CIENA Corp.
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+ FollowMarket Cap$38.66B
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Earnings Call Q3 2026
September 3, 2026 - AI Summary
Q3 performance was record-setting (and beat guidance): Revenues were $1.67B (Tep top end), up 37% YoY and a quarterly record. Adjusted operating margin = 22.5%, above guidance and the highest ever for Ciena; adjusted gross margin = 46.4%. Adjusted EPS = $2.11, up 215% YoY (record). Demand strength showed up in orders accelerating (book-to-bill > 1) and a backlog jump of +$800M to $8.5B exiting Q3.
Demand outlook is unusually strong and backlog is expected to keep expanding: Management emphasized the industry is in an early multiyear “network investment era” driven by AI and data center buildout (bandwidth growth, low-latency optics, higher density, power/space constraints). They expect backlog to grow even faster in Q4 and are projecting to exit FY26 with >$10B backlog; notably 1 month into Q4 orders booked are approaching all of Q3. They view this as lead-time constrained rather than demand constrained (supply capacity is the bottleneck).
FY26 guidance (Q4) and early FY27 outlook (preliminary direction):
- Q4 FY26 revenue: $1.75B ± $50M (raised full-year midpoint to $6.42B).
- FY26 profitability: Adjusted gross margin 45% ± 50 bps, adjusted operating margin ~20% ± 50 bps; Ciena expects FY26 operating margin to exceed 20% for the first time.
- FY27 preliminary expectation: revenue growth ≥30% YoY to $8.3B–$8.4B, gross margin 45–46%, and adjusted operating margin 25–27% (another record). They said FY27 guidance may be higher with supply upside.
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$31.59
88.4% downside
Current Fair Value
88.4% downsideOvervalued by 88.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $38.66 Billion |
|---|---|
| Enterprise Value | $36.66 Billion |
| Earnings per Share | $0.87 |
| Beta | 1.29 |
| Outstanding Shares | 142,061,000 |
Return
| Return on Equity | 21.41% |
|---|---|
| Return on Assets | 8.18% |
| Return on Invested Capital | 11.32% |
Valuation & Multiples
| P/E Ratio | 69.42 |
|---|---|
| PEG | 16.16 |
| Price to Sales | 6.48 |
| Price to Book Ratio | 12.96 |
| Enterprise Value to Revenue | 6.09 |
| Enterprise Value to EBIT | 48.99 |
| Enterprise Value to Net Income | 56 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.15 |
Revenue Sources
No data
Last Earnings Call
Report Date
September 3, 2026
EPS Estimate
$1.73
Consensus analyst estimateRevenue Estimate
$1.64 B
Consensus analyst estimateNext Earnings Call
Expected Date
December 10, 2026
EPS Estimate
$2.05
Consensus analyst estimateRevenue Estimate
$1.76 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.81, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.8054▼ 17.13% |
|---|---|
| Total Calls | 131,492▼ 96.08% |
| Total Puts | 105,900▼ 96.77% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.06%▼ 91.12% |
|---|---|
| Total Invested | $1.55B▼ 97.62% |
| Investors Holding | 374▼ 918.00% |
About CIENA Corp.
9,080 employees
CEO: Gary Smith
Ciena Corporation, a technology firm based in Hanover, Maryland, employs over 6,300 full-time staff. The company specializes in providing vital infrastructure for communication networks, offering a comprehensive suite of hardware, softwa...