Ciena (CIEN) stock
Information Technology · Communications Equipment
Ciena (CIEN) is a Communications Equipment company in the Information Technology sector, headquartered in Hanover, Maryland. As of October 23, 2026, CIEN closed at $320.26, a market capitalization of $45.42 billion, the 252nd largest company in the S&P 500. Over the last twelve months it generated $6.02 billion in revenue (+37% year over year) and $814.36 million in free cash flow. The stock trades at 71.6x trailing earnings and 27.0x forward earnings.
- 1-year total return: +85.6% (dividends reinvested)
- 5-year return: +43.5% a year
- 52-week range: $168.22 – $637.51
- Gross margin 44.1%, operating margin 18.1%
- FI Handbook report card: B- across 10 metrics
- 47th largest of 75 Information Technology stocks in the S&P 500
CIEN price chart
1Y price change: +85.6% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CIEN | -10.0% | +36.9% | +85.6% | +98.3% | +43.5% | +32.0% | +3.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1997.
CIEN key statistics
- Market cap
- $45.4B
- #252 in S&P 500
- P/E (TTM)
- 71.6x
- Forward P/E
- 27.0x
- EPS (TTM)
- $4.47
- Revenue (TTM)
- $6.0B
- +37%
- Free cash flow
- $814.4M
- Gross margin
- 44.1%
- Operating margin
- 18.1%
- Return on equity
- 22.4%
- Dividend yield
- None
- 52-week range
- $168.22 – $637.51
- Beta
- 1.29
- Price / sales
- 7.5x
- EV / EBITDA
- 44.9x
- Debt / equity
- 1.07x
- Employees
- 8,898
CIEN report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth37.0%A
- Gross margin44.1%B
- Operating margin18.1%C
- FCF margin13.5%C
- Return on equity22.4%B
- Net debt / EBITDA0.6xB
- Forward P/E27.0xC
- PEG ratio0.6xA
- Shareholder yield0.7%D
- Share count change / yr-1.4%B
Ciena financials
Revenue went from $2.6B in fiscal 2016 to $4.8B in fiscal 2025, growing 7.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.8B | $3.1B | $3.6B | $3.5B | $3.6B | $3.6B | $4.4B | $4.0B | $4.8B |
| Gross profit | $1.2B | $1.2B | $1.3B | $1.5B | $1.7B | $1.7B | $1.6B | $1.9B | $1.7B | $2.0B |
| Operating income | $156.2M | $214.7M | $229.9M | $346.8M | $487.0M | $495.4M | $222.8M | $357.5M | $166.6M | $197.5M |
| Net income | $72.6M | $1.3B | -$344.7M | $253.4M | $361.3M | $500.2M | $152.9M | $254.8M | $84.0M | $123.3M |
| EPS (diluted) | $0.51 | $7.53 | $-2.49 | $1.61 | $2.32 | $3.19 | $1.00 | $1.71 | $0.58 | $0.85 |
| Free cash flow | $182.3M | $140.3M | $161.6M | $350.6M | $411.0M | $462.1M | -$258.6M | $62.1M | $377.9M | $665.3M |
| Buybacks | $0 | $0 | $111.0M | $150.1M | $74.5M | $91.3M | $500.8M | $242.2M | $254.5M | $334.5M |
| Diluted shares | 150.7M | 169.9M | 143.7M | 157.6M | 156.0M | 156.7M | 152.2M | 149.4M | 146.0M | 145.2M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CIEN?
A reverse DCF asks what growth the current price requires. With an enterprise value of $46.1B and $814.4M of trailing free cash flow, Ciena needs to grow free cash flow about 37.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 10.1% a year over the last five years.
P/E ratio history
Current 376.8x vs. median 34.8x (10th–90th percentile 12.9x–247.8x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CIEN analyst price targets
20 analysts' average 12-month target is $512.99 (+60% vs. $320.26). Targets range from $347.00 to $660.00. 76% rate it a buy.
CIEN earnings
Next report: December 10, 2026. Ciena has beaten EPS estimates 5 quarters in a row. Last quarter's revenue was $1.7B (+37% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Sep 3, 2026 | $1.73 | $2.11 | +22.1% |
| Jun 4, 2026 | $1.46 | $1.64 | +12.3% |
| Mar 5, 2026 | $1.17 | $1.35 | +15.6% |
| Dec 11, 2025 | $0.77 | $0.91 | +18.2% |
| Sep 4, 2025 | $0.53 | $0.67 | +27.6% |
| Jun 5, 2025 | $0.52 | $0.42 | -18.9% |
| Mar 11, 2025 | $0.41 | $0.64 | +54.7% |
| Dec 12, 2024 | $0.65 | $0.54 | -17.5% |
Stocks like CIEN
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 CSCO Cisco Systems | +1.53% | +54% | $419.9B | 32.0x | Compare |
 ANET Arista Networks | +0.76% | +13% | $217.4B | 58.6x | Compare |
 MSI Motorola Solutions | +0.84% | +10% | $79.7B | 37.9x | Compare |
 LITE Lumentum | +0.48% | +349% | $68.5B | — | Compare |
 FFIV F5 | +1.19% | +51% | $25.8B | 36.3x | Compare |
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 MSFT Microsoft | +0.66% | +2% | $3.9T | 29.2x | Compare |
CIEN news
- Ciena vs. Nokia: Which Optical Networking Stock is the Better Buy? · Oct 23, 2026
- Is Ciena Stock Really Expensive? · Oct 22, 2026
- Ciena (CIEN) Has $8.5 Billion in Backlog, but Can It Justify Its Premium? · Oct 21, 2026
- CIEN Wins Space Norway Cable Deal: Can Subsea Networking Drive Growth? · Oct 21, 2026
- Did Analyst Upgrade Just Shift Ciena (CIEN) Investment Narrative? · Oct 21, 2026
CIEN stock FAQ
What is CIEN's market cap?
Ciena's market capitalization is $45.42 billion as of October 23, 2026, ranking 252nd in the S&P 500.
What is CIEN's P/E ratio?
CIEN trades at a trailing price-to-earnings ratio of 71.6x and a forward P/E of 27.0x. Its median P/E over the period we track is 34.8x.
Does CIEN pay a dividend?
No. Ciena does not currently pay a regular cash dividend.
How much has CIEN stock returned?
Including reinvested dividends, CIEN returned +85.6% over one year, +43.5% a year over five years, +32.0% a year over ten years through October 23, 2026.
Is CIEN stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Ciena must grow free cash flow about 38% a year for the next decade. Its free cash flow grew 10% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CIEN price target?
20 analysts cover CIEN with an average 12-month price target of $512.99, +60% from the current price. 76% of them rate it a buy.
When does CIEN report earnings?
Ciena is expected to report earnings on December 10, 2026. It has beaten EPS estimates 5 quarters in a row.
How many employees does Ciena have?
Ciena has about 8,898 full-time employees, or $676,657 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology