ADTRAN Holdings, Inc. (ADTN) 10-Year Financial Performance & Capital Metrics

ADTN • • Industrial / General

TechnologyCommunication EquipmentFiber & Cable ConnectivityFiber Access & FTTH

AboutADTRAN Holdings, Inc., through its subsidiaries, provides end-to-end fiber networking solutions for communications service provider, enterprises, and government customers in the United States, Germany, the United Kingdom, Mexico, and internationally. It operates through two segments, Network Solutions, and Services & Support. The company offers fiber access and fiber to the node platforms; transceivers, cables, and other miscellaneous materials; passive optical network optical line terminals; fiber to the distribution point Gfast distribution point units; cabinet and outside plant enclosures and services; packet optical transports; fixed wireless access platforms; and network management and subscriber services, and control and orchestration software. It also provides broadband customer premises solutions, ethernet switches and routers, residential gateways, cloud-based software-as-a-service management platforms, virtual wireless local area networks, Internet of Things gateways, pre-sale and post-sale technical support, and multi-gigabit mesh Wi-Fi gateways. In addition, the company offers time division multiplexed and asynchronous transfer mode-based aggregation systems and customer devices; and high-bit-rate and asymmetric digital subscriber line, and other technologies. Further, it provides other access and aggregation, subscriber and experience, and traditional and other products, software, and services. Additionally, the company engages in the provision of planning, engineering, program management, maintenance, installation, and commissioning services to implement customer network solutions; and customer devices solutions into consumer, small business, and enterprise locations. ADTRAN Holdings, Inc. is headquartered in Huntsville, Alabama.Show more

Revenue $923M -19.7%
EBITDA -$337M -204.4%
Net Income -$460M -71.8%
EPS (Diluted) -5.67 -66.3%
Gross Margin 35.13% +21.9%
EBITDA Margin -36.53% -279.1%
Operating Margin -46.34% -138.1%
Net Margin -49.84% -114.0%
ROE -57.54% -152.8%
ROIC -34.02% -157.0%
Debt/Equity 0.39 +75.5%
Interest Coverage -19.39 -41.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.7%
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.89%

5Y11.72%

3Y17.9%

TTM14.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM83.14%

EPS CAGR

10Y-

5Y-

3Y-

TTM83.26%

ROCE

10Y Avg-6.75%

5Y Avg-13.22%

3Y Avg-20.12%

Latest-37.48%

Peer Comparison

Fiber Access & FTTH

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LITELumentum Holdings Inc.	24.34B	343.27	927.76	21.03%	3.7%	8.22%		2.30
CIENCiena Corporation	34.34B	243.79	420.33	-8.47%	3.1%	5.05%	1.1%	0.58
ADTNADTRAN Holdings, Inc.	728.25M	9.09	-1.60	-19.7%	-8.5%	-16.18%	5.27%	0.39
UTSIUTStarcom Holdings Corp.	23.68M	2.50	-5.21	-30.95%	-62.02%	-14.39%		0.04
CLFDClearfield, Inc.	447.56M	32.34	-55.76	-9.94%	-5.36%	-3.14%	5.52%	0.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	600.06M	636.78M	666.58M	529.28M	530.06M	506.51M	563M	1.03B	1.15B	922.72M
Revenue Growth %	-0.05%	0.06%	0.05%	-0.21%	0%	-0.04%	0.11%	0.82%	0.12%	-0.2%
Cost of Goods Sold+	333.17M	345.44M	362.93M	325.71M	311.06M	288.96M	344.63M	698.28M	817.97M	598.56M
COGS % of Revenue	0.56%	0.54%	0.54%	0.62%	0.59%	0.57%	0.61%	0.68%	0.71%	0.65%
Gross Profit+	266.9M	291.34M	303.65M	203.56M	219M	217.55M	218.38M	327.25M	331.13M	324.16M
Gross Margin %	0.44%	0.46%	0.46%	0.38%	0.41%	0.43%	0.39%	0.32%	0.29%	0.35%
Gross Profit Growth %	-0.14%	0.09%	0.04%	-0.33%	0.08%	-0.01%	0%	0.5%	0.01%	-0.02%
Operating Expenses+	253.42M	256.61M	265.92M	248.99M	259.13M	227.26M	233.08M	400.08M	554.79M	751.73M
OpEx % of Revenue	0.42%	0.4%	0.4%	0.47%	0.49%	0.45%	0.41%	0.39%	0.48%	0.81%
Selling, General & Admin	123.54M	131.81M	135.49M	124.44M	130.6M	113.97M	124.41M	208.89M	258.61M	232.92M
SG&A % of Revenue	0.21%	0.21%	0.2%	0.24%	0.25%	0.23%	0.22%	0.2%	0.23%	0.25%
Research & Development	129.88M	124.8M	130.43M	124.55M	126.77M	113.29M	108.66M	173.76M	258.31M	221.46M
R&D % of Revenue	0.22%	0.2%	0.2%	0.24%	0.24%	0.22%	0.19%	0.17%	0.22%	0.24%
Other Operating Expenses	0	0	0	0	1.77M	0	0	17.43M	37.87M	297.35M
Operating Income+	13.48M	34.73M	37.39M	-45.42M	-39.96M	-9.77M	-14.7M	-72.83M	-223.67M	-427.56M
Operating Margin %	0.02%	0.05%	0.06%	-0.09%	-0.08%	-0.02%	-0.03%	-0.07%	-0.19%	-0.46%
Operating Income Growth %	-0.71%	1.58%	0.08%	-2.21%	0.12%	0.76%	-0.5%	-3.95%	-2.07%	-0.91%
EBITDA+	27.72M	49.14M	53.08M	-29.53M	-22.19M	6.85M	1.38M	-5.27M	-110.72M	-337.04M
EBITDA Margin %	0.05%	0.08%	0.08%	-0.06%	-0.04%	0.01%	0%	-0.01%	-0.1%	-0.37%
EBITDA Growth %	-0.55%	0.77%	0.08%	-1.56%	0.25%	1.31%	-0.8%	-4.81%	-19.99%	-2.04%
D&A (Non-Cash Add-back)	14.24M	14.41M	15.69M	15.89M	17.77M	16.63M	16.08M	67.55M	112.95M	90.53M
EBIT	26.3M	47.47M	45.24M	-32.84M	-24.27M	-6.24M	-6.27M	-67.53M	-217.31M	-420.67M
Net Interest Income+	3.36M	3.35M	3.82M	3.49M	2.25M	1.93M	2.81M	-1.31M	-13.96M	-19M
Interest Income	3.95M	3.92M	4.38M	4.03M	2.77M	1.94M	2.84M	2.12M	2.34M	3.06M
Interest Expense	596K	572K	556K	533K	511K	5K	34K	3.44M	16.3M	22.05M
Other Income/Expense	12.23M	12.32M	7.3M	12.05M	15.19M	3.53M	8.39M	1.86M	-9.94M	-15.16M
Pretax Income+	25.71M	46.9M	44.68M	-33.37M	-24.78M	-6.25M	-6.3M	-70.96M	-233.61M	-442.73M
Pretax Margin %	0.04%	0.07%	0.07%	-0.06%	-0.05%	-0.01%	-0.01%	-0.07%	-0.2%	-0.48%
Income Tax+	7.06M	11.67M	20.85M	-14.03M	28.2M	-8.62M	2.33M	-62.08M	28.3M	7.34M
Effective Tax Rate %	0.73%	0.75%	0.53%	0.58%	2.14%	-0.38%	1.37%	0.03%	1.15%	1.04%
Net Income+	18.65M	35.23M	23.83M	-19.34M	-52.98M	2.38M	-8.63M	-2.04M	-267.69M	-459.89M
Net Margin %	0.03%	0.06%	0.04%	-0.04%	-0.1%	0%	-0.02%	-0%	-0.23%	-0.5%
Net Income Growth %	-0.58%	0.89%	-0.32%	-1.81%	-1.74%	1.04%	-4.63%	0.76%	-130.41%	-0.72%
Net Income (Continuing)	18.65M	35.23M	23.84M	-19.34M	-52.98M	2.38M	-8.63M	-8.89M	-261.91M	-450.07M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	329.66M	443.33M	422.94M
EPS (Diluted)+	0.36	0.72	0.49	-0.40	-1.11	0.05	-0.18	-0.03	-3.41	-5.67
EPS Growth %	-0.55%	1%	-0.32%	-1.82%	-1.77%	1.04%	-4.66%	0.82%	-103.28%	-0.66%
EPS (Basic)	0.36	0.72	0.50	-0.40	-1.11	0.05	-0.18	-0.03	-3.41	-5.67
Diluted Shares Outstanding	51.27M	48.95M	48.7M	47.88M	47.84M	48.29M	48.58M	62.35M	78.42M	78.93M
Basic Shares Outstanding	51.15M	48.72M	48.15M	47.88M	47.84M	48M	48.58M	62.35M	78.42M	78.93M
Dividend Payout Ratio	0.99%	0.5%	0.73%	-	-	7.29%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	311.86M	352.9M	413.11M	355.43M	320.31M	316.32M	376.32M	882.36M	716.87M	599.14M
Cash & Short-Term Investments	118.95M	123.08M	102.56M	108.75M	107.02M	63.31M	56.95M	108.98M	87.17M	76.02M
Cash Only	84.55M	79.89M	86.43M	105.5M	73.77M	60.18M	56.6M	108.64M	87.17M	76.02M
Short-Term Investments	34.4M	43.19M	16.13M	3.25M	33.24M	3.13M	350K	340K	0	0
Accounts Receivable	91.24M	108.24M	170.73M	136.08M	107.1M	120.36M	169.97M	312.27M	230.38M	193.27M
Days Sales Outstanding	55.5	62.04	93.49	93.85	73.75	86.73	110.19	111.14	73.18	76.45
Inventory	91.53M	105.12M	122.54M	99.85M	98.31M	125.46M	139.89M	427.53M	360.42M	261.56M
Days Inventory Outstanding	100.28	111.07	123.24	111.89	115.35	158.47	148.16	223.47	160.83	159.5
Other Current Assets	0	0	0	0	0	7.19M	215K	0	38.89M	68.3M
Total Non-Current Assets+	321.04M	314.33M	255.87M	272.6M	224.81M	209.36M	192.69M	1.06B	960.57M	572.28M
Property, Plant & Equipment	73.23M	84.47M	85.08M	80.64M	68.09M	67.71M	55.77M	110.7M	155.63M	106.45M
Fixed Asset Turnover	8.19x	7.54x	7.83x	6.56x	7.79x	7.48x	10.10x	9.26x	7.38x	8.67x
Goodwill	3.49M	3.49M	3.49M	7.11M	6.97M	6.97M	6.97M	381.72M	358.15M	52.92M
Intangible Assets	5.08M	7.27M	4.66M	33.18M	27.82M	23.47M	19.29M	401.21M	337.42M	284.89M
Long-Term Investments	198.03M	176.1M	130.26M	108.82M	94.49M	56.59M	70.61M	32.66M	27.74M	32.06M
Other Non-Current Assets	23.12M	4.97M	9.06M	5.67M	19.88M	44.76M	30.97M	67M	52.33M	78.13M
Total Assets+	632.9M	667.24M	669.09M	628.03M	545.12M	525.68M	569.02M	1.94B	1.68B	1.17B
Asset Turnover	0.95x	0.95x	1.00x	0.84x	0.97x	0.96x	0.99x	0.53x	0.69x	0.79x
Asset Growth %	-0.14%	0.05%	0%	-0.06%	-0.13%	-0.04%	0.08%	2.42%	-0.14%	-0.3%
Total Current Liabilities+	92.64M	126.53M	106.82M	118.01M	112.71M	94.19M	155.36M	428.57M	274M	293.47M
Accounts Payable	48.67M	77.34M	60.63M	60.05M	44.87M	49.93M	102.49M	237.7M	162.92M	171.82M
Days Payables Outstanding	53.32	81.72	60.98	67.3	52.65	63.07	108.55	124.25	72.7	104.78
Short-Term Debt	0	0	0	1M	24.6M	1.81M	0	60.53M	7.72M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.4M	12.43M	0	11.75M	0	11.8M	0	0	28.48M	0
Current Ratio	3.37x	2.79x	3.87x	3.01x	2.84x	3.36x	2.42x	2.06x	2.62x	2.04x
Quick Ratio	2.38x	1.96x	2.72x	2.17x	1.97x	2.03x	1.52x	1.06x	1.30x	1.15x
Cash Conversion Cycle	102.46	91.39	155.75	138.44	136.45	182.14	149.81	210.37	161.31	131.17
Total Non-Current Liabilities+	60.1M	61.18M	64.36M	63.74M	51.98M	58.54M	56.56M	211.31M	354.86M	328.05M
Long-Term Debt	27.9M	26.8M	25.6M	24.6M	0	0	0	60M	195M	189.58M
Capital Lease Obligations	0	0	0	0	0	3.57M	3.27M	22.81M	31.42M	25.93M
Deferred Tax Liabilities	0	0	0	0	0	0	0	61.63M	35.57M	30.37M
Other Non-Current Liabilities	24.24M	28.05M	34.21M	33.84M	45.97M	48.08M	44.02M	47.63M	70.24M	60.11M
Total Liabilities	152.74M	187.72M	171.18M	181.75M	164.69M	152.74M	211.91M	639.88M	628.86M	621.52M
Total Debt+	27.9M	26.8M	25.6M	25.6M	24.6M	5.38M	3.27M	143.34M	234.14M	215.5M
Net Debt	-56.65M	-53.09M	-60.83M	-79.9M	-49.17M	-54.8M	-53.33M	34.7M	146.97M	139.48M
Debt / Equity	0.06x	0.06x	0.05x	0.06x	0.06x	0.01x	0.01x	0.11x	0.22x	0.39x
Debt / EBITDA	1.01x	0.55x	0.48x	-	-	0.78x	2.36x	-	-	-
Net Debt / EBITDA	-2.04x	-1.08x	-1.15x	-	-	-8.00x	-38.54x	-	-	-
Interest Coverage	22.62x	60.73x	67.24x	-85.22x	-78.21x	-1954.60x	-432.35x	-21.19x	-13.72x	-19.39x
Total Equity+	480.16M	479.52M	498.15M	446.28M	380.43M	372.94M	357.1M	1.3B	1.05B	549.89M
Equity Growth %	-0.13%	-0%	0.04%	-0.1%	-0.15%	-0.02%	-0.04%	2.65%	-0.2%	-0.48%
Book Value per Share	9.37	9.80	10.23	9.32	7.95	7.72	7.35	20.91	13.37	6.97
Total Shareholders' Equity	480.16M	479.52M	498.15M	446.28M	380.43M	372.94M	357.1M	973.95M	605.26M	126.95M
Common Stock	797K	797K	797K	797K	797K	797K	797K	781K	790K	795K
Retained Earnings	906.77M	921.94M	922.18M	883.98M	806.7M	781.81M	740.82M	55.34M	-231.71M	-688.81M
Treasury Stock	-665.32M	-683.99M	-682.28M	-691.75M	-685.29M	-679.49M	-661.55M	-4.13M	-5.83M	-5.2M
Accumulated OCI	-8.97M	-12.19M	-3.29M	-14.42M	-16.42M	-11.64M	-11.91M	26.13M	47.53M	11.25M
Minority Interest	0	0	0	0	0	0	0	329.66M	443.33M	422.94M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	18.55M	42M	-42.37M	55.45M	-41K	-16.52M	3.01M	-44.23M	-43.02M	103.57M
Operating CF Margin %	0.03%	0.07%	-0.06%	0.1%	-0%	-0.03%	0.01%	-0.04%	-0.04%	0.11%
Operating CF Growth %	-0.67%	1.26%	-2.01%	2.31%	-1%	-401.88%	1.18%	-15.7%	0.03%	3.41%
Net Income	18.65M	35.23M	23.83M	-19.34M	-54.02M	2.38M	-8.63M	-2.04M	-268.85M	-450.07M
Depreciation & Amortization	14.24M	14.41M	15.69M	15.89M	17.77M	16.63M	16.08M	71.45M	118.85M	90.53M
Stock-Based Compensation	6.71M	6.7M	7.43M	7.16M	6.96M	6.83M	7.48M	0	0	15.99M
Deferred Taxes	-732K	-2.69M	14.07M	-17.26M	30.07M	-1.36M	-1.78M	-62.39M	15.72M	5.58M
Other Non-Cash Items	-7.29M	-8.8M	-4.41M	-7.25M	-9.82M	-5.52M	-10.04M	42.93M	100.62M	307.1M
Working Capital Changes	-13.03M	-2.84M	-98.99M	76.26M	9M	-35.48M	-93K	-94.18M	-9.35M	134.45M
Change in Receivables	14.92M	-21.3M	-48.77M	40.68M	8.28M	-7.27M	-51.11M	-19.3M	84.73M	57.47M
Change in Inventory	-11.32M	-10.89M	-15.52M	24.19M	1.57M	-18.84M	-10.64M	-73.24M	22.41M	79.98M
Change in Payables	-5.83M	26.72M	-17.88M	-3.8M	-13.81M	-2.2M	53.27M	28.11M	-91.91M	10.24M
Cash from Investing+	79.94M	-6.48M	66.04M	285K	-9.79M	41.4M	10.27M	55.83M	-36.08M	-64.25M
Capital Expenditures	-11.75M	-21.44M	-14.72M	-8.11M	-9.49M	-6.41M	-5.67M	-17.07M	-45.77M	-34.5M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	1M	-521K	500K	1.13M	1.22M	-30.73M
Cash from Financing+	-84.75M	-39.78M	-22.4M	-32.32M	-17.87M	-42.98M	-12.96M	52.94M	60.09M	-50.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-18.45M	-17.58M	-17.37M	-17.27M	-17.21M	-17.33M	-17.53M	-22.89M	-21.24M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3K	4.72M	13.41M	1.58M	0	-1.04M	4.57M	-4.25M	7.64M	-45.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.79M	20.56M	-57.09M	48.47M	-9.54M	-22.93M	-2.66M	-61.3M	-79.35M	38.4M
FCF Margin %	0.01%	0.03%	-0.09%	0.09%	-0.02%	-0.05%	-0%	-0.06%	-0.07%	0.04%
FCF Growth %	-0.85%	2.03%	-3.78%	1.85%	-1.2%	-1.4%	0.88%	-22.04%	-0.29%	1.48%
FCF per Share	0.13	0.42	-1.17	1.01	-0.20	-0.47	-0.05	-0.98	-1.01	0.49
FCF Conversion (FCF/Net Income)	0.99x	1.19x	-1.78x	-2.87x	0.00x	-6.95x	-0.35x	21.71x	0.16x	-0.23x
Interest Paid	598K	575K	555K	534K	512K	24K	13K	0	0	20.88M
Taxes Paid	20.14M	18.69M	2.99M	4.1M	9.36M	7.61M	1.78M	0	0	6.69M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.62%	7.34%	4.88%	-4.1%	-12.82%	0.63%	-2.37%	-0.25%	-22.76%	-57.54%
Return on Invested Capital (ROIC)	2.18%	6.13%	6.49%	-8.48%	-8.59%	-2.26%	-3.55%	-6.65%	-13.24%	-34.02%
Gross Margin	44.48%	45.75%	45.55%	38.46%	41.32%	42.95%	38.79%	31.91%	28.82%	35.13%
Net Margin	3.11%	5.53%	3.58%	-3.65%	-10%	0.47%	-1.53%	-0.2%	-23.3%	-49.84%
Debt / Equity	0.06x	0.06x	0.05x	0.06x	0.06x	0.01x	0.01x	0.11x	0.22x	0.39x
Interest Coverage	22.62x	60.73x	67.24x	-85.22x	-78.21x	-1954.60x	-432.35x	-21.19x	-13.72x	-19.39x
FCF Conversion	0.99x	1.19x	-1.78x	-2.87x	0.00x	-6.95x	-0.35x	21.71x	0.16x	-0.23x
Revenue Growth	-4.75%	6.12%	4.68%	-20.6%	0.15%	-4.44%	11.15%	82.15%	12.05%	-19.7%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Access And Aggregations	-	436.37M	473.94M	-	-	-	344.2M	374M	-	291.01M
Access And Aggregations Growth	-	-	8.61%	-	-	-	-	8.66%	-	-
Contractual Maintenance Agreements, Contractual SaaS And Subscription Services, And Hardware Orders	-	-	-	-	-	-	-	-	314.8M	-
Contractual Maintenance Agreements, Contractual SaaS And Subscription Services, And Hardware Orders Growth	-	-	-	-	-	-	-	-	-	-
Traditional And Other Products	-	62.8M	54.5M	-	-	-	19.19M	-	-	-
Traditional And Other Products Growth	-	-	-13.22%	-	-	-	-	-	-	-
Other Than Maintenance Services	-	-	-	-	13.6M	17.7M	-	-	-	-
Other Than Maintenance Services Growth	-	-	-	-	-	30.15%	-	-	-	-
Product And Service	-	-	-	2.6M	-	-	-	-	-	-
Product And Service Growth	-	-	-	-	-	-	-	-	-	-
Customer Devices	-	137.61M	138.46M	-	-	-	-	-	-	-
Customer Devices Growth	-	-	0.62%	-	-	-	-	-	-	-
Carrier Systems	433.37M	-	-	-	-	-	-	-	-	-
Carrier Systems Growth	-	-	-	-	-	-	-	-	-	-
Business Networking	139.69M	-	-	-	-	-	-	-	-	-
Business Networking Growth	-	-	-	-	-	-	-	-	-	-
Loop Access	27M	-	-	-	-	-	-	-	-	-
Loop Access Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	419.37M	501.34M	508.18M	288.84M	300.85M	352.08M	374.6M	517.43M	-	398.17M
UNITED STATES Growth	-	19.55%	1.36%	-43.16%	4.16%	17.03%	6.40%	38.13%	-	-
GERMANY	111.67M	85.78M	119.5M	167.25M	78.06M	74.88M	65.23M	146.8M	-	119.98M
GERMANY Growth	-	-23.18%	39.31%	39.96%	-53.33%	-4.07%	-12.89%	125.05%	-	-
MEXICO	-	-	-	-	90.8M	4.09M	4.62M	-	-	-
MEXICO Growth	-	-	-	-	-	-95.50%	12.94%	-	-	-

Frequently Asked Questions

Growth & Financials

ADTRAN Holdings, Inc. (ADTN) reported $1.04B in revenue for fiscal year 2024. This represents a 44% increase from $717.2M in 2011.

ADTRAN Holdings, Inc. (ADTN) saw revenue decline by 19.7% over the past year.

ADTRAN Holdings, Inc. (ADTN) reported a net loss of $88.0M for fiscal year 2024.

Dividend & Returns

ADTRAN Holdings, Inc. (ADTN) has a return on equity (ROE) of -57.5%. Negative ROE indicates the company is unprofitable.

ADTRAN Holdings, Inc. (ADTN) generated $47.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...

ADTRAN Holdings, Inc. (ADTN) 10-Year Financial Performance & Capital Metrics

ADTN • • Industrial / General

TechnologyCommunication EquipmentFiber & Cable ConnectivityFiber Access & FTTH

Revenue $923M -19.7%
EBITDA -$337M -204.4%
Net Income -$460M -71.8%
EPS (Diluted) -5.67 -66.3%
Gross Margin 35.13% +21.9%
EBITDA Margin -36.53% -279.1%
Operating Margin -46.34% -138.1%
Net Margin -49.84% -114.0%
ROE -57.54% -152.8%
ROIC -34.02% -157.0%
Debt/Equity 0.39 +75.5%
Interest Coverage -19.39 -41.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 11.7%
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.89%

5Y11.72%

3Y17.9%

TTM14.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM83.14%

EPS CAGR

10Y-

5Y-

3Y-

TTM83.26%

ROCE

10Y Avg-6.75%

5Y Avg-13.22%

3Y Avg-20.12%

Latest-37.48%

Peer Comparison

Fiber Access & FTTH

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LITELumentum Holdings Inc.	24.34B	343.27	927.76	21.03%	3.7%	8.22%		2.30
CIENCiena Corporation	34.34B	243.79	420.33	-8.47%	3.1%	5.05%	1.1%	0.58
ADTNADTRAN Holdings, Inc.	728.25M	9.09	-1.60	-19.7%	-8.5%	-16.18%	5.27%	0.39
UTSIUTStarcom Holdings Corp.	23.68M	2.50	-5.21	-30.95%	-62.02%	-14.39%		0.04
CLFDClearfield, Inc.	447.56M	32.34	-55.76	-9.94%	-5.36%	-3.14%	5.52%	0.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	600.06M	636.78M	666.58M	529.28M	530.06M	506.51M	563M	1.03B	1.15B	922.72M
Revenue Growth %	-0.05%	0.06%	0.05%	-0.21%	0%	-0.04%	0.11%	0.82%	0.12%	-0.2%
Cost of Goods Sold+	333.17M	345.44M	362.93M	325.71M	311.06M	288.96M	344.63M	698.28M	817.97M	598.56M
COGS % of Revenue	0.56%	0.54%	0.54%	0.62%	0.59%	0.57%	0.61%	0.68%	0.71%	0.65%
Gross Profit+	266.9M	291.34M	303.65M	203.56M	219M	217.55M	218.38M	327.25M	331.13M	324.16M
Gross Margin %	0.44%	0.46%	0.46%	0.38%	0.41%	0.43%	0.39%	0.32%	0.29%	0.35%
Gross Profit Growth %	-0.14%	0.09%	0.04%	-0.33%	0.08%	-0.01%	0%	0.5%	0.01%	-0.02%
Operating Expenses+	253.42M	256.61M	265.92M	248.99M	259.13M	227.26M	233.08M	400.08M	554.79M	751.73M
OpEx % of Revenue	0.42%	0.4%	0.4%	0.47%	0.49%	0.45%	0.41%	0.39%	0.48%	0.81%
Selling, General & Admin	123.54M	131.81M	135.49M	124.44M	130.6M	113.97M	124.41M	208.89M	258.61M	232.92M
SG&A % of Revenue	0.21%	0.21%	0.2%	0.24%	0.25%	0.23%	0.22%	0.2%	0.23%	0.25%
Research & Development	129.88M	124.8M	130.43M	124.55M	126.77M	113.29M	108.66M	173.76M	258.31M	221.46M
R&D % of Revenue	0.22%	0.2%	0.2%	0.24%	0.24%	0.22%	0.19%	0.17%	0.22%	0.24%
Other Operating Expenses	0	0	0	0	1.77M	0	0	17.43M	37.87M	297.35M
Operating Income+	13.48M	34.73M	37.39M	-45.42M	-39.96M	-9.77M	-14.7M	-72.83M	-223.67M	-427.56M
Operating Margin %	0.02%	0.05%	0.06%	-0.09%	-0.08%	-0.02%	-0.03%	-0.07%	-0.19%	-0.46%
Operating Income Growth %	-0.71%	1.58%	0.08%	-2.21%	0.12%	0.76%	-0.5%	-3.95%	-2.07%	-0.91%
EBITDA+	27.72M	49.14M	53.08M	-29.53M	-22.19M	6.85M	1.38M	-5.27M	-110.72M	-337.04M
EBITDA Margin %	0.05%	0.08%	0.08%	-0.06%	-0.04%	0.01%	0%	-0.01%	-0.1%	-0.37%
EBITDA Growth %	-0.55%	0.77%	0.08%	-1.56%	0.25%	1.31%	-0.8%	-4.81%	-19.99%	-2.04%
D&A (Non-Cash Add-back)	14.24M	14.41M	15.69M	15.89M	17.77M	16.63M	16.08M	67.55M	112.95M	90.53M
EBIT	26.3M	47.47M	45.24M	-32.84M	-24.27M	-6.24M	-6.27M	-67.53M	-217.31M	-420.67M
Net Interest Income+	3.36M	3.35M	3.82M	3.49M	2.25M	1.93M	2.81M	-1.31M	-13.96M	-19M
Interest Income	3.95M	3.92M	4.38M	4.03M	2.77M	1.94M	2.84M	2.12M	2.34M	3.06M
Interest Expense	596K	572K	556K	533K	511K	5K	34K	3.44M	16.3M	22.05M
Other Income/Expense	12.23M	12.32M	7.3M	12.05M	15.19M	3.53M	8.39M	1.86M	-9.94M	-15.16M
Pretax Income+	25.71M	46.9M	44.68M	-33.37M	-24.78M	-6.25M	-6.3M	-70.96M	-233.61M	-442.73M
Pretax Margin %	0.04%	0.07%	0.07%	-0.06%	-0.05%	-0.01%	-0.01%	-0.07%	-0.2%	-0.48%
Income Tax+	7.06M	11.67M	20.85M	-14.03M	28.2M	-8.62M	2.33M	-62.08M	28.3M	7.34M
Effective Tax Rate %	0.73%	0.75%	0.53%	0.58%	2.14%	-0.38%	1.37%	0.03%	1.15%	1.04%
Net Income+	18.65M	35.23M	23.83M	-19.34M	-52.98M	2.38M	-8.63M	-2.04M	-267.69M	-459.89M
Net Margin %	0.03%	0.06%	0.04%	-0.04%	-0.1%	0%	-0.02%	-0%	-0.23%	-0.5%
Net Income Growth %	-0.58%	0.89%	-0.32%	-1.81%	-1.74%	1.04%	-4.63%	0.76%	-130.41%	-0.72%
Net Income (Continuing)	18.65M	35.23M	23.84M	-19.34M	-52.98M	2.38M	-8.63M	-8.89M	-261.91M	-450.07M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	329.66M	443.33M	422.94M
EPS (Diluted)+	0.36	0.72	0.49	-0.40	-1.11	0.05	-0.18	-0.03	-3.41	-5.67
EPS Growth %	-0.55%	1%	-0.32%	-1.82%	-1.77%	1.04%	-4.66%	0.82%	-103.28%	-0.66%
EPS (Basic)	0.36	0.72	0.50	-0.40	-1.11	0.05	-0.18	-0.03	-3.41	-5.67
Diluted Shares Outstanding	51.27M	48.95M	48.7M	47.88M	47.84M	48.29M	48.58M	62.35M	78.42M	78.93M
Basic Shares Outstanding	51.15M	48.72M	48.15M	47.88M	47.84M	48M	48.58M	62.35M	78.42M	78.93M
Dividend Payout Ratio	0.99%	0.5%	0.73%	-	-	7.29%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	311.86M	352.9M	413.11M	355.43M	320.31M	316.32M	376.32M	882.36M	716.87M	599.14M
Cash & Short-Term Investments	118.95M	123.08M	102.56M	108.75M	107.02M	63.31M	56.95M	108.98M	87.17M	76.02M
Cash Only	84.55M	79.89M	86.43M	105.5M	73.77M	60.18M	56.6M	108.64M	87.17M	76.02M
Short-Term Investments	34.4M	43.19M	16.13M	3.25M	33.24M	3.13M	350K	340K	0	0
Accounts Receivable	91.24M	108.24M	170.73M	136.08M	107.1M	120.36M	169.97M	312.27M	230.38M	193.27M
Days Sales Outstanding	55.5	62.04	93.49	93.85	73.75	86.73	110.19	111.14	73.18	76.45
Inventory	91.53M	105.12M	122.54M	99.85M	98.31M	125.46M	139.89M	427.53M	360.42M	261.56M
Days Inventory Outstanding	100.28	111.07	123.24	111.89	115.35	158.47	148.16	223.47	160.83	159.5
Other Current Assets	0	0	0	0	0	7.19M	215K	0	38.89M	68.3M
Total Non-Current Assets+	321.04M	314.33M	255.87M	272.6M	224.81M	209.36M	192.69M	1.06B	960.57M	572.28M
Property, Plant & Equipment	73.23M	84.47M	85.08M	80.64M	68.09M	67.71M	55.77M	110.7M	155.63M	106.45M
Fixed Asset Turnover	8.19x	7.54x	7.83x	6.56x	7.79x	7.48x	10.10x	9.26x	7.38x	8.67x
Goodwill	3.49M	3.49M	3.49M	7.11M	6.97M	6.97M	6.97M	381.72M	358.15M	52.92M
Intangible Assets	5.08M	7.27M	4.66M	33.18M	27.82M	23.47M	19.29M	401.21M	337.42M	284.89M
Long-Term Investments	198.03M	176.1M	130.26M	108.82M	94.49M	56.59M	70.61M	32.66M	27.74M	32.06M
Other Non-Current Assets	23.12M	4.97M	9.06M	5.67M	19.88M	44.76M	30.97M	67M	52.33M	78.13M
Total Assets+	632.9M	667.24M	669.09M	628.03M	545.12M	525.68M	569.02M	1.94B	1.68B	1.17B
Asset Turnover	0.95x	0.95x	1.00x	0.84x	0.97x	0.96x	0.99x	0.53x	0.69x	0.79x
Asset Growth %	-0.14%	0.05%	0%	-0.06%	-0.13%	-0.04%	0.08%	2.42%	-0.14%	-0.3%
Total Current Liabilities+	92.64M	126.53M	106.82M	118.01M	112.71M	94.19M	155.36M	428.57M	274M	293.47M
Accounts Payable	48.67M	77.34M	60.63M	60.05M	44.87M	49.93M	102.49M	237.7M	162.92M	171.82M
Days Payables Outstanding	53.32	81.72	60.98	67.3	52.65	63.07	108.55	124.25	72.7	104.78
Short-Term Debt	0	0	0	1M	24.6M	1.81M	0	60.53M	7.72M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	2.4M	12.43M	0	11.75M	0	11.8M	0	0	28.48M	0
Current Ratio	3.37x	2.79x	3.87x	3.01x	2.84x	3.36x	2.42x	2.06x	2.62x	2.04x
Quick Ratio	2.38x	1.96x	2.72x	2.17x	1.97x	2.03x	1.52x	1.06x	1.30x	1.15x
Cash Conversion Cycle	102.46	91.39	155.75	138.44	136.45	182.14	149.81	210.37	161.31	131.17
Total Non-Current Liabilities+	60.1M	61.18M	64.36M	63.74M	51.98M	58.54M	56.56M	211.31M	354.86M	328.05M
Long-Term Debt	27.9M	26.8M	25.6M	24.6M	0	0	0	60M	195M	189.58M
Capital Lease Obligations	0	0	0	0	0	3.57M	3.27M	22.81M	31.42M	25.93M
Deferred Tax Liabilities	0	0	0	0	0	0	0	61.63M	35.57M	30.37M
Other Non-Current Liabilities	24.24M	28.05M	34.21M	33.84M	45.97M	48.08M	44.02M	47.63M	70.24M	60.11M
Total Liabilities	152.74M	187.72M	171.18M	181.75M	164.69M	152.74M	211.91M	639.88M	628.86M	621.52M
Total Debt+	27.9M	26.8M	25.6M	25.6M	24.6M	5.38M	3.27M	143.34M	234.14M	215.5M
Net Debt	-56.65M	-53.09M	-60.83M	-79.9M	-49.17M	-54.8M	-53.33M	34.7M	146.97M	139.48M
Debt / Equity	0.06x	0.06x	0.05x	0.06x	0.06x	0.01x	0.01x	0.11x	0.22x	0.39x
Debt / EBITDA	1.01x	0.55x	0.48x	-	-	0.78x	2.36x	-	-	-
Net Debt / EBITDA	-2.04x	-1.08x	-1.15x	-	-	-8.00x	-38.54x	-	-	-
Interest Coverage	22.62x	60.73x	67.24x	-85.22x	-78.21x	-1954.60x	-432.35x	-21.19x	-13.72x	-19.39x
Total Equity+	480.16M	479.52M	498.15M	446.28M	380.43M	372.94M	357.1M	1.3B	1.05B	549.89M
Equity Growth %	-0.13%	-0%	0.04%	-0.1%	-0.15%	-0.02%	-0.04%	2.65%	-0.2%	-0.48%
Book Value per Share	9.37	9.80	10.23	9.32	7.95	7.72	7.35	20.91	13.37	6.97
Total Shareholders' Equity	480.16M	479.52M	498.15M	446.28M	380.43M	372.94M	357.1M	973.95M	605.26M	126.95M
Common Stock	797K	797K	797K	797K	797K	797K	797K	781K	790K	795K
Retained Earnings	906.77M	921.94M	922.18M	883.98M	806.7M	781.81M	740.82M	55.34M	-231.71M	-688.81M
Treasury Stock	-665.32M	-683.99M	-682.28M	-691.75M	-685.29M	-679.49M	-661.55M	-4.13M	-5.83M	-5.2M
Accumulated OCI	-8.97M	-12.19M	-3.29M	-14.42M	-16.42M	-11.64M	-11.91M	26.13M	47.53M	11.25M
Minority Interest	0	0	0	0	0	0	0	329.66M	443.33M	422.94M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	18.55M	42M	-42.37M	55.45M	-41K	-16.52M	3.01M	-44.23M	-43.02M	103.57M
Operating CF Margin %	0.03%	0.07%	-0.06%	0.1%	-0%	-0.03%	0.01%	-0.04%	-0.04%	0.11%
Operating CF Growth %	-0.67%	1.26%	-2.01%	2.31%	-1%	-401.88%	1.18%	-15.7%	0.03%	3.41%
Net Income	18.65M	35.23M	23.83M	-19.34M	-54.02M	2.38M	-8.63M	-2.04M	-268.85M	-450.07M
Depreciation & Amortization	14.24M	14.41M	15.69M	15.89M	17.77M	16.63M	16.08M	71.45M	118.85M	90.53M
Stock-Based Compensation	6.71M	6.7M	7.43M	7.16M	6.96M	6.83M	7.48M	0	0	15.99M
Deferred Taxes	-732K	-2.69M	14.07M	-17.26M	30.07M	-1.36M	-1.78M	-62.39M	15.72M	5.58M
Other Non-Cash Items	-7.29M	-8.8M	-4.41M	-7.25M	-9.82M	-5.52M	-10.04M	42.93M	100.62M	307.1M
Working Capital Changes	-13.03M	-2.84M	-98.99M	76.26M	9M	-35.48M	-93K	-94.18M	-9.35M	134.45M
Change in Receivables	14.92M	-21.3M	-48.77M	40.68M	8.28M	-7.27M	-51.11M	-19.3M	84.73M	57.47M
Change in Inventory	-11.32M	-10.89M	-15.52M	24.19M	1.57M	-18.84M	-10.64M	-73.24M	22.41M	79.98M
Change in Payables	-5.83M	26.72M	-17.88M	-3.8M	-13.81M	-2.2M	53.27M	28.11M	-91.91M	10.24M
Cash from Investing+	79.94M	-6.48M	66.04M	285K	-9.79M	41.4M	10.27M	55.83M	-36.08M	-64.25M
Capital Expenditures	-11.75M	-21.44M	-14.72M	-8.11M	-9.49M	-6.41M	-5.67M	-17.07M	-45.77M	-34.5M
CapEx % of Revenue	0.02%	0.03%	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	1M	-521K	500K	1.13M	1.22M	-30.73M
Cash from Financing+	-84.75M	-39.78M	-22.4M	-32.32M	-17.87M	-42.98M	-12.96M	52.94M	60.09M	-50.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-18.45M	-17.58M	-17.37M	-17.27M	-17.21M	-17.33M	-17.53M	-22.89M	-21.24M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	3K	4.72M	13.41M	1.58M	0	-1.04M	4.57M	-4.25M	7.64M	-45.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	6.79M	20.56M	-57.09M	48.47M	-9.54M	-22.93M	-2.66M	-61.3M	-79.35M	38.4M
FCF Margin %	0.01%	0.03%	-0.09%	0.09%	-0.02%	-0.05%	-0%	-0.06%	-0.07%	0.04%
FCF Growth %	-0.85%	2.03%	-3.78%	1.85%	-1.2%	-1.4%	0.88%	-22.04%	-0.29%	1.48%
FCF per Share	0.13	0.42	-1.17	1.01	-0.20	-0.47	-0.05	-0.98	-1.01	0.49
FCF Conversion (FCF/Net Income)	0.99x	1.19x	-1.78x	-2.87x	0.00x	-6.95x	-0.35x	21.71x	0.16x	-0.23x
Interest Paid	598K	575K	555K	534K	512K	24K	13K	0	0	20.88M
Taxes Paid	20.14M	18.69M	2.99M	4.1M	9.36M	7.61M	1.78M	0	0	6.69M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	3.62%	7.34%	4.88%	-4.1%	-12.82%	0.63%	-2.37%	-0.25%	-22.76%	-57.54%
Return on Invested Capital (ROIC)	2.18%	6.13%	6.49%	-8.48%	-8.59%	-2.26%	-3.55%	-6.65%	-13.24%	-34.02%
Gross Margin	44.48%	45.75%	45.55%	38.46%	41.32%	42.95%	38.79%	31.91%	28.82%	35.13%
Net Margin	3.11%	5.53%	3.58%	-3.65%	-10%	0.47%	-1.53%	-0.2%	-23.3%	-49.84%
Debt / Equity	0.06x	0.06x	0.05x	0.06x	0.06x	0.01x	0.01x	0.11x	0.22x	0.39x
Interest Coverage	22.62x	60.73x	67.24x	-85.22x	-78.21x	-1954.60x	-432.35x	-21.19x	-13.72x	-19.39x
FCF Conversion	0.99x	1.19x	-1.78x	-2.87x	0.00x	-6.95x	-0.35x	21.71x	0.16x	-0.23x
Revenue Growth	-4.75%	6.12%	4.68%	-20.6%	0.15%	-4.44%	11.15%	82.15%	12.05%	-19.7%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Access And Aggregations	-	436.37M	473.94M	-	-	-	344.2M	374M	-	291.01M
Access And Aggregations Growth	-	-	8.61%	-	-	-	-	8.66%	-	-
Contractual Maintenance Agreements, Contractual SaaS And Subscription Services, And Hardware Orders	-	-	-	-	-	-	-	-	314.8M	-
Contractual Maintenance Agreements, Contractual SaaS And Subscription Services, And Hardware Orders Growth	-	-	-	-	-	-	-	-	-	-
Traditional And Other Products	-	62.8M	54.5M	-	-	-	19.19M	-	-	-
Traditional And Other Products Growth	-	-	-13.22%	-	-	-	-	-	-	-
Other Than Maintenance Services	-	-	-	-	13.6M	17.7M	-	-	-	-
Other Than Maintenance Services Growth	-	-	-	-	-	30.15%	-	-	-	-
Product And Service	-	-	-	2.6M	-	-	-	-	-	-
Product And Service Growth	-	-	-	-	-	-	-	-	-	-
Customer Devices	-	137.61M	138.46M	-	-	-	-	-	-	-
Customer Devices Growth	-	-	0.62%	-	-	-	-	-	-	-
Carrier Systems	433.37M	-	-	-	-	-	-	-	-	-
Carrier Systems Growth	-	-	-	-	-	-	-	-	-	-
Business Networking	139.69M	-	-	-	-	-	-	-	-	-
Business Networking Growth	-	-	-	-	-	-	-	-	-	-
Loop Access	27M	-	-	-	-	-	-	-	-	-
Loop Access Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	419.37M	501.34M	508.18M	288.84M	300.85M	352.08M	374.6M	517.43M	-	398.17M
UNITED STATES Growth	-	19.55%	1.36%	-43.16%	4.16%	17.03%	6.40%	38.13%	-	-
GERMANY	111.67M	85.78M	119.5M	167.25M	78.06M	74.88M	65.23M	146.8M	-	119.98M
GERMANY Growth	-	-23.18%	39.31%	39.96%	-53.33%	-4.07%	-12.89%	125.05%	-	-
MEXICO	-	-	-	-	90.8M	4.09M	4.62M	-	-	-
MEXICO Growth	-	-	-	-	-	-95.50%	12.94%	-	-	-

Frequently Asked Questions

Growth & Financials

ADTRAN Holdings, Inc. (ADTN) reported $1.04B in revenue for fiscal year 2024. This represents a 44% increase from $717.2M in 2011.

ADTRAN Holdings, Inc. (ADTN) saw revenue decline by 19.7% over the past year.

ADTRAN Holdings, Inc. (ADTN) reported a net loss of $88.0M for fiscal year 2024.

Dividend & Returns

ADTRAN Holdings, Inc. (ADTN) has a return on equity (ROE) of -57.5%. Negative ROE indicates the company is unprofitable.

ADTRAN Holdings, Inc. (ADTN) generated $47.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.