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Ciena (CIEN)

Market Price (5/5/2026): $538.6 | Market Cap: $76.3 Bil
Sector: Information Technology | Industry: Communications Equipment

Ciena (CIEN)

Market Price (5/5/2026): $538.6
Market Cap: $76.3 Bil
Sector: Information Technology
Industry: Communications Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%

Stock buyback support
Stock Buyback 3Y Total is 1.2 Bil

Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Cloud Computing. Themes include Telecom Infrastructure, Show more.

Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 213x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 82x, P/EPrice/Earnings or Price/(Net Income) is 333x

Stock price has recently run up significantly
6M Rtn6 month market price return is 184%, 12M Rtn12 month market price return is 639%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 244%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%

Key risks
CIEN key risks include [1] its reliance on a limited number of contract manufacturers for production and [2] significant customer concentration with cloud and telecom operators, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2 Stock buyback support
Stock Buyback 3Y Total is 1.2 Bil
3 Megatrend and thematic drivers
Megatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Cloud Computing. Themes include Telecom Infrastructure, Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 213x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 82x, P/EPrice/Earnings or Price/(Net Income) is 333x
6 Stock price has recently run up significantly
6M Rtn6 month market price return is 184%, 12M Rtn12 month market price return is 639%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 244%
8 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6%
9 Key risks
CIEN key risks include [1] its reliance on a limited number of contract manufacturers for production and [2] significant customer concentration with cloud and telecom operators, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Ciena (CIEN) stock has gained about 115% since 1/31/2026 because of the following key factors:

1. Ciena reported exceptionally strong fiscal first-quarter 2026 financial results, significantly exceeding market expectations and providing optimistic full-year guidance. The company's revenue surged to $1.43 billion, marking a 33% year-over-year increase and surpassing analyst forecasts of $1.4 billion. Adjusted Earnings Per Share (EPS) more than doubled to $1.35, an impressive 111% increase compared to fiscal Q1 2025, beating expectations of $1.16 by 16.38%. Furthermore, Ciena raised its fiscal year 2026 revenue guidance to a range of $5.9 billion to $6.3 billion, indicating a 28% year-over-year growth at the midpoint, and projected an improved adjusted gross margin between 43.5% and 44.5%.

2. The company experienced unprecedented, broad-based demand for its networking solutions, particularly driven by substantial investments in AI-related infrastructure by cloud hyperscalers. Ciena's performance was bolstered by customers seeking to monetize their AI investments, aligning with major global hyperscalers' plans to increase their 2026 capital expenditure to over $600 billion for AI training and inference workloads. Ciena is now viewed as a crucial optical networking backbone for AI infrastructure, becoming a primary partner for cloud providers like Google and AWS in expanding data center interconnect (DCI) networks.

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Stock Movement Drivers

Fundamental Drivers

The 113.9% change in CIEN stock from 1/31/2026 to 5/4/2026 was primarily driven by a 72.9% change in the company's Net Income Margin (%).
(LTM values as of)13120265042026Change
Stock Price ($)251.81538.51113.9%
Change Contribution By: 
Total Revenues ($ Mil)4,7705,1247.4%
Net Income Margin (%)2.6%4.5%72.9%
P/E Multiple289.0333.115.2%
Shares Outstanding (Mil)142142-0.1%
Cumulative Contribution113.9%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/4/2026
ReturnCorrelation
CIEN113.9% 
Market (SPY)3.6%46.0%
Sector (XLK)12.8%49.9%

Fundamental Drivers

The 183.5% change in CIEN stock from 10/31/2025 to 5/4/2026 was primarily driven by a 74.2% change in the company's P/E Multiple.
(LTM values as of)103120255042026Change
Stock Price ($)189.92538.51183.5%
Change Contribution By: 
Total Revenues ($ Mil)4,5425,12412.8%
Net Income Margin (%)3.1%4.5%44.1%
P/E Multiple191.2333.174.2%
Shares Outstanding (Mil)1421420.1%
Cumulative Contribution183.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/4/2026
ReturnCorrelation
CIEN183.5% 
Market (SPY)5.5%46.8%
Sector (XLK)8.1%55.6%

Fundamental Drivers

The 701.8% change in CIEN stock from 4/30/2025 to 5/4/2026 was primarily driven by a 174.2% change in the company's P/E Multiple.
(LTM values as of)43020255042026Change
Stock Price ($)67.16538.51701.8%
Change Contribution By: 
Total Revenues ($ Mil)4,0505,12426.5%
Net Income Margin (%)2.0%4.5%129.2%
P/E Multiple121.5333.1174.2%
Shares Outstanding (Mil)1431420.8%
Cumulative Contribution701.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/4/2026
ReturnCorrelation
CIEN701.8% 
Market (SPY)30.4%47.9%
Sector (XLK)55.2%54.3%

Fundamental Drivers

The 1069.7% change in CIEN stock from 4/30/2023 to 5/4/2026 was primarily driven by a 789.6% change in the company's P/E Multiple.
(LTM values as of)43020235042026Change
Stock Price ($)46.04538.511069.7%
Change Contribution By: 
Total Revenues ($ Mil)3,8455,12433.3%
Net Income Margin (%)4.8%4.5%-6.3%
P/E Multiple37.4333.1789.6%
Shares Outstanding (Mil)1491425.2%
Cumulative Contribution1069.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2023 to 5/4/2026
ReturnCorrelation
CIEN1069.7% 
Market (SPY)78.7%50.9%
Sector (XLK)119.4%54.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CIEN Return46%-34%-12%88%176%129%913%
Peers Return44%-23%41%68%106%63%782%
S&P 500 Return27%-19%24%23%16%6%92%

Monthly Win Rates [3]
CIEN Win Rate67%33%42%83%83%100% 
Peers Win Rate65%40%62%75%70%64% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
CIEN Max Drawdown-8%-49%-21%-3%-37%-4% 
Peers Max Drawdown-9%-36%-12%-9%-29%-9% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSCO, ANET, AVGO, LITE, GLW. See CIEN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/4/2026 (YTD)

How Low Can It Go

EventCIENS&P 500
2025 US Tariff Shock
  % Loss-38.5%-18.8%
  % Gain to Breakeven62.7%23.1%
  Time to Breakeven111 days79 days
2023 SVB Regional Banking Crisis
  % Loss-17.1%-6.7%
  % Gain to Breakeven20.6%7.1%
  Time to Breakeven69 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.4%-24.5%
  % Gain to Breakeven97.6%32.4%
  Time to Breakeven793 days427 days
2020 COVID-19 Crash
  % Loss-21.3%-33.7%
  % Gain to Breakeven27.1%50.9%
  Time to Breakeven14 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-14.3%-3.7%
  % Gain to Breakeven16.7%3.9%
  Time to Breakeven13 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-31.5%-12.2%
  % Gain to Breakeven45.9%13.9%
  Time to Breakeven275 days62 days

Compare to CSCO, ANET, AVGO, LITE, GLW

In The Past

Ciena's stock fell -38.5% during the 2025 US Tariff Shock. Such a loss loss requires a 62.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCIENS&P 500
2025 US Tariff Shock
  % Loss-38.5%-18.8%
  % Gain to Breakeven62.7%23.1%
  Time to Breakeven111 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-49.4%-24.5%
  % Gain to Breakeven97.6%32.4%
  Time to Breakeven793 days427 days
2020 COVID-19 Crash
  % Loss-21.3%-33.7%
  % Gain to Breakeven27.1%50.9%
  Time to Breakeven14 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-31.5%-12.2%
  % Gain to Breakeven45.9%13.9%
  Time to Breakeven275 days62 days
2014-2016 Oil Price Collapse
  % Loss-31.6%-6.8%
  % Gain to Breakeven46.1%7.3%
  Time to Breakeven134 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-41.8%-17.9%
  % Gain to Breakeven71.8%21.8%
  Time to Breakeven310 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-31.8%-15.4%
  % Gain to Breakeven46.6%18.2%
  Time to Breakeven141 days125 days
2008-2009 Global Financial Crisis
  % Loss-85.3%-53.4%
  % Gain to Breakeven580.9%114.4%
  Time to Breakeven3544 days1085 days

Compare to CSCO, ANET, AVGO, LITE, GLW

In The Past

Ciena's stock fell -38.5% during the 2025 US Tariff Shock. Such a loss loss requires a 62.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Ciena (CIEN)

Ciena Corporation provides network hardware, software, and services that support the transport, routing, switching, aggregation, service delivery, and management of video, data, and voice traffic on communications networks worldwide. The company's Networking Platforms segment offers hardware networking products and solutions that optimized for the convergence of coherent optical transport, optical transport network switching, and packet switching. Its products include 6500 Packet-Optical Platform, 5430 Reconfigurable Switching System, Waveserver stackable interconnect system, and the 6500 Reconfigurable line system, and the 5400 family of Packet-Optical platforms, as well as Z-Series Packet-Optical Platform; 3000 family of service delivery switches and service aggregation switches, and the 5000 family of service aggregation switches, as well as 8700 Packetwave Platform and the Ethernet packet configuration for the 5410 Service Aggregation Switch; and 6500 Packet Transport System. This segment also sells operating system software and enhanced software features embedded in each of its products. The company's Blue Planet Automation Software and Services segment provides multi-domain service orchestration, inventory, route optimization and analysis, network function virtualization orchestration, analytics, and related services. Its Platform Software and Service segment offers OneControl unified management system and platform software services, as well as manage, control, and plan software. The company's Global Services segment provides consulting and network design, installation and deployment, maintenance support, and training services. The company sells its products through direct and indirect sales channels to network operators. Ciena Corporation was founded in 1992 and is headquartered in Hanover, Maryland.

AI Analysis | Feedback

Imagine Cisco Systems, but highly specialized in building the optical and packet networking infrastructure for the world's major telecom carriers and internet backbone.

Think of them as similar to Ericsson or Nokia, but focused on the core, high-capacity wireline (optical and packet) infrastructure that powers global internet and communication networks, rather than primarily wireless.

AI Analysis | Feedback

Ciena (CIEN) provides the following major products and services:

  • Packet-Optical Platforms: Hardware solutions that converge coherent optical transport, OTN switching, and packet switching for high-capacity networks.
  • Network Switches: Hardware for service delivery, aggregation, and reconfigurable switching within communications networks.
  • Waveserver Interconnect System: Stackable hardware designed for high-density, high-capacity data center and network interconnection.
  • Packet Transport Systems: Hardware optimized for efficient transport of packet-based traffic across various network segments.
  • Embedded Operating System & Features: Software embedded within Ciena's hardware products, providing their core functionality and advanced capabilities.
  • Blue Planet Automation Software: A suite of software for multi-domain service orchestration, inventory, route optimization, network function virtualization orchestration, and analytics.
  • OneControl Unified Management System: Software providing a unified interface for managing, controlling, and planning network operations.
  • Consulting & Network Design: Services offering expert advice, strategy, and design for optimizing and building network infrastructures.
  • Installation & Deployment: Services for the professional setup, configuration, and integration of Ciena's network solutions.
  • Maintenance Support: Services providing ongoing technical assistance, troubleshooting, and repairs to ensure network reliability.
  • Training Services: Educational programs equipping customers with the knowledge and skills to operate and maintain Ciena products effectively.

AI Analysis | Feedback

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AI Analysis | Feedback

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AI Analysis | Feedback

Gary B. Smith, President and Chief Executive Officer

Gary B. Smith joined Ciena in 1997 and has served as President and Chief Executive Officer since May 2001. Prior to his time at Ciena, he held the position of Vice President of sales and marketing for Intelsat and Cray Communications, Inc. During his leadership as CEO, Smith has overseen the acquisition of seven companies, notably the acquisition of the Optical Networking and Carrier Ethernet assets of Nortel's Metro Ethernet Networks in 2010 for $774 million, which doubled Ciena's size. He has also served on the boards of directors for companies such as Avaya and CommVault Systems. Smith holds an MBA from Ashridge Management College.

Marc D. Graff, Senior Vice President and Chief Financial Officer (effective August 1, 2025)

Marc D. Graff is appointed Senior Vice President and Chief Financial Officer, effective August 1, 2025. He brings nearly 30 years of global finance experience. Before joining Ciena, he was the Senior Vice President and CFO at Altera Corporation. At Altera, he played a key role in executing the majority sale of the company from Intel Corporation to the private equity firm Silver Lake. His previous experience includes serving as CFO and Chief Operating Officer for Intel's Data Center and Artificial Intelligence Group, as well as holding other executive finance roles across various manufacturing and business units at Intel. Graff holds a Bachelor of Science in finance and economics from the University of Colorado and an MBA from the University of Michigan.

Steve Alexander, Senior Vice President and Chief Technology Officer

Steve Alexander joined Ciena in 1994 as one of its first employees. He currently serves as Senior Vice President and Chief Technology Officer, and has held various leadership positions within the company, including General Manager of Ciena's Transport & Switching and Data Networking business units, Vice President of Transport Products, and Director of Lightwave Systems. Before joining Ciena, Alexander was employed at MIT Lincoln Laboratory, where he was Assistant Leader of the Optical Communications Technology Group. He is recognized as an IEEE Fellow and is a recipient of the IEEE Communications Society Industrial Innovation Award. Alexander has been granted numerous patents and has authored a textbook on Optical Communication Receiver Design.

Scott McFeely, Executive Advisor

Scott McFeely is currently an Executive Advisor at Ciena, having previously served as Senior Vice President of Global Products and Services, where he was responsible for research and development, product line management, supply chain operations, and global network integration functions. He joined Ciena in 2010 as part of the acquisition of Nortel's Metro Ethernet Networks business, where he had spent over 20 years in various technical and management roles. McFeely earned a Bachelor of Computer Science from Carleton University.

AI Analysis | Feedback

Here are the key risks to Ciena's business:

  1. Challenges in New Market Expansion and Intense Competition: Ciena's strategic push into new market segments, including data centers, Passive Optical Network (PON), routing and switching, and automation, presents significant risks. The company has limited experience in these domains and faces intense competition from established players, such as IP router and software vendors. Should these new markets not evolve as anticipated or if Ciena struggles to gain traction, its growth strategy and financial results could be adversely affected.
  2. Dependence on a Few Large Customers and Hyperscaler Spending Volatility: Ciena's revenue heavily relies on a small number of large cloud providers, often referred to as hyperscalers. A slowdown in capital expenditure from these key customers, especially regarding investments in AI-driven network infrastructure, could significantly impact Ciena's revenue streams and overall financial performance.
  3. Supply Chain Limitations and Component Cost Pressures: Ciena continues to face ongoing industry-wide supply chain constraints that can limit its ability to fulfill customer orders and restrict revenue growth. Furthermore, the company is exposed to the risk of component suppliers repricing backlogs, leading to increased component costs and potential pressure on profit margins.

AI Analysis | Feedback

Increased adoption by network operators of disaggregated networking architectures, leveraging white-box hardware and open-source or third-party networking software. This trend directly challenges Ciena's traditional business model of selling integrated, proprietary hardware and embedded software solutions for its Networking Platforms segment. Operators pursuing disaggregation aim to reduce costs, increase flexibility, and avoid vendor lock-in, potentially diminishing the market for Ciena's specialized, vertically integrated platforms.

AI Analysis | Feedback

Ciena (symbol: CIEN) operates in several significant addressable markets related to network infrastructure and services globally.

For its Networking Platforms segment, which includes coherent optical transport, optical transport network (OTN) switching, and packet switching, the addressable market sizes are substantial:

  • The global Optical Transport Network (OTN) equipment market was valued at approximately USD 18.21 billion in 2023 and is projected to reach USD 24.21 billion by 2030. Other estimates place the global OTN equipment market at around USD 20.46 billion in 2026, growing to USD 30.49 billion by 2035. The broader optical networking market is estimated to grow from USD 30 billion to USD 65 billion over the next three years, or up to USD 90 billion when including incremental markets.
  • The global packet optical platform market is expected to increase from USD 10.75 billion in 2025 to USD 12.13 billion in 2026, with projections indicating further growth to USD 19.86 billion by 2030. Similarly, the global packet optical networking equipment market was valued at approximately USD 10.5 billion in 2023 and is projected to reach around USD 20.3 billion by 2032.

Ciena's Blue Planet Automation Software and Services segment addresses the network automation and orchestration market:

  • The global network automation market was valued at USD 36.86 billion in 2026 and is projected to reach USD 86.16 billion by 2031. Another report indicates the global network automation market was valued at USD 30.77 billion in 2024 and is forecasted to reach USD 225.97 billion by 2033. The global Network Automation and Orchestration market size was recorded at USD 9.22 billion by the end of 2025, with an expectation to reach USD 39.37 billion by 2033.

For its Global Services segment, which includes consulting, network design, installation, deployment, maintenance, and training, Ciena operates within the larger telecom services market and the services components of the hardware and software markets:

  • The global telecom services market is estimated at USD 1.9 trillion in 2025 and is expected to reach USD 2.46 trillion by 2030. The global telecom network market, which includes service solutions, was valued at USD 2.15 trillion in 2025 and is projected to grow to USD 3.82 trillion by 2034. Services are anticipated to considerably dominate the telecom network market.
  • Within the optical transport network market, the services segment is forecast to expand at an 8.89% CAGR over 2026-2031. Similarly, in the network automation market, the services segment is growing at a 19.40% CAGR.

AI Analysis | Feedback

Ciena (CIEN) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

  1. Increased Demand from Hyperscalers and AI-Driven Connectivity: Ciena is strategically positioned to capitalize on the substantial capital expenditure increases from global hyperscalers, which are projected to exceed $600 billion in 2026, largely fueled by artificial intelligence (AI) infrastructure needs. The company is actively gaining market share in AI-driven connectivity, evidenced by increasing orders for its optical solutions from major hyperscalers.
  2. Strong Demand from Service Providers and Network Upgrades: The company anticipates continued growth from service providers, with orders showing significant increases. This growth is partly attributed to ongoing network upgrades by telecom carriers, particularly in areas like Managed Optical Fiber Networks (MOFN) applications. Ciena remains a leading supplier of 40G and 100G optical transport technology, which is crucial for these network enhancements.
  3. Expansion in and Around Data Centers, Including New Product Innovation: Ciena is expanding its addressable market opportunities within and around data centers, driven by the substantial investments from hyperscalers in AI infrastructure. New offerings, such as the RLS hyper-rail solution, are designed to significantly increase fiber density within existing rack footprints, contributing to this expansion.
  4. Record Order Backlog and Strong Order Intake: Ciena has reported a record backlog of approximately $7 billion as of Q1 2026, following exceptionally strong order intake. This substantial backlog provides clear visibility into a robust future order pipeline and is expected to sustain demand and profitability well into 2027.

AI Analysis | Feedback

Share Repurchases

  • Ciena's Board of Directors authorized a new share repurchase program of up to $1 billion in October 2024, set to commence in fiscal year 2025 and continue through the end of fiscal year 2027.
  • In fiscal year 2025, the company repurchased approximately 4.0 million shares of common stock for an aggregate price of $329.7 million, with other sources citing $334.5 million.
  • Ciena expects to repurchase approximately $330 million in shares in fiscal year 2026.

Share Issuance

  • Ciena's shares outstanding have shown a declining trend over the last few years, indicating net reductions rather than significant issuances for capital raising. The shares outstanding decreased by 0.49% in 2025 to 0.145 billion, by 2.29% in 2024 to 0.146 billion, and by 1.85% in 2023 to 0.149 billion.
  • Equity-based awards, such as performance stock units, market stock units, and restricted stock units, were granted to executives in December 2025, vesting over time.

Outbound Investments

  • Ciena completed the acquisition of Nubis Communications, Inc. during fiscal year 2025.

Capital Expenditures

  • Ciena's capital expenditures were $140.8 million in fiscal year 2025.
  • In the first quarter of fiscal year 2026, capital expenditures were $74 million, an increase of 2 to 3 times the average over the preceding 12 quarters, primarily to expand capacity and meet growing demand.
  • For fiscal year 2026, expected capital expenditures are projected to be between $250 million and $275 million, focusing on supporting robust demand for AI-driven connectivity and funding incremental 3-nanometer mask-set costs.

Better Bets vs. Ciena (CIEN)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Can Arista Networks Outrun Ciena in the Next Rally?05/02/2026
2How To Earn 18% Yield While Waiting to Buy CIEN 50% Cheaper04/28/2026
3Is 11.4% Fall In Ciena (CIEN) Stock A Buying Opportunity?03/27/2026
4Ciena Stock Surges 22%, With A 5-Day Winning Spree03/20/2026
5Ciena Stock (+8.3%): AI Infrastructure Stocks Rebound Sharply03/10/2026
6Ciena Stock (-13%): Earnings Beat Fails to Impress Inflated Expectations03/06/2026
7Why UI May Be Better Than Ciena Stock02/27/2026
8Ciena Stock Surged 60%, Here's Why02/14/2026
9Ciena Stock (+6.8%): S&P 500 Inclusion Ignites a Forced Institutional Chase02/10/2026
10Ciena Stock Dips 13% In One Day, Now Is Not The Time To Buy The Stock01/09/2026
11ARTICLES 
12S&P 500 Movers | Winners: SBAC, LITE, CIEN | Losers: TSLA, GE, SWK04/02/2026
13Between Arista Networks and Ciena, Which Stock Looks Set to Break Out?04/02/2026
14Ciena Stock To $273?03/27/2026
15S&P 500 Movers | Winners: BF-B, VLO, BBY | Losers: LITE, CIEN, SNDK03/27/2026
16Ciena Stock 5-Day Winning Spree: Stock Climbs 22%03/20/2026
Title
0DASHBOARDS
1Can Arista Networks Outrun Ciena in the Next Rally?
2How To Earn 18% Yield While Waiting to Buy CIEN 50% Cheaper
3Is 11.4% Fall In Ciena (CIEN) Stock A Buying Opportunity?
4Ciena Stock Surges 22%, With A 5-Day Winning Spree
5Ciena Stock (+8.3%): AI Infrastructure Stocks Rebound Sharply
6Ciena Stock (-13%): Earnings Beat Fails to Impress Inflated Expectations
7Why UI May Be Better Than Ciena Stock
8Ciena Stock Surged 60%, Here's Why
9Ciena Stock (+6.8%): S&P 500 Inclusion Ignites a Forced Institutional Chase
10Ciena Stock Dips 13% In One Day, Now Is Not The Time To Buy The Stock
11ARTICLES
12S&P 500 Movers | Winners: SBAC, LITE, CIEN | Losers: TSLA, GE, SWK
13Between Arista Networks and Ciena, Which Stock Looks Set to Break Out?
14Ciena Stock To $273?
15S&P 500 Movers | Winners: BF-B, VLO, BBY | Losers: LITE, CIEN, SNDK
16Ciena Stock 5-Day Winning Spree: Stock Climbs 22%

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Buying dips for companies with significant cash flows from operations and reasonable debt / market cap		3.2%3.2%-3.0%
CIEN_5312022_Dip_Buyer_FCFYield05312022CIENCienaDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-14.9%-8.0%-22.9%

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Financials

CIENCSCOANETAVGOLITEGLWMedian
NameCiena Cisco Sy.Arista N.Broadcom Lumentum Corning  
Mkt Price538.5192.63172.62416.50976.18159.96294.56
Mkt Cap76.3366.4217.11,974.669.4137.1177.1
Rev LTM5,12459,0549,00668,2822,10516,32112,663
Op Inc LTM42013,6853,85628,309102,4733,165
FCF LTM74212,2414,25228,911-301,5002,876
FCF 3Y Avg51812,8693,30922,679-651,1542,232
CFO LTM93013,3254,37229,6842472,9063,639
CFO 3Y Avg66113,7643,37123,2691332,3502,861

Growth & Margins

CIENCSCOANETAVGOLITEGLWMedian
NameCiena Cisco Sy.Arista N.Broadcom Lumentum Corning  
Rev Chg LTM26.5%9.0%28.6%25.2%48.9%20.1%25.9%
Rev Chg 3Y Avg11.0%3.8%27.3%26.2%8.6%6.8%9.8%
Rev Chg Q33.1%9.7%28.9%29.5%65.5%20.0%29.2%
QoQ Delta Rev Chg LTM7.4%2.4%6.6%6.9%14.3%4.4%6.7%
Op Inc Chg LTM128.4%17.9%31.0%51.2%103.3%86.5%68.8%
Op Inc Chg 3Y Avg36.7%1.3%36.4%24.7%-81.8%38.6%30.6%
Op Mgn LTM8.2%23.2%42.8%41.5%0.5%15.2%19.2%
Op Mgn 3Y Avg7.2%24.2%41.1%38.2%-13.6%10.6%17.4%
QoQ Delta Op Mgn LTM1.7%0.7%-0.1%0.6%6.2%0.6%0.7%
CFO/Rev LTM18.1%22.6%48.5%43.5%11.7%17.8%20.4%
CFO/Rev 3Y Avg14.3%24.3%45.4%43.7%7.5%16.6%20.4%
FCF/Rev LTM14.5%20.7%47.2%42.3%-1.4%9.2%17.6%
FCF/Rev 3Y Avg11.2%22.7%44.6%42.6%-4.3%8.1%16.9%

Valuation

CIENCSCOANETAVGOLITEGLWMedian
NameCiena Cisco Sy.Arista N.Broadcom Lumentum Corning  
Mkt Cap76.3366.4217.11,974.669.4137.1177.1
P/S14.96.224.128.933.08.419.5
P/Op Inc181.726.856.369.86,738.555.463.0
P/EBIT212.925.356.369.1935.451.062.7
P/E333.133.161.879.1275.975.777.4
P/CFO82.027.549.766.5281.047.258.1
Total Yield0.3%4.8%1.6%1.3%0.4%2.1%1.4%
Dividend Yield0.0%1.8%0.0%0.0%0.0%0.7%0.0%
FCF Yield 3Y Avg4.4%5.4%2.6%2.4%-1.3%2.4%2.5%
D/E0.00.10.00.00.00.10.0
Net D/E0.00.0-0.00.00.00.10.0

Returns

CIENCSCOANETAVGOLITEGLWMedian
NameCiena Cisco Sy.Arista N.Broadcom Lumentum Corning  
1M Rtn20.3%17.2%36.3%32.4%18.1%8.1%19.2%
3M Rtn100.6%15.5%24.8%26.1%130.5%45.2%35.6%
6M Rtn184.1%25.8%9.5%15.3%389.1%83.8%54.8%
12M Rtn639.2%59.7%89.7%106.2%1,452.9%254.8%180.5%
3Y Rtn1,121.7%117.6%400.4%587.8%1,943.1%448.7%518.3%
1M Excs Rtn10.9%7.8%26.9%23.0%8.7%-1.2%9.8%
3M Excs Rtn97.4%12.3%21.5%22.8%127.3%42.0%32.4%
6M Excs Rtn179.4%22.9%3.4%5.5%382.2%72.6%47.7%
12M Excs Rtn625.4%34.6%68.0%84.3%1,458.3%234.1%159.2%
3Y Excs Rtn1,007.1%42.0%266.3%526.7%1,841.5%353.3%440.0%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Networking Platforms3,0423,4932,7782,8252,815
Global Services537520501489457
Platform Software and Services358304277230198
Blue Planet Automation Software and Services7869777763
Total4,0154,3873,6333,6213,532


Assets by Segment
$ Mil20252024202320222021
Other unallocated assets4,954    
Networking Platforms358    
Platform Software and Services156    
Blue Planet Automation Software and Services95    
Global Services78    
Total5,641    


Price Behavior

Price Behavior
Market Price$538.51 
Market Cap ($ Bil)76.3 
First Trading Date02/07/1997 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$420.16$239.36
DMA Trendupup
Distance from DMA28.2%125.0%
 3M1YR
Volatility77.8%63.2%
Downside Capture0.460.89
Upside Capture362.62361.93
Correlation (SPY)43.8%47.0%
CIEN Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.432.342.322.502.381.75
Up Beta2.012.041.972.082.051.53
Down Beta-0.103.002.142.101.911.81
Up Capture220%391%546%800%1500%2432%
Bmk +ve Days15223166141428
Stock +ve Days14284074156433
Down Capture-376%143%110%155%145%110%
Bmk -ve Days4183056108321
Stock -ve Days815245195318

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CIEN
CIEN654.2%63.1%3.47-
Sector ETF (XLK)53.3%20.4%1.9854.1%
Equity (SPY)29.7%12.5%1.8347.8%
Gold (GLD)39.6%27.2%1.2114.3%
Commodities (DBC)50.7%18.0%2.18-9.6%
Real Estate (VNQ)12.1%13.5%0.6014.8%
Bitcoin (BTCUSD)-19.0%42.2%-0.3924.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CIEN
CIEN58.9%47.4%1.14-
Sector ETF (XLK)18.7%24.8%0.6755.4%
Equity (SPY)12.8%17.1%0.5952.9%
Gold (GLD)20.1%17.9%0.9110.1%
Commodities (DBC)14.1%19.1%0.608.0%
Real Estate (VNQ)3.3%18.8%0.0832.6%
Bitcoin (BTCUSD)7.3%56.2%0.3420.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CIEN
CIEN41.3%43.8%0.94-
Sector ETF (XLK)23.6%24.4%0.8852.7%
Equity (SPY)14.9%17.9%0.7151.3%
Gold (GLD)13.4%15.9%0.707.1%
Commodities (DBC)9.7%17.7%0.4612.8%
Real Estate (VNQ)5.6%20.7%0.2333.0%
Bitcoin (BTCUSD)67.1%66.9%1.0614.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4152026
Short Interest: Shares Quantity4.7 Mil
Short Interest: % Change Since 3312026-21.5%
Average Daily Volume3.0 Mil
Days-to-Cover Short Interest1.6 days
Basic Shares Quantity141.7 Mil
Short % of Basic Shares3.3%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/5/2026-12.9%-1.0%30.3%
12/11/20259.2%-8.1%5.6%
9/4/202523.3%37.0%61.0%
6/5/2025-12.9%-13.9%-6.2%
3/11/2025-2.4%0.2%-17.5%
12/12/202415.4%14.6%14.0%
9/4/2024-0.8%-4.6%19.3%
6/6/20240.7%1.1%-0.3%
...
SUMMARY STATS   
# Positive111113
# Negative131311
Median Positive9.2%10.4%11.9%
Median Negative-10.4%-8.1%-10.8%
Max Positive23.3%37.0%61.0%
Max Negative-24.3%-32.4%-33.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
01/31/202603/05/202610-Q
10/31/202512/12/202510-K
07/31/202509/04/202510-Q
04/30/202506/05/202510-Q
01/31/202503/12/202510-Q
10/31/202412/20/202410-K
07/31/202409/04/202410-Q
04/30/202406/06/202410-Q
01/31/202403/07/202410-Q
10/31/202312/15/202310-K
07/31/202309/06/202310-Q
04/30/202306/07/202310-Q
01/31/202303/08/202310-Q
10/31/202212/16/202210-K
07/31/202209/07/202210-Q
04/30/202206/08/202210-Q

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 3/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue1.45 Bil1.50 Bil1.55 Bil   
Q2 2026 Adjusted Gross Margin43.5%44.0%44.5%   
Q2 2026 Adjusted Operating Expense375.00 Mil382.50 Mil390.00 Mil0.7% RaisedGuidance: 380.00 Mil for Q1 2026
Q2 2026 Adjusted Operating Margin17.5%18.0%18.5%   
2026 Revenue5.90 Bil6.10 Bil6.30 Bil3.4% RaisedGuidance: 5.90 Bil for 2026
2026 Adjusted Gross Margin43.5%44.0%44.5%   
2026 Adjusted Operating Expense1.52 Bil1.52 Bil1.53 Bil0.3% RaisedGuidance: 1.52 Bil for 2026
2026 Adjusted Operating Margin17.5%18.5%19.5%   

Prior: Q4 2025 Earnings Reported 12/11/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue1.35 Bil1.39 Bil1.43 Bil8.6% RaisedGuidance: 1.28 Bil for Q4 2025
Q1 2026 Adjusted (non-GAAP) Operating Expense 380.00 Mil -3.8% LoweredGuidance: 395.00 Mil for Q4 2025
2026 Revenue5.70 Bil5.90 Bil6.10 Bil   
2026 Adjusted (non-GAAP) Operating Expense 1.52 Bil    

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Smith, Gary BPresident, CEODirectSell5042026537.742,9521,587,415148,126,977Form
2Diperna, DinoSVP Global R&DDirectSell4162026471.792,8291,334,69420,032,203Form
3Phipps, JasonSVP Global Sales and MarketingDirectSell4032026409.8022,0149,021,27227,677Form
4Smith, Gary BPresident, CEODirectSell4022026415.512,9521,226,590116,910,421Form
5Kosaraju, SheelaSVP and General CounselDirectSell4012026401.712,012808,24137,000,303Form

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