Recent News
September 14, 2026 — Ciena launched “Ciena Ventures,” a corporate venture program to accelerate investments across the AI networking ecosystem. September 16, 2026 — at an Investor Forum Ciena published three-year financial targets through fiscal 2029, calling for roughly 30% revenue CAGR from 2026–2029, adjusted gross margin near 50%, adjusted operating margin of 32–35%, and free-cash-flow margins around 20%.
Technical Analysis
Directional strength: ADX sits at 13.44, indicating no dominant trend; DI+ shows a dip-and-reversal while DI- has been decreasing, which together point to a short-term bullish tilt in directional indicators despite the low ADX.
Momentum crossover: MACD at -11.73 has risen above its signal line (-15.35), producing a bullish MACD cross that signals improving upward momentum from recent lows.
Price versus averages: the close at $368.56 trades above the 12-day EMA ($351.92) and the 20-day average ($341.29), indicating short-term strength, while remaining below the 50-day ($380.53) and 200-day ($385.48) averages, which preserves medium-term downward pressure on the price band.
MRO reads 9.65 (positive), indicating price sits modestly above the WMDST target and therefore carries a moderate bias toward mean reversion downward absent fresh upside drivers.
RSI at 45.15 and increasing signals improving buying interest from neutral territory; combined with the MACD crossover, the near-term bias favors continued recovery, though the low ADX tempers conviction.
Volatility & breadth: 42-day beta 2.89 and 52-week beta 2.48 reflect elevated sensitivity to market moves; volume sits slightly below recent averages, suggesting rallies may lack broad participation until volume normalizes.
Fundamental Analysis
Reported results: on September 3, 2026 Ciena published fiscal third-quarter results for the period ending April 30, 2026 and reported EPS of $2.11 versus an estimate of $1.73, an EPS beat of $0.38 representing a 21.97% surprise. Total revenue for the period registered at $1,570,739,000.
Profitability: operating income sits at $238,676,000 with an operating margin of 15.195% and an EBIT margin of 16.116%. The EBIT margin compares below the industry peer mean of 27.379% and below the industry peer median of 27.877%, indicating margin expansion remains possible versus peers. Year-over-year change in EBIT margin registers as +326.236% by the provided YoY metric; quarter-over-quarter EBIT margin improved by 13.645%.
Top-line and growth: reported revenue growth shows a YoY figure of 101.4% and a QoQ uplift of 81.376% per the supplied growth metrics; these figures point to a period of rapid sales expansion as reflected in the revenue line of $1.571B. Gross margin sits at 44.027% with a small YoY increase of 9.463%.
Cash flow & liquidity: operating cash flow reached $259,702,000 and free cash flow totaled $218,654,000, producing a free-cash-flow yield of 0.315%. Cash plus short-term investments total $1,202,834,000 and the cash ratio equals 91.92%, supporting near-term obligations; the current ratio stands at 2.72674.
Leverage and returns: total debt measures $1,580,580,000 with debt-to-assets of 26.171% and debt-to-EBITDA of 5.298x. Return on equity reached 7.545% while return on assets approximated 3.658%, both improving QoQ by roughly 40% and showing large YoY percentage shifts per the provided metrics.
Valuation context: WMDST values the stock as over-valued. Market multiples present elevated readings: P/E at 328.62x, forward P/E near 164.37x, price-to-sales 44.14x, and price-to-book 23.97x. Those multiples sit well above the industry peer mean and median reference points where provided, reflecting strong market expectations priced into shares.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-04-30 |
| REPORT DATE: | 2026-09-03 |
| NEXT REPORT DATE: | 2026-12-03 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 259.7 M | |
| Capital Expenditures | $ -41.05 M | |
| Change In Working Capital | $ -86.98 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -78.30 M | |
| End Period Cash Flow | $ 1.0 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.6 B | |
| Forward Revenue | $ 615.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 879.2 M | |
| Depreciation | $ 34.7 M | |
| Depreciation and Amortization | $ 45.2 M | |
| Research and Development | $ 237.9 M | |
| Total Operating Expenses | $ 1.3 B | |
| PROFITABILITY | ||
| Gross Profit | $ 691.6 M | |
| EBITDA | $ 298.3 M | |
| EBIT | $ 253.1 M | |
| Operating Income | $ 238.7 M | |
| Interest Income | $ 13.1 M | |
| Interest Expense | $ 22.1 M | |
| Net Interest Income | $ -8.95 M | |
| Income Before Tax | $ 231.1 M | |
| Tax Provision | $ 12.8 M | |
| Tax Rate | 5.557 % | |
| Net Income | $ 218.2 M | |
| Net Income From Continuing Operations | $ 218.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.73 | |
| EPS Actual | $ 2.11 | |
| EPS Difference | $ 0.38 | |
| EPS Surprise | 21.965 % | |
| Forward EPS | $ 2.42 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.0 B | |
| Intangible Assets | $ 722.6 M | |
| Net Tangible Assets | $ 2.2 B | |
| Total Current Assets | $ 3.6 B | |
| Cash and Short-Term Investments | $ 1.2 B | |
| Cash | $ 1.0 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | $ 808.4 M | |
| Long-Term Investments | $ 191.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 606.6 M | |
| Short-Term Debt | $ 11.6 M | |
| Total Current Liabilities | $ 1.3 B | |
| Net Debt | $ 486.0 M | |
| Total Debt | $ 1.6 B | |
| Total Liabilities | $ 3.1 B | |
| EQUITY | ||
| Total Equity | $ 2.9 B | |
| Retained Earnings | $ -2.80 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.43 | |
| Shares Outstanding | 141.598 M | |
| Revenue Per-Share | $ 11.09 | |
| VALUATION | Market Capitalization | $ 69.3 B |
| Enterprise Value | $ 69.7 B | |
| Enterprise Multiple | 233.657 | |
| Enterprise Multiple QoQ | 51.291 % | |
| Enterprise Multiple YoY | 64.938 % | |
| Enterprise Multiple IPRWA | CIEN: 233.657 high: 139.424 median: 69.004 mean: 60.976 low: -106.096 |
|
| EV/R | 44.381 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.088 | |
| Asset To Liability | 1.919 | |
| Debt To Capital | 0.353 | |
| Debt To Assets | 0.262 | |
| Debt To Assets QoQ | -2.93 % | |
| Debt To Assets YoY | -6.769 % | |
| Debt To Assets IPRWA | high: 0.594 CIEN: 0.262 median: 0.249 mean: 0.213 low: 0.012 |
|
| Debt To Equity | 0.546 | |
| Debt To Equity QoQ | -3.944 % | |
| Debt To Equity YoY | -4.492 % | |
| Debt To Equity IPRWA | high: 1.874 median: 0.641 mean: 0.555 CIEN: 0.546 low: 0.018 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 23.972 | |
| Price To Book QoQ | 77.394 % | |
| Price To Book YoY | 534.231 % | |
| Price To Book IPRWA | CIEN: 23.972 high: 14.074 mean: 7.666 median: 6.836 low: -5.516 |
|
| Price To Earnings (P/E) | 328.623 | |
| Price To Earnings QoQ | 26.884 % | |
| Price To Earnings YoY | 86.352 % | |
| Price To Earnings IPRWA | high: 410.53 CIEN: 328.623 mean: 114.334 median: 83.555 low: -250.109 |
|
| PE/G Ratio | 7.358 | |
| Price To Sales (P/S) | 44.14 | |
| Price To Sales QoQ | 66.93 % | |
| Price To Sales YoY | 373.574 % | |
| Price To Sales IPRWA | CIEN: 44.14 high: 27.651 median: 21.086 mean: 16.288 low: 0.734 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 164.374 | |
| Forward PE/G | 3.681 | |
| Forward P/S | 113.15 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.491 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.263 | |
| Asset Turnover Ratio QoQ | 8.457 % | |
| Asset Turnover Ratio YoY | 31.336 % | |
| Asset Turnover Ratio IPRWA | high: 0.504 CIEN: 0.263 mean: 0.151 median: 0.129 low: 0.068 |
|
| Receivables Turnover | 1.555 | |
| Receivables Turnover Ratio QoQ | 5.889 % | |
| Receivables Turnover Ratio YoY | 29.05 % | |
| Receivables Turnover Ratio IPRWA | high: 3.424 median: 2.035 mean: 1.97 CIEN: 1.555 low: 0.636 |
|
| Inventory Turnover | 1.063 | |
| Inventory Turnover Ratio QoQ | 10.869 % | |
| Inventory Turnover Ratio YoY | 35.777 % | |
| Inventory Turnover Ratio IPRWA | high: 2.715 CIEN: 1.063 median: 1.042 mean: 1.031 low: 0.22 |
|
| Days Sales Outstanding (DSO) | 58.674 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 87.161 | |
| Cash Conversion Cycle Days QoQ | -9.585 % | |
| Cash Conversion Cycle Days YoY | -39.663 % | |
| Cash Conversion Cycle Days IPRWA | high: 358.383 mean: 105.427 CIEN: 87.161 median: 62.263 low: -191.039 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.695 | |
| CapEx To Revenue | -0.026 | |
| CapEx To Depreciation | -1.183 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.4 B | |
| Net Invested Capital | $ 4.4 B | |
| Invested Capital | $ 4.4 B | |
| Net Tangible Assets | $ 2.2 B | |
| Net Working Capital | $ 2.3 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.919 | |
| Current Ratio | 2.727 | |
| Current Ratio QoQ | -3.096 % | |
| Current Ratio YoY | -19.899 % | |
| Current Ratio IPRWA | high: 3.397 CIEN: 2.727 mean: 1.675 median: 1.12 low: 0.567 |
|
| Quick Ratio | 2.109 | |
| Quick Ratio QoQ | -1.53 % | |
| Quick Ratio YoY | -17.911 % | |
| Quick Ratio IPRWA | high: 2.772 CIEN: 2.109 mean: 1.389 median: 0.886 low: 0.522 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.298 | |
| Cost Of Debt | 1.316 % | |
| Interest Coverage Ratio | 11.467 | |
| Interest Coverage Ratio QoQ | 20.434 % | |
| Interest Coverage Ratio YoY | 534.471 % | |
| Interest Coverage Ratio IPRWA | high: 17.705 median: 11.714 CIEN: 11.467 mean: 6.802 low: -31.69 |
|
| Operating Cash Flow Ratio | 0.21 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 65.679 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.496 % | |
| Revenue Growth | 10.07 % | |
| Revenue Growth QoQ | 81.376 % | |
| Revenue Growth YoY | 101.4 % | |
| Revenue Growth IPRWA | high: 32.017 % CIEN: 10.07 % mean: 7.675 % median: 6.809 % low: -38.099 % |
|
| Earnings Growth | 44.66 % | |
| Earnings Growth QoQ | 238.667 % | |
| Earnings Growth YoY | -229.92 % | |
| Earnings Growth IPRWA | high: 200.0 % CIEN: 44.66 % median: 16.667 % mean: 12.554 % low: -125.0 % |
|
| MARGINS | ||
| Gross Margin | 44.027 % | |
| Gross Margin QoQ | 0.443 % | |
| Gross Margin YoY | 9.463 % | |
| Gross Margin IPRWA | high: 86.653 % median: 62.928 % mean: 57.001 % CIEN: 44.027 % low: 17.42 % |
|
| EBIT Margin | 16.116 % | |
| EBIT Margin QoQ | 13.645 % | |
| EBIT Margin YoY | 326.236 % | |
| EBIT Margin IPRWA | high: 45.393 % median: 27.877 % mean: 27.379 % CIEN: 16.116 % low: -16.354 % |
|
| Return On Sales (ROS) | 15.195 % | |
| Return On Sales QoQ | 13.404 % | |
| Return On Sales YoY | 301.878 % | |
| Return On Sales IPRWA | high: 45.393 % mean: 26.113 % median: 24.992 % CIEN: 15.195 % low: -15.676 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 218.7 M | |
| Free Cash Flow Yield | 0.315 % | |
| Free Cash Flow Yield QoQ | -22.604 % | |
| Free Cash Flow Yield YoY | -74.223 % | |
| Free Cash Flow Yield IPRWA | high: 2.355 % median: 1.001 % mean: 0.798 % CIEN: 0.315 % low: -3.636 % |
|
| Free Cash Growth | 42.205 % | |
| Free Cash Growth QoQ | -179.958 % | |
| Free Cash Growth YoY | -36.869 % | |
| Free Cash Growth IPRWA | high: 433.425 % median: 73.758 % CIEN: 42.205 % mean: 18.369 % low: -527.881 % |
|
| Free Cash To Net Income | 1.002 | |
| Cash Flow Margin | 17.509 % | |
| Cash Flow To Earnings | 1.26 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.658 % | |
| Return On Assets QoQ | 43.114 % | |
| Return On Assets YoY | 2186.25 % | |
| Return On Assets IPRWA | high: 14.559 % mean: 3.799 % CIEN: 3.658 % median: 2.71 % low: -18.609 % |
|
| Return On Capital Employed (ROCE) | 5.351 % | |
| Return On Equity (ROE) | 0.075 | |
| Return On Equity QoQ | 40.19 % | |
| Return On Equity YoY | 2235.913 % | |
| Return On Equity IPRWA | high: 0.276 CIEN: 0.075 mean: 0.073 median: 0.069 low: -0.193 |
|
| DuPont ROE | 7.678 % | |
| Return On Invested Capital (ROIC) | 5.405 % | |
| Return On Invested Capital QoQ | 39.34 % | |
| Return On Invested Capital YoY | 593.838 % | |
| Return On Invested Capital IPRWA | high: 7.751 % CIEN: 5.405 % median: 4.6 % mean: 4.582 % low: -13.871 % |
|