CIENA Corp.

CIENA Corp.

CIEN

Get informed when a big investor buys or sells

+ Follow
Market Cap$60.62B
Close$

Compare to Similar Companies

P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
CIENA Corp.CIENA Corp.138.6-15%11.80.6

Earnings Call Q2 2026

June 4, 2026 - AI Summary

Strong Q2 performance; margin + EPS beat; record quarter - Revenue $1.57B, +40% YoY and $71M above guidance; adjusted EPS $1.64 (nearly 4x prior year). - Adjusted gross margin 44.9%, +4 pts YoY and 90 bps above guidance. - Adjusted operating margin 19.5% (OpEx $398M), above the guide midpoint by 100+ bps. - Free cash flow $219M (13.9% of revenue); cash balance $1.4B; cash conversion cycle improved by 20 days vs Q1.
Business momentum driven by AI-led network build + constrained supply - Customer demand remains robust and backlog is growing: backlog increased $600M sequentially to $7.7B; company expects to exit the year with even higher backlog, providing strong visibility into 2027. - Demand is tied to AI needs: high capacity, low latency connectivity for training, ingestion, inference. - Company cites backlog visibility plus co-creation with hyperscalers/service providers as a key reason they expect strength to continue into 2027.
Key segment growth: Optical + Routing/Switching; DCOM ramp is central - Optical Networking revenue +42% YoY; RLS and Waveserver each +55% YoY. - Routing & Switching revenue +88% YoY, primarily from the ramp of DCOM (data center out-of-band management); DCOM ramp drove 88% growth and contributed to Routing/Switching expansion. - Direct cloud customer revenue +70% YoY; service providers +28% YoY. - India service provider revenue more than doubled YoY, linked to MOFN deployments.

Exclusive for Stockcircle Pro members

Sign upSign Up
$440.60

Target Price by Analysts

4.3% downsideCIENA Target Price DetailsTarget Price
$35.05

Current Fair Value

92.4% downside

Overvalued by 92.4% based on the discounted cash flow analysis.

Share Statistics

Market cap$60.62 Billion
Enterprise Value$61.38 Billion
Dividend Yield$- (-)
Earnings per Share$0.87
Beta1.24
Outstanding Shares141,949,000

Return

Return on Equity15.15%ROE
Return on Assets7.26%
Return on Invested Capital11.29%

Valuation & Multiples

P/E Ratio138.58P/E Ratio
PEG5.94PEG
Price to Sales11.8Price to Sales
Price to Book Ratio23.02Price to Book Ratio
Enterprise Value to Revenue11.02
Enterprise Value to EBIT114.96
Enterprise Value to Net Income140
Total Debt to Enterprise0.03
Debt to Equity0.63Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
June 4, 2026
EPS Estimate
$1.46
Average shareholder expectation
Revenue Estimate
$1.50 B
Average shareholder expectation

Next Earnings Call

Expected Date
September 3, 2026
EPS Estimate
$1.73
Average shareholder expectation
Revenue Estimate
$1.63 B
Average shareholder expectation

Institutional Put/Call Ratio

Market sentiment based on institutional option activity.

Put/Call Ratio0.7307 6.53%
Total Calls2,300,692 13.99%
Total Puts1,681,100 4.64%

Institutional Ownership

Holdings and activity of institutional investors.

Ownership %94.75% 10.64%
Total Invested$51.79B 61.05%
Investors Holding1,122 235.00%

ESG Score

No data

About CIENA Corp.

CEO: Gary Smith

Relevant Senate Committees

Joint Committee on Taxation

This committee provides the official revenue estimates and technical analysis for all tax legislation. Its work is integral to developing and implementing tax policy, which, as with the Finance Committee, directly affects CIENA's corporate tax burden, capital investment incentives, and overall financial health.

Finance

This powerful committee controls taxation, trade, and entitlement spending. Changes in corporate tax rates, R&D tax credits, or international trade policies (e.g., tariffs, supply chain regulations) would directly impact CIENA's profitability, investment decisions, and global operations.

Appropriations

This committee is responsible for allocating discretionary federal spending. Its subcommittees determine the precise funding for various government departments and agencies (e.g., Defense, Homeland Security) that procure CIENA's networking equipment, directly impacting CIENA's potential order books and revenue from government contracts.

Armed Services

This committee oversees the Department of Defense and authorizes the annual National Defense Authorization Act (NDAA). CIENA's networking and communication technologies are critical for military operations, meaning this committee's funding decisions directly impact revenue streams and R&D opportunities for defense contractors like CIENA.

Select Committee on Intelligence

Members receive classified briefings on global threats and intelligence needs. CIENA's advanced networking equipment is vital for secure government and intelligence communications, meaning committee members could possess non-public information directly impacting future government contracts and technology priorities relevant to CIENA.

Commerce, Science, and Transportation

This committee has vast jurisdiction over interstate commerce, including the FCC and telecommunications. CIENA operates directly within the telecommunications sector, making regulations regarding network infrastructure, spectrum, and competition highly relevant and directly impactful on its business.

Homeland Security and Governmental Affairs

CIENA provides networking infrastructure, which is critical for government operations. This committee's oversight of federal contracting and procurement directly impacts CIENA's opportunities to secure significant government contracts, offering members non-public information on future spending and technology priorities.