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Networking·CIEN

Ciena Corporation

NYSE · US

Optical networking, routing, switching, and data center interconnect systems supplier.

AI relevance

High-capacity optical transport and DCI layer for AI data center interconnect and cloud backbone growth.

Networking Optics Routing Other

Price

$322.64

Change

-38.70 (-10.71%)

Market cap

$45.8B

52w range

$164–$638

Exchange

NYSE

Country

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Price chart

CIEN market performance

Daily close for Ciena Corporation

Latest close: $322.6
Range move: +$158.2 (+96.2%)
Range high: $627.0
Range low: $164.5
Latest volume: 3.9M
Source: FMP EOD

Downloads

Exports

Download statements, ratios, chart data, and transcript indexes.

CSV

Income statement

12 annual rows

Revenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.

Annual

Balance sheet

12 annual rows

Cash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.

Annual

Cash flow

12 annual rows

Operating cash flow, capital expenditures, and free cash flow.

Annual

Key metrics

12 annual rows

Enterprise value, valuation multiples, returns, yields, and cash conversion.

Annual

Ratios

12 annual rows

Margins, liquidity ratios, valuation ratios, leverage, and per-share metrics.

Annual

Chart data

1254 rows

Five years of daily close and volume data powering the company chart.

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Transcript list

81 rows

Available earnings-call transcript dates by fiscal year and quarter.

Download

StreetBuy

Analyst expectations

Consensus target

$500.38

+55.1%

Target range

$347.00 - $615.00

Rating mix

Buy

42 ratings

Next FY revenue

$6.43B

2026-11-01

Next FY EPS

$7.17

$7.05 - $7.25

Rating consensus42 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-11-01	$6.43B	$6.41B - $6.45B	$7.17	$7.05 - $7.25	$1.51B	$1.36B	$1.05B	$1.12B	13 rev / 11 EPS
2027-11-01	$8.45B	$8.36B - $8.56B	$11.85	$8.50 - $12.66	$2.39B	$2.23B	$1.76B	$1.47B	13 rev / 8 EPS
2028-11-01	$10.95B	$9.85B - $12.11B	$17.53	$15.49 - $18.95	$3.39B	$3.20B	$2.55B	$1.90B	16 rev / 6 EPS
2029-11-01	$13.92B	$13.55B - $14.36B	$24.72	$23.85 - $25.71	$4.68B	$4.46B	$3.59B	$2.42B	8 rev / 2 EPS
2030-11-01	$17.01B	$16.54B - $17.53B	$34.97	$33.73 - $36.37	$6.54B	$6.27B	$5.08B	$2.95B	8 rev / 2 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-11-01	$1.76B	$1.75B - $1.80B	$2.08	$1.96 - $2.16	$433.0M	$384.4M	$303.2M	$305.2M	11 rev / 7 EPS
2027-02-01	$1.84B	$1.81B - $1.90B	$2.36	$1.90 - $2.56	$483.5M	$434.9M	$344.7M	$319.6M	9 rev / 11 EPS
2027-05-01	$2.00B	$1.97B - $2.06B	$2.76	$2.70 - $2.86	$555.3M	$506.3M	$403.5M	$347.9M	4 rev / 4 EPS
2027-08-01	$2.18B	$2.14B - $2.24B	$3.21	$3.13 - $3.32	$634.2M	$584.7M	$468.0M	$378.8M	4 rev / 7 EPS
2027-11-01	$2.38B	$2.34B - $2.45B	$3.68	$3.60 - $3.81	$719.0M	$668.8M	$537.2M	$413.0M	7 rev / 4 EPS
2028-02-01	$2.46B	$2.42B - $2.53B	$3.72	$3.64 - $3.86	$727.2M	$676.3M	$543.4M	$427.2M	7 rev / 5 EPS
2028-05-01	$2.64B	$2.60B - $2.72B	$4.13	$4.04 - $4.28	$801.3M	$749.4M	$603.5M	$458.5M	3 rev / 5 EPS
2028-08-01	$2.81B	$2.77B - $2.89B	$4.50	$4.40 - $4.66	$866.9M	$813.7M	$656.5M	$488.5M	4 rev / 9 EPS

Price target history

Window	Targets	Average target
Last month	1	$440.00
Last quarter	15	$483.27
Last year	50	$394.26
All time	107	$223.85

Sources: StreetInsider, Benzinga, Pulse 2.0, MarketWatch

Latest grade actions

Date	Firm	Action	Previous	New
2026-09-21	Evercore ISI Group	Upgrade	In Line	Outperform
2026-09-17	Rosenblatt	Maintain	Buy	Buy
2026-09-17	Barclays	Maintain	Overweight	Overweight
2026-09-17	Morgan Stanley	Maintain	Equal Weight	Equal Weight
2026-09-17	Needham	Maintain	Buy	Buy
2026-09-04	UBS	Maintain	Neutral	Neutral
2026-09-04	Barclays	Maintain	Overweight	Overweight
2026-09-04	Rosenblatt	Maintain	Buy	Buy

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-10-01	5	11	5	0	0
2026-09-01	5	11	6	0	1
2026-08-01	5	9	6	0	1
2026-07-01	5	8	6	1	1
2026-06-01	5	8	6	1	1
2026-05-01	5	8	6	1	0
2026-04-01	5	8	5	1	0
2026-03-01	5	7	6	1	0

FinancialsFY 2025

Financials

Revenue

$4.77B

Gross margin

42.0%

Operating income

$310.8M

Free cash flow

$665.3M

Cash + ST investments

$1.31B

Net debt

$490.3M

ROE

4.5%

ROIC

5.3%

EV / sales

5.8x

EV / EBITDA

70.8x

R&D / revenue

17.8%

Current ratio

2.7x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$4.77B	$2.00B	42.0%	$848.3M	$310.8M	$388.4M	$123.3M	$0.87
FY 2024	$4.01B	$1.72B	42.8%	$767.5M	$191.2M	$351.9M	$84.0M	$0.58
FY 2023	$4.39B	$1.88B	42.8%	$750.6M	$384.9M	$558.9M	$254.8M	$1.71
FY 2022	$3.63B	$1.56B	43.0%	$624.7M	$257.2M	$375.7M	$152.9M	$1.01
FY 2021	$3.62B	$1.72B	47.6%	$536.7M	$495.4M	$626.4M	$500.2M	$3.22
FY 2020	$3.53B	$1.65B	46.8%	$529.9M	$487.0M	$619.8M	$361.3M	$2.34
FY 2019	$3.57B	$1.54B	43.2%	$548.1M	$346.8M	$473.4M	$253.4M	$1.63
FY 2018	$3.09B	$1.31B	42.5%	$491.6M	$229.9M	$314.1M	-$344.7M	$-2.49
FY 2017	$2.80B	$1.25B	44.5%	$475.3M	$214.7M	$334.9M	$1.26B	$8.89
FY 2016	$2.60B	$1.16B	44.7%	$451.8M	$156.2M	$285.1M	$72.6M	$0.52
FY 2015	$2.45B	$1.08B	44.0%	$414.2M	$100.4M	$210.7M	$11.7M	$0.10
FY 2014	$2.29B	$948.4M	41.4%	$401.2M	$45.7M	$133.2M	-$40.6M	$-0.38

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$806.1M	$140.8M	$665.3M
FY 2024	$514.5M	$136.6M	$377.9M
FY 2023	$168.3M	$106.2M	$62.1M
FY 2022	-$167.8M	$90.8M	-$258.6M
FY 2021	$541.6M	$79.5M	$462.1M
FY 2020	$493.7M	$82.7M	$411.0M
FY 2019	$413.1M	$62.6M	$350.6M
FY 2018	$229.3M	$67.6M	$161.6M
FY 2017	$234.9M	$94.6M	$140.3M
FY 2016	$289.5M	$107.2M	$182.3M
FY 2015	$262.1M	$62.1M	$200.0M
FY 2014	$89.8M	$48.2M	$41.6M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$1.31B	$1.20B	$826.2M	$38.6M	$5.86B	$1.58B	$490.3M	$3.14B	$2.73B
FY 2024	$1.25B	$1.25B	$820.4M	$365.1M	$5.64B	$1.63B	$697.4M	$2.83B	$2.82B
FY 2023	$1.12B	$1.19B	$1.05B	$315.3M	$5.60B	$1.66B	$646.5M	$2.75B	$2.85B
FY 2022	$1.15B	$1.10B	$946.7M	$312.9M	$5.07B	$1.19B	$192.0M	$2.36B	$2.71B
FY 2021	$1.60B	$1.00B	$374.3M	$329.3M	$4.87B	$803.7M	-$618.9M	$1.85B	$3.02B
FY 2020	$1.24B	$827.2M	$344.4M	$329.4M	$4.18B	$828.1M	-$260.5M	$1.67B	$2.51B
FY 2019	$1.01B	$837.0M	$345.0M	$286.9M	$3.89B	$755.5M	-$148.6M	$1.72B	$2.17B
FY 2018	$894.4M	$812.8M	$262.8M	$292.1M	$3.76B	$693.5M	-$52.0M	$1.83B	$1.93B
FY 2017	$919.6M	$633.9M	$267.1M	$308.5M	$3.95B	$936.0M	$295.5M	$1.82B	$2.14B
FY 2016	$1.05B	$584.4M	$211.3M	$288.4M	$2.88B	$1.29B	$511.2M	$2.12B	$766.3M
FY 2015	$926.1M	$579.2M	$191.2M	$192.0M	$2.70B	$1.27B	$483.2M	$2.07B	$620.9M
FY 2014	$726.9M	$529.7M	$254.7M	$126.6M	$2.07B	$1.46B	$878.1M	$2.14B	-$69.6M

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	42.0%	6.5%	2.6%	2.7x	2.1x	4.5%	5.3%	5.8x	70.8x	2.5%	17.8%	129d
FY 2024	42.8%	4.8%	2.1%	3.5x	2.7x	3.0%	2.9%	2.5x	28.3x	4.1%	19.1%	177d
FY 2023	42.8%	8.8%	5.8%	3.8x	2.7x	8.9%	6.5%	1.5x	12.1x	1.0%	17.1%	206d
FY 2022	43.0%	7.1%	4.2%	3.3x	2.3x	5.6%	5.3%	2.1x	19.9x	-3.5%	17.2%	186d
FY 2021	47.6%	13.7%	13.8%	3.5x	3.1x	16.6%	12.5%	2.2x	12.5x	5.5%	14.8%	105d
FY 2020	46.8%	13.8%	10.2%	3.4x	3.0x	14.4%	11.2%	1.6x	9.4x	6.8%	15.0%	96d
FY 2019	43.2%	9.7%	7.1%	2.8x	2.4x	11.7%	9.2%	1.6x	11.9x	6.1%	15.3%	86d
FY 2018	42.5%	7.4%	-11.1%	2.2x	1.9x	-17.9%	-19.1%	1.4x	13.6x	3.7%	15.9%	80d
FY 2017	44.5%	7.7%	45.0%	1.9x	1.6x	59.1%	6.6%	1.2x	9.9x	4.6%	17.0%	84d
FY 2016	44.7%	6.0%	2.8%	2.2x	2.0x	9.5%	5.9%	1.2x	11.2x	6.8%	17.4%	76d
FY 2015	44.0%	4.1%	0.5%	2.8x	2.5x	1.9%	2.5%	1.4x	15.9x	7.0%	16.9%	78d
FY 2014	41.4%	2.0%	-1.8%	2.1x	1.8x	58.4%	3.1%	1.2x	19.9x	2.3%	17.5%	97d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+18.8%	+16.6%	+10.5%	+62.5%	+46.9%	+50.0%	+76.1%	-3.0%	+4.5%	+0.7%	+4.0%	-3.1%
FY 2024	-8.5%	-8.5%	+2.3%	-50.3%	-67.1%	-66.1%	+508.2%	-28.7%	+12.2%	-21.9%	+0.7%	-1.5%
FY 2023	+20.8%	+20.4%	+20.2%	+49.6%	+66.7%	+69.3%	+124.0%	-16.9%	-2.9%	+11.0%	+10.5%	+39.7%
FY 2022	+0.3%	-9.4%	+16.4%	-48.1%	-69.4%	-68.6%	-156.0%	-14.2%	-28.4%	+153.0%	+4.2%	+47.6%
FY 2021	+2.5%	+4.2%	+1.3%	+1.7%	+38.4%	+37.6%	+12.4%	+3.8%	+29.4%	+8.7%	+16.4%	-3.0%
FY 2020	-1.1%	+7.2%	-3.3%	+40.4%	+42.6%	+43.6%	+17.2%	-32.1%	+22.2%	-0.2%	+7.4%	+9.6%
FY 2019	+15.4%	+17.3%	+11.5%	+50.8%	+173.5%	+165.5%	+116.9%	+7.4%	+13.4%	+31.3%	+3.6%	+8.9%
FY 2018	+10.4%	+5.5%	+3.4%	+7.1%	-127.3%	-128.0%	+15.2%	+28.5%	-2.7%	-1.6%	-4.9%	-25.9%
FY 2017	+7.7%	+7.2%	+5.2%	+37.5%	+1638.6%	+1609.6%	-23.1%	+11.7%	-12.7%	+26.5%	+37.1%	-27.4%
FY 2016	+6.3%	+8.0%	+9.1%	+55.5%	+522.1%	+420.0%	-8.8%	-72.6%	+13.7%	+10.5%	+7.0%	+1.2%
FY 2015	+6.9%	+13.4%	+3.2%	+119.8%	+128.7%	+126.3%	+380.8%	-28.8%	+27.4%	-24.9%	+30.0%	-13.0%
FY 2014	+9.9%	+9.6%	+4.6%	+2674.9%	+52.4%	+54.2%	+4714.8%	-10.0%	+54.2%	+2.2%	+15.0%	+20.9%

SegmentsFY 2024

Revenue Mix

Period	Total	Americas	North America	EMEA	Asia Pacific	UNITED STATES	Other International	Central And Latin America
FY 2024	$4.01B	--	$2.95B	$648.9M	$414.2M	--	--	--
FY 2023	$4.39B	--	$3.11B	$643.1M	$633.1M	--	--	--
FY 2022	$3.63B	$2.64B	--	$555.2M	$440.6M	--	--	--
FY 2021	$3.62B	$2.53B	--	$670.5M	$424.6M	--	--	--
FY 2020	$3.53B	$2.47B	--	$591.5M	$471.4M	--	--	--
FY 2019	$3.57B	$2.35B	--	$566.7M	$501.5M	--	--	$152.7M
FY 2018	$3.09B	$1.89B	--	$464.9M	$602.8M	--	--	$140.2M
FY 2017	$2.80B	--	$1.74B	$404.1M	$497.2M	--	--	$164.3M
FY 2016	$2.41B	--	$1.69B	$393.7M	$322.5M	--	--	--
FY 2015	$2.45B	--	$1.60B	$400.3M	$245.5M	--	--	$201.5M
FY 2013	$0	--	--	--	--	--	--	--
FY 2012	$1.83B	--	--	--	--	$972.6M	$861.3M	--

Transcripts

Events

Next earnings

2026-12-10EPS est $2.05

Recent filings

42026-10-19
42026-10-19
42026-10-19

Latest news

4 Cloud Computing Stocks to Bet on for Solid Long-Term Gains
Zacks Investment Research · 2026-10-22
CIEN Wins Space Norway Cable Deal: Can Subsea Networking Drive Growth?
Zacks Investment Research · 2026-10-21

Analyst expectations

Consensus target

$500.38

+55.1%

Target range

$347.00 - $615.00

Rating mix

Buy

42 ratings

Next FY revenue

$6.43B

2026-11-01

Next FY EPS

$7.17

$7.05 - $7.25

Rating consensus42 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-11-01	$6.43B	$6.41B - $6.45B	$7.17	$7.05 - $7.25	$1.51B	$1.36B	$1.05B	$1.12B	13 rev / 11 EPS
2027-11-01	$8.45B	$8.36B - $8.56B	$11.85	$8.50 - $12.66	$2.39B	$2.23B	$1.76B	$1.47B	13 rev / 8 EPS
2028-11-01	$10.95B	$9.85B - $12.11B	$17.53	$15.49 - $18.95	$3.39B	$3.20B	$2.55B	$1.90B	16 rev / 6 EPS
2029-11-01	$13.92B	$13.55B - $14.36B	$24.72	$23.85 - $25.71	$4.68B	$4.46B	$3.59B	$2.42B	8 rev / 2 EPS
2030-11-01	$17.01B	$16.54B - $17.53B	$34.97	$33.73 - $36.37	$6.54B	$6.27B	$5.08B	$2.95B	8 rev / 2 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-11-01	$1.76B	$1.75B - $1.80B	$2.08	$1.96 - $2.16	$433.0M	$384.4M	$303.2M	$305.2M	11 rev / 7 EPS
2027-02-01	$1.84B	$1.81B - $1.90B	$2.36	$1.90 - $2.56	$483.5M	$434.9M	$344.7M	$319.6M	9 rev / 11 EPS
2027-05-01	$2.00B	$1.97B - $2.06B	$2.76	$2.70 - $2.86	$555.3M	$506.3M	$403.5M	$347.9M	4 rev / 4 EPS
2027-08-01	$2.18B	$2.14B - $2.24B	$3.21	$3.13 - $3.32	$634.2M	$584.7M	$468.0M	$378.8M	4 rev / 7 EPS
2027-11-01	$2.38B	$2.34B - $2.45B	$3.68	$3.60 - $3.81	$719.0M	$668.8M	$537.2M	$413.0M	7 rev / 4 EPS
2028-02-01	$2.46B	$2.42B - $2.53B	$3.72	$3.64 - $3.86	$727.2M	$676.3M	$543.4M	$427.2M	7 rev / 5 EPS
2028-05-01	$2.64B	$2.60B - $2.72B	$4.13	$4.04 - $4.28	$801.3M	$749.4M	$603.5M	$458.5M	3 rev / 5 EPS
2028-08-01	$2.81B	$2.77B - $2.89B	$4.50	$4.40 - $4.66	$866.9M	$813.7M	$656.5M	$488.5M	4 rev / 9 EPS

Price target history

Window	Targets	Average target
Last month	1	$440.00
Last quarter	15	$483.27
Last year	50	$394.26
All time	107	$223.85

Sources: StreetInsider, Benzinga, Pulse 2.0, MarketWatch

Latest grade actions

Date	Firm	Action	Previous	New
2026-09-21	Evercore ISI Group	Upgrade	In Line	Outperform
2026-09-17	Rosenblatt	Maintain	Buy	Buy
2026-09-17	Barclays	Maintain	Overweight	Overweight
2026-09-17	Morgan Stanley	Maintain	Equal Weight	Equal Weight
2026-09-17	Needham	Maintain	Buy	Buy
2026-09-04	UBS	Maintain	Neutral	Neutral
2026-09-04	Barclays	Maintain	Overweight	Overweight
2026-09-04	Rosenblatt	Maintain	Buy	Buy

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-10-01	5	11	5	0	0
2026-09-01	5	11	6	0	1
2026-08-01	5	9	6	0	1
2026-07-01	5	8	6	1	1
2026-06-01	5	8	6	1	1
2026-05-01	5	8	6	1	0
2026-04-01	5	8	5	1	0
2026-03-01	5	7	6	1	0

Financials

Revenue

$4.77B

Gross margin

42.0%

Operating income

$310.8M

Free cash flow

$665.3M

Cash + ST investments

$1.31B

Net debt

$490.3M

ROE

4.5%

ROIC

5.3%

EV / sales

5.8x

EV / EBITDA

70.8x

R&D / revenue

17.8%

Current ratio

2.7x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$4.77B	$2.00B	42.0%	$848.3M	$310.8M	$388.4M	$123.3M	$0.87
FY 2024	$4.01B	$1.72B	42.8%	$767.5M	$191.2M	$351.9M	$84.0M	$0.58
FY 2023	$4.39B	$1.88B	42.8%	$750.6M	$384.9M	$558.9M	$254.8M	$1.71
FY 2022	$3.63B	$1.56B	43.0%	$624.7M	$257.2M	$375.7M	$152.9M	$1.01
FY 2021	$3.62B	$1.72B	47.6%	$536.7M	$495.4M	$626.4M	$500.2M	$3.22
FY 2020	$3.53B	$1.65B	46.8%	$529.9M	$487.0M	$619.8M	$361.3M	$2.34
FY 2019	$3.57B	$1.54B	43.2%	$548.1M	$346.8M	$473.4M	$253.4M	$1.63
FY 2018	$3.09B	$1.31B	42.5%	$491.6M	$229.9M	$314.1M	-$344.7M	$-2.49
FY 2017	$2.80B	$1.25B	44.5%	$475.3M	$214.7M	$334.9M	$1.26B	$8.89
FY 2016	$2.60B	$1.16B	44.7%	$451.8M	$156.2M	$285.1M	$72.6M	$0.52
FY 2015	$2.45B	$1.08B	44.0%	$414.2M	$100.4M	$210.7M	$11.7M	$0.10
FY 2014	$2.29B	$948.4M	41.4%	$401.2M	$45.7M	$133.2M	-$40.6M	$-0.38

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$806.1M	$140.8M	$665.3M
FY 2024	$514.5M	$136.6M	$377.9M
FY 2023	$168.3M	$106.2M	$62.1M
FY 2022	-$167.8M	$90.8M	-$258.6M
FY 2021	$541.6M	$79.5M	$462.1M
FY 2020	$493.7M	$82.7M	$411.0M
FY 2019	$413.1M	$62.6M	$350.6M
FY 2018	$229.3M	$67.6M	$161.6M
FY 2017	$234.9M	$94.6M	$140.3M
FY 2016	$289.5M	$107.2M	$182.3M
FY 2015	$262.1M	$62.1M	$200.0M
FY 2014	$89.8M	$48.2M	$41.6M

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$1.31B	$1.20B	$826.2M	$38.6M	$5.86B	$1.58B	$490.3M	$3.14B	$2.73B
FY 2024	$1.25B	$1.25B	$820.4M	$365.1M	$5.64B	$1.63B	$697.4M	$2.83B	$2.82B
FY 2023	$1.12B	$1.19B	$1.05B	$315.3M	$5.60B	$1.66B	$646.5M	$2.75B	$2.85B
FY 2022	$1.15B	$1.10B	$946.7M	$312.9M	$5.07B	$1.19B	$192.0M	$2.36B	$2.71B
FY 2021	$1.60B	$1.00B	$374.3M	$329.3M	$4.87B	$803.7M	-$618.9M	$1.85B	$3.02B
FY 2020	$1.24B	$827.2M	$344.4M	$329.4M	$4.18B	$828.1M	-$260.5M	$1.67B	$2.51B
FY 2019	$1.01B	$837.0M	$345.0M	$286.9M	$3.89B	$755.5M	-$148.6M	$1.72B	$2.17B
FY 2018	$894.4M	$812.8M	$262.8M	$292.1M	$3.76B	$693.5M	-$52.0M	$1.83B	$1.93B
FY 2017	$919.6M	$633.9M	$267.1M	$308.5M	$3.95B	$936.0M	$295.5M	$1.82B	$2.14B
FY 2016	$1.05B	$584.4M	$211.3M	$288.4M	$2.88B	$1.29B	$511.2M	$2.12B	$766.3M
FY 2015	$926.1M	$579.2M	$191.2M	$192.0M	$2.70B	$1.27B	$483.2M	$2.07B	$620.9M
FY 2014	$726.9M	$529.7M	$254.7M	$126.6M	$2.07B	$1.46B	$878.1M	$2.14B	-$69.6M

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	42.0%	6.5%	2.6%	2.7x	2.1x	4.5%	5.3%	5.8x	70.8x	2.5%	17.8%	129d
FY 2024	42.8%	4.8%	2.1%	3.5x	2.7x	3.0%	2.9%	2.5x	28.3x	4.1%	19.1%	177d
FY 2023	42.8%	8.8%	5.8%	3.8x	2.7x	8.9%	6.5%	1.5x	12.1x	1.0%	17.1%	206d
FY 2022	43.0%	7.1%	4.2%	3.3x	2.3x	5.6%	5.3%	2.1x	19.9x	-3.5%	17.2%	186d
FY 2021	47.6%	13.7%	13.8%	3.5x	3.1x	16.6%	12.5%	2.2x	12.5x	5.5%	14.8%	105d
FY 2020	46.8%	13.8%	10.2%	3.4x	3.0x	14.4%	11.2%	1.6x	9.4x	6.8%	15.0%	96d
FY 2019	43.2%	9.7%	7.1%	2.8x	2.4x	11.7%	9.2%	1.6x	11.9x	6.1%	15.3%	86d
FY 2018	42.5%	7.4%	-11.1%	2.2x	1.9x	-17.9%	-19.1%	1.4x	13.6x	3.7%	15.9%	80d
FY 2017	44.5%	7.7%	45.0%	1.9x	1.6x	59.1%	6.6%	1.2x	9.9x	4.6%	17.0%	84d
FY 2016	44.7%	6.0%	2.8%	2.2x	2.0x	9.5%	5.9%	1.2x	11.2x	6.8%	17.4%	76d
FY 2015	44.0%	4.1%	0.5%	2.8x	2.5x	1.9%	2.5%	1.4x	15.9x	7.0%	16.9%	78d
FY 2014	41.4%	2.0%	-1.8%	2.1x	1.8x	58.4%	3.1%	1.2x	19.9x	2.3%	17.5%	97d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+18.8%	+16.6%	+10.5%	+62.5%	+46.9%	+50.0%	+76.1%	-3.0%	+4.5%	+0.7%	+4.0%	-3.1%
FY 2024	-8.5%	-8.5%	+2.3%	-50.3%	-67.1%	-66.1%	+508.2%	-28.7%	+12.2%	-21.9%	+0.7%	-1.5%
FY 2023	+20.8%	+20.4%	+20.2%	+49.6%	+66.7%	+69.3%	+124.0%	-16.9%	-2.9%	+11.0%	+10.5%	+39.7%
FY 2022	+0.3%	-9.4%	+16.4%	-48.1%	-69.4%	-68.6%	-156.0%	-14.2%	-28.4%	+153.0%	+4.2%	+47.6%
FY 2021	+2.5%	+4.2%	+1.3%	+1.7%	+38.4%	+37.6%	+12.4%	+3.8%	+29.4%	+8.7%	+16.4%	-3.0%
FY 2020	-1.1%	+7.2%	-3.3%	+40.4%	+42.6%	+43.6%	+17.2%	-32.1%	+22.2%	-0.2%	+7.4%	+9.6%
FY 2019	+15.4%	+17.3%	+11.5%	+50.8%	+173.5%	+165.5%	+116.9%	+7.4%	+13.4%	+31.3%	+3.6%	+8.9%
FY 2018	+10.4%	+5.5%	+3.4%	+7.1%	-127.3%	-128.0%	+15.2%	+28.5%	-2.7%	-1.6%	-4.9%	-25.9%
FY 2017	+7.7%	+7.2%	+5.2%	+37.5%	+1638.6%	+1609.6%	-23.1%	+11.7%	-12.7%	+26.5%	+37.1%	-27.4%
FY 2016	+6.3%	+8.0%	+9.1%	+55.5%	+522.1%	+420.0%	-8.8%	-72.6%	+13.7%	+10.5%	+7.0%	+1.2%
FY 2015	+6.9%	+13.4%	+3.2%	+119.8%	+128.7%	+126.3%	+380.8%	-28.8%	+27.4%	-24.9%	+30.0%	-13.0%
FY 2014	+9.9%	+9.6%	+4.6%	+2674.9%	+52.4%	+54.2%	+4714.8%	-10.0%	+54.2%	+2.2%	+15.0%	+20.9%

Revenue Mix

Period	Total	Product	Networking Platforms Segment	Converged Packet Optical	Packet-Optical Transport	Networking Platforms	Service	Global Services	Software and Services	Platform Software and Services Segment	Packet Networking	Packet-Optical Switching	Maintenance Support And Training	Carrier Ethernet Service Delivery	Platform Software and Services	Installation And Deployment	Software and Software-Related Services	Blue Planet Automation Software and Services Segment	Blue Planet Automation Software and Services	Consulting And Network Design	Grant
FY 2024	$4.01B	--	$3.04B	--	--	--	--	$537.2M	--	$358.1M	--	--	--	--	--	--	--	$77.6M	--	--	--
FY 2023	$4.39B	--	$3.49B	--	--	--	--	$520.0M	--	$303.9M	--	--	--	--	--	--	--	$69.2M	--	--	--
FY 2022	$3.63B	$2.89B	--	--	--	--	$743.8M	--	--	--	--	--	--	--	--	--	--	--	--	--	--
FY 2021	$3.63B	$2.93B	--	--	--	--	$688.1M	--	--	--	--	--	--	--	--	--	--	--	--	--	$10.4M
FY 2020	$3.53B	--	--	$2.55B	--	--	--	--	--	--	$267.4M	--	$269.4M	--	$197.8M	$152.0M	--	--	$62.6M	$35.3M	--
FY 2019	$7.16B	$2.98B	--	$2.56B	--	--	$588.3M	--	--	--	$348.5M	--	$261.3M	--	$155.4M	$148.2M	--	--	$54.6M	$41.3M	$12.3M
FY 2018	$16.6M	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	$16.6M
FY 2017	$2.80B	--	--	--	--	$2.25B	--	$387.9M	--	--	--	--	--	--	--	--	$161.1M	--	--	--	--
FY 2016	$2.48B	--	$2.07B	--	--	--	--	$406.7M	--	--	--	--	--	--	--	--	--	--	--	--	--
FY 2015	$2.45B	--	--	--	$1.66B	--	--	--	$481.7M	--	--	$229.2M	--	$73.0M	--	--	--	--	--	--	--
FY 2013	$2.08B	--	--	--	$1.19B	--	--	--	$438.6M	--	--	$222.9M	--	$233.8M	--	--	--	--	--	--	--
FY 2012	$1.83B	--	--	--	$1.17B	--	--	--	$397.4M	--	--	$132.7M	--	$131.7M	--	--	--	--	--	--	--