Ciena (CIEN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Ciena

NYSE•Technology•Communication Equipment

$344.25+3.75(0.01%)After hours

Market Cap

$48.37B

P/E

73.9x

P/S

8.0x

P/B

15.8x

Ciena Corporation, a network technology company, provides hardware, software, and services for various network operators in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and India. It operates through Networking Platforms, Platform Software and Services, Blue Planet Automation Software and Services, and Global Services segments. The Networking Platforms segment consists optical networking, routing, and switching products and services. This segment products include the 6500 Packet-Optical Platform, Waveserver modular interconnect system, the 6500 Reconfigurable Line System, and coherent pluggable transceivers; and the 3000 family of service delivery platforms and the 5000 family of service aggregation, as well as the 8100 Coherent Routing platforms and virtualization software. The Platform Software and Services segment offers navigator network control suite; and software subscription services, consulting, network migration and integration, installation and upgrade support services, and technical support solutions. The Blue Planet Automation Software and Services segment inventory management, orchestration, route optimization and analysis, and unified assurance and analytics software; and sells subscription, installation, support, consulting, and design services related to the Blue Planet automation platform. The Global Services segment provides services for advisory and enablement, implementation, and maintenance, support, and learning activities. Ciena Corporation was incorporated in 1992 and is headquartered in Hanover, Maryland.

How this company scores

ExcellentMetricSide Score: 84/100

Strongest: Growth (25/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability23/25

Growth25/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality25/25

Strengths

Growing revenueRising free cash flowHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 73.9x5y range 16.9x – 218.1x

Currently above its 20-quarter median.

P/S · 8.0x5y range 1.4x – 13.6x

Currently above its 20-quarter median.

P/B · 15.8x5y range 2.1x – 26.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 92.9% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $48.37B

Metrics at a Glance

as of August 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $6.02B
Q. Revenue: $1.67B
TTM EBITDA: $738.95M
TTM Op. Income: $738.95M
Q. Op. Income: $301.18M
TTM Net Income: $654.41M
Q. Net Income: $266.42M
EPS: $1.88
Shares Out.: $142.06M

$6.02B in TTM revenue grew 32.6% YoY, reaching $1.67B last quarter. TTM EBITDA of $738.95M and TTM operating income of $738.95M show growth is flowing through to the bottom line. TTM net income of $654.41M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 45.4%
EBITDA Margin: 18.0%
Op. Margin: 18.0%
Net Margin: 15.9%

Op. margin of 18.0% is up 12.0% YoY — cost efficiency is improving. Net margin at 15.9% and gross margin of 45.4% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 73.9x
P/S Ratio: 8.0x
P/B Ratio: 15.8x

At 73.9x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 8.0x and P/B of 15.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 17% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $8.00B
Cash: $2.45B
Long-Term Debt: $3.23B
Book Value: $3.06B
D/E Ratio: 1.1
Debt/EBITDA: 10.7

With $8.00B in assets and $3.23B in long-term debt, D/E is 1.1and book value is $3.06B — moderate leverage. Over the past year, debt/equity is up 93% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $196.26M
TTM Free Cash Flow: $814.36M
FCF Margin: 13.5%
FCF / Net Income: 1.2

TTM FCF of $814.36M on $196.26M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 35% — a weakening trend.