Ciena Corp

Utilities
Telecommunications Equipment
www.ciena.com

Earnings Score
Moat Score
Safety Score

Market Cap $10.37B
PE 131
Debt $1.54B
Cash $874.91M
EV $11.04B
FCF $205.25M

Earnings

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Sales & Net Margins

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Earnings	$78.98M
EBIT	$162.65M
ROE	3%
ROA	3%
FCF	$205.25M
Equity	$2.79B
Growth Stability	-77%
PE	131.31
PEG	-11.28
PB	3.71
P/FCF	50.53
P/S	2.56
Price/Cash	0.08
Debt/Equity	0.55
Debt/FCF	7.52
Net Margins	4%
Gross Margins	43%
Op. Margins	4%
Earnings CAGR	-1%
Sales Growth YoY	3%
Sales Growth QoQ	-5%
Sales CAGR	7%
FCF CAGR	3%
Equity CAGR	18%
Earnings Stability	0
Earnings Growth YoY	-10%
Earnings Growth QoQ	20%

Earnings CAGR 5Y	-12%
Sales CAGR 5Y	5%
FCF CAGR 5Y	-5%
Equity CAGR 5Y	3%
Earnings CAGR 3Y	4%
Sales CAGR 3Y	4%
FCF CAGR 3Y	52%
Equity CAGR 3Y	1%
Market Cap	$10.37B
Revenue	$4.05B
Assets	$5.57B
Total Debt	$1.54B
Cash	$874.91M
Shares Outstanding	142.53M
EV	11.04B
Earnings Score	6%
Moat Score	44%
Safety Score	49%
Final Score	33%
Working Capital	2.54B
Current Ratio	3.65
Gross Profit	$1.72B
Shares Growth 3y	-2%
Equity Growth QoQ	-1%
Equity Growth YoY	-4%

Assets & ROA

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Stockholders Equity & ROE

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Ciena Corp is a network strategy and technology company. It provides network hardware, software, and services that support the transport, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks. It serves various industries such as communication services providers, web-scale providers, cable operators, government, and large enterprises worldwide. The business activities function through Networking Platforms; Platform Software and Services; Blue Planet Automation Software, and Global Services segments. Geographically, its presence is seen in the markets of the United States, Canada, the Caribbean, Latin America, Europe, the Middle East, Africa, the Asia Pacific, Japan, and India.

SEC Filings

Direct access to Ciena Corp (CIEN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Feb 01
2024
- 10-K Nov 02
- 10-Q Jul 27
- 10-Q Apr 27
- 10-Q Jan 27
2023
- 10-K Oct 28
- 10-Q Jul 29
- 10-Q Apr 29
- 10-Q Jan 28

Sector Comparison

How does Ciena Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Ciena Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -1%

Stability 0%

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Ciena Corp Discounted Cash Flow

Fully customizable DCF calculator online for Ciena Corp.

Years

Calculation mode

= $2.5B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$205M	$211M	$218M	$224M	$231M	$238M	$245M	$253M	$260M	$268M	$276M	$2.8B
DCF		$192M	$180M	$169M	$158M	$148M	$138M	$130M	$121M	$114M	$106M	$1.1B
Value	$2.5B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	10/2015	10/2016	10/2017	11/2018	11/2019	10/2020	10/2021	10/2022	10/2023	11/2024	TTM
Net Margins	0%	3%	45%	-11%	7%	10%	14%	4%	6%	2%	4%
ROA	-	5%	5%	-	9%	12%	10%	4%	6%	3%	3%
ROE	-	9%	59%	-18%	12%	14%	17%	6%	9%	3%	3%

Bad Net Margins (4.16%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	10/2015	10/2016	10/2017	11/2018	11/2019	10/2020	10/2021	10/2022	10/2023	11/2024	TTM
Debt over FCF	-	6.92	6.67	-	1.96	1.68	1.48	-4.13	25.03	4.09	7.52
Debt over Equity	2.05	1.65	0.44	-	0.32	0.28	0.23	0.39	0.55	0.55	0.55
Growth Stability	-	-	-	-77%	77%	93%	100%	41%	75%	28%	-77%

Bad Debt/FCF ratio (7.52)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.55)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-77%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	10/2015	10/2016	10/2017	11/2018	11/2019	10/2020	10/2021	10/2022	10/2023	11/2024	CAGR 5Y
Revenue YoY growth	-	6%	8%	10%	15%	-1%	3%	0%	21%	-8%	5%
Earnings YoY growth	-	522%	2K%	-127%	-174%	43%	38%	-69%	67%	-67%	-12%
Equity YoY growth	-	23%	179%	-10%	13%	16%	20%	-10%	5%	-1%	3%
FCF YoY growth	-	-9%	-23%	15%	117%	17%	12%	-156%	-124%	508%	-5%