# Viavi Solutions Inc. (VIAV)

> Source: Nexqual · https://nexqual.com/VIAV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Viavi Solutions Inc. (VIAV), nexqual.com/VIAV" · informational, not investment advice.

**Price:** USD 30.3 (-14.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 35.39 · day 29.68–33.43 · 52w 13.23–60.43 · market cap $7.45B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $1.52B, net income -$30.4M (-2.0% margin), free cash flow $82.8M (SEC filings).
- 1 of 80 tracked superinvestors hold VIAV (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (8 analysts), mean target USD 61.43 (range 44–70).
- Total return with dividends: 1Y +125.8% vs S&P 500 +14.9%; 5Y +97.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.41, revenue estimate $455M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.29B | $1.11B | $1.00B | $1.08B | $1.52B | $1.52B |
| Gross profit | $774M | $639M | $576M | $621M | $875M | — |
| Operating income | $185M | $82.4M | $20.8M | $57.5M | $105M | $105M |
| Net income | $15.5M | $25.5M | -$25.8M | $34.8M | -$30.4M | -$30.4M |
| EPS (diluted) | $0.07 | $0.11 | -$0.12 | $0.15 | -$0.13 | — |
| Free cash flow | $106M | $63.0M | $96.9M | $62.0M | $82.8M | $82.8M |
| Gross margin | 59.8% | 57.8% | 57.6% | 57.3% | 57.7% | — |
| Operating margin | 14.3% | 7.4% | 2.1% | 5.3% | 6.9% | 6.9% |
| Net margin | 1.2% | 2.3% | -2.6% | 3.2% | -2.0% | -2.0% |
| Revenue growth | +7.8% | -14.4% | -9.6% | +8.4% | +40.0% | — |
| Cash + short-term investments | $561M | $521M | $491M | $425M | $650M | — |
| Total debt | $685M | $726M | $636M | $643M | $642M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/S 4.9x · EV/EBITDA 51.2x · EV/Sales 4.9x · P/FCF 90.0x · P/B 5.1x · FCF yield 1.11% · Earnings yield -0.41% · Buyback yield (TTM) 0.40% · Net cash $7.9M · EV $7.44B
P/E at fiscal year-ends: Jun 2025 65.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VIAV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $10.2M | Reduced -62.0% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 8 analysts; mean target USD 61.43 (low 44, high 70).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | Rosenblatt | Maintained | Buy | $70 |
| 2026-08-19 | Rosenblatt | Maintained | Buy | $70 |
| 2026-08-06 | UBS | Target lowered | Neutral | $60 → $44 |
| 2026-08-06 | Stifel | Target raised | Buy | $60 → $65 |
| 2026-08-06 | B. Riley Securities | Target lowered | Buy | $63 → $60 |
| 2026-08-06 | Rosenblatt | Maintained | Buy | $70 |
| 2026-08-06 | Needham | Target lowered | Buy | $68 → $60 |
| 2026-07-01 | Susquehanna | Target raised | Positive | $65 → $66 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +125.8% | +97.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +126.4% | +14.5% |
| Volatility (annualized) | 79.1% | 45.8% |
| Max drawdown | -45.2% (May 2026→Oct 2026) | -61.0% (Dec 2021→Jun 2024) |

## Peers (Communication Equipment)
VSAT (ViaSat, Inc.) USD 59 -5.74% · AAOI (Applied Optoelectronics, Inc.) USD 68.07 -11.96% · BDC (Belden Inc) USD 103.46 -4.01% · ASTS (AST SpaceMobile, Inc.) USD 38.77 -5.21% · ONDS (Ondas Inc) USD 6.02 -3.99% · ZBRA (Zebra Technologies Corporation) USD 384.16 -1.75%

## More
Full page: https://nexqual.com/VIAV · 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

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.41 | $0.28 | +45.4% | $455.1M | 7 |
| Next quarter (ends 2026-12-31) | $0.40 | $0.32 | +28.2% | $467.6M | 7 |
| Current fiscal year (ends 2027-06-30) | $1.64 | $1.24 | +32.3% | $1.89B | 8 |
| Next fiscal year (ends 2028-06-30) | $1.95 | $1.83 | +6.5% | $2.14B | 7 |