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Ciena CIEN Free cash flow margin

Free cash flow margin at other companies

Cisco Systems, Inc. logo
Cisco Systems, Inc.CSCO
19.4%-3.6pp
Keysight Technologies logo
Keysight TechnologiesKEYS
22.3%-4.1pp
Celestica logo
CelesticaCLS
3.6%+0.3pp
Credo Technology Group Holding Ltd logo
Credo Technology Group Holding LtdCRDO
30.5%+23.8pp
Coherent logo
CoherentCOHR
-8.1%-12.7pp
Astera Labs, Inc. logo
Astera Labs, Inc.ALAB
34.2%+12.2pp

Other financials

Income statement

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Revenue$1.6B+39.5%
Gross profit$691.6M+52.7%
Operating income$237.9M+624%
Net income$218.2M+2,333%
EPS (diluted)$1.49+2,383%

Balance sheet

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Cash & equivalents$1.0B+10.0%
Total debt$1.6B-0.8%
Total equity$2.9B+4.2%
Total assets$6.0B+6.7%

Cash flow

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Operating cash flow$259.7M+65.5%
CapEx$41.0M+42.8%
Free cash flow$218.7M+70.6%

Valuation

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Market cap$61.82B+716%
Enterprise value$62.35B+668%
P/E141×+68.8×
P/S11.1×+9.3×

Profitability

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Gross margin43%+1.1pp
Operating margin9.2%+4.5pp
Net margin7.9%+5.4pp

Returns & leverage

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Return on equity15.5%+11.8pp
Debt / equity0.5×0.0×
Current ratio2.7×-0.7×

Where this comes from

Calculated from Ciena’s reported figures.

Based on trailing twelve months.

The official record: Ciena’s 10-Q, filed June 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Ciena's free cash flow margin?
Ciena (CIEN) reported free cash flow margin of 15% in Q1 2026.
What is the long-term trend for Ciena's free cash flow margin?
Over 2 years (2021 to 2023), Ciena's free cash flow margin has grown at a -31.1% compound annual growth rate (CAGR), from 49.2% to -23.4%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.