Stocks · Technology · Communication Equipment
Ciena Corporation CIEN
$391.34 +3.22% Close, Oct 2, 2026 · NYSE · Market cap $55.40B
Strong growth
Next earnings report: Dec 10, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Diluted EPS over the last four quarters was $4.48, up 361.0% year over year.
- Over the past year the stock returned +157.9%, ahead of the S&P 500 by 142.9 percentage points.
- Operating margin widened to 14.1% from 5.5% a year earlier.
PromtFinance scores
Each score is a percentile within the Technology sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 16%
- EPS growth (TTM, YoY)Top 6%
- FCF growth (TTM, YoY)Bottom 33%
- Revenue growth, 3-year CAGRTop 44%
- Revenue growth accelerationTop 36%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 21%
- Gross marginBottom 42%
- Operating marginTop 26%
- Cash conversion (OCF / net income)Bottom 47%
- Accruals (lower is better)Bottom 41%
- Net debt / EBITDA (lower is better)Top 16%
- Interest coverTop 26%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 49%
- Free-cash-flow yieldBottom 37%
- EBITDA / enterprise valueBottom 41%
- Sales / enterprise valueBottom 26%
- P/E vs own 5-year history (lower is better)Bottom 42%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 6%
- 6-month returnBottom 16%
- 1-year return vs S&P 500Top 7%
- Distance from 52-week highBottom 37%
- Trend checklist (0–4)Top 44%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 32%
- Consecutive EPS beatsTop 37%
- Share of analysts rating BuyTop 26%
- Upside to consensus price targetTop 48%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 30%
- Maximum drawdown, 3 yearsTop 26%
- Beta vs S&P 500 (lower is better)Bottom 37%
- Net debt / EBITDA (lower is better)Top 16%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 30.6% | 32.6% | ↑ |
| EPS growth (YoY) | 316.8% | 361.0% | ↑ |
| Gross margin | 41.6% | 44.1% | ↑ |
| Operating margin | 5.5% | 14.1% | ↑ |
| FCF margin | 15.4% | 11.9% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 32.6% | 30.6% | ↑ | Top 16% |
| EPS growth (TTM, YoY) | 361.0% | 316.8% | ↑ | Top 6% |
| Gross margin | 44.1% | 41.6% | ↑ | Bottom 42% |
| Operating margin | 14.1% | 5.5% | ↑ | Top 26% |
| Net margin | 10.9% | 3.1% | ↑ | — |
| Free-cash-flow margin | 11.9% | 15.4% | ↓ | — |
| Return on invested capital | 11.6% | — | Top 21% | |
| Revenue growth, 3-year CAGR | 9.5% | — | Top 44% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.61×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -5.0%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 0.5%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -28.9 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- -2.27×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 12.1×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- 0.93%
- Shareholder yield
- 0.93%
- Share count change, 1 year
- +1.0%
- Share count change, 3-year CAGR
- -0.9%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Aug 1, 2026 (filed Sep 3, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 5
- Beats in the last 8 reports
- 6 of 8
- Average EPS surprise, last 4
- +16.6%
- Average 2-day reaction, last 8
- -0.5%
- Positive 20 days after report
- 5 of 8
Analysts
- Consensus price target
- $500.38
- Target vs current price
- +27.9%
- Analysts with a rating
- 42
- Share rating Buy or Strong Buy
- 79%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Sep 3, 2026 | +22.0% | -10.4% | -5.5% | +7.1% | — |
| Jun 4, 2026 | +12.3% | -13.7% | -29.9% | -31.9% | -39.0% |
| Mar 5, 2026 | +15.4% | -12.9% | -1.0% | +20.9% | +68.9% |
| Dec 11, 2025 | +16.7% | +9.2% | -8.1% | +3.9% | +52.1% |
| Sep 4, 2025 | +26.4% | +23.3% | +37.0% | +60.0% | +111.2% |
| Jun 5, 2025 | -18.9% | -12.9% | -13.9% | -3.0% | +12.0% |
| Mar 11, 2025 | +54.7% | -2.4% | +0.2% | -15.7% | +28.0% |
| Dec 12, 2024 | -18.2% | +15.4% | +14.6% | +12.3% | -9.3% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Sep 3, 2026 | $2.11 | $1.73 | +22.0% | $1.67B |
| Jun 4, 2026 | $1.64 | $1.46 | +12.3% | $1.57B |
| Mar 5, 2026 | $1.35 | $1.17 | +15.4% | $1.43B |
| Dec 11, 2025 | $0.91 | $0.78 | +16.7% | $1.35B |
| Sep 4, 2025 | $0.67 | $0.53 | +26.4% | $1.22B |
| Jun 5, 2025 | $0.42 | $0.52 | -18.9% | $1.13B |
| Mar 11, 2025 | $0.64 | $0.41 | +54.7% | $1.07B |
| Dec 12, 2024 | $0.54 | $0.66 | -18.2% | $1.12B |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 87.4× | 41.8× | 67th | Top 49% |
| P/E (forward) | 54.6× | — | — | — |
| EV / EBITDA | 54.7× | — | — | Bottom 41% |
| EV / Sales | 8.83× | — | — | Bottom 26% |
| Free-cash-flow yield | 1.30% | — | — | Bottom 37% |
| Earnings yield | 1.14% | — | — | Top 49% |
P/E over the past five years
Range 17.8× – 256.4× since Jul 31, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +157.9%
- Earnings per share growth (TTM)
- +361.0%
- Change in P/E multiple
- -41.1%
Most of the move came from earnings growth.
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✗ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 2
- Days above the 200-day average
- 1
- 50-day average slope (20 days)
- -8.3%
- 200-day average slope (20 days)
- +3.9%
- Distance from 50-day average
- +4.6%
- Distance from 200-day average
- +0.0%
- RSI (14)
- 59.0
- Relative volume
- 0.88×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 75.6%
- Volatility vs own 5-year history
- 90th percentile · High for this stock
- Beta vs S&P 500 (2 years, weekly)
- 1.63
- Correlation with S&P 500
- 0.42
- Current drawdown from 1-year high
- -37.6%
- Maximum drawdown, 3 years
- -49.4%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Dec 29, 2021 | Oct 11, 2022 | -49.5% | 197 days | 546 days (Dec 12, 2024) |
| Jun 2, 2026 | Sep 3, 2026 | -49.4% | 65 days | Not yet recovered |
| Jan 23, 2025 | Apr 4, 2025 | -45.5% | 50 days | 104 days (Sep 4, 2025) |
| Mar 2, 2026 | Mar 6, 2026 | -16.8% | 4 days | 6 days (Mar 16, 2026) |
| Mar 25, 2026 | Mar 30, 2026 | -16.6% | 3 days | 3 days (Apr 2, 2026) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $55.40B
- P/E (TTM)
- 87.4
- EPS, diluted (TTM)
- $4.48
- Revenue (TTM)
- $6.02B
- 52-week range
- $147.36 – $637.51
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $3.62B | $3.63B | $4.39B | $4.01B | $4.77B |
| Gross profit | $1.72B | $1.56B | $1.88B | $1.72B | $2.00B |
| Operating income | $495.4M | $257.2M | $384.9M | $191.2M | $310.8M |
| Net income | $500.2M | $152.9M | $254.8M | $84.0M | $123.3M |
| EPS (diluted) | $3.19 | $1.00 | $1.71 | $0.58 | $0.85 |
| Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | $1.07B | $1.13B | $1.22B | $1.35B | $1.43B | $1.57B | $1.67B |
| Net income | $37.0M | $44.6M | $9.0M | $50.3M | $19.5M | $150.3M | $218.2M | $266.4M |
| EPS (diluted) | $0.25 | $0.31 | $0.06 | $0.35 | $0.13 | $1.03 | $1.49 | $1.83 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $541.6M | -$167.8M | $168.3M | $514.5M | $806.1M |
| Capital expenditure | -$79.5M | -$90.8M | -$106.2M | -$136.6M | -$140.8M |
| Free cash flow | $462.1M | -$258.6M | $62.1M | $377.9M | $665.3M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | -$106.9M | -$518.9M | -$249.3M | -$266.8M | -$298.6M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $2.63B
- Total assets
- $8.00B
- Total liabilities
- $4.94B
- Total debt
- $237.2M
- Net debt
- -$2.21B
- Shareholders’ equity
- $3.06B
As of Aug 1, 2026 (filed Sep 3, 2026).
Short interest
- Shares sold short
- 3,590,902
- Days to cover
- 1.17
- Change vs previous report
- +7.3%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Sep 25, 2006
- 1-for-7
- Sep 19, 2000
- 2-for-1