# Ciena Corporation (CIEN)

> Source: Nexqual · https://nexqual.com/CIEN · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Ciena Corporation (CIEN), nexqual.com/CIEN" · informational, not investment advice.

**Price:** USD 320.26 (-0.74% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 322.64 · day 313.45–327.4 · 52w 168.22–637.51 · market cap $45.4B · NYQ

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $6.02B, net income $654M (10.9% margin), free cash flow $814M (SEC filings).
- Valuation: P/E 69.4x (avg 128.8x at the last 3 fiscal year-ends), EV/EBITDA 53.0x, net debt $600M.
- 2 of 80 tracked superinvestors hold CIEN (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 43 Form 4 filings, $40.1M; 2 not under a Rule 10b5-1 plan ($2.4M); 4 by opportunistic insiders (0 outside 10b5-1 plans), 24 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (21 analysts), mean target USD 512.99 (range 347–660).
- Total return with dividends: 1Y +78.9% vs S&P 500 +13.4%; 5Y +489.9% vs S&P 500 +76.9%.
- Next earnings: 2026-09-03, EPS estimate USD 1.62, revenue estimate $1.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.62B | $3.63B | $4.39B | $4.01B | $4.77B | $6.02B |
| Gross profit | $1.72B | $1.56B | $1.88B | $1.72B | $2.00B | — |
| Operating income | $495M | $223M | $358M | $167M | $198M | $739M |
| Net income | $500M | $153M | $255M | $84.0M | $123M | $654M |
| EPS (diluted) | $3.19 | $1.00 | $1.71 | $0.58 | $0.85 | — |
| Free cash flow | $462M | -$259M | $62.1M | $378M | $665M | $814M |
| Gross margin | 47.6% | 43.0% | 42.8% | 42.8% | 42.0% | — |
| Operating margin | 13.7% | 6.1% | 8.2% | 4.1% | 4.1% | 12.3% |
| Net margin | 13.8% | 4.2% | 5.8% | 2.1% | 2.6% | 10.9% |
| Revenue growth | +2.5% | +0.3% | +20.8% | -8.5% | +18.8% | — |
| Cash + short-term investments | $1.60B | $1.15B | $1.12B | $1.25B | $1.31B | — |
| Total debt | $677M | $1.07B | $1.56B | $1.54B | $1.54B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 69.4x · P/S 7.5x · EV/EBITDA 53.0x · EV/Sales 7.6x · P/FCF 55.8x · P/B 14.9x · FCF yield 1.79% · Earnings yield 1.44% · Buyback yield (TTM) 0.93% · Net debt $600M · EV $46.0B
P/E at fiscal year-ends: Nov 2025 240.5x, Nov 2024 121.2x, Oct 2023 24.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold CIEN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.4M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $981K | Reduced -23.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
41 of 43 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | Gage Brodie | EVP & Chief Product & Tech | 1,200 | $413K | 3.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-10-15 | Diperna Dino | EVP & Chief R&D Officer | 890 | $309K | 2.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-15 | Smith Gary B | President & CEO | 2,952 | $1.0M | 1.3% | Yes | Routine (sold in Jan & Feb & Mar & Jun each year 2023–2025; this trade is outside those months) |
| 2026-10-15 | Rothenstein David M | EVP & Chief Strategy Officer | 2,500 | $870K | 1.4% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-10-01 | Smith Gary B | President & CEO | 2,952 | $1.1M | 1.3% | Yes | Routine (sold in Jan & Feb & Mar & Jun each year 2023–2025; this trade is outside those months) |
| 2026-10-01 | Graff Marc D. | EVP & Chief Financial Officer | 97 | $34K | 0.1% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-10-01 | Kosaraju Sheela | EVP & Chief Legal Officer | 2,101 | $746K | 2.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Phipps Jason | EVP & Chief Customer Officer | 2,629 | $934K | 4.4% | Yes | Routine (sold in Jul & Oct each year 2023–2025) |
| 2026-09-25 | Cumello Joseph | EVP & General Mgr. | 1,586 | $569K | 3.9% | Yes | Routine (sold in Sep each year 2023–2025) |
| 2026-09-24 | Claflin Bruce L. | Director | 2,857 | $1.0M | 4.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-23 | Nevens Thomas Michael | Director | 3,738 | $1.3M | 51.7% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-15…2026-09-16 | Diperna Dino | EVP & Chief R&D Officer | 498 | $168K | 1.3% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-15 | Smith Gary B | President & CEO | 2,952 | $975K | 1.2% | Yes | Routine (sold in Jan & Feb & Mar & Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-15 | Rothenstein David M | EVP & Chief Strategy Officer | 2,500 | $826K | 1.4% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-15 | Gage Brodie | EVP & Chief Product & | 1,200 | $390K | 3.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Smith Gary B | President, CEO | 2,952 | $1.1M | 1.2% | Yes | Routine (sold in Jan & Feb & Mar & Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-17 | Smith Gary B | President, CEO | 2,952 | $1.3M | 1.2% | Yes | Routine (sold in Jan & Feb & Mar & Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-17 | Gage Brodie | SVP Global Products & Supply | 1,200 | $527K | 3% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Graff Marc D. | SVP & Chief Financial Officer | 4,995 | $2.2M | 4.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Rothenstein David M | SVP and Chief Strategy Officer | 2,500 | $1.1M | 1.4% | Yes | Routine (sold in Mar & Apr & May & Jun & Jul & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 21 analysts; mean target USD 512.99 (low 347, high 660).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | Bernstein | Initiated | Outperform | $440 |
| 2026-09-21 | Evercore ISI Group | Upgrade | In-Line → Outperform | $375 → $550 |
| 2026-09-17 | Barclays | Target raised | Overweight | $475 → $548 |
| 2026-09-17 | Rosenblatt | Maintained | Buy | $525 |
| 2026-09-17 | Morgan Stanley | Target raised | Equal-Weight | $425 → $450 |
| 2026-09-17 | Needham | Reiterated | Buy | $520 |
| 2026-09-04 | B. Riley Securities | Target lowered | Neutral | $413 → $347 |
| 2026-09-04 | Morgan Stanley | Target lowered | Equal-Weight | $490 → $425 |
| 2026-09-04 | JP Morgan | Target lowered | Overweight | $635 → $605 |
| 2026-09-04 | UBS | Target lowered | Neutral | $508 → $394 |
| 2026-09-04 | TD Cowen | Target lowered | Buy | $575 → $400 |
| 2026-09-04 | Barclays | Target lowered | Overweight | $607 → $475 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +78.9% | +489.9% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +79.2% | +42.7% |
| Volatility (annualized) | 77.2% | 49.7% |
| Max drawdown | -49.4% (Jun 2026→Sep 2026) | -48.6% (Dec 2021→Oct 2022) |

## Peers (Communication Equipment)
NOK (Nokia Corporation Sponsored) USD 8.14 +3.30% · UI (Ubiquiti Inc.) USD 587.42 -1.38% · ERIC (Ericsson) USD 10.66 +2.70% · LITE (Lumentum Holdings Inc.) USD 756.17 +0.48% · HPE (Hewlett Packard Enterprise Comp) USD 56.69 +2.20% · MSI (Motorola Solutions, Inc.) USD 481.83 +0.84%

## More
Full page: https://nexqual.com/CIEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CIEN's own 10-K filed 2025-12-12 (https://www.sec.gov/Archives/edgar/data/936395/000162828025056698/cien-20251101.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | AT&T (T) | "Sales to AT&T were $500.7 million, or 10.5% of total revenue, in fiscal 2025, and $475.3 million, or 11.8% of total revenue, in fiscal 2024." |
| Competitor | Cisco (CSCO) | "Our competitors include Nokia, Huawei, Cisco, Hewlett Packard Enterprise, and ZTE." |
| Competitor | Huawei | "Our competitors include Nokia, Huawei, Cisco, Hewlett Packard Enterprise, and ZTE." |
| Competitor | Hewlett Packard Enterprise (HPE) | "Our competitors include Nokia, Huawei, Cisco, Hewlett Packard Enterprise, and ZTE." |
| Competitor | Marvell Technology (MRVL) | "In addition, as we advance our interconnects and market expansion strategy to address needs inside and around the data center, we will begin to compete with additional competitors, including Marvell Technology Group, Cre…" |
| Competitor | Credo Technology (CRDO) | "In addition, as we advance our interconnects and market expansion strategy to address needs inside and around the data center, we will begin to compete with additional competitors, including Marvell Technology Group, Cre…" |
| Competitor | Broadcom (AVGO) | "In addition, as we advance our interconnects and market expansion strategy to address needs inside and around the data center, we will begin to compete with additional competitors, including Marvell Technology Group, Cre…" |
| Competitor | ServiceNow (NOW) | "Competitors for our Blue Planet Automation Software include Cisco, Nokia, Amdocs, ServiceNow, Netcracker, and Ericsson." |

Other companies that name CIEN in their own reports (relationship from CIEN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | CELESTICA INC (CLS) | 10-K 2026-02-27 | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our …" |
| customer | COGENT COMMUNICATIONS HOLDINGS, INC. (CCOI) | 10-K 2026-02-20 | "We purchase equipment for our Optical Wave Network and optical wave services from Ciena Corporation ("Ciena")." |

## Revenue by business segment (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Networking Platforms | $1.36B | 81.1% | +44.0% |
| Global Services | $193.6M | 11.6% | +20.8% |
| Platform Software and Services | $98.7M | 5.9% | +9.7% |
| Blue Planet Automation Software and Services | $23.2M | 1.4% | -16.5% |
| Total revenue | $1.67B | 100% | — |

## Revenue by product line (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $1.39B | 83.2% | +42.3% |
| Optical Networking | $1.19B | 71.3% | +46.1% |
| Services | $280.9M | 16.8% | +15.8% |
| Routing and Switching | $164.4M | 9.8% | +30.6% |
| Total revenue | $1.67B | 100% | — |
The lines above cover 181.1% of total revenue.

## Revenue by region (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $1.32B | 78.8% | +42.6% |
| United States | $1.30B | 77.8% | +47.3% |
| EMEA | $180.6M | 10.8% | -2.9% |
| APAC | $173.8M | 10.4% | +58.4% |
| Total revenue | $1.67B | 100% | — |
The lines above cover 177.8% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.62 | $1.37 | +17.8% | $1.76B | 5 |
| Next quarter (ends 2027-01-31) | $2.36 | $1.99 | +18.4% | $1.84B | 15 |
| Current fiscal year (ends 2026-10-31) | $7.17 | $6.54 | +9.6% | $6.42B | 19 |
| Next fiscal year (ends 2027-10-31) | $10.33 | $8.01 | +29.0% | $8.41B | 7 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 6 | 75.0% | ±8.3% |
| 2026-11-06 | 13 | 81.7% | ±12.8% |
| 2026-11-13 | 20 | 78.8% | ±15.1% |
| 2026-11-20 | 27 | 73.0% | ±16.2% |
| 2026-11-27 | 34 | 73.9% | ±18.3% |
| 2026-12-04 | 41 | 73.1% | ±19.8% |
| 2026-12-18 | 55 | 78.1% | ±24.4% |
| 2027-01-15 | 83 | 73.5% | ±28.0% |