Viavi Solutions Inc. key statistics and ratios

In fiscal 2026, Viavi Solutions Inc. had return on equity of -2.7%, an operating margin of 6.9%, debt equal to 44.3% of equity and a current ratio of 1.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Viavi Solutions Inc.: financial ratios, annual
Fiscal year	2010Jul 2010	2011Jul 2011	2012Jun 2012	2013Jun 2013	2014Jun 2014	2015Jun 2015	2016Jul 2016	2017Jul 2017	2018Jun 2018	2019Jun 2019	2020Jun 2020	2021Jul 2021	2022Jul 2022	2023Jul 2023	2024Jun 2024	2025Jun 2025	2026Jun 2026
Gross margin	40.1%	44.1%	42.4%	41.4%	56.9%	59.5%	60.7%	59.5%	55.8%	57.6%	58.5%	59.6%	59.8%	57.8%	57.6%	57.3%	57.7%
Operating margin	−4.0%	4.1%	0.0%	−1.5%	−6.0%	−8.7%	−9.3%	0.9%	0.2%	6.0%	10.4%	11.9%	14.3%	7.4%	2.1%	5.3%	6.9%
Net margin	−4.5%	4.0%	−3.3%	3.4%	−1.9%	−10.1%	−10.9%	19.9%	−5.5%	0.5%	4.3%	5.6%	1.2%	2.3%	−2.6%	3.2%	−2.0%
Free-cash-flow margin	5.7%	5.0%	2.8%	7.3%	8.3%	−2.2%	3.2%	6.9%	2.7%	8.3%	9.1%	15.9%	8.2%	5.7%	9.7%	5.7%	5.5%
Return on equity	−6.8%	7.3%	−5.3%	5.2%	−1.5%	−7.7%	−11.1%	21.5%	−6.3%	0.8%	7.8%	9.7%	2.2%	3.7%	−3.8%	4.8%	−2.7%
Return on assets	−3.6%	3.9%	−2.9%	3.2%	−0.9%	−3.9%	−5.1%	8.5%	−2.3%	0.3%	2.7%	3.6%	0.8%	1.4%	−1.4%	1.9%	−1.3%
Asset turnover	0.80	0.98	0.87	0.94	0.46	0.38	0.47	0.42	0.42	0.59	0.63	0.64	0.68	0.60	0.56	0.58	0.65
Current ratio	3.06	3.12	2.00	2.96	3.45	3.68	5.35	7.29	2.09	3.23	3.92	1.49	2.72	2.75	3.55	1.50	1.85
Debt to equity	29.4%	26.8%	57.1%	0.2%	45.2%	51.0%	84.6%	115.9%	150.8%	92.3%	107.7%	89.1%	102.0%	105.1%	93.3%	82.4%	44.3%
Interest cover (operating income ÷ interest)	n/m	2.9x	0.0x	n/m	n/m	n/m	n/m	0.2x	0.0x	2.0x	8.8x	9.7x	7.9x	3.0x	0.7x	1.9x	2.2x
Effective tax rate	—	−49.3%	—	—	—	—	—	11.9%	—	80.2%	57.1%	48.4%	76.2%	58.0%	—	11.4%	—
R&D as % of revenue	12.8%	13.4%	14.7%	15.4%	17.5%	19.8%	18.4%	16.9%	15.2%	16.5%	17.0%	16.9%	16.5%	18.7%	20.2%	19.2%	17.3%
SG&A as % of revenue	28.1%	24.4%	25.7%	25.6%	41.5%	43.1%	38.7%	37.3%	37.0%	30.4%	27.7%	28.2%	28.3%	29.7%	33.3%	32.2%	30.9%
Capital spending as % of revenue	3.0%	6.5%	4.3%	3.9%	10.8%	11.6%	3.9%	4.8%	4.9%	4.0%	2.8%	4.3%	5.6%	4.6%	1.9%	2.6%	2.0%
Free cash flow ÷ net income	—	123.7%	—	215.3%	—	—	—	34.8%	—	>999%	211.6%	283.3%	681.3%	247.1%	—	178.2%	—
Dividends and buybacks ÷ free cash flow	—	—	—	—	202.1%	—	154.5%	165.2%	173.6%	11.9%	42.8%	22.1%	223.4%	133.2%	20.6%	26.5%	36.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Viavi Solutions Inc.: financial ratios, quarterly
Quarter	2025 Q1Sept 2024	2025 Q2Dec 2024	2025 Q3Mar 2025	2025 Q4Jun 2025	2026 Q1Sept 2025	2026 Q2Dec 2025	2026 Q3Mar 2026	2026 Q4Jun 2026
Gross margin	57.1%	59.4%	56.4%	56.3%	56.5%	57.0%	57.5%	59.1%
Operating margin	4.8%	8.2%	3.0%	5.3%	2.5%	3.1%	6.1%	13.8%
Net margin	−0.8%	3.4%	6.8%	2.8%	−7.2%	−13.0%	1.6%	7.4%
Free-cash-flow margin	2.6%	13.5%	0.4%	6.3%	7.5%	10.0%	−7.9%	12.5%
Current ratio	3.71	3.55	1.53	1.50	1.99	2.61	1.61	1.85
Debt to equity	90.8%	93.6%	87.9%	82.4%	109.4%	152.8%	127.7%	16.9%
R&D as % of revenue	20.7%	19.2%	17.6%	19.7%	18.7%	17.8%	17.5%	15.8%
SG&A as % of revenue	31.1%	31.1%	35.6%	30.9%	34.8%	34.4%	27.9%	28.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · June 27, 2026

What it owns · $2.7bn

Short-term assets $1.3bnLonger-term assets $1.4bn

What it owes, and who funded it · $2.7bn

Short-term liabilities $681mLonger-term liabilities $577mShareholders' equity $1.4bn

Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $680m of liabilities due within a year.
Short-term assets cover long-term liabilities $1.3bn short-term assets against $577m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
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 Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of $105m against $47m of interest.

From Viavi Solutions 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.

Moat

69 /100

Moderate moat

How hard Viavi Solutions'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 15.7% of total assets over 10 years.
Pricing power 19 / 20

Gross margin has been a median 57.7%, moving by 1.2 percentage points (standard deviation) across 10 years.
Durability 1 / 20

Operating margin has been a median 6.4%; its worst year was 0.2%.
Cash conversion 14 / 20

Free cash flow was positive in 10 of 10 years, at a median 7.5% of revenue.
Discipline 15 / 20

The diluted share count fell 2.9% over five years; stock-based pay has been a median 4.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

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Figures from Viavi Solutions Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Viavi Solutions Inc.