# Vistance Networks, Inc. (VISN)

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

**Price:** USD 6.08 (-0.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 6.11 · day 5.94–6.11 · 52w 5.76–20.55 · market cap $1.40B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.94B, net income $7.27B (247.7% margin), free cash flow $86.9M (SEC filings).
- Valuation: P/E 0.2x (avg 1.8x at the last 1 fiscal year-ends), EV/EBITDA 9.3x, net cash $114M.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.3M; 2 not under a Rule 10b5-1 plan ($1.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $108K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.75 on a 1–5 scale) (4 analysts), mean target USD 14.67 (range 12–17).
- Total return with dividends: 1Y +37.8% vs S&P 500 +14.9%; 5Y +85.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.15, revenue estimate $351M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.74B | $5.79B | $1.86B | $1.38B | $1.93B | $2.94B |
| Gross profit | $2.44B | $1.99B | $900M | $605M | $956M | — |
| Operating income | $197M | -$935M | -$660M | -$292M | $47.6M | $30.6M |
| Net income | -$463M | -$1.29B | -$1.51B | -$316M | $2.28B | $7.27B |
| EPS (diluted) | -$2.55 | -$6.49 | -$7.44 | -$1.78 | $9.63 | — |
| Free cash flow | -$9.1M | $88.7M | $237M | $248M | $253M | $86.9M |
| Gross margin | 36.2% | 34.3% | 48.3% | 43.8% | 49.5% | — |
| Operating margin | 2.9% | -16.2% | -35.4% | -21.1% | 2.5% | 1.0% |
| Net margin | -6.9% | -22.2% | -80.8% | -22.8% | 118.2% | 247.7% |
| Revenue growth | -20.1% | -14.1% | -67.8% | -25.8% | +39.7% | — |
| Cash + short-term investments | $360M | $373M | $500M | $404M | $614M | — |
| Total debt | $9.51B | $9.50B | $9.28B | $9.24B | $7.26B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 0.2x · P/S 0.5x · EV/EBITDA 9.3x · EV/Sales 0.4x · P/FCF 16.1x · P/B 0.6x · FCF yield 6.20% · Earnings yield 518.55% · Net cash $114M · EV $1.29B
P/E at fiscal year-ends: Dec 2025 1.8x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Krause L William | Director | 23,864 | $150K | 24.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-28 | Krause L William | Director | 176,136 | $1.2M | 64.2% | No | Too little history (no open-market trades in 2023 or 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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $108K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-10 | Gilstrap Charles A | SVP, Treasury, Tax & CAO | 10,000 | $108K | 10.75 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 2.75 on a 1–5 scale), 4 analysts; mean target USD 14.67 (low 12, high 17).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +37.8% | +85.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +38.0% | +13.2% |
| Volatility (annualized) | 48.2% | 88.7% |
| Max drawdown | -21.6% (Jun 2026→Aug 2026) | -93.1% (Oct 2022→Apr 2024) |

## Peers (Communication Equipment)
HLIT (Harmonic Inc.) USD 10.09 -5.96% · TSAT (Telesat Corporation) USD 40.4 -4.33% · DGII (Digi International Inc.) USD 72.8 -3.32% · FEIM (Frequency Electronics, Inc.) USD 61.6 -9.66% · EXTR (Extreme Networks, Inc.) USD 22.04 -2.22% · NTGR (NETGEAR, Inc.) USD 22.31 -1.98%

## More
Full page: https://nexqual.com/VISN · 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 VISN's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amphenol (APH) | "In connection with the transaction, the Company entered into several contractual arrangements with Amphenol, including a Transition Service Agreement (Amphenol TSA) (as described below under "Transition Service Agreement…" |
| Customer | Comcast (CMCSA) | "Major customers and distributors include companies such as Comcast Corporation (Comcast);" |
| Customer | Optimum Communications, Inc. (OPTU) | "Optimum Communications, Inc.; and Exclusive Networks USA, Inc. For the year ended December 31, 2025, we derived approximately 35% of our consolidated net sales from our top direct customer." |
| Competitor | Cisco (CSCO) | "Major competitors by segment include the following: RUCKUS segment – Cisco Systems, Inc., Extreme Networks, Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., and Ubiquiti Inc.; and Aurora se…" |
| Competitor | Hewlett Packard Enterprise (HPE) | "Major competitors by segment include the following: RUCKUS segment – Cisco Systems, Inc., Extreme Networks, Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., and Ubiquiti Inc.; and Aurora se…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aurora | $319.2M | 99.9% | -1.0% |
| Corporate & Other | $400,000 | 0.1% | -75.0% |
| Total revenue | $319.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $258.1M | 80.8% | +1.1% |
| Caribbean & Latin America | $17.1M | 5.4% | +1.8% |
| Canada | $15.0M | 4.7% | -15.3% |
| Asia Pacific | $14.8M | 4.6% | +2.8% |
| EMEA | $14.6M | 4.6% | -26.3% |
| Total revenue | $319.6M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 59%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.15 | $0.00 | — | $350.5M | 1 |
| Next quarter (ends 2026-12-31) | $0.24 | $0.00 | — | $377.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.85 | $0.00 | — | $1.43B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.70 | $0.00 | — | $1.45B | 1 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±13.5%; last 8 reports averaged ±22.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 59.5% | ±13.5% |
| 2027-01-15 | 84 | 38.6% | ±15.6% |
| 2027-02-19 | 119 | 37.1% | ±18.1% |
| 2027-05-21 | 210 | 39.2% | ±26.3% |
| 2027-07-16 | 266 | 40.4% | ±30.4% |