Ciena Corporation (CIEN) Financial Ratios
29 years of historical data (1997–2025) · Technology · Communication Equipment
EV/EBITDA
↑
135.45
↑+392% vs avg
5yr avg: 27.51
30Y Low9.5·High68.2
P/FCF
↑
91.11
↑+99% vs avg
5yr avg: 45.80
30Y Low12.1·High98.6
P/B Ratio
↑
22.79
↑+440% vs avg
5yr avg: 4.22
30Y Low0.9·High91.1
ROE
↓
4.4%
↑-44% vs avg
5yr avg: 8.0%
30Y Low-226%·High87%
Debt/EBITDA
↑
3.51
+10% vs avg
5yr avg: 3.19
30Y Low0.0·High26.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CIEN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Ciena Corporation trades at 503.8x earnings, 496% above its 5-year average of 84.6x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 1637%. On a free-cash-flow basis, the stock trades at 91.1x P/FCF, 99% above the 5-year average of 45.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $60.6B | $27.6B | $9.3B | $6.1B | $7.3B | $8.5B | $6.1B | $5.9B | $4.5B | $3.6B | $2.9B |
| Enterprise Value | $61.1B | $28.1B | $10.0B | $6.8B | $7.5B | $7.9B | $5.9B | $5.7B | $4.4B | $3.9B | $3.4B |
| P/E Ratio → | 503.79 | 223.44 | 110.29 | 23.99 | 48.25 | 17.02 | 16.98 | 23.06 | — | 2.82 | 38.00 |
| P/S Ratio | 12.71 | 5.78 | 2.33 | 1.40 | 2.02 | 2.35 | 1.74 | 1.64 | 1.45 | 1.29 | 1.12 |
| P/B Ratio | 22.79 | 10.11 | 3.32 | 2.15 | 2.71 | 2.82 | 2.45 | 2.69 | 2.33 | 1.69 | 3.81 |
| P/FCF | 91.11 | 41.46 | 24.71 | 98.62 | — | 18.42 | 14.95 | 16.69 | 27.80 | 25.76 | 16.02 |
| P/OCF | 75.20 | 34.22 | 18.15 | 36.40 | — | 15.71 | 12.44 | 14.16 | 19.60 | 15.39 | 10.09 |
P/E links to full P/E history page with 30-year chart
CIEN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Ciena Corporation's enterprise value stands at 135.5x EBITDA, 392% above its 5-year average of 27.5x. The Technology sector median is 16.7x, placing the stock at a 709% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.89 | 2.50 | 1.54 | 2.07 | 2.18 | 1.67 | 1.60 | 1.44 | 1.40 | 1.32 |
| EV / EBITDA | 135.45 | 62.23 | 30.91 | 12.85 | 18.96 | 12.57 | 9.50 | 12.15 | 13.06 | 11.58 | 11.52 |
| EV / EBIT | 196.61 | 113.19 | 45.93 | 16.26 | 32.00 | 15.97 | 12.07 | 16.26 | 21.77 | 18.44 | 23.94 |
| EV / FCF | — | 42.20 | 26.55 | 109.02 | — | 17.08 | 14.31 | 16.27 | 27.48 | 27.87 | 18.82 |
CIEN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Ciena Corporation earns an operating margin of 6.5%. Operating margins have compressed from 8.8% to 6.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 4.4% is modest. ROIC of 6.9% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.0% | 42.0% | 42.8% | 42.8% | 43.0% | 47.6% | 46.8% | 43.2% | 42.5% | 44.5% | 44.7% |
| Operating Margin | 6.5% | 6.5% | 4.8% | 8.8% | 7.1% | 13.7% | 13.8% | 9.7% | 7.4% | 7.7% | 6.0% |
| Net Profit Margin | 2.6% | 2.6% | 2.1% | 5.8% | 4.2% | 13.8% | 10.2% | 7.1% | -11.1% | 45.0% | 2.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.4% | 4.4% | 3.0% | 9.2% | 5.3% | 18.1% | 15.4% | 12.4% | -17.0% | 87.0% | 10.5% |
| ROA | 2.1% | 2.1% | 1.5% | 4.8% | 3.1% | 11.1% | 8.9% | 6.6% | -8.9% | 36.9% | 2.6% |
| ROIC | 6.9% | 6.9% | 4.1% | 9.0% | 7.3% | 16.0% | 17.1% | 13.3% | 8.0% | 8.7% | 9.8% |
| ROCE | 6.8% | 6.8% | 4.1% | 8.8% | 6.4% | 13.4% | 15.1% | 11.9% | 8.1% | 8.8% | 7.8% |
CIEN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Ciena Corporation carries a Debt/EBITDA ratio of 3.5x, which is moderately leveraged (19% above the sector average of 2.9x). Net debt stands at $490M ($1.6B total debt minus $1.1B cash). Interest coverage of just 2.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.58 | 0.58 | 0.58 | 0.58 | 0.44 | 0.27 | 0.33 | 0.35 | 0.36 | 0.44 | 1.68 |
| Debt / EBITDA | 3.51 | 3.51 | 5.03 | 3.14 | 2.98 | 1.28 | 1.34 | 1.61 | 2.04 | 2.77 | 4.33 |
| Net Debt / Equity | — | 0.18 | 0.25 | 0.23 | 0.07 | -0.20 | -0.10 | -0.07 | -0.03 | 0.14 | 0.67 |
| Net Debt / EBITDA | 1.09 | 1.09 | 2.15 | 1.23 | 0.48 | -0.99 | -0.42 | -0.32 | -0.15 | 0.88 | 1.72 |
| Debt / FCF | — | 0.74 | 1.85 | 10.41 | — | -1.34 | -0.63 | -0.42 | -0.32 | 2.11 | 2.80 |
| Interest Coverage | 2.70 | 2.70 | 2.22 | 4.48 | 4.45 | 15.75 | 15.56 | 9.36 | 3.69 | 3.80 | 2.53 |
CIEN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Ciena Corporation's current ratio of 2.73x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.09x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 3.81x to 2.73x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.73 | 2.73 | 3.52 | 3.81 | 3.25 | 3.48 | 3.42 | 2.80 | 2.20 | 1.91 | 2.24 |
| Quick Ratio | 2.09 | 2.09 | 2.70 | 2.68 | 2.34 | 3.07 | 2.96 | 2.39 | 1.93 | 1.65 | 2.00 |
| Cash Ratio | 1.00 | 1.00 | 1.25 | 1.20 | 1.10 | 1.76 | 1.63 | 1.20 | 0.93 | 0.89 | 1.18 |
| Asset Turnover | — | 0.81 | 0.71 | 0.78 | 0.72 | 0.74 | 0.84 | 0.92 | 0.82 | 0.71 | 0.90 |
| Inventory Turnover | 3.35 | 3.35 | 2.80 | 2.39 | 2.19 | 5.07 | 5.46 | 5.88 | 6.77 | 5.82 | 6.81 |
| Days Sales Outstanding | — | 74.68 | 113.62 | 98.82 | 110.61 | 101.29 | 85.48 | 85.53 | 95.88 | 82.58 | 82.02 |
CIEN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Ciena Corporation returns 0.6% to shareholders annually primarily through share buybacks. The earnings yield of 0.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.2% | 0.4% | 0.9% | 4.2% | 2.1% | 5.9% | 5.9% | 4.3% | — | 35.4% | 2.6% |
| FCF Yield | 1.1% | 2.4% | 4.0% | 1.0% | — | 5.4% | 6.7% | 6.0% | 3.6% | 3.9% | 6.2% |
| Buyback Yield | 0.6% | 1.2% | 3.2% | 4.6% | 7.5% | 1.6% | 1.7% | 3.1% | 2.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.6% | 1.2% | 3.2% | 4.6% | 7.5% | 1.6% | 1.7% | 3.1% | 2.6% | 0.0% | 0.0% |
| Shares Outstanding | — | $145M | $146M | $149M | $152M | $157M | $156M | $158M | $144M | $170M | $151M |
Peer Comparison
Compare CIEN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CIENYou | $61B | 503.8 | 135.5 | 91.1 | 42.0% | 6.5% | 4.4% | 6.9% | 3.5 |
 ADTN | $1B | -26.6 | 17.9 | 12.5 | 38.3% | -1.4% | -8.5% | -1.7% | 3.2 |
 CALX | $2B | 146.0 | 60.3 | 21.2 | 56.8% | 2.1% | 2.2% | 2.1% | 0.7 |
 VIAV | $11B | 314.5 | 83.7 | 176.0 | 56.8% | 6.5% | 4.8% | 5.5% | 5.2 |
 LITE | $61B | 2297.3 | 819.5 | — | 28.0% | -10.9% | 2.5% | -4.3% | 34.0 |
 NOK | $77B | 107.2 | 35.4 | 47.9 | 43.5% | 3.9% | 3.1% | 3.0% | 2.7 |
 ERIC | $35B | 13.7 | 8.9 | 11.8 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
 CSCO | $471B | 46.9 | 33.6 | 35.5 | 64.9% | 20.8% | 22.1% | 13.0% | 1.9 |
 CMBM | $4M | -0.0 | — | — | 31.3% | -27.6% | -68.4% | -41.3% | — |
 COHR | $62B | -749.2 | 58.7 | 320.5 | 35.4% | 9.4% | 0.6% | 3.6% | 3.5 |
 ANET | $214B | 61.7 | 53.9 | 50.2 | 64.1% | 42.8% | 31.4% | 32.8% | — |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into CIEN consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
CIEN — Frequently Asked Questions
Quick answers to the most common questions about buying CIEN stock.
What is Ciena Corporation's P/E ratio?
Ciena Corporation's current P/E ratio is 503.8x. The historical average is 37.9x. This places it at the 100th percentile of its historical range.
What is Ciena Corporation's EV/EBITDA?
Ciena Corporation's current EV/EBITDA is 135.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.8x.
What is Ciena Corporation's ROE?
Ciena Corporation's return on equity (ROE) is 4.4%. The historical average is -20.7%.
Is CIEN stock overvalued?
Based on historical data, Ciena Corporation is trading at a P/E of 503.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Ciena Corporation's profit margins?
Ciena Corporation has 42.0% gross margin and 6.5% operating margin.
How much debt does Ciena Corporation have?
Ciena Corporation's Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.