CIENA CORP CIEN
We are a network technology company, providing hardware, software, and services to a wide range of network operators and enabling enhanced network capacity, service delivery, and automation. Our solutions support network traffic across a wide range of applications, including cloud, voice, video, data, and artificial intelligence ("AI"). Our network solutions are used globally by cloud providers, service providers, and other network operators across multiple industry verticals.
Our Networking Platforms, including our Optical Networking portfolio and Routing and Switching portfolio, are solutions applied from the network core to end user access points and allow network operators to scale capacity, increase transmission speeds, allocate traffic efficiently, and adapt dynamically to changing end-user service demands. Complementing our Networking Platforms, we offer Platform Software, which delivers multi-layer domain control and operations for network operators, and Blue Planet® Automation Software, which enables service lifecycle management automation with productized operational support systems ("OSS") across domains and vendors. In addition to our hardware and software, we offer a broad range of complementary services that help our customers build, operate, and transform their networks and associated operational environments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.77B | $4.01B | $4.39B | $3.63B | $3.62B | $3.53B | $3.57B | $3.09B | $2.80B | $2.60B |
| Cost of revenue | $2.76B | $2.30B | $2.51B | $2.07B | $1.90B | $1.88B | $2.03B | $1.78B | $1.56B | $1.44B |
| Gross profit | $2.00B | $1.72B | $1.88B | $1.56B | $1.72B | $1.65B | $1.54B | $1.31B | $1.25B | $1.16B |
| R&D | $848.3M | $767.5M | $750.6M | $624.7M | $536.7M | $529.9M | $548.1M | $491.6M | $475.3M | $451.8M |
| SG&A | $238.7M | $220.6M | $215.3M | $179.4M | $181.9M | $169.5M | $174.4M | $160.1M | $142.6M | $132.8M |
| Total operating expenses | $1.81B | $1.55B | $1.52B | $1.34B | $1.23B | $1.17B | $1.20B | $1.08B | $1.03B | $1.01B |
| Operating income | $197.5M | $166.6M | $357.5M | $222.8M | $495.4M | $487.0M | $346.8M | $229.9M | $214.7M | $156.2M |
| Interest expense | $89.4M | $97.0M | $88.0M | $47.0M | $30.8M | $31.3M | $37.5M | $55.2M | $55.9M | $56.7M |
| Pre-tax income | $156.3M | $119.8M | $323.7M | $182.5M | $462.8M | $456.0M | $313.2M | $148.8M | $156.1M | $86.7M |
| Income tax | $32.9M | $35.9M | $68.8M | $29.6M | $37.4M | $94.7M | $59.8M | $493.5M | $1.11B | $14.1M |
| Net income | $123.3M | $84.0M | $254.8M | $152.9M | $500.2M | $361.3M | $253.4M | -$344.7M | $1.26B | $72.6M |
| EPS, basic | 0.87 | 0.58 | 1.71 | 1.01 | 3.22 | 2.34 | 1.63 | -2.40 | 8.89 | 0.52 |
| EPS, diluted | 0.85 | 0.58 | 1.71 | 1.00 | 3.19 | 2.32 | 1.61 | -2.49 | 7.53 | 0.51 |
| Shares, diluted (wtd. avg.) | $145.2M | $146.0M | $149.4M | $152.2M | $156.7M | $156.0M | $157.6M | $143.7M | $169.9M | $150.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.09B | $934.9M | $1.01B | $994.4M | $1.42B | $1.09B | $904.2M | $745.4M | $640.6M | $777.7M |
| Short-term investments | $216.1M | $316.3M | $104.8M | $154.0M | $181.5M | $150.7M | $109.9M | $149.0M | $279.1M | $275.2M |
| Receivables | $975.9M | $908.6M | $1.00B | $920.8M | $885.0M | $719.4M | $724.9M | $786.5M | $622.2M | $576.2M |
| Inventory | $826.2M | $820.4M | $1.05B | $946.7M | $374.3M | $344.4M | $345.0M | $262.8M | $267.1M | $211.3M |
| Total current assets | $3.57B | $3.54B | $3.58B | $3.39B | $3.19B | $2.61B | $2.38B | $2.14B | $2.01B | $2.01B |
| Property, plant and equipment | — | — | — | — | — | — | $286.9M | $292.1M | $308.5M | $288.4M |
| Goodwill | $521.2M | $444.7M | $444.8M | $328.3M | $311.6M | $310.8M | $297.9M | $298.0M | $267.5M | $267.0M |
| Other intangibles | $224.2M | $165.0M | $205.6M | $69.5M | $65.3M | $96.6M | $112.8M | $148.2M | $101.0M | $146.7M |
| Total assets | $5.86B | $5.64B | $5.60B | $5.07B | $4.87B | $4.18B | $3.89B | $3.76B | $3.95B | $2.87B |
| Accounts payable | $542.8M | $423.4M | $317.8M | $516.0M | $356.2M | $291.9M | $344.8M | $340.6M | $260.1M | $235.9M |
| Short-term debt | $11.6M | $11.7M | $11.7M | $6.9M | $6.9M | $6.9M | $7.0M | — | — | — |
| Total current liabilities | $1.31B | $999.8M | $932.0M | $1.04B | $909.0M | $760.7M | $845.9M | $963.0M | $1.04B | $891.5M |
| Long-term debt | $1.52B | $1.53B | $1.54B | $1.06B | $670.4M | $676.4M | $680.4M | $686.5M | $583.7M | $1.02B |
| Total liabilities | $3.14B | $2.83B | $2.75B | $2.36B | $1.85B | $1.67B | $1.72B | $1.83B | $1.82B | $2.11B |
| Retained earnings | -$3.17B | -$3.29B | -$3.38B | -$3.63B | -$3.79B | -$4.28B | -$4.64B | -$4.95B | -$4.66B | -$5.93B |
| Total equity | $2.73B | $2.82B | $2.85B | $2.71B | $3.02B | $2.51B | $2.17B | $1.93B | $2.14B | $766.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $806.1M | $514.5M | $168.3M | -$167.8M | $541.6M | $493.7M | $413.1M | $229.3M | $234.9M | $289.5M |
| Depreciation and amortisation | $104.1M | $92.8M | $92.6M | $95.9M | $96.2M | $93.9M | $87.6M | $84.2M | $77.2M | $63.4M |
| Stock-based compensation | $184.5M | $156.4M | $130.5M | $105.1M | $84.3M | $67.8M | $59.7M | $53.0M | $48.4M | $52.0M |
| Capital expenditure | $140.8M | $136.6M | $106.2M | $90.8M | $79.5M | $82.7M | $62.6M | $67.6M | $94.6M | $107.2M |
| Investing cash flow | -$241.5M | -$306.5M | -$383.5M | -$101.2M | -$90.7M | -$220.2M | $24.1M | -$19.4M | -$61.4M | -$296.3M |
| Financing cash flow | -$405.9M | -$285.1M | $229.4M | -$133.1M | -$116.8M | -$87.2M | -$279.0M | -$99.2M | -$311.1M | -$4.2M |
| Buybacks | $334.5M | $254.5M | $242.2M | $500.8M | $91.3M | $74.5M | $150.1M | $111.0M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-25-056698.
Others in SIC 3661
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|---|---|---|---|---|
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| CLFD | Clearfield, Inc. | $389.2M | — | 19.6% |
| FIEE | FiEE, Inc. | $33.5M | 39.3x | 867.9% |
| FKWL | FRANKLIN WIRELESS CORP | $28.9M | — | 49.6% |
| CLRO | CLEARONE INC | $13.6M | — | — |
| SONM | DNA X, Inc. | $4.8M | — | — |
| AUDC | AUDIOCODES LTD | — | — | 1.4% |