Recent News
Jun 23, 2026 — VIAVI announced an industry-first validation solution for Ultra Ethernet Transport aimed at AI data-center deployments. May 19, 2026 — the company priced a public offering of 11,111,111 shares at $45.00 per share. May 12, 2026 — the board approved a rotation of Audit Committee chairpersons. Apr 27, 2026 — VIAVI disclosed an investment in a PCIe 7.0 protocol analysis testing platform.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 22.55 indicates an emerging trend; DI+ exhibits a dip-and-reverse (increasing), and DI- shows a peak-and-reverse (decreasing), both of which support short-term bullish directional pressure into the immediate horizon.
MACD: MACD sits at -1.89 with the signal at -1.90, producing a recent cross above the signal line (a bullish signal), yet the MACD_trend registers a peak-and-reversal consistent with weakening momentum; this combination points to a short-lived bullish technical trigger amid fading momentum.
MRO: MRO reads 0.26 (positive), indicating current price sits above the model target and therefore carries downside pressure toward that target; the MRO_trend shows a peak-and-reversal, reinforcing the bias toward mean reversion.
RSI and momentum breadth: RSI at 44.29 with a peak-and-reversal denotes falling relative strength beneath neutral, consistent with the MACD weakening; momentum breadth does not support a durable breakout at present.
Price vs. averages and volatility: Last close $39.52 lies below the 20-day average $40.78 and well below the 50-day average $47.09, but above the 200-day average $31.34; price near the lower Bollinger band ($38.70) suggests limited upside room to re-test near-term resistance bands. Beta (42-day) of 2.52 and elevated short-term volatility imply rapid intraday moves, while average volumes sit below multi-horizon norms, reducing conviction in swift trend changes.
Fundamental Analysis
Profitability & margins: Operating income $42,100,000 and EBIT $27,000,000 translate to an operating margin of 10.35% and an EBIT margin of 6.64%. EBIT margin improved YoY by 87.17% but contracted QoQ by 1.996 percentage points. The EBIT margin sits below the industry peer mean of 15.376% and below the industry peer median of 14.986%, placing Viavi on the lower side of peer profitability ranges.
Revenue, growth, and R&D: Total revenue $406,800,000 with YoY revenue growth of 96.40% but a QoQ decline of 56.74%—the YoY gain likely reflects acquisition-related revenue recognition while the QoQ drop signals near-term timing variability. R&D expense $71,000,000 supports product development cited in recent launches.
Cash flow and liquidity: Cash and short-term investments $500,800,000; operating cash flow negative at -$26,300,000 and free cash flow -$32,200,000 produce a free cash flow yield of -0.41%, with a cash conversion ratio of 1.01. Current ratio 1.61 and quick ratio 1.39 provide moderate coverage of near-term obligations; net debt $581,800,000 and debt-to-equity 1.34 indicate material leverage.
Returns and efficiency: Return on equity 0.76% and return on invested capital 0.84% remain low relative to typical capital intensity benchmarks; asset turnover 0.153 is below the industry peer mean of 0.18499 and near the industry peer median, indicating lower revenue generation per dollar of assets.
Earnings and valuation multiples: Reported EPS $0.27 exceeded the estimate $0.23 by $0.04, a surprise ratio of 17.39%. Trailing PE 126.4 and forward PE ~102.1 both sit below the industry peer mean PE of 136.40 and near the industry peer median of 131.74, while P/B at 9.33 exceeds the industry peer mean of 8.39 and is close to the industry peer median of 9.10. PS ratio 19.42 compares to an industry peer mean of 21.95. WMDST values the stock as over-valued; price targets from external consensus show a mean near $54.64 versus the last close $39.52, implying analyst upside but not altering WMDST’s stated valuation assessment.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-29 |
| NEXT REPORT DATE: | 2026-07-29 |
| CASH FLOW | Begin Period Cash Flow | $ 776.1 M |
| Operating Cash Flow | $ -26.30 M | |
| Capital Expenditures | $ -5.90 M | |
| Change In Working Capital | $ -114.80 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -264.80 M | |
| End Period Cash Flow | $ 511.3 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 406.8 M | |
| Forward Revenue | $ 1.2 B | |
| COSTS | ||
| Cost Of Revenue | $ 172.7 M | |
| Depreciation | $ 10.3 M | |
| Depreciation and Amortization | $ 30.7 M | |
| Research and Development | $ 71.0 M | |
| Total Operating Expenses | $ 364.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 234.1 M | |
| EBITDA | $ 57.7 M | |
| EBIT | $ 27.0 M | |
| Operating Income | $ 42.1 M | |
| Interest Income | $ 7.0 M | |
| Interest Expense | $ 13.2 M | |
| Net Interest Income | $ -7.30 M | |
| Income Before Tax | $ 13.8 M | |
| Tax Provision | $ 7.4 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 6.4 M | |
| Net Income From Continuing Operations | $ 6.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.23 | |
| EPS Actual | $ 0.27 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 17.391 % | |
| Forward EPS | $ 0.32 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.5 B | |
| Intangible Assets | $ 1.1 B | |
| Net Tangible Assets | $ -253.30 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 500.8 M | |
| Cash | $ 499.0 M | |
| Net Receivables | $ 320.3 M | |
| Inventory | $ 147.9 M | |
| Long-Term Investments | $ 21.8 M | |
| LIABILITIES | ||
| Accounts Payable | $ 81.7 M | |
| Short-Term Debt | $ 244.5 M | |
| Total Current Liabilities | $ 652.5 M | |
| Net Debt | $ 581.8 M | |
| Total Debt | $ 1.1 B | |
| Total Liabilities | $ 1.7 B | |
| EQUITY | ||
| Total Equity | $ 846.5 M | |
| Retained Earnings | $ -69.72 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 3.66 | |
| Shares Outstanding | 233.900 M | |
| Revenue Per-Share | $ 1.76 | |
| VALUATION | Market Capitalization | $ 7.9 B |
| Enterprise Value | $ 8.5 B | |
| Enterprise Multiple | 147.908 | |
| Enterprise Multiple QoQ | -86.413 % | |
| Enterprise Multiple YoY | 48.69 % | |
| Enterprise Multiple IPRWA | high: 364.265 VIAV: 147.908 mean: 94.759 median: 79.445 low: -215.509 |
|
| EV/R | 20.979 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.986 | |
| Asset To Liability | 1.503 | |
| Debt To Capital | 0.573 | |
| Debt To Assets | 0.45 | |
| Debt To Assets QoQ | -6.083 % | |
| Debt To Assets YoY | 25.731 % | |
| Debt To Assets IPRWA | high: 0.98 VIAV: 0.45 mean: 0.272 median: 0.263 low: 0.001 |
|
| Debt To Equity | 1.343 | |
| Debt To Equity QoQ | -15.768 % | |
| Debt To Equity YoY | 41.541 % | |
| Debt To Equity IPRWA | high: 2.293 VIAV: 1.343 mean: 0.7 median: 0.571 low: -0.773 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 9.331 | |
| Price To Book QoQ | 94.153 % | |
| Price To Book YoY | 187.971 % | |
| Price To Book IPRWA | high: 17.798 VIAV: 9.331 median: 9.099 mean: 8.387 low: -2.416 |
|
| Price To Earnings (P/E) | 126.422 | |
| Price To Earnings QoQ | 60.512 % | |
| Price To Earnings YoY | 78.353 % | |
| Price To Earnings IPRWA | high: 474.071 mean: 136.396 median: 131.744 VIAV: 126.422 low: -220.021 |
|
| PE/G Ratio | 5.563 | |
| Price To Sales (P/S) | 19.416 | |
| Price To Sales QoQ | 78.833 % | |
| Price To Sales YoY | 134.168 % | |
| Price To Sales IPRWA | high: 99.122 median: 22.531 mean: 21.953 VIAV: 19.416 low: 0.0 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 102.092 | |
| Forward PE/G | 4.492 | |
| Forward P/S | 6.949 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -20.657 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.153 | |
| Asset Turnover Ratio QoQ | 0.901 % | |
| Asset Turnover Ratio YoY | -1.509 % | |
| Asset Turnover Ratio IPRWA | high: 0.534 median: 0.185 mean: 0.185 VIAV: 0.153 low: 0.001 |
|
| Receivables Turnover | 1.345 | |
| Receivables Turnover Ratio QoQ | -4.104 % | |
| Receivables Turnover Ratio YoY | 9.873 % | |
| Receivables Turnover Ratio IPRWA | high: 2.612 mean: 1.453 median: 1.439 VIAV: 1.345 low: 0.528 |
|
| Inventory Turnover | 1.196 | |
| Inventory Turnover Ratio QoQ | 0.0 % | |
| Inventory Turnover Ratio YoY | 0.674 % | |
| Inventory Turnover Ratio IPRWA | high: 2.973 VIAV: 1.196 mean: 1.023 median: 1.009 low: 0.128 |
|
| Days Sales Outstanding (DSO) | 67.843 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 101.135 | |
| Cash Conversion Cycle Days QoQ | -1.58 % | |
| Cash Conversion Cycle Days YoY | -8.27 % | |
| Cash Conversion Cycle Days IPRWA | high: 308.893 VIAV: 101.135 mean: 100.465 median: 91.076 low: -44.852 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.014 | |
| CapEx To Revenue | -0.015 | |
| CapEx To Depreciation | -0.573 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.7 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ -253.30 M | |
| Net Working Capital | $ 401.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.768 | |
| Current Ratio | 1.615 | |
| Current Ratio QoQ | -38.164 % | |
| Current Ratio YoY | 5.293 % | |
| Current Ratio IPRWA | high: 14.867 mean: 2.492 median: 1.714 VIAV: 1.615 low: 0.37 |
|
| Quick Ratio | 1.388 | |
| Quick Ratio QoQ | -40.255 % | |
| Quick Ratio YoY | 5.138 % | |
| Quick Ratio IPRWA | high: 13.913 mean: 1.911 VIAV: 1.388 median: 1.259 low: 0.247 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 19.697 | |
| Cost Of Debt | 1.024 % | |
| Interest Coverage Ratio | 2.045 | |
| Interest Coverage Ratio QoQ | -217.239 % | |
| Interest Coverage Ratio YoY | 39.738 % | |
| Interest Coverage Ratio IPRWA | high: 69.571 mean: 9.217 median: 7.828 VIAV: 2.045 low: -197.838 |
|
| Operating Cash Flow Ratio | -0.023 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 49.765 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -9.0 % | |
| Revenue Growth | 10.154 % | |
| Revenue Growth QoQ | -56.736 % | |
| Revenue Growth YoY | 96.402 % | |
| Revenue Growth IPRWA | high: 25.82 % VIAV: 10.154 % median: 7.12 % mean: 6.541 % low: -56.837 % |
|
| Earnings Growth | 22.727 % | |
| Earnings Growth QoQ | -51.3 % | |
| Earnings Growth YoY | 47.722 % | |
| Earnings Growth IPRWA | high: 58.333 % VIAV: 22.727 % median: 9.278 % mean: 1.727 % low: -186.111 % |
|
| MARGINS | ||
| Gross Margin | 57.547 % | |
| Gross Margin QoQ | 0.912 % | |
| Gross Margin YoY | 1.987 % | |
| Gross Margin IPRWA | high: 99.349 % VIAV: 57.547 % mean: 37.743 % median: 36.783 % low: -36.179 % |
|
| EBIT Margin | 6.637 % | |
| EBIT Margin QoQ | -199.64 % | |
| EBIT Margin YoY | 87.169 % | |
| EBIT Margin IPRWA | high: 48.781 % mean: 15.376 % median: 14.986 % VIAV: 6.637 % low: -233.527 % |
|
| Return On Sales (ROS) | 10.349 % | |
| Return On Sales QoQ | 238.203 % | |
| Return On Sales YoY | 191.85 % | |
| Return On Sales IPRWA | high: 40.821 % mean: 15.725 % median: 15.42 % VIAV: 10.349 % low: -176.472 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -32.20 M | |
| Free Cash Flow Yield | -0.408 % | |
| Free Cash Flow Yield QoQ | -144.348 % | |
| Free Cash Flow Yield YoY | -1071.429 % | |
| Free Cash Flow Yield IPRWA | high: 5.592 % median: 0.346 % mean: 0.26 % VIAV: -0.408 % low: -18.584 % |
|
| Free Cash Growth | -187.263 % | |
| Free Cash Growth QoQ | -392.598 % | |
| Free Cash Growth YoY | 92.539 % | |
| Free Cash Growth IPRWA | high: 300.72 % mean: -8.264 % median: -43.487 % VIAV: -187.263 % low: -399.154 % |
|
| Free Cash To Net Income | -5.031 | |
| Cash Flow Margin | -3.736 % | |
| Cash Flow To Earnings | -2.375 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.241 % | |
| Return On Assets QoQ | -112.178 % | |
| Return On Assets YoY | -77.392 % | |
| Return On Assets IPRWA | high: 12.143 % median: 2.381 % mean: 1.976 % VIAV: 0.241 % low: -20.105 % |
|
| Return On Capital Employed (ROCE) | 1.44 % | |
| Return On Equity (ROE) | 0.008 | |
| Return On Equity QoQ | -113.114 % | |
| Return On Equity YoY | -71.749 % | |
| Return On Equity IPRWA | high: 0.162 mean: 0.047 median: 0.045 VIAV: 0.008 low: -0.303 |
|
| DuPont ROE | 0.761 % | |
| Return On Invested Capital (ROIC) | 0.841 % | |
| Return On Invested Capital QoQ | -191.314 % | |
| Return On Invested Capital YoY | 90.271 % | |
| Return On Invested Capital IPRWA | high: 7.857 % mean: 2.733 % median: 2.694 % VIAV: 0.841 % low: -10.75 % |
|