CIENNYSETelephone & Telegraph ApparatusFiscal year ends October 31
CIENA CORP
Financials through Q3 FY2026, quarter ended Aug 1, 2026Last filing: 10-Q on Sep 3, 2026
$344.20+11.47 (+3.45%)
Close on Oct 19, 2026
- Market cap
- $50.24B
- P/E (TTM)
- 76.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
42.0%−4.8 pts over 5 years
Operating margin
4.1%−9.6 pts over 5 years
Net margin
2.6%−7.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +18.8% | +9.5% | +6.2% | +6.9% | |
| Gross profit | +16.6% | +8.7% | +3.9% | +6.4% | |
| Operating income | +18.6% | -3.9% | -16.5% | +7.0% | |
| Net income | +46.9% | -6.9% | -19.3% | +26.6% | |
| EPS, diluted | +46.6% | -5.3% | -18.2% | +23.9% | |
| Free cash flow | +76.1% | – | +10.1% | +12.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.5% | 15.4% | 4.4% | |
| Return on assets | 2.6% | 8.9% | 2.1% | |
| Current ratio | 2.26 | 3.43 | 2.73 | |
| Debt to equity | 1.33 | 0.27 | 0.56 | |
| Interest coverage | 2.8× | 15.5× | 2.2× | |
| Inventory turnover | 7.2× | 5.5× | 3.4× | |
| Capex to revenue | 4.1% | 2.3% | 3.0% | |
| Diluted shares | 151M | 156M | 145M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ciena generated $2.20B from operations and spent $1.98B on capital expenditure, dividends and share buybacks. 28% of that went back into the business.
Generated
$2.20B
Used
$1.98B
Capital expenditure$554.01M28%Dividends$00%Share buybacks$1.42B72%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.6%
×Asset turnover0.83×
×Equity multiplier2.07×
=Return on equity, FY20254.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.6% | 0.83× | 2.07× | 4.4% |
| FY2024 | 2.1% | 0.71× | 1.98× | 3.0% |
| FY2023 | 5.8% | 0.82× | 1.92× | 9.2% |
| FY2022 | 4.2% | 0.73× | 1.73× | 5.3% |
| FY2021 | 13.8% | 0.80× | 1.64× | 18.1% |
| FY2020 | 10.2% | 0.87× | 1.72× | 15.4% |
| FY2019 | 7.1% | 0.93× | 1.86× | 12.4% |
| FY2018 | -11.1% | 0.80× | 1.90× | -17.0% |
| FY2017 | 45.0% | 0.82× | 2.35× | 87.0% |
| FY2016 | 2.8% | 0.93× | 4.01× | 10.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$123.34M
- Cash generatingOperating cash flow above zero$806.09M
- Return on assets improvedROA up on the prior year1.5% → 2.2%
- Earnings backed by cashOperating cash flow above net income$806.09M vs $123.34M
- Less leverageLong-term debt to assets fell27.2% → 26.0%
- Better liquidityCurrent ratio rose3.54 → 2.73
- No dilutionShare count did not rise146M → 145M
- Gross margin improvedGross margin up on the prior year42.83% → 42.04%
- More efficientAsset turnover rose0.72 → 0.85