Ciena is a leader in high-speed optical connectivity, providing systems, components, and automation software for telecom providers and enterprises, such as data centers, to enable long-distance connectivity.
It is a $63.9B technology company. Revenue grew 32.6% over the last year, it keeps 11¢ of every dollar of sales as profit, and its net debt equals ~0.3 years of free cash flow. It trades at 97.5× earnings — in the most expensive third of its own history.
- Website
- ciena.com
- Location
- Hanover, MD
- Employees
- 9 080
- Sector
- Technology
- Founded
- 1992
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality; Valuation, Growth and Moat lag behind.
Valuation15
- P/E vs own history72th pct · 5/25
- FCF yield1.3% · 5/25
- P/S10.6x · 5/25
- EV/EBITDA86.1x · 0/25
Growth37
- Revenue CAGR7.1% · 12/25
- Net income CAGR-29.5% · 0/25
- EPS CAGR ~5Y-18.2% · 0/25
- Fwd implied growth55.3% · 25/25
Profitability57
- ROIC4.2% · 5/25
- ROE22.8% · 20/25
- Net margin10.9% · 20/25
- Operating margin12.2% · 12/25
Health63
- Altman Zn/a · 0/25
- Current ratio3.80 · 25/25
- Interest coverage5.1x · 18/25
- Net cash / debtD/A 4% · 20/25
Quality97
- Piotroski F7/9 · 22/25
- Beneish M-2.95 · 25/25
- FCF conversion124% · 25/25
- Margin stabilityσ 3.6% · 25/25
Moat44
- ROIC >12% years4/10 yrs · 6/25
- Median gross margin43.1% · 20/25
- FCF-positive years9/10 yrs · 18/25
- Worst-year net marginworst -11.1% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2018AcquisitionCiena purchased software and services company DonRiver for an undisclosed amount
- FY2017FinancialBest year on record$1.26B net income
- FY2016FinancialFirst recorded profitable year$72.6M net income
- FY2016FinancialRevenue already above $1B$2.60B in first reported year
- 2016AcquisitionCiena acquired Packet Design, an Austin-based network performance management software company specializing in…
- 2004AcquisitionCatena Networks and New Jersey–based Internet Photonics were purchased by Ciena in 2004
- 2002AcquisitionONI Systems, a San Jose, California–based producer of phone and computer data equipment, was acquired by Ciena for…
- 2000AcquisitionThe company purchased Cyras Corp. of Fremont, California, during 2000 to 2001 for $2 billion in stock
- 1998AcquisitionNettles and Michael Birck of Tellabs began discussing a possible merger
- 1997IPOCiena went public on NASDAQ in February 1997 with the largest initial public offering by a startup company to date
- 1997AcquisitionCiena acquired the telecommunications company AstraCom Inc. in 1997 for $13.1 million
- 1996ProductThe company's first products were introduced in May 1996 to Sprint Corporation
- 1992FoundedCiena was founded in 1992 under the name HydraLite by electrical engineer David R
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (44.1%)
- Revenue growing 32.6% year over year
- Interest covered 5.1× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist
Watch-outs
- Loss-making in 1 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+32.6% YoY
- Profitable — makes more than it spends$654M TTM
- Profit growing — earnings are higher than last year-5.5% YoY
- Generates cash — cash left after running and investing$814M TTM
- Debt under control — could handle its obligations~0.3y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$63.9B market cap
- Not printing shares — share count not ballooning — you keep your slice-6.9% shares over ~5y
- Proven track record — years of profitability behind it9/10 profitable years
- Financially stable — balance sheet not near distresshealth score 43/100
- Pays a dividend — returns cash to shareholdersno data
- Valuation not extreme — price not wildly above earningsP/E 97.5
Peer comparisonCiena Corporation vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| CIEN this company | $63.9B | 97.5 | +32.6% | 10.9% | Mixed |
| NVDA Nvidia Corp | $5.5T | 28.6 | +83.4% | 63.7% | Mixed |
| AAPL Apple Inc. | $4.9T | 38.1 | +14.2% | 27.6% | Strong |
| GOOGL Alphabet Inc. | $4.3T | 17.6 | +20.1% | 54.8% | Mixed |
| MSFT Microsoft Corp | $4.0T | 29.7 | +17.8% | 40.3% | Strong |
| SPCX Space Exploration Technologies Corp. | $2.1T | — | +33.2% | -34.0% | Strained |
| META Meta Platforms, Inc. | $1.8T | 26.9 | +27.7% | 29.8% | Mixed |
Head-to-head: CIEN vs NVDA · CIEN vs AAPL · CIEN vs GOOGL
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/CIEN
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Deeper analysis of CIEN on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $450.39 · market cap $63.9B.