Ciena (CIEN)
Market Price (4/6/2026): $449.88 | Market Cap: $63.7 BilSector: Information Technology | Industry: Communications Equipment
Ciena (CIEN)
Market Price (4/6/2026): $449.88Market Cap: $63.7 BilSector: Information TechnologyIndustry: Communications Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% Attractive cash flow generationCFO/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% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Cloud Computing. Themes include Telecom Infrastructure, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 177x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 68x, P/EPrice/Earnings or Price/(Net Income) is 277x Stock price has recently run up significantly6M Rtn6 month market price return is 196%, 12M Rtn12 month market price return is 737% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 186% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% Key risksCIEN 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. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% |
| Attractive cash flow generationCFO/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% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, Artificial Intelligence, and Cloud Computing. Themes include Telecom Infrastructure, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 177x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 68x, P/EPrice/Earnings or Price/(Net Income) is 277x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 196%, 12M Rtn12 month market price return is 737% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 186% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% |
| Key risksCIEN 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. |
Qualitative Assessment
AI Analysis | Feedback
1. Strong Fiscal First Quarter 2026 Financial Results and Upbeat Full-Year Guidance.
Ciena reported robust fiscal first-quarter 2026 results on March 5, 2026 (for the quarter ended January 31, 2026), with revenue reaching $1.43 billion, marking a 33% increase year-over-year and surpassing consensus estimates of $1.40 billion. The company's adjusted Earnings Per Share (EPS) for the quarter more than doubled to $1.35 compared to the prior year, significantly beating analysts' expectations that ranged from $1.05 to $1.17. This strong performance led Ciena to raise its fiscal year 2026 revenue guidance to a range of $5.9 billion to $6.3 billion, representing an approximate 28% year-over-year growth at the midpoint.
2. Surging Demand Driven by AI and Cloud Infrastructure Expansion.
The company experienced "unprecedented, broad-based demand" fueled by customers' increasing investments in Artificial Intelligence (AI). Ciena highlighted its strong position to meet multi-year demand as AI-driven networking continues to scale. This market trend is further supported by projections that major hyperscalers will significantly increase their capital expenditures to over $600 billion in 2026 to support AI training and inference workloads, creating substantial opportunities for Ciena's high-speed optical systems and interconnects. Ciena has been actively gaining market share in the optical segment, adding two points year-to-date in fiscal 2025, with expectations for continued gains in 2026 due to increasing momentum from cloud and service providers.
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Stock Movement Drivers
Fundamental Drivers
The 91.5% change in CIEN stock from 12/31/2025 to 4/5/2026 was primarily driven by a 72.9% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 233.87 | 447.76 | 91.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,770 | 5,124 | 7.4% |
| Net Income Margin (%) | 2.6% | 4.5% | 72.9% |
| P/E Multiple | 268.4 | 277.0 | 3.2% |
| Shares Outstanding (Mil) | 142 | 142 | -0.1% |
| Cumulative Contribution | 91.5% |
Market Drivers
12/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CIEN | 91.5% | |
| Market (SPY) | -5.4% | 44.2% |
| Sector (XLK) | -5.5% | 57.3% |
Fundamental Drivers
The 207.4% change in CIEN stock from 9/30/2025 to 4/5/2026 was primarily driven by a 88.8% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 145.67 | 447.76 | 207.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,542 | 5,124 | 12.8% |
| Net Income Margin (%) | 3.1% | 4.5% | 44.1% |
| P/E Multiple | 146.7 | 277.0 | 88.8% |
| Shares Outstanding (Mil) | 142 | 142 | 0.1% |
| Cumulative Contribution | 207.4% |
Market Drivers
9/30/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CIEN | 207.4% | |
| Market (SPY) | -2.9% | 53.2% |
| Sector (XLK) | -3.4% | 62.7% |
Fundamental Drivers
The 641.0% change in CIEN stock from 3/31/2025 to 4/5/2026 was primarily driven by a 153.3% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.43 | 447.76 | 641.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,050 | 5,124 | 26.5% |
| Net Income Margin (%) | 2.0% | 4.5% | 129.2% |
| P/E Multiple | 109.3 | 277.0 | 153.3% |
| Shares Outstanding (Mil) | 143 | 142 | 0.8% |
| Cumulative Contribution | 641.0% |
Market Drivers
3/31/2025 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CIEN | 641.0% | |
| Market (SPY) | 16.3% | 55.4% |
| Sector (XLK) | 32.3% | 61.7% |
Fundamental Drivers
The 752.6% change in CIEN stock from 3/31/2023 to 4/5/2026 was primarily driven by a 548.4% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4052026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.52 | 447.76 | 752.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,845 | 5,124 | 33.3% |
| Net Income Margin (%) | 4.8% | 4.5% | -6.3% |
| P/E Multiple | 42.7 | 277.0 | 548.4% |
| Shares Outstanding (Mil) | 149 | 142 | 5.2% |
| Cumulative Contribution | 752.6% |
Market Drivers
3/31/2023 to 4/5/2026| Return | Correlation | |
|---|---|---|
| CIEN | 752.6% | |
| Market (SPY) | 63.3% | 51.5% |
| Sector (XLK) | 83.6% | 55.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CIEN Return | 46% | -34% | -12% | 88% | 176% | 78% | 686% |
| Peers Return | 44% | -23% | 41% | 68% | 106% | 32% | 615% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| CIEN Win Rate | 67% | 33% | 42% | 83% | 83% | 100% | |
| Peers Win Rate | 65% | 40% | 62% | 75% | 70% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
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 4/2/2026 (YTD)
How Low Can It Go
| Event | CIEN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -49.5% | -25.4% |
| % Gain to Breakeven | 98.2% | 34.1% |
| Time to Breakeven | 793 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -37.0% | -33.9% |
| % Gain to Breakeven | 58.7% | 51.3% |
| Time to Breakeven | 380 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.8% | -19.8% |
| % Gain to Breakeven | 40.5% | 24.7% |
| Time to Breakeven | 288 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -89.5% | -56.8% |
| % Gain to Breakeven | 856.8% | 131.3% |
| Time to Breakeven | 4,081 days | 1,480 days |
Compare to CSCO, ANET, AVGO, LITE, GLW
In The Past
Ciena's stock fell -49.5% during the 2022 Inflation Shock from a high on 12/29/2021. A -49.5% loss requires a 98.2% gain to breakeven.
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About Ciena (CIEN)
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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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:
- 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.
- 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.
- 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:
- 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.
- 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.
- 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.
- 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.
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| 05312022 | CIEN | Ciena | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -14.9% | -8.0% | -22.9% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 231.24 |
| Mkt Cap | 142.9 |
| Rev LTM | 12,317 |
| Op Inc LTM | 3,068 |
| FCF LTM | 2,833 |
| FCF 3Y Avg | 2,155 |
| CFO LTM | 3,533 |
| CFO 3Y Avg | 2,792 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 25.9% |
| Rev Chg 3Y Avg | 9.8% |
| Rev Chg Q | 29.2% |
| QoQ Delta Rev Chg LTM | 6.7% |
| Op Mgn LTM | 18.9% |
| Op Mgn 3Y Avg | 17.1% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 20.4% |
| CFO/Rev 3Y Avg | 20.1% |
| FCF/Rev LTM | 17.6% |
| FCF/Rev 3Y Avg | 16.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 142.9 |
| P/S | 15.0 |
| P/EBIT | 52.6 |
| P/E | 69.5 |
| P/CFO | 48.6 |
| Total Yield | 1.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 10.5% |
| 3M Rtn | 34.0% |
| 6M Rtn | 47.8% |
| 12M Rtn | 200.5% |
| 3Y Rtn | 397.1% |
| 1M Excs Rtn | 4.9% |
| 3M Excs Rtn | 40.3% |
| 6M Excs Rtn | 49.8% |
| 12M Excs Rtn | 142.1% |
| 3Y Excs Rtn | 334.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Networking Platforms | 3,042 | 3,493 | 2,778 | 2,825 | 2,815 |
| Global Services | 537 | 520 | 501 | 489 | 457 |
| Platform Software and Services | 358 | 304 | 277 | 230 | 198 |
| Blue Planet Automation Software and Services | 78 | 69 | 77 | 77 | 63 |
| Total | 4,015 | 4,387 | 3,633 | 3,621 | 3,532 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other unallocated assets | 4,954 | ||||
| Networking Platforms | 358 | ||||
| Platform Software and Services | 156 | ||||
| Blue Planet Automation Software and Services | 95 | ||||
| Global Services | 78 | ||||
| Total | 5,641 |
Price Behavior
| Market Price | $447.76 | |
| Market Cap ($ Bil) | 63.4 | |
| First Trading Date | 02/07/1997 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $327.90 | $195.74 |
| DMA Trend | up | up |
| Distance from DMA | 36.6% | 128.8% |
| 3M | 1YR | |
| Volatility | 81.6% | 63.4% |
| Downside Capture | 0.42 | 0.88 |
| Upside Capture | 495.03 | 339.17 |
| Correlation (SPY) | 40.8% | 51.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.27 | 3.44 | 2.74 | 2.87 | 1.86 | 1.75 |
| Up Beta | 6.81 | 3.53 | 2.11 | 2.66 | 1.39 | 1.50 |
| Down Beta | 5.36 | 3.63 | 2.15 | 2.36 | 1.72 | 1.85 |
| Up Capture | 751% | 803% | 732% | 1038% | 1431% | 1920% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 15 | 27 | 37 | 78 | 156 | 425 |
| Down Capture | 172% | 115% | 138% | 160% | 134% | 110% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 7 | 15 | 26 | 48 | 95 | 324 |
[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 | |
|---|---|---|---|---|
| CIEN | 627.8% | 65.2% | 3.33 | - |
| Sector ETF (XLK) | 31.5% | 27.0% | 0.99 | 61.7% |
| Equity (SPY) | 16.1% | 19.0% | 0.67 | 55.5% |
| Gold (GLD) | 50.5% | 28.0% | 1.46 | 12.2% |
| Commodities (DBC) | 16.2% | 17.7% | 0.77 | 15.8% |
| Real Estate (VNQ) | 3.6% | 16.5% | 0.04 | 26.5% |
| Bitcoin (BTCUSD) | -21.5% | 44.0% | -0.42 | 26.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CIEN | |
|---|---|---|---|---|
| CIEN | 51.6% | 46.8% | 1.05 | - |
| Sector ETF (XLK) | 16.3% | 24.7% | 0.59 | 56.0% |
| Equity (SPY) | 11.6% | 17.0% | 0.53 | 53.5% |
| Gold (GLD) | 21.7% | 17.8% | 1.00 | 9.9% |
| Commodities (DBC) | 11.6% | 18.8% | 0.51 | 10.9% |
| Real Estate (VNQ) | 3.3% | 18.8% | 0.08 | 32.3% |
| Bitcoin (BTCUSD) | 3.9% | 56.5% | 0.29 | 20.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CIEN | |
|---|---|---|---|---|
| CIEN | 37.4% | 43.5% | 0.88 | - |
| Sector ETF (XLK) | 21.4% | 24.3% | 0.81 | 53.0% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 51.6% |
| Gold (GLD) | 14.0% | 15.9% | 0.73 | 6.5% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 14.6% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.22 | 33.0% |
| Bitcoin (BTCUSD) | 66.2% | 66.8% | 1.06 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 12/11/2025 | 9.2% | -8.1% | 5.6% |
| 9/4/2025 | 23.3% | 37.0% | 61.0% |
| 6/5/2025 | -12.9% | -13.9% | -6.2% |
| 3/11/2025 | -2.4% | 0.2% | -17.5% |
| 12/12/2024 | 15.4% | 14.6% | 14.0% |
| 9/4/2024 | -0.8% | -4.6% | 19.3% |
| 6/6/2024 | 0.7% | 1.1% | -0.3% |
| 3/7/2024 | -14.7% | -16.8% | -23.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 11 | 12 |
| # Negative | 12 | 13 | 12 |
| Median Positive | 8.3% | 10.4% | 11.9% |
| Median Negative | -7.3% | -8.1% | -9.5% |
| Max Positive | 23.3% | 37.0% | 61.0% |
| Max Negative | -24.3% | -32.4% | -33.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 01/31/2026 | 03/05/2026 | 10-Q |
| 10/31/2025 | 12/12/2025 | 10-K |
| 07/31/2025 | 09/04/2025 | 10-Q |
| 04/30/2025 | 06/05/2025 | 10-Q |
| 01/31/2025 | 03/12/2025 | 10-Q |
| 10/31/2024 | 12/20/2024 | 10-K |
| 07/31/2024 | 09/04/2024 | 10-Q |
| 04/30/2024 | 06/06/2024 | 10-Q |
| 01/31/2024 | 03/07/2024 | 10-Q |
| 10/31/2023 | 12/15/2023 | 10-K |
| 07/31/2023 | 09/06/2023 | 10-Q |
| 04/30/2023 | 06/07/2023 | 10-Q |
| 01/31/2023 | 03/08/2023 | 10-Q |
| 10/31/2022 | 12/16/2022 | 10-K |
| 07/31/2022 | 09/07/2022 | 10-Q |
| 04/30/2022 | 06/08/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 3/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.45 Bil | 1.50 Bil | 1.55 Bil | ||||
| Q2 2026 Adjusted Gross Margin | 43.5% | 44.0% | 44.5% | ||||
| Q2 2026 Adjusted Operating Expense | 375.00 Mil | 382.50 Mil | 390.00 Mil | 0.7% | Raised | Guidance: 380.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted Operating Margin | 17.5% | 18.0% | 18.5% | ||||
| 2026 Revenue | 5.90 Bil | 6.10 Bil | 6.30 Bil | 3.4% | Raised | Guidance: 5.90 Bil for 2026 | |
| 2026 Adjusted Gross Margin | 43.5% | 44.0% | 44.5% | ||||
| 2026 Adjusted Operating Expense | 1.52 Bil | 1.52 Bil | 1.53 Bil | 0.3% | Raised | Guidance: 1.52 Bil for 2026 | |
| 2026 Adjusted Operating Margin | 17.5% | 18.5% | 19.5% | ||||
Prior: Q4 2025 Earnings Reported 12/11/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.35 Bil | 1.39 Bil | 1.43 Bil | 8.6% | Raised | Guidance: 1.28 Bil for Q4 2025 | |
| Q1 2026 Adjusted (non-GAAP) Operating Expense | 380.00 Mil | -3.8% | Lowered | Guidance: 395.00 Mil for Q4 2025 | |||
| 2026 Revenue | 5.70 Bil | 5.90 Bil | 6.10 Bil | ||||
| 2026 Adjusted (non-GAAP) Operating Expense | 1.52 Bil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smith, Gary B | President, CEO | Direct | Sell | 1062026 | 229.44 | 83,552 | 19,170,163 | 70,641,104 | Form |
| 2 | Kosaraju, Sheela | SVP and General Counsel | Direct | Sell | 1052026 | 241.00 | 1,748 | 421,268 | 23,259,633 | Form |
| 3 | Smith, Gary B | President, CEO | Direct | Sell | 12232025 | 233.46 | 6,800 | 1,587,543 | 91,385,743 | Form |
| 4 | Phipps, Jason | SVP Global Sales and Marketing | Direct | Sell | 12182025 | 143.42 | 1,984 | 284,545 | 11,508,594 | Form |
| 5 | Nevens, Thomas Michael | Direct | Sell | 12152025 | 224.66 | 8,554 | 1,921,742 | 2,116,747 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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