Ciena - Public Comps and Valuation Multiples

Ciena Overview

About Ciena

Ciena is a telecommunications equipment provider focused on optical transport technologies, with clients in a number of industries such as communication services providers, web-scale providers, cable operators, government, and large enterprises worldwide. The company provides equipment, software, and services that support transport, switching, aggregation, service delivery, and data traffic management.

Founded

1992

HQ

Employees

9.1K+

Website

ciena.com

Sectors

Networking Hardware
Telecom Infrastructure
DeepTech

Financials

LTM Revenue $5.0B

LTM EBITDA $730M

EV

$34.6B

Valuation Multiples

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Ciena Financials

As of December 2025, Ciena reported last 12-month revenue of $5.0B and EBITDA of $730M.

In the same period, Ciena generated $2.1B in LTM gross profit and $449M in net income.

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Ciena P&L

In the most recent fiscal year, Ciena reported revenue of $4.8B and EBITDA of $388M.

Ciena expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$5.0B	XXX	$4.8B	XXX	XXX	XXX
Gross Profit	$2.1B	XXX	$2.0B	XXX	XXX	XXX
Gross Margin	43%	XXX	42%	XXX	XXX	XXX
EBITDA	$730M	XXX	$388M	XXX	XXX	XXX
EBITDA Margin	15%	XXX	8%	XXX	XXX	XXX
EBIT	$613M	XXX	$311M	XXX	XXX	XXX
EBIT Margin	12%	XXX	7%	XXX	XXX	XXX
Net Profit	$449M	XXX	$123M	XXX	XXX	XXX
Net Margin	9%	XXX	3%	XXX	XXX	XXX
Net Debt	XXX	XXX	$444M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Ciena including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.0B. EBITDA for the last twelve months was $730M. In the most recent fiscal year, Ciena achieved $4.8B in revenue and $388M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$5.0B	Analyst estimates available to subscribers	$4.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.1B	Analyst estimates available to subscribers	$2.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	42.8% gross margin	Analyst estimates available to subscribers	42.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$730M	Analyst estimates available to subscribers	$388M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	14.7% EBITDA margin	Analyst estimates available to subscribers	8.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$613M	Analyst estimates available to subscribers	$311M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	12.4% EBIT margin	Analyst estimates available to subscribers	6.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$449M	Analyst estimates available to subscribers	$123M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	9.1% net profit margin	Analyst estimates available to subscribers	2.6% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$444M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Ciena

This financial data table provides comprehensive performance metrics for Ciena, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Ciena generated $5.0B in revenue over the last twelve months.
The company achieved $730M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.1B.
Net income over the last twelve months reached $449M.

Fiscal Year Performance

In the most recent fiscal year, Ciena reported $4.8B in total revenue.
Fiscal year EBITDA was $388M.
The company maintained a gross profit margin of 42.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 8.1%.
Net profit margin reached 2.6% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Ciena. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Ciena Stock Performance

Ciena has current market cap of $34.3B, and EV of $34.6B.

Market Cap Evolution

Ciena Stock Data

As of January 19, 2026, Ciena's stock price is $243.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$34.6B	$34.3B	XXX	XXX	XXX	XXX	$3.09

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Ciena Valuation Multiples

Ciena's trades at 7.0x EV/Revenue multiple, and 67.0x EV/EBITDA.

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Ciena Financial Valuation Multiples

As of January 19, 2026, Ciena has market cap of $34.3B and EV of $34.6B.

Equity research analysts estimate Ciena's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Ciena has a P/E ratio of 76.3x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$34.3B	XXX	$34.3B	XXX	XXX	XXX
EV (current)	$34.6B	XXX	$34.6B	XXX	XXX	XXX
EV/Revenue	7.0x	XXX	7.0x	XXX	XXX	XXX
EV/EBITDA	47.4x	XXX	67.0x	XXX	XXX	XXX
EV/EBIT	56.5x	XXX	80.9x	XXX	XXX	XXX
EV/Gross Profit	16.3x	XXX	n/a	XXX	XXX	XXX
P/E	76.3x	XXX	147.8x	XXX	XXX	XXX
EV/FCF	62.4x	XXX	54.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Ciena Margins & Growth Rates

Ciena's last 12 month revenue growth is 23%

Ciena's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Ciena's rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ciena's rule of X is 72% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Ciena Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	23%	XXX	20%	XXX	XXX	XXX
EBITDA Margin	15%	XXX	10%	XXX	XXX	XXX
EBITDA Growth	66%	XXX	84%	XXX	XXX	XXX
Rule of 40	31%	XXX	33%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	72%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	12%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	18%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	36%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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