15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 6.2% per year over the past 5 years.
Net income has grown slower than revenue (-19.3% vs 6.2% per year).
Operating margin has contracted, at 4.1% in the latest year.
Free cash flow has grown 10.1% per year over the past 5 years.
Financial health
Total debt ($1.5B) exceeds cash ($1.1B); net debt is $444M.
Total debt has grown faster than revenue (17.6% vs 6.2% per year).
Operating income covered interest expense 2.2× in the latest year.
Total debt is 7.8× EBITDA.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$4.8B
$123M
42.0%
4.1%
$665M
$1.5B
$1.1B
2024
$4.0B
$84M
42.8%
4.1%
$378M
$1.5B
$935M
2023
$4.4B
$255M
42.8%
8.2%
$62M
$1.6B
$1.0B
2022
$3.6B
$153M
43.0%
6.1%
-$259M
$1.1B
$994M
2021
$3.6B
$500M
47.6%
13.7%
$462M
$677M
$1.4B
2020
$3.5B
$361M
46.8%
13.8%
$411M
$683M
$1.1B
2019
$3.6B
$253M
43.2%
9.7%
$351M
$687M
$904M
2019
$3.6B
$253M
43.2%
9.7%
$351M
$680M
$904M
2018
$3.1B
-$345M
42.5%
7.4%
$162M
—
—
2018
$3.1B
-$345M
42.5%
7.4%
$162M
$686M
$745M
2017
$2.8B
$1.3B
44.5%
7.7%
$140M
$393M
$641M
2016
$2.6B
$73M
44.7%
6.0%
$182M
$486M
$778M
2015
—
$12M
—
—
$200M
$1.3B
$791M
2014
—
-$41M
—
—
$42M
$1.3B
$587M
2013
—
-$85M
—
—
$864000
$1.2B
$346M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
May '26
$1.6B
$218M
44.0%
15.1%
$219M
$1.5B
$1.0B
Jan '26
$1.4B
$150M
43.8%
13.3%
$154M
$1.5B
$1.1B
Nov '25
$1.4B
$19M
42.7%
0.8%
$326M
$1.5B
$1.1B
Aug '25
$1.2B
$50M
41.3%
6.0%
$135M
$1.5B
$1.1B
May '25
$1.1B
$9M
40.2%
2.9%
$128M
$1.5B
$950M
Feb '25
$1.1B
$45M
44.0%
7.5%
$77M
$1.5B
$875M
Nov '24
$1.1B
$37M
40.9%
5.3%
$266M
$1.5B
$935M
Jul '24
$942M
$14M
42.9%
2.8%
-$179M
$1.6B
$883M
Apr '24
$911M
-$17M
42.7%
-0.4%
$42M
$1.6B
$1.1B
Jan '24
$1.0B
$50M
45.0%
8.2%
$249M
$1.6B
$1.3B
Oct '23
$1.1B
$91M
43.1%
8.1%
$173M
$1.6B
$1.0B
Jul '23
$1.1B
$30M
42.0%
7.3%
-$17M
$1.6B
$1.1B
Apr '23
$1.1B
$58M
43.1%
9.1%
$202M
$1.6B
$1.2B
Jan '23
$1.1B
$76M
43.2%
8.1%
-$296M
$1.6B
$1.1B
Oct '22
$971M
$58M
44.7%
8.0%
-$38M
$1.1B
$994M
Jul '22
$868M
$11M
39.3%
3.1%
-$227M
—
$860M
Apr '22
$949M
$39M
42.3%
6.2%
$87M
—
$1.0B
Jan '22
$844M
$46M
45.5%
7.1%
-$80M
—
$1.1B
Oct '21
$1.0B
$103M
45.8%
13.2%
$243M
$677M
$1.4B
Jul '21
$988M
$238M
48.0%
15.0%
$53M
—
$1.2B
Valuation over time
How the market has priced CIEN against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 48.6× (Mar '23) to 557.9× (Jun '26).
The price-to-sales ratio has risen from 2.0× (Mar '23) to 14.4× (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Frequently asked questions
Is CIEN growing its revenue and profit?
Over the past 5 years, Ciena's revenue has grown 6.2% per year, and net income declined 19.3% per year. These are computed facts, not advice.
How much debt does CIEN have?
As of FY2025, Ciena reported $1.5B of total debt against $1.1B of cash; operating income covered interest expense 2.2×.
What is CIEN's profit margin?
In FY2025, gross margin was 42.0%, operating margin 4.1%, and net margin 2.6%.
What is CIEN's P/E ratio?
As of Jun '26, Ciena traded at a price-to-earnings ratio of about 557.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.