Information Technology · Communications Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$332.73
52-week range
$159.56 – $637.51
Market cap
$48.6B
P/E (trailing)
74.1×
EV / EBITDA
66.5×
Free-cash-flow yield
1.7%
Dividend yield
–
Revenue (last 12 months)
$6.0B
Revenue growth (3y a year)
9.5%
Operating margin
12.3%
Return on invested capital
18.2%
Net debt / EBITDA
0.8×
Fair value
Blended fair value$132.36 range $127 – $138
Versus priceData under review+0% to fair value
Peer multiples
$153.21
Fundamentals-adjusted multiple
$132.23
10-year DCF (market-scaled)
$111.64
Earnings power value (floor, not blended)
$26.41
Model uncertainty
Medium
X-Ray Score
39/ 100 · High confidence · ahead of 20% of sector peers
Valuation20
Growth39
Profitability47
Financial health55
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Ciena builds networking equipment and software that carry data over optical fibre. Its products include optical transport systems, routing and switching, network automation software and related services. Customers are telecom service providers, cloud and content companies, submarine network operators, governments and large enterprises. The company is organised around networking platforms, platform software and services, automation software and global services.
Revenue comes from hardware, software licences and ongoing services, and customer spending follows network build-out cycles. It totals $6.0 billion over the last twelve months, rising 9.5% a year across three years. The operating margin is 12.3%, and the business earns a profit of 18% on the capital invested in it. Ciena has net debt of 0.8 times EBITDA and pays no dividend.
StocksXray gives Ciena Corp an X-Ray Score of 39 out of 100 (high confidence), ahead of 20% of the S&P 500 stocks in its sector. Its strongest lens is financial health (55) and its weakest is valuation (20).
Our fair value blend is $132.36 (range $127.22 to $137.67). At $332.73 the stock trades 151% above that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Ciena Corp (CIEN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$54.29
$48.25
$41.02
$63.97
$189.92
$332.73
Market cap
$8.5B
$7.3B
$6.1B
$9.3B
$27.6B
$48.6B
P/E
17.0×
48.3×
24.0×
110.3×
223.4×
74.1×
EV / revenue
2.1×
2.0×
1.5×
2.4×
5.8×
8.2×
EV / EBITDA
15.3×
32.6×
18.4×
57.8×
140.8×
66.5×
Price / free cash flow
18.4×
–
98.6×
24.7×
41.5×
59.6×
Free-cash-flow yield
5.4%
−3.5%
1.0%
4.0%
2.4%
1.7%
Price / book
2.8×
2.7×
2.2×
3.3×
10.1×
15.9×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 2 Good · ● 6 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.0%Average
Free-cash-flow yield1.7%Bad
Risk models
Altman Z score3.4×Average
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)−5.3%Bad
Revenue growth (3y)9.5%Average
Growth consistency70%Bad
Balance sheet
Current ratio3.8×Good
Net debt / EBITDA0.8×Average
Interest cover10.6×Bad
Valuation
Fair value vs price0.4×Bad
EBIT / EV yield1.5%Bad
Profitability
Return on invested capital18.2%Average
Operating margin12.3%Bad
Gross profitability33.2%Average
XStocksXray
Ciena Corp (CIEN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,621
3,633
4,387
4,015
4,770
6,021
Gross profit
1,722
1,560
1,879
1,720
2,005
2,654
Operating income
495
223
358
167
198
739
Net income
500
153
255
84
123
654
Diluted EPS ($)
3.19
1.00
1.71
0.58
0.85
4.49
Free cash flow
462
-259
62
378
665
814
Gross margin
47.6%
43.0%
42.8%
42.8%
42.0%
44.1%
Operating margin
13.7%
6.1%
8.2%
4.1%
4.1%
12.3%
Net margin
13.8%
4.2%
5.8%
2.1%
2.6%
10.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
4,865
5,070
5,601
5,641
5,865
7,997
Cash
1,423
994
1,011
935
1,092
2,446
Total debt
677
1,068
1,555
1,545
1,536
3,230
Equity
3,020
2,713
2,848
2,816
2,729
3,057
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.