NYSE: CIEN
Ciena
Technology · Telephone & Telegraph Apparatus
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$53.5B
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| Period | Market cap |
|---|---|
| FY2018, ended Oct 31, 2018 | $4.89B |
| FY2018, ended Nov 3, 2018 | $5.01B |
| FY2019, ended Oct 31, 2019 | $5.72B |
| FY2019, ended Nov 2, 2019 | $5.61B |
| FY2020, ended Oct 31, 2020 | $6.09B |
| FY2021, ended Oct 30, 2021 | $8.41B |
| FY2022, ended Oct 29, 2022 | $7.16B |
| FY2023, ended Oct 28, 2023 | $5.94B |
| FY2024, ended Nov 2, 2024 | $9.09B |
| FY2025, ended Nov 1, 2025 | $26.8B |
| Trailing 12 months to Aug 1, 2026 (through Q3 FY2026) | $53.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$6.02B
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| Period | Revenue |
|---|---|
| FY2018, ended Oct 31, 2018 | $3.09B |
| FY2018, ended Nov 3, 2018 | $3.09B |
| FY2019, ended Oct 31, 2019 | $3.57B |
| FY2019, ended Nov 2, 2019 | $3.57B |
| FY2020, ended Oct 31, 2020 | $3.53B |
| FY2021, ended Oct 30, 2021 | $3.62B |
| FY2022, ended Oct 29, 2022 | $3.63B |
| FY2023, ended Oct 28, 2023 | $4.39B |
| FY2024, ended Nov 2, 2024 | $4.01B |
| FY2025, ended Nov 1, 2025 | $4.77B |
| Trailing 12 months to Aug 1, 2026 (through Q3 FY2026) | $6.02B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2018, ended Oct 31, 2018 | −$345M | $162M |
| FY2018, ended Nov 3, 2018 | −$345M | $162M |
| FY2019, ended Oct 31, 2019 | $253M | $351M |
| FY2019, ended Nov 2, 2019 | $253M | $351M |
| FY2020, ended Oct 31, 2020 | $361M | $411M |
| FY2021, ended Oct 30, 2021 | $500M | $462M |
| FY2022, ended Oct 29, 2022 | $153M | −$259M |
| FY2023, ended Oct 28, 2023 | $255M | $62.1M |
| FY2024, ended Nov 2, 2024 | $84.0M | $378M |
| FY2025, ended Nov 1, 2025 | $123M | $665M |
| Trailing 12 months to Aug 1, 2026 (through Q3 FY2026) | $654M | $814M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$2.45B
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| Period | Cash and cash equivalents |
|---|---|
| FY2018, ended Oct 31, 2018 | $745M |
| FY2018, ended Nov 3, 2018 | $745M |
| FY2019, ended Oct 31, 2019 | $904M |
| FY2019, ended Nov 2, 2019 | $904M |
| FY2020, ended Oct 31, 2020 | $1.09B |
| FY2021, ended Oct 30, 2021 | $1.42B |
| FY2022, ended Oct 29, 2022 | $994M |
| FY2023, ended Oct 28, 2023 | $1.01B |
| FY2024, ended Nov 2, 2024 | $935M |
| FY2025, ended Nov 1, 2025 | $1.09B |
| Trailing 12 months to Aug 1, 2026 (through Q3 FY2026) | $2.45B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.$3.23B
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| Period | Total debt |
|---|---|
| FY2018, ended Oct 31, 2018 | $693M |
| FY2018, ended Nov 3, 2018 | — |
| FY2019, ended Oct 31, 2019 | $687M |
| FY2019, ended Nov 2, 2019 | $687M |
| FY2020, ended Oct 31, 2020 | $683M |
| FY2021, ended Oct 30, 2021 | $677M |
| FY2022, ended Oct 29, 2022 | $1.07B |
| FY2023, ended Oct 28, 2023 | $1.56B |
| FY2024, ended Nov 2, 2024 | $1.54B |
| FY2025, ended Nov 1, 2025 | $1.54B |
| Trailing 12 months to Aug 1, 2026 (through Q3 FY2026) | $3.23B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 9.4% since 2018.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.142M
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| Period | Shares outstanding |
|---|---|
| FY2018, ended Oct 31, 2018 | 156M |
| FY2018, ended Nov 3, 2018 | 156M |
| FY2019, ended Oct 31, 2019 | 154M |
| FY2019, ended Nov 2, 2019 | 154M |
| FY2020, ended Oct 31, 2020 | 155M |
| FY2021, ended Oct 30, 2021 | 155M |
| FY2022, ended Oct 29, 2022 | 148M |
| FY2023, ended Oct 28, 2023 | 145M |
| FY2024, ended Nov 2, 2024 | 142M |
| FY2025, ended Nov 1, 2025 | 141M |
| Trailing 12 months to Aug 1, 2026 (through Q3 FY2026) | 142M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Aug 1, 2026. Hover or tap a column for another year.Net: $172M more bought back than issued
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2018, ended Oct 31, 2018 | $111M | $53.0M | $23.1M |
| FY2018, ended Nov 3, 2018 | $111M | $53.0M | $23.1M |
| FY2019, ended Oct 31, 2019 | $150M | $59.7M | $22.9M |
| FY2019, ended Nov 2, 2019 | $150M | $59.7M | $22.9M |
| FY2020, ended Oct 31, 2020 | $74.5M | $67.8M | $28.1M |
| FY2021, ended Oct 30, 2021 | $91.3M | $84.3M | $28.5M |
| FY2022, ended Oct 29, 2022 | $501M | $105M | $30.3M |
| FY2023, ended Oct 28, 2023 | $242M | $130M | $31.4M |
| FY2024, ended Nov 2, 2024 | $255M | $156M | $34.3M |
| FY2025, ended Nov 1, 2025 | $335M | $185M | $35.9M |
| Trailing 12 months to Aug 1, 2026 (through Q3 FY2026) | $422M | $212M | $38.0M |
Revenue (TTM)
$6.02B
+32.6% YoY
Net income (TTM)
$654M
+365% YoY
Cash
$2.45B
+132% YoY
Total debt
$3.23B
+110% YoY
Valuation
At current price- Market Cap
- $45.5B
- P/E
- 69.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 7.6×
- Price / Book
- 14.9×
- EV / EBITDA
- 52.2×
Growth
Trailing 12 months- Revenue (TTM)
- $6.02B
- Revenue Growth YoY
- 32.6%
- Revenue CAGR 3Y
- 9.5%
- Revenue CAGR 5Y
- 6.2%
- EPS Growth YoY
- 356%
- Net Income Growth YoY
- 365%
Profitability
Trailing 12 months- Gross Margin
- 44.1%
- Operating Margin
- 12.3%
- Net Margin
- 10.9%
- FCF Margin
- 13.5%
- Return on Equity
- 22.4%
Earnings
Trailing 12 months- Net Income
- $654M
- EPS (diluted)
- $4.47
- EBITDA
- $887M
- Operating Income
- $739M
Balance Sheet
As of Aug 1, 2026- Cash and cash equivalents
- $2.45B
- Total Debt
- $3.23B
- Net Debt
- $784M
- Total Assets
- $8.00B
- Total Liabilities
- $4.94B
- Shareholders' Equity
- $3.06B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.05B
- Capital Expenditure
- $240M
- Free Cash Flow
- $814M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.28
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 32.6% over the last year, to $6.02B.
Strength
Operating margin widened 6.9 pts in a year, to 12.3%.
Note
Net debt of $784M is 0.9× EBITDA, a manageable load.
Note
Free cash flow of $814M, 13.5% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Nov 1, 2025 · filed Dec 12, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K37Serious concerns
10-K for the fiscal year ended Nov 2, 2024
Filed Dec 20, 2024 · Read the filing on EDGAR
- Revenue fell 8.5% to $4.01 billion and net income dropped about 67% to $84.0 million, as phone and cable network customers worked through equipment they already had.
- The order backlog shrank again, to $2.1 billion from $2.6 billion, and management expects it to keep falling in fiscal 2025.
- Charges for excess or outdated inventory jumped to $77.3 million from $29.5 million, though total inventory fell to $820 million.
- Cash from operations rose to $514.5 million. A new $1.0 billion share buyback was approved for fiscal 2025 through 2027.
Business momentum
Sharp deterioration
“As a result of the factors impacting order volumes described under “Overview” above, our revenue declined by 8.5% in fiscal 2024 as compared to fiscal 2023.”
Outlook
Cautious
“We expect our backlog to continue to reduce in fiscal 2025.”
Financial stress
Low
“For the fiscal year ended November 2, 2024, we generated $514.5 million of cash from operations.”
Tone against the previous report
More negative
Red flags
- Medium
Other
“We recorded charges for excess and obsolete inventory of $77.3 million, $29.5 million and $16.2 million in fiscal 2024, 2023 and 2022, respectively”
Positives
Operating cash flow tripled
“For the fiscal year ended November 2, 2024, we generated $514.5 million of cash from operations.”
Software segment grew in sales and profit
“Platform Software and Services segment profit increased by $45.0 million, primarily due to higher sales volume as described above, partially offset by increased research and development costs.”
More sales of pluggable optical parts to cloud providers, helped by AI-driven demand
“These sales decreases were partially offset by sales increases of $63.1 million primarily of our coherent pluggable transceivers, primarily to cloud providers”
Concerns
Profit in the main networking equipment segment fell 31%
“Networking Platforms segment profit decreased by $242.1 million, primarily due to lower product sales volume and lower product margin, as described above and increased research and development costs.”
Sales in the Asia-Pacific region fell sharply
“APAC 414,170 10.3 633,060 14.4 (218,890) (34.6)”
Operating costs expected to keep rising while sales fall
“We expect operating expense to continue to increase from the level reported in fiscal 2024 primarily due to planned investment in research and development to advance our strategy and higher employee compensation costs.”
New risks since the previous report
Possible US tariffs on goods from Mexico, where much of Ciena's product is made or shipped from
“We estimate that products or components that make up a significant portion of our revenue are either manufactured in or distributed from Mexico.”
Competitors getting bigger through mergers, such as Nokia's planned purchase of Infinera
“For example, in 2024 Nokia announced its proposed acquisition of Infinera.”
New AI laws and possible legal problems from using AI
“Our use of AI could give rise to legal or regulatory action or increased scrutiny or liability, and maydamage our reputation or otherwise materially harm our business.”
Antitrust investigation of a big cloud company could change how cloud customers spend
“Further, in November 2024, reports emerged that the Federal Trade Commission opened an investigation into potentially anticompetitive practices by at least one large company in the cloud computing market.”
Cash tied up in refundable advances paid to a contract manufacturer
“The $198.9 million of cash used in prepaid expenses and other during fiscal 2024 primarily reflects refundable cash advances to a third-party contract manufacturer and higher maintenance spares.”
Biggest risks named
- Backlog still shrinking and weak orders from phone and cable network customers
- Growing reliance on a few large customers (top ten are 57.9% of sales)
- Inventory write-downs and $1.7 billion in purchase commitments to suppliers
- New US tariffs on Mexico, Canada and China
- Price pressure, and competitors growing larger through mergers
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −1.8 | |
| New risks | −2 | |
| Score | 37 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Dec 12, 2025 | Pro | |||
| 10-K | Dec 20, 2024 | 37 | Sharp deterioration | 1 medium | |
| 10-K | Dec 15, 2023 | 70 | Strong improvement | None | |
| 10-K | Dec 16, 2022 | 31 | Sharp deterioration | None | |
| 10-K | Dec 17, 2021 | 64 | Improving | None | |
| 10-K | Dec 18, 2020 | 60 | Improving | None | |
| 10-K | Dec 20, 2019 | 70 | Strong improvement | None | |
| 10-K | Dec 21, 2018 | 40 | Sharp deterioration | 1 minor | |
| 10-K | Dec 22, 2017 | 64 | Strong improvement | 1 medium1 minor | |
| 10-K | Dec 21, 2016 | 70 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Aug 1, 2026), filed Sep 3, 2026. View filings on SEC EDGAR