Vistance Networks, Inc. key statistics and ratios
In fiscal 2025, Vistance Networks, Inc. had an operating margin of 2.5% and a current ratio of 3.88. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 31.9% | 34.5% | 36.5% | 35.3% | 41.2% | 37.4% | 35.8% | 28.8% | 32.6% | 36.2% | 34.3% | 48.3% | 43.8% | 49.5% | 28.1% |
| Operating margin | 7.2% | 9.5% | 15.1% | 4.8% | 11.5% | 10.3% | 9.9% | −6.1% | −0.6% | 2.9% | −16.2% | −35.4% | −21.1% | 2.5% | 1.0% |
| Net margin | 0.2% | 0.6% | 6.2% | −1.9% | 4.5% | 4.2% | 3.1% | −11.1% | −6.8% | −6.9% | −22.2% | −80.8% | −22.8% | 118.2% | 216.2% |
| Free-cash-flow margin | 7.8% | 5.8% | 6.6% | 7.1% | 11.6% | 11.3% | 9.0% | 5.9% | 3.7% | −0.1% | 1.5% | 12.7% | 17.9% | 13.1% | 3.0% |
| Return on equity | 0.5% | 1.7% | 19.8% | −5.6% | 17.0% | 12.7% | 8.2% | −71.7% | −96.3% | — | — | — | — | — | — |
| Return on assets | 0.1% | 0.4% | 4.9% | −1.1% | 3.0% | 2.7% | 2.1% | −8.8% | −4.1% | −3.4% | −10.3% | −14.3% | −3.5% | 25.2% | 98.6% |
| Asset turnover | 0.69 | 0.73 | 0.79 | 0.61 | 0.67 | 0.64 | 0.67 | 0.79 | 0.60 | 0.50 | 0.46 | 0.18 | 0.15 | 0.21 | 0.46 |
| Current ratio | 2.34 | 2.45 | 3.84 | 2.93 | 2.32 | 2.69 | 2.72 | 1.72 | 1.72 | 1.64 | 1.77 | 2.01 | 2.83 | 3.88 | 2.57 |
| Debt to equity | 210.1% | 232.0% | 207.6% | 437.2% | 333.3% | 269.2% | 229.8% | >999% | >999% | — | — | — | — | — | 0.0% |
| Interest cover (operating income ÷ interest) | 1.3x | 1.6x | 3.2x | 0.8x | 2.0x | 1.8x | 1.9x | n/m | n/m | 0.4x | n/m | n/m | n/m | — | — |
| Effective tax rate | 85.6% | 74.5% | 25.3% | — | 18.2% | 7.6% | 17.9% | — | — | — | — | — | — | — | — |
| R&D as % of revenue | 3.7% | 3.6% | 3.3% | 3.6% | 4.1% | 4.1% | 4.1% | 6.9% | 8.3% | 8.4% | 7.8% | 17.1% | 17.9% | 14.7% | 6.7% |
| SG&A as % of revenue | 13.9% | 14.4% | 12.7% | 18.1% | 17.9% | 16.1% | 14.8% | 15.3% | 13.9% | 16.1% | 15.7% | 27.5% | 34.1% | 25.8% | 8.9% |
| Capital spending as % of revenue | 0.8% | 1.1% | 1.0% | 1.5% | 1.4% | 1.5% | 1.8% | 1.2% | 1.4% | 2.0% | 1.7% | 3.3% | 1.8% | 3.6% | 1.6% |
| Free cash flow ÷ net income | >999% | >999% | 106.6% | — | 256.6% | 267.1% | 293.7% | — | — | — | — | — | — | 11.1% | 1.4% |
| Dividends ÷ net income | >999% | >999% | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends and buybacks ÷ free cash flow | 77.5% | 268.1% | — | — | — | 33.8% | — | — | — | — | — | — | — | — | — |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 15.6% | 42.5% | 50.9% | 45.7% | 15.0% | 45.5% | 49.5% | 35.3% |
| Operating margin | −5.5% | −11.5% | −4.2% | 2.4% | 1.1% | −0.6% | 5.0% | −2.8% |
| Net margin | −3.0% | 1.6% | 202.0% | 9.8% | 6.7% | 84.6% | >999% | 92.4% |
| Free-cash-flow margin | 10.7% | 65.2% | −52.2% | 19.9% | 8.3% | 49.7% | −48.5% | −23.4% |
| Current ratio | 1.40 | 2.83 | 2.19 | 2.18 | 2.25 | 3.88 | 6.67 | 2.57 |
| Debt to equity | — | — | — | — | — | — | 0.0% | 0.0% |
| R&D as % of revenue | 7.2% | 3.0% | 17.1% | 13.3% | 5.8% | 2.6% | 12.3% | 9.6% |
| SG&A as % of revenue | 18.8% | −22.5% | 28.1% | 24.6% | 13.9% | −27.1% | 23.1% | 20.1% |
Financial health
- Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $746m of liabilities due within a year.
- Short-term assets cover long-term liabilities $1.9bn short-term assets against $245m of longer-dated liabilities.
- More cash than debt $114m of cash against $0 of debt.
- Debt below 40% of shareholders' equity Debt is 0% 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 No debt to cover.
- Operating profit covers interest at least five times over No material interest expense reported.
Moat
Weak moat
How hard Vistance Networks'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 16 / 20
Cash operating profit has been a median 12.6% of total assets over 10 years.
- Pricing power 9 / 20
Gross margin has been a median 31.3%, moving by 4.2 percentage points (standard deviation) across 10 years.
- Durability 0 / 20
Operating margin has been a median 1.1%; its worst year was -18.2%.
- Cash conversion 10 / 20
Free cash flow was positive in 8 of 10 years, at a median 3.5% of revenue.
- Discipline 10 / 20
The diluted share count rose 25.9% over five years; stock-based pay has been a median 1.0% 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 (45 before it).
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