0 40 110 56 388 370 330 235 348 342 366
Net debt (negative = net cash) −50 −32 −17 66 12 260 266 263 209 260 246 325
Diluted shares 50m 49m 59m 104m 110m 145m 148m 157m 170m 174m 180m 180m
Returned to shareholders
Buybacks 8 10 0 0 5 0 0 — — — 9 4
Total returned 8 10 0 0 5 0 0 — — — 9 4

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

1 of 6 checks passed · September 30, 2026
What it owns · $1.2bn
Short-term assets $427mLonger-term assets $724m
What it owes, and who funded it · $1.2bn
Short-term liabilities $323mLonger-term liabilities $439mShareholders' equity $389m
  • Short-term assets cover short-term liabilities $427m of assets due within a year against $323m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $427m short-term assets against $439m of longer-dated liabilities.
  • More cash than debt $40m of cash against $328m of debt.
  • Debt below 40% of shareholders' equity Debt is 84% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 70% to 84% over five years.
  • A year's operating cash flow covers at least 20% of debt −$19m of operating cash flow against $328m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ribbon Communications 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

FY2026 Q3 TTM
Buybacks (TTM)
$4M
Returned to shareholders
-14%
of free cash flow
Buybacks, last 3 fiscal years
$9M
Diluted share count
+2.5%
year over year
Total shareholder yield
1.4%
dividends 0.0% + buybacks 1.4% of market value
R&D spending
22.3%
of revenue
Days sales outstanding
112 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated RBBN NTCT NTGR AAOI CALX ADTN Median
Revenue, last 12 months $801m $883m $694m $596m $1.1bn $1.1bn $324m
Revenue growth, last 12 months −7.8% 5.8% −0.5% 61.8% 27.8% 15.7% 11.0%
Revenue growth, 3-year average −1.3% −1.2% −6.6% 40.9% 3.9% −5.5% 4.1%
Revenue growth, latest quarter 1.6% 12.7% −1.2% 86.4% 21.3% 6.1% 12.9%
Gross margin 48.3% 79.8% 40.0% 28.9% 56.6% 38.5% 43.7%
Operating margin −3.6% 14.8% −4.9% −11.3% 5.5% −0.2% 2.2%
Operating margin, 3-year average −0.4% −17.1% −2.3% −17.6% 0.1% −20.1% −1.4%
Net margin 2.3% 13.7% −3.7% −9.6% 4.6% −2.3% −0.0%
Cash from operations / revenue −2.3% 30.8% 0.5% −22.1% 9.9% 8.2% 9.9%
Free-cash-flow margin −3.6% 29.6% −2.5% −99.5% 7.7% 5.0% 7.7%
Free-cash-flow margin, 3-year average 0.5% 24.5% 9.6% −65.1% 7.1% 5.4% 2.2%
Stock pay / revenue 2.7% 6.6% 5.2% 2.6% 7.2% 0.8% 3.9%
Change in share count 2.5% 3.3% −5.3% 49.3% 7.9% 1.1% 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 -7.8% 11.3% 33 of 40
Change in growth rate Growth -0.2pp +2.0pp 27 of 40
Gross margin Profitability 48.3% 44.1% 15 of 36
Operating margin Profitability -3.6% 2.4% 25 of 40
Net margin Profitability 2.3% 0.6% 19 of 40
Free-cash-flow margin Cash generation -3.6% 8.2% 27 of 38
Stock pay as % of revenue Cash generation 2.7% 3.9% 14 of 37
Long-term debt as % of assets Balance sheet 27.5% 10.4% 20 of 23
Change in share count Balance sheet 2.5% 1.6% 21 of 36
Days sales outstanding Balance sheet 112 days 75 days 31 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
Products and services
Line of business Revenue Share YoY
Products $435M 51.5% ▼ 2.8%
Services $410M 48.5% ▲ 6.0%
Service Revenue Maintenance $271M 66.0% ▼ 1.5%
Service Revenue Professional Services $139M 34.0% ▲ 24.4%
Geography
Region Revenue Share YoY
United States $403M 47.7% ▲ 1.8%
EMEA $214M 25.4% ▼ 8.7%
Asia Pacific $181M 21.4% ▲ 19.4%
Other Geographical Location $46.5M 5.5% ▼ 10.0%

From Ribbon Communications 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
$290M
Institutions reporting
160
Shares held vs prior quarter
▼ 0.7%
Positions opened / closed
22 / 12

Top buyers and sellers, Q2 2026: 87 institutions bought and 54 sold ; the biggest buyer was Neuberger Berman Group LLC (+949K shares) and the biggest seller Paradigm Capital Management Inc (−5.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Jpmorgan Chase & Co $116M 52.0M 39.9% 0.0%
Neuberger Berman Group LLC $38.7M 18.3M 13.3% ▲ 5.5%
Blackrock, Inc. $16.7M 7.1M 5.8% ▲ 6.3%
Dimensional Fund Advisors LP $14.7M 6.3M 5.1% ▼ 1.0%
Royce & Associates LP $11.9M 5.1M 4.1% ▲ 4.3%
Vanguard Capital Management LLC $9.2M 3.9M 3.2% ▼ 6.9%
Vanguard Portfolio Management LLC $8.2M 3.5M 2.8% ▲ 5.3%
Paradigm Capital Management Inc $7.1M 3.0M 2.5% ▼ 62.2%
Geode Capital Management, LLC $5.8M 2.5M 2.0% ▲ 2.9%
Connor, Clark & Lunn Investment Management Ltd. $5.2M 2.2M 1.8% ▲ 5.9%
State Street Corp $4.5M 1.9M 1.6% ▲ 1.1%
D. E. Shaw & Co., Inc. $4.2M 1.8M 1.4% ▲ 16.4%

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 Ribbon Communications Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $170,547 4 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $170,547 net buying
Insider Date Trade Shares Price Value
Mcclelland Bruce William President & CEO October 30, 2026 Buy 60,000 $1.60 $96,240
Mcclelland Bruce William President & CEO February 13, 2026 Buy 12,500 $1.98 $24,750
Mcclelland Bruce William President & CEO February 11, 2026 Buy 12,500 $1.99 $24,855
Mcclelland Bruce William President & CEO February 10, 2026 Buy 12,000 $2.06 $24,702

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.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 5, 2026
  • October 22, 2025
  • July 23, 2025

Recent SEC filings

Data status

When each part of this page on Ribbon Communications 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.

Ribbon Communications Inc. in brief

What does Ribbon Communications Inc. do?
Ribbon Communications Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Ribbon Communications Inc.'s stock ticker?
Ribbon Communications Inc. trades under the ticker RBBN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ribbon Communications Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ribbon Communications Inc. reported revenue of $801M, 7.8% lower than a year earlier, according to its SEC filings.
What is Ribbon Communications Inc.'s free cash flow?
Ribbon Communications Inc.'s free-cash-flow margin is -3.6% of revenue over the trailing twelve months, ranking 27 of the 38 communications equipment companies we cover.
Who are Ribbon Communications Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Jpmorgan Chase & Co, Neuberger Berman Group LLC and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ribbon Communications Inc. buying back stock, and does it pay a dividend?
Ribbon Communications Inc. spent $4M on share repurchases over the trailing twelve months, and its diluted share count still rose 2.5% over the year.
What is Ribbon Communications Inc.'s market cap?
On November 2, 2026, Ribbon Communications Inc.'s market capitalisation was about $292M, with a price-to-earnings ratio of 15.7 and net debt of $325M. Market figures come from third-party market data and may be delayed.
How much debt does Ribbon Communications Inc. have?
Ribbon Communications Inc.'s debt-to-equity ratio is 84.3%, from its latest balance sheet (69.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ribbon Communications Inc.'s competitors?
In our Communications Equipment peer group, the companies closest to Ribbon Communications Inc. are Netscout Systems Inc, Netgear, Inc., Applied Optoelectronics, Inc., Calix, Inc and Adtran Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Ribbon Communications Inc.'s.
Are insiders buying or selling Ribbon Communications Inc. stock?
Over the last 12 months, Ribbon Communications Inc.'s directors and officers reported 4 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Ribbon Communications Inc.'s next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ribbon Communications Inc. announces its own schedule.