Viavi Solutions (VIAV)
Market Price (7/18/2026): $38.1 | Market Cap: $8.8 BilSector: Information Technology | Industry: Communications Equipment
Viavi Solutions (VIAV)
Market Price (7/18/2026): $38.1Market Cap: $8.8 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 31% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, Network Equipment, Show more. | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 380x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 125x Stock price has recently run up significantly6M Rtn6 month market price return is 105%, 12M Rtn12 month market price return is 271% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102% 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 -4.8% Key risksVIAV key risks include [1] significant financial distress and bankruptcy risk due to high leverage, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 31% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Artificial Intelligence. Themes include Telecom Infrastructure, Network Equipment, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 380x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 125x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 105%, 12M Rtn12 month market price return is 271% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 102% |
| 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 -4.8% |
| Key risksVIAV key risks include [1] significant financial distress and bankruptcy risk due to high leverage, Show more. |
Qualitative Assessment
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Viavi Solutions (VIAV) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Performance Exceeded Expectations. Viavi Solutions reported strong financial results for its fiscal Q3 2026, which ended March 28, 2026. The company announced non-GAAP diluted earnings per share (EPS) of $0.27, surpassing analysts' consensus estimates of $0.24 by $0.03. Additionally, quarterly revenue grew by 42.8% year-over-year to $406.8 million, exceeding the consensus estimate of $393.8 million. This positive earnings surprise, driven by significant growth in the data center and aerospace and defense end markets, provided a strong positive catalyst for the stock early in the specified period.
2. Favorable Analyst Sentiment and Upgraded Price Targets. Following the strong fiscal Q3 2026 results, multiple financial analysts revised their ratings and increased price targets for Viavi Solutions. As of July 4, 2026, the company held a consensus "Moderate Buy" rating from analysts, with an average 12-month price target of $42.88. Notably, UBS Group lifted its price target from $25.00 to $60.00, B. Riley Financial raised its objective from $26.00 to $53.00, and Susquehanna increased its target from $65.00 to $66.00 by July 1, 2026. This positive outlook from the analytical community contributed to the upward stock movement.
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Viavi Solutions (VIAV) stock has gained about 15% since 3/31/2026 because of the following key factors:
1. Robust Fiscal Q3 2026 Performance Exceeded Expectations. Viavi Solutions reported strong financial results for its fiscal Q3 2026, which ended March 28, 2026. The company announced non-GAAP diluted earnings per share (EPS) of $0.27, surpassing analysts' consensus estimates of $0.24 by $0.03. Additionally, quarterly revenue grew by 42.8% year-over-year to $406.8 million, exceeding the consensus estimate of $393.8 million. This positive earnings surprise, driven by significant growth in the data center and aerospace and defense end markets, provided a strong positive catalyst for the stock early in the specified period.
2. Favorable Analyst Sentiment and Upgraded Price Targets. Following the strong fiscal Q3 2026 results, multiple financial analysts revised their ratings and increased price targets for Viavi Solutions. As of July 4, 2026, the company held a consensus "Moderate Buy" rating from analysts, with an average 12-month price target of $42.88. Notably, UBS Group lifted its price target from $25.00 to $60.00, B. Riley Financial raised its objective from $26.00 to $53.00, and Susquehanna increased its target from $65.00 to $66.00 by July 1, 2026. This positive outlook from the analytical community contributed to the upward stock movement.
3. Strategic Product Innovations and Partnerships in AI and 6G. Viavi Solutions launched several new products and engaged in strategic collaborations focused on emerging technologies like Artificial Intelligence (AI) and 6G networks, aligning with critical telecommunications industry trends. During the period, VIAVI introduced the industry's first validation solution for Ultra Ethernet Transport, accelerating AI data center deployments (June 23, 2026). The company's PCIe® 6.0 Platform also received PCI-SIG® Gold Suite Acceptance for compliance testing (June 18, 2026). Furthermore, on July 14, 2026, VIAVI secured $1.1 million in funding for the SHIELD-6G project, aimed at developing an AI-driven Cyber Threat Intelligence platform for 6G networks, underscoring its pivotal role in future connectivity. These advancements highlight the company's commitment to innovation in high-growth market segments.
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Stock Movement Drivers
Fundamental Drivers
The 14.7% change in VIAV stock from 3/31/2026 to 7/17/2026 was primarily driven by a 9.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7172026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.28 | 38.16 | 14.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,244 | 1,366 | 9.8% |
| P/S Multiple | 6.0 | 6.5 | 8.2% |
| Shares Outstanding (Mil) | 224 | 232 | -3.5% |
| Cumulative Contribution | 14.7% |
Market Drivers
3/31/2026 to 7/17/2026| Return | Correlation | |
|---|---|---|
| VIAV | 14.7% | |
| Market (SPY) | 14.3% | 41.0% |
| Sector (XLK) | 32.1% | 50.4% |
Fundamental Drivers
The 114.1% change in VIAV stock from 12/31/2025 to 7/17/2026 was primarily driven by a 86.9% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7172026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.82 | 38.16 | 114.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,145 | 1,366 | 19.3% |
| P/S Multiple | 3.5 | 6.5 | 86.9% |
| Shares Outstanding (Mil) | 223 | 232 | -3.9% |
| Cumulative Contribution | 114.1% |
Market Drivers
12/31/2025 to 7/17/2026| Return | Correlation | |
|---|---|---|
| VIAV | 114.1% | |
| Market (SPY) | 9.3% | 39.3% |
| Sector (XLK) | 22.1% | 46.6% |
Fundamental Drivers
The 278.9% change in VIAV stock from 6/30/2025 to 7/17/2026 was primarily driven by a 202.4% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7172026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.07 | 38.16 | 278.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,046 | 1,366 | 30.6% |
| P/S Multiple | 2.1 | 6.5 | 202.4% |
| Shares Outstanding (Mil) | 223 | 232 | -4.1% |
| Cumulative Contribution | 278.9% |
Market Drivers
6/30/2025 to 7/17/2026| Return | Correlation | |
|---|---|---|
| VIAV | 278.9% | |
| Market (SPY) | 21.3% | 36.6% |
| Sector (XLK) | 39.2% | 43.4% |
Fundamental Drivers
The 236.8% change in VIAV stock from 6/30/2023 to 7/17/2026 was primarily driven by a 200.7% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7172026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.33 | 38.16 | 236.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,178 | 1,366 | 16.0% |
| P/S Multiple | 2.2 | 6.5 | 200.7% |
| Shares Outstanding (Mil) | 224 | 232 | -3.4% |
| Cumulative Contribution | 236.8% |
Market Drivers
6/30/2023 to 7/17/2026| Return | Correlation | |
|---|---|---|
| VIAV | 236.8% | |
| Market (SPY) | 73.6% | 35.9% |
| Sector (XLK) | 105.8% | 39.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VIAV Return | 18% | -40% | -4% | 0% | 76% | 107% | 147% |
| Peers Return | 55% | -14% | 16% | 27% | 20% | 23% | 190% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| VIAV Win Rate | 50% | 25% | 42% | 50% | 58% | 57% | |
| Peers Win Rate | 69% | 42% | 54% | 65% | 64% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| VIAV Max Drawdown | -17% | -44% | -36% | -39% | -30% | -33% | |
| Peers Max Drawdown | -15% | -33% | -30% | -21% | -31% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSCO, KEYS, NTCT, SPWR, ANET. See VIAV 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 7/17/2026 (YTD)
How Low Can It Go
| Event | VIAV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.2% | 23.1% |
| Time to Breakeven | 128 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -32.1% | -9.5% |
| % Gain to Breakeven | 47.2% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.1% | -6.7% |
| % Gain to Breakeven | 30.1% | 7.1% |
| Time to Breakeven | 65 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.9% | -24.5% |
| % Gain to Breakeven | 36.8% | 32.4% |
| Time to Breakeven | 1141 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.7% | 50.9% |
| Time to Breakeven | 138 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.5% | -19.2% |
| % Gain to Breakeven | 36.0% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
In The Past
Viavi Solutions's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.2% gain to breakeven.
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| Event | VIAV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.0% | -18.8% |
| % Gain to Breakeven | 35.2% | 23.1% |
| Time to Breakeven | 128 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -32.1% | -9.5% |
| % Gain to Breakeven | 47.2% | 10.5% |
| Time to Breakeven | 131 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.1% | -6.7% |
| % Gain to Breakeven | 30.1% | 7.1% |
| Time to Breakeven | 65 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.9% | -24.5% |
| % Gain to Breakeven | 36.8% | 32.4% |
| Time to Breakeven | 1141 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.2% | -33.7% |
| % Gain to Breakeven | 56.7% | 50.9% |
| Time to Breakeven | 138 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.5% | -19.2% |
| % Gain to Breakeven | 36.0% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -30.2% | -6.8% |
| % Gain to Breakeven | 43.2% | 7.3% |
| Time to Breakeven | 58 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.4% | -17.9% |
| % Gain to Breakeven | 70.6% | 21.8% |
| Time to Breakeven | 492 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.7% | -15.4% |
| % Gain to Breakeven | 48.7% | 18.2% |
| Time to Breakeven | 160 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -84.1% | -53.4% |
| % Gain to Breakeven | 527.2% | 114.4% |
| Time to Breakeven | 755 days | 1085 days |
In The Past
Viavi Solutions's stock fell -26.0% during the 2025 US Tariff Shock. Such a loss loss requires a 35.2% 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 Viavi Solutions (VIAV)
Viavi Solutions Inc. (VIAV) is a technology company primarily focused on providing solutions for the communications industry and specialized optical products. It offers a comprehensive suite of network test, monitoring, and assurance tools designed to help build, maintain, and optimize complex communication networks globally. The company serves a diverse range of clients, including communications service providers, enterprises, network equipment manufacturers, and government entities.
Within its network-focused operations, Viavi provides testing solutions (Network Enablement segment) comprising instruments, software, and services used to design, activate, troubleshoot, and optimize network infrastructure for communication and safety. Additionally, its Service Enablement segment offers embedded systems and software that monitor and analyze network data, giving customers deep visibility into network, service, and application performance. These tools help communication service providers, enterprises, and cloud operators understand the actual customer experience and identify opportunities for revenue growth and network optimization.
Beyond networking, Viavi also has an Optical Security and Performance Products (OSP) segment. This segment manufactures advanced optical products with applications in anti-counterfeiting, consumer and industrial goods, government, and automotive industries. These specialized optical solutions address various market needs, distinct from the company's core networking business.
AI Analysis | Feedback
1. Viavi Solutions is like a **specialized SGS** for the digital world, providing critical testing, monitoring, and assurance solutions for telecommunications and enterprise networks to ensure they perform reliably and securely.
2. Beyond networks, Viavi Solutions also has an optical products division, making it like a **specialized 3M** for advanced optical materials used in anti-counterfeiting, automotive, and industrial applications.
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- Network Testing Solutions: Instruments, software, and services for designing, building, activating, certifying, troubleshooting, and optimizing communication networks.
- Network Monitoring & Performance Management: Embedded systems, microprobes, and software that monitor and analyze network data for customer experience and optimization.
- Optical Security and Performance Products: Specialized optical components used in anti-counterfeiting, consumer, industrial, government, and automotive markets.
- Professional & Support Services: Comprehensive services including network design, system integration, repair, calibration, technical assistance, training, and consulting.
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Viavi Solutions (symbol: VIAV) primarily sells its solutions to other companies and organizations.
Based on the provided background information, the specific names of Viavi's major customer companies are not listed. Instead, the company describes its customer base by the following categories:
- Communications service providers
- Enterprises
- Network equipment manufacturers
- Government
- Avionics customers
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Oleg Khaykin - President and Chief Executive Officer
Oleg Khaykin joined Viavi Solutions in February 2016 as President and CEO. He has over 28 years of industry experience. Prior to Viavi, Mr. Khaykin served as a Senior Advisor with Silver Lake Partners. From 2008 until its acquisition by Infineon AG in January 2015, he was the President and CEO of International Rectifier. He also held roles as Chief Operating Officer of Amkor Technology and Vice President of Strategy & Business Development at Conexant Systems. Earlier in his career, he was an engineer at Motorola and spent eight years with The Boston Consulting Group.
Ilan Daskal - Executive Vice President and Chief Financial Officer
Ilan Daskal joined Viavi Solutions in November 2023 as Executive Vice President and Chief Financial Officer, bringing over 25 years of technology industry financial and strategic planning experience. Mr. Daskal was previously EVP and CFO at Bio-Rad Laboratories, Inc. from April 2019. Before that, he was the CFO of Lumileds from 2017 to 2019. From 2008 to 2015, he served as EVP and CFO at International Rectifier Corporation, which was acquired by Infineon Technologies in 2015. He also undertook multiple short-term CFO assignments with various private and public companies between 2015 and 2016.
Paul McNab - Executive Vice President and Chief Marketing & Strategy Officer
Paul McNab joined Viavi (then JDSU) in September 2014. He has a 16-year career at Cisco Systems where he held executive-level marketing, strategy, and engineering positions, working closely with public and private data center operators and leading strategic initiatives for next-generation network architectures, including software-defined networking. Mr. McNab also founded a startup that developed a disruptive software-based network solution for global public and private cloud and enterprise customers.
Mike Petrucci - Senior Vice President and Chief Operations Officer
Mike Petrucci joined Viavi Solutions in April 2025 as Senior Vice President and Chief Operations Officer. He brings over 30 years of leadership experience across the energy, semiconductor, and technology sectors. His past senior executive roles include Vice President, Backbone Operations at BP Upstream, and President and CEO of BP Solar. Earlier in his career, he held senior global operations roles at Compaq Computer and served as President and General Manager of Philippines and Taiwan operations at Amkor.
Kevin Siebert - Senior Vice President, General Counsel and Corporate Secretary
Kevin Siebert joined Viavi Solutions in September 2007. He holds the role of Senior Vice President, General Counsel and Corporate Secretary.
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Key Risks to Viavi Solutions (VIAV):
- Cyclicality and Volatility of Telecommunications and Data Center Markets, and Rapid Technological Change: Viavi Solutions' revenue is significantly dependent on capital expenditures by communications service providers, hyperscalers, and enterprises for network build-outs, upgrades (such as 5G and AI-related infrastructure), and maintenance. A slowdown in demand for data centers or wireless network expansion, potentially driven by macroeconomic pressures or a normalization of investment cycles, could severely impact the company's revenue growth and profitability. Additionally, the rapid evolution of network technologies necessitates continuous innovation in Viavi's testing and assurance solutions; a failure to keep pace with these advancements could lead to product obsolescence and a loss of market share.
- Inconsistent Profitability and Margin Pressure: Despite experiencing revenue growth, Viavi Solutions has demonstrated inconsistent profitability and compressed margins, with recent quarterly results indicating a net loss. This trend, where increased sales do not consistently translate into sustainable profits, raises concerns about the company's financial health and its capacity to achieve anticipated operating margins, which could adversely affect its valuation.
- Intense Competition: Viavi operates in highly competitive markets for network testing, monitoring, and assurance solutions, as well as optical products. The company faces significant competition from established players, including Keysight Technologies, Anritsu Corporation, and EXFO Inc. This intense competitive landscape can lead to pricing pressures, reduced market share, and a continuous demand for investment in research and development to maintain a competitive edge, potentially further impacting the company's margins.
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The widespread adoption of AI-driven network automation (AIOps), software-defined networking (SDN), network function virtualization (NFV), and integrated cloud-native observability platforms poses a clear emerging threat to Viavi Solutions' Network Enablement (NE) and Service Enablement (SE) segments. As communications service providers and enterprises increasingly embed testing, monitoring, and troubleshooting capabilities directly into their network infrastructure and operational tools, and as networks become more self-healing and autonomously managed, the demand for traditional, external, and often hardware-centric testing instruments, probes, and standalone monitoring software may diminish. This paradigm shift could reduce the reliance on third-party specialized solutions like those offered by Viavi, much like streaming services displaced physical media rentals.
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Viavi Solutions Inc. (NASDAQ: VIAV) participates in several addressable markets through its three segments: Network Enablement (NE), Service Enablement (SE), and Optical Security and Performance Products (OSP).
Network Enablement (NE)
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Communication Test & Measurement Market: This market, which encompasses solutions for network build-out and maintenance, was valued at approximately USD 9.3 billion globally in 2024 and is projected to reach USD 20.4 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.4% between 2025 and 2034. Another estimate placed the global market size at USD 9.82 billion in 2024, with a projection to reach USD 36.2 billion by 2033, growing at a CAGR of 15.6% from 2025 to 2033. North America held a significant share of over 32% of the global communication test & measurement market in 2024. Viavi Solutions is recognized as a key player in this sector, particularly strong in fiber optics testing.
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Telecom Testing Equipment Market: A sub-segment of communication test & measurement, this market is estimated to be valued at USD 4.8 billion globally in 2025 and is projected to reach USD 9.7 billion by 2035, exhibiting a CAGR of 7.2% over the forecast period.
Service Enablement (SE)
-
Enterprise Performance Management (EPM) Market: The global Enterprise Performance Management (EPM) market was estimated at USD 6.73 billion in 2024 and is projected to reach USD 15.35 billion by 2033, with a CAGR of 10.0% from 2025 to 2033. Another report indicates a global market size of USD 8.2 billion in 2025, anticipated to grow to USD 17.5 billion by 2034, at a CAGR of 8.8%. North America commanded a 39.2% revenue share of the global EPM market in 2024. The U.S. EPM market specifically was valued at USD 2.33 billion in 2025 and is expected to reach USD 4.96 billion by 2033, with a CAGR of 9.94%.
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Network Performance Monitoring Market: This global market was valued at USD 4.13 billion in 2025 and is projected to grow from USD 4.61 billion in 2026 to USD 9.52 billion by 2034, demonstrating a CAGR of 9.50%. Another source estimates the global market to be worth US$ 1,625.5 million in 2024 and is forecast to reach US$ 5,632.1 million by 2034, with a projected CAGR of 13.2%. In 2025, North America held the largest share of 42.30% in this market.
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Telecom Service Assurance Market: The global telecom service assurance market size was estimated at USD 9.67 billion in 2023 and is projected to reach USD 18.00 billion by 2030, growing at a CAGR of 9.5% from 2024 to 2030. North America accounted for 37.21% of the global revenue in 2025.
Optical Security and Performance Products (OSP)
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Anti-Counterfeiting Packaging Market: The global market for anti-counterfeiting packaging was valued at USD 171.51 billion in 2025 and is projected to reach USD 348.58 billion by 2034, with a CAGR of 8.29%. Another report indicates a global market size of USD 207.58 billion in 2025, expected to increase to approximately USD 717.63 billion by 2035, expanding at a CAGR of 13.21%. North America led this market with a 41.45% market share in 2025.
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Optical Filters Market: The global optical filters market size was valued at USD 1.21 billion in 2022 and is estimated to reach USD 2.22 billion by 2031, growing at a CAGR of 7.01%. Another estimation places the global optical filters market size at USD 14,250.75 million in 2024, projected to reach USD 26,500.60 million by 2032, with a CAGR of 7.5%. For optical filters specifically for optical communications, the global market size was US$ 987 million in 2025 and is forecast to reach US$ 1534 million by 2032, with a CAGR of 6.6%. North America is a dominant region in the overall optical filters market.
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Viavi Solutions Inc. (NASDAQ: VIAV) is expected to drive future revenue growth over the next two to three years through several key areas:
- Growth in Data Center and AI Infrastructure: Viavi anticipates strong demand and continued growth within the data center ecosystem, including hyperscale and cloud environments. This is further supported by the launch of new products like the TestCenter D2 1.6T Appliance, designed to accelerate AI infrastructure rollouts.
- Demand in Aerospace and Defense Markets: The company foresees sustained growth from the aerospace and defense sectors, driven by the need for mission-critical communication, avionics, and position, navigation, and timing (PNT) products.
- Expansion of High-Speed Optical Networks (800G and 1.6T): Viavi expects significant revenue contributions from its recently launched 800-gig and 1.6-terabit fiber and high-speed Ethernet products, addressing the evolving needs of advanced network infrastructure.
- Recovery in Communication Service Provider Spending: Following periods of weaker spending, Viavi anticipates a gradual recovery in the communication service provider market, particularly in the second half of fiscal year 2025. This recovery is expected to boost demand for their Network Enablement solutions.
- Optical Security and Performance Products: The Optical Security and Performance Products (OSP) segment is poised for growth driven by higher demand for its anti-counterfeiting and 3D sensing products, although near-term fluctuations may occur due to customer inventory adjustments.
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Share Repurchases
- In fiscal year 2025, Viavi Solutions repurchased approximately 2 million shares of its common stock for about $16.4 million.
Share Issuance
- In December 2025, Viavi Solutions entered into privately negotiated agreements to exchange an aggregate principal amount of $103.463 million of its 1.625% Convertible Senior Notes due 2026 for 7,871,043 shares of common stock at a price of $17.88 per share.
- The company did not receive any cash proceeds from this share exchange.
Outbound Investments
- During fiscal year 2025, Viavi Solutions prioritized its capital allocation towards merger and acquisition (M&A) activities, including the acquisition of Inertial Labs.
- In October 2025, Viavi Solutions completed the acquisition of Spirent Communications plc's high-speed Ethernet, network security, and channel emulation testing business for an all-cash consideration of $425 million.
- This acquisition of Spirent's business is expected to contribute approximately $180 million to VIAVI's Network Service Enablement (NSE) revenue within the first 12 months post-closing.
Capital Expenditures
- Viavi Solutions reported capital expenditures of $27.8 million for fiscal year 2025.
- Capital expenditures were $8.5 million in the first quarter of fiscal year 2026 and $8.2 million in the second quarter of fiscal year 2025.
- The primary focus of capital expenditures has historically been operational efficiencies and growth initiatives.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 76.62 |
| Mkt Cap | 31.4 |
| Rev LTM | 3,727 |
| Op Inc LTM | 608 |
| FCF LTM | 821 |
| FCF 3Y Avg | 690 |
| CFO LTM | 892 |
| CFO 3Y Avg | 766 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.9% |
| Rev Chg 3Y Avg | 5.1% |
| Rev Chg Q | 21.7% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | 33.3% |
| Op Inc Chg 3Y Avg | 1.8% |
| Op Mgn LTM | 15.5% |
| Op Mgn 3Y Avg | 14.4% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 22.9% |
| CFO/Rev 3Y Avg | 22.9% |
| FCF/Rev LTM | 20.8% |
| FCF/Rev 3Y Avg | 21.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 31.4 |
| P/S | 6.9 |
| P/Op Inc | 39.8 |
| P/EBIT | 35.2 |
| P/E | 34.0 |
| P/CFO | 35.1 |
| Total Yield | 1.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.1% |
| 3M Rtn | -1.4% |
| 6M Rtn | 48.9% |
| 12M Rtn | 73.8% |
| 3Y Rtn | 111.2% |
| 1M Excs Rtn | -7.2% |
| 3M Excs Rtn | -5.7% |
| 6M Excs Rtn | 42.9% |
| 12M Excs Rtn | 57.4% |
| 3Y Excs Rtn | 46.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Network and Service Enablement | 777 | 702 | |||
| Optical Security and Performance Products | 308 | 298 | 305 | 343 | 361 |
| Network Enablement | 707 | 846 | 747 | ||
| Other Items | 0 | 0 | |||
| Service Enablement | 94 | 103 | 91 | ||
| Total | 1,084 | 1,000 | 1,106 | 1,292 | 1,199 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Optical Security and Performance Products | 112 | 107 | 111 | 139 | 161 |
| Network and Service Enablement | 42 | 8 | 61 | 148 | 92 |
| Unallocated other expenses | -96 | -94 | |||
| Other Items | -90 | -102 | -111 | ||
| Total | 58 | 21 | 82 | 185 | 142 |
Price Behavior
| Market Price | $38.16 | |
| Market Cap ($ Bil) | 8.9 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -31.0% | |
| 50 Days | 200 Days | |
| DMA Price | $47.67 | $30.48 |
| DMA Trend | up | up |
| Distance from DMA | -20.0% | 25.2% |
| 3M | 1YR | |
| Volatility | 82.5% | 67.4% |
| Downside Capture | 399.22 | 176.41 |
| Upside Capture | 254.99 | 296.91 |
| Correlation (SPY) | 43.9% | 37.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.49 | 2.19 | 2.24 | 2.26 | 1.88 | 1.16 |
| Up Beta | -0.75 | -1.49 | 0.52 | 0.47 | 1.26 | 0.74 |
| Down Beta | 3.77 | 2.52 | 3.12 | 2.29 | 1.74 | 1.13 |
| Up Capture | 341% | 271% | 373% | 796% | 822% | 532% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 19 | 33 | 67 | 135 | 383 |
| Down Capture | 263% | 328% | 273% | 170% | 126% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 11 | 22 | 30 | 57 | 114 | 352 |
[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 VIAV | |
|---|---|---|---|---|
| VIAV | 279.5% | 67.3% | 2.24 | - |
| Sector ETF (XLK) | 36.5% | 24.6% | 1.21 | 43.4% |
| Equity (SPY) | 20.2% | 12.6% | 1.18 | 36.4% |
| Gold (GLD) | 19.6% | 28.0% | 0.63 | 19.8% |
| Commodities (DBC) | 30.0% | 19.0% | 1.25 | -1.7% |
| Real Estate (VNQ) | 15.7% | 14.0% | 0.81 | 13.3% |
| Bitcoin (BTCUSD) | -46.4% | 42.8% | -1.33 | 17.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VIAV | |
|---|---|---|---|---|
| VIAV | 17.7% | 44.3% | 0.50 | - |
| Sector ETF (XLK) | 19.2% | 25.5% | 0.67 | 43.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.57 | 41.6% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | 12.4% |
| Commodities (DBC) | 8.7% | 19.5% | 0.34 | 5.5% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 29.4% |
| Bitcoin (BTCUSD) | 13.6% | 53.5% | 0.44 | 17.1% |
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 VIAV | |
|---|---|---|---|---|
| VIAV | 19.4% | 39.1% | 0.58 | - |
| Sector ETF (XLK) | 24.5% | 24.8% | 0.90 | 50.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 49.7% |
| Gold (GLD) | 11.0% | 16.1% | 0.55 | 9.9% |
| Commodities (DBC) | 7.0% | 17.9% | 0.31 | 13.6% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 37.0% |
| Bitcoin (BTCUSD) | 58.5% | 66.2% | 0.99 | 14.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 15.1% | 16.4% | 6.7% |
| 1/28/2026 | 17.5% | 16.5% | 41.3% |
| 10/29/2025 | 22.3% | 24.7% | 26.0% |
| 8/7/2025 | 7.6% | 6.3% | 14.3% |
| 5/1/2025 | -12.3% | -13.9% | -14.1% |
| 1/30/2025 | 20.5% | 28.1% | 9.5% |
| 10/31/2024 | 6.9% | 13.9% | 12.5% |
| 8/8/2024 | -7.1% | 3.1% | 1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 6.5% | 5.1% | 8.5% |
| Median Negative | -4.5% | -6.9% | -7.5% |
| Max Positive | 22.3% | 28.1% | 41.3% |
| Max Negative | -23.2% | -22.5% | -24.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 15.1% | 16.4% | 6.7% |
| 1/28/2026 | 17.5% | 16.5% | 41.3% |
| 10/29/2025 | 22.3% | 24.7% | 26.0% |
| 8/7/2025 | 7.6% | 6.3% | 14.3% |
| 5/1/2025 | -12.3% | -13.9% | -14.1% |
| 1/30/2025 | 20.5% | 28.1% | 9.5% |
| 10/31/2024 | 6.9% | 13.9% | 12.5% |
| 8/8/2024 | -7.1% | 3.1% | 1.4% |
| 5/2/2024 | -5.7% | -6.9% | -5.1% |
| 2/1/2024 | -4.5% | -12.5% | -2.1% |
| 11/2/2023 | 6.0% | -0.5% | 9.2% |
| 8/10/2023 | -2.5% | -5.1% | -7.5% |
| 4/17/2023 | -9.1% | -12.8% | -9.3% |
| 2/2/2023 | 1.4% | -2.3% | -8.6% |
| 11/3/2022 | -23.2% | -22.5% | -24.0% |
| 8/11/2022 | 1.5% | 3.3% | -4.0% |
| 5/3/2022 | 3.5% | -1.0% | 4.3% |
| 11/4/2021 | -4.5% | -8.2% | -3.0% |
| 8/12/2021 | 1.3% | 1.0% | 2.2% |
| 5/4/2021 | -1.3% | 2.1% | 7.9% |
| 2/2/2021 | 0.7% | 3.9% | -3.8% |
| 11/5/2020 | -0.2% | 0.0% | 6.5% |
| 8/11/2020 | -2.0% | -6.9% | -21.0% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 12 |
| # Negative | 11 | 11 | 11 |
| Median Positive | 6.5% | 5.1% | 8.5% |
| Median Negative | -4.5% | -6.9% | -7.5% |
| Max Positive | 22.3% | 28.1% | 41.3% |
| Max Negative | -23.2% | -22.5% | -24.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/16/2024 | 10-K |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/17/2023 | 10-K |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/19/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 01/29/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-K |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/16/2024 | 10-K |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/17/2023 | 10-K |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/19/2022 | 10-K |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/07/2022 | 10-Q |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/23/2021 | 10-K |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/10/2020 | 10-Q |
| 06/30/2020 | 08/24/2020 | 10-K |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/27/2019 | 10-K |
Recent Forward Guidance
Updated 7/12/2026Latest: Q3 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 427.00 Mil | 432.00 Mil | 437.00 Mil | 9.9% | Higher New | Guidance: 393.00 Mil for Q3 2026 | |
| Q4 2026 Non-GAAP EPS | 0.29 | 0.3 | 0.31 | 30.4% | Higher New | Guidance: 0.23 for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 386.00 Mil | 393.00 Mil | 400.00 Mil | 7.7% | Higher New | Guidance: 365.00 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP EPS | 0.22 | 0.23 | 0.24 | 21.1% | Higher New | Guidance: 0.19 for Q2 2026 | |
| 2026 Annualized Cost Savings | 30.00 Mil | ||||||
Q1 2026 Earnings Reported 10/29/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 360.00 Mil | 365.00 Mil | 370.00 Mil | 24.1% | Higher New | Actual: 294.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP EPS | 0.18 | 0.19 | 0.2 | 40.7% | Higher New | Actual: 0.14 for Q1 2026 | |
Insider Activity
Updated 5/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Khaykin, Oleg | President & CEO | Direct | Sell | 5082026 | 51.82 | 136,547 | 7,075,866 | 61,603,512 | Form |
| 2 | Khaykin, Oleg | President & CEO | Direct | Sell | 5082026 | 51.43 | 123,333 | 6,343,016 | 68,162,493 | Form |
| 3 | Scrivanich, Luke M | SVP General Manager OSP | Direct | Sell | 5062026 | 53.00 | 10,693 | 566,729 | 2,082,211 | Form |
| 4 | Khaykin, Oleg | President & CEO | Direct | Sell | 5062026 | 54.61 | 104,552 | 5,709,585 | 80,970,356 | Form |
| 5 | Khaykin, Oleg | President & CEO | Held by reporting person's spouse | Sell | 5062026 | 54.77 | 20,238 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Khaykin, Oleg | President & CEO | Direct | Sell | 5082026 | 51.82 | 136,547 | 7,075,866 | 61,603,512 | Form |
| 2 | Khaykin, Oleg | President & CEO | Direct | Sell | 5082026 | 51.43 | 123,333 | 6,343,016 | 68,162,493 | Form |
| 3 | Scrivanich, Luke M | SVP General Manager OSP | Direct | Sell | 5062026 | 53.00 | 10,693 | 566,729 | 2,082,211 | Form |
| 4 | Khaykin, Oleg | President & CEO | Direct | Sell | 5062026 | 54.61 | 104,552 | 5,709,585 | 80,970,356 | Form |
| 5 | Khaykin, Oleg | President & CEO | Held by reporting person's spouse | Sell | 5062026 | 54.77 | 20,238 | Form | ||
| 6 | McNab, Paul | EVP, Chief Mktg & Stgy Officer | Direct | Sell | 5062026 | 54.96 | 2,727 | 149,876 | 850,286 | Form |
| 7 | Gilstrap, Doug | Direct | Sell | 5062026 | 55.00 | 10,000 | 550,000 | 3,067,130 | Form | |
| 8 | Siebert, Kevin Christopher | SVP Gen. Counsel & Secretary | Direct | Sell | 5042026 | 54.02 | 8,255 | 445,935 | 1,087,369 | Form |
| 9 | Belluzzo, Richard | Direct | Sell | 5042026 | 53.30 | 51,110 | 2,724,163 | 8,567,442 | Form | |
| 10 | Siebert, Kevin Christopher | SVP Gen. Counsel & Secretary | Direct | Sell | 3022026 | 34.78 | 7,264 | 252,642 | 987,196 | Form |
| 11 | McNab, Paul | EVP, Chief Mktg & Stgy Officer | Direct | Sell | 3022026 | 32.89 | 3,551 | 116,792 | 598,532 | Form |
| 12 | Colvin, Donald A | Direct | Sell | 2262026 | 29.23 | 25,000 | 730,750 | 4,298,359 | Form | |
| 13 | Belluzzo, Richard | Direct | Sell | 2182026 | 26.85 | 15,775 | 423,559 | 5,688,172 | Form | |
| 14 | Belluzzo, Richard | Direct | Sell | 2172026 | 26.45 | 13,058 | 345,384 | 6,020,681 | Form | |
| 15 | Scrivanich, Luke M | SVP General Manager OSP | Direct | Sell | 2132026 | 26.59 | 13,901 | 369,628 | 1,328,968 | Form |
| 16 | Khaykin, Oleg | President & CEO | Direct | Sell | 2112026 | 27.50 | 42,767 | 1,176,092 | 43,803,485 | Form |
| 17 | Khaykin, Oleg | President & CEO | Held by reporting person's spouse | Sell | 2112026 | 27.51 | 20,000 | 550,200 | 556,747 | Form |
| 18 | Khaykin, Oleg | President & CEO | Direct | Sell | 2092026 | 26.25 | 73,250 | 1,922,812 | 42,935,051 | Form |
| 19 | Staley, Gary W | SVP Global Sales NSE | Direct | Sell | 2052026 | 23.93 | 24,237 | 579,991 | 3,260,869 | Form |
| 20 | Khaykin, Oleg | President & CEO | Direct | Sell | 2052026 | 24.50 | 70,000 | 1,715,000 | 43,596,206 | Form |
| 21 | Khaykin, Oleg | President & CEO | Direct | Sell | 2052026 | 26.48 | 74,315 | 1,967,861 | 48,973,092 | Form |
| 22 | Staley, Gary W | SVP Global Sales NSE | Direct | Sell | 2052026 | 26.14 | 22,306 | 583,079 | 4,195,575 | Form |
| 23 | Staley, Gary W | SVP Global Sales NSE | Direct | Sell | 2032026 | 25.92 | 20,742 | 537,633 | 4,738,435 | Form |
| 24 | McNab, Paul | EVP, Chief Mktg & Stgy Officer | Direct | Sell | 2032026 | 25.80 | 4,638 | 119,660 | 561,124 | Form |
| 25 | Siebert, Kevin Christopher | SVP Gen. Counsel & Secretary | Direct | Sell | 2032026 | 25.72 | 13,577 | 349,200 | 916,867 | Form |
| 26 | Staley, Gary W | SVP Global Sales NSE | Direct | Sell | 2032026 | 25.83 | 22,784 | 588,452 | 5,257,226 | Form |
| 27 | Burns, Richard John | Direct | Sell | 12112025 | 18.76 | 3,384 | 63,484 | 63,484 | Form | |
| 28 | Corrales, Eugenia | Direct | Sell | 12112025 | 18.76 | 3,384 | 63,484 | 63,484 | Form | |
| 29 | Siebert, Kevin Christopher | SVP Gen. Counsel & Secretary | Direct | Sell | 12082025 | 18.26 | 24,225 | 442,349 | 898,849 | Form |
| 30 | Khaykin, Oleg | President & CEO | Held by reporting person's spouse | Sell | 12052025 | 17.50 | 40,238 | 704,165 | 704,165 | Form |
| 31 | Khaykin, Oleg | President & CEO | Held by reporting person's spouse | Sell | 12042025 | 17.60 | 38,438 | 676,509 | 1,416,378 | Form |
| 32 | Khaykin, Oleg | President & CEO | Direct | Sell | 12042025 | 17.10 | 35,004 | 598,568 | 32,852,366 | Form |
| 33 | Daskal, Ilan | EVP, CFO | Direct | Sell | 12032025 | 17.49 | 170,000 | 2,972,994 | 177,190 | Form |
| 34 | Khaykin, Oleg | President & CEO | Direct | Sell | 12022025 | 17.77 | 68,810 | 1,222,559 | 34,756,054 | Form |
| 35 | Khaykin, Oleg | President & CEO | Direct | Sell | 12022025 | 17.63 | 85,836 | 1,513,318 | 35,701,537 | Form |
| 36 | McNab, Paul | EVP, Chief Mktg & Stgy Officer | Direct | Sell | 12012025 | 18.14 | 1,657 | 30,058 | 478,660 | Form |
| 37 | Barnes, Keith | Direct | Sell | 11122025 | 18.18 | 121,467 | 2,208,232 | 494,724 | Form | |
| 38 | Colvin, Donald A | Direct | Sell | 11052025 | 17.09 | 40,000 | 683,607 | 2,538,301 | Form | |
| 39 | Scrivanich, Luke M | SVP General Manager OSP | Direct | Sell | 11042025 | 17.45 | 9,765 | 170,399 | 1,078,759 | Form |
| 40 | McNab, Paul | EVP, Chief Mktg & Stgy Officer | Direct | Sell | 11042025 | 17.41 | 12,617 | 219,662 | 488,246 | Form |
| 41 | Barnes, Keith | Direct | Sell | 11042025 | 17.27 | 53,933 | 931,566 | 2,161,689 | Form | |
| 42 | Siebert, Kevin Christopher | SVP Gen. Counsel & Secretary | Direct | Sell | 11042025 | 17.29 | 11,148 | 192,749 | 1,269,950 | Form |
| 43 | Belluzzo, Richard | Direct | Sell | 10012025 | 12.63 | 8,387 | 105,928 | 2,742,655 | Form | |
| 44 | Scrivanich, Luke M | SVP General Manager OSP | Direct | Sell | 9252025 | 12.17 | 8,987 | 109,372 | 965,507 | Form |
| 45 | Siebert, Kevin Christopher | SVP Gen. Counsel & Secretary | Direct | Sell | 9252025 | 12.17 | 9,927 | 120,812 | 1,029,558 | Form |
| 46 | Belluzzo, Richard | Direct | Sell | 9032025 | 11.34 | 8,385 | 95,086 | 2,557,635 | Form | |
| 47 | Scrivanich, Luke M | SVP General Manager OSP | Direct | Sell | 9022025 | 11.18 | 11,873 | 132,740 | 747,226 | Form |
| 48 | Siebert, Kevin Christopher | SVP Gen. Counsel & Secretary | Direct | Sell | 9022025 | 11.18 | 13,115 | 146,626 | 795,558 | Form |
| 49 | Belluzzo, Richard | Direct | Sell | 8012025 | 9.72 | 8,385 | 81,502 | 2,273,761 | Form | |
| 50 | Belluzzo, Richard | Direct | Sell | 7012025 | 10.02 | 8,385 | 84,018 | 2,427,956 | Form | |
| 51 | Daskal, Ilan | EVP, CFO | Direct | Sell | 6062025 | 9.28 | 82,095 | Form | ||
| 52 | Belluzzo, Richard | Direct | Sell | 6022025 | 9.03 | 8,385 | 75,717 | 2,263,785 | Form | |
| 53 | Belluzzo, Richard | Direct | Sell | 5082025 | 8.92 | 8,385 | 74,794 | 2,311,003 | Form |
Investor Activity (13F)
Updated Jul 18, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Parsifal Capital Management, LP | $42.8 Mil | 5.5% | 17 | TRIM -62.0% | 13F |
| Analog Century Management LP | $91.9 Mil | 4.4% | 25 | New | 13F |
| Westerly Capital Management, LLC | $14.1 Mil | 4.4% | 36 | TRIM -63.0% | 13F |
| Whale Rock Capital Management LLC | $115.6 Mil | 1.5% | 35 | New | 13F |
| Ophir Asset Management Pty Ltd | $11.5 Mil | 1.3% | 34 | TRIM -44.9% | 13F |
| Oribel Capital Management, LP | $8.3 Mil | 1.3% | 41 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Whale Rock Capital Management LLC | $115.6 Mil | 1.5% | 35 | New | 13F |
| Analog Century Management LP | $91.9 Mil | 4.4% | 25 | New | 13F |
| Parsifal Capital Management, LP | $42.8 Mil | 5.5% | 17 | TRIM -62.0% | 13F |
| Westerly Capital Management, LLC | $14.1 Mil | 4.4% | 36 | TRIM -63.0% | 13F |
| Ophir Asset Management Pty Ltd | $11.5 Mil | 1.3% | 34 | TRIM -44.9% | 13F |
| Oribel Capital Management, LP | $8.3 Mil | 1.3% | 41 | New | 13F |
Viavi Solutions — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Communications Equipment Resources |
| Light Reading |
| Fierce Network |
| Telecoms.com |
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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