Viavi Solutions Inc. (VIAV) 10-Year Financial Performance & Capital Metrics

VIAV • • Industrial / General

TechnologyCommunication EquipmentSpecialized Communication EquipmentProfessional Radio Systems

AboutViavi Solutions Inc. provides network test, monitoring, and assurance solutions to communications service providers, enterprises, network equipment manufacturers, original equipment manufacturers, government, and avionics customers worldwide. The company operates through three segments: Network Enablement (NE), Service Enablement (SE), and Optical Security and Performance Products (OSP) segments. The NE segment offers testing solutions that access the network to perform build-out and maintenance tasks. This segment provides solutions that include instruments, software, and services to design, build, activate, certify, troubleshoot, and optimize networks; and instrumentation for communication and safety. It also offers support and professional services, such as repair, calibration, software support, and technical assistance for the products; and system integration projects, including project management, installation, and implementation, as well as product and technology training, and consulting services. The SE segment provides embedded systems and enterprise performance management solutions for communication service providers, enterprises, and cloud operators with visibility into network, service, and application data. Its solutions include instruments, microprobes, and software, which monitor, collect, and analyze network data to reveal the actual customer experience and to identify opportunities for new revenue streams and network optimization. The OSP segment offers optical products for anti-counterfeiting, consumer and industrial, government, automotive, and industrial markets. The company was formerly known as JDS Uniphase Corporation and changed its name to Viavi Solutions Inc. in August 2015. Viavi Solutions Inc. was founded in 1923 and is headquartered in Scottsdale, Arizona.Show more

Revenue $1.08B +8.4%
EBITDA $134M +31.4%
Net Income $35M +234.9%
EPS (Diluted) 0.15 +225.0%
Gross Margin 56.84% -0.2%
EBITDA Margin 12.32% +21.2%
Operating Margin 6.54% +52.1%
Net Margin 3.21% +224.4%
ROE 4.76% +226.6%
ROIC 5.46% +57.8%
Debt/Equity 0.89 -12.0%
Interest Coverage 2.36 +69.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 87 (top 13%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 1.6%
✗Thin 5Y average net margin of 2.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.18%

5Y-0.93%

3Y-5.68%

TTM15.6%

Profit (Net Income) CAGR

10Y-

5Y3.93%

3Y30.94%

TTM140.64%

EPS CAGR

10Y-

5Y4.56%

3Y32.08%

TTM136.75%

ROCE

10Y Avg5.3%

5Y Avg7.63%

3Y Avg4.82%

Latest4.9%

Peer Comparison

Professional Radio Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VIAVViavi Solutions Inc.	4.21B	18.85	125.67	8.39%	1.33%	2.1%	1.47%	0.89
MSIMotorola Solutions, Inc.	65.7B	394.44	42.73	8.41%	18.7%	90.27%	3.25%	3.81
BKTIBK Technologies Corporation	323.17M	86.59	38.48	3.37%	15.71%	31.66%	3.16%	0.04

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	906.3M	811.4M	875.7M	1.13B	1.14B	1.2B	1.29B	1.11B	1B	1.08B
Revenue Growth %	0.04%	-0.1%	0.08%	0.29%	0.01%	0.06%	0.08%	-0.14%	-0.1%	0.08%
Cost of Goods Sold+	371.2M	339.4M	408.3M	517M	506.1M	517.8M	528.6M	476M	430.8M	468M
COGS % of Revenue	0.41%	0.42%	0.47%	0.46%	0.45%	0.43%	0.41%	0.43%	0.43%	0.43%
Gross Profit+	535.1M	472M	467.4M	613.3M	630.2M	681.1M	763.8M	630.1M	569.6M	616.3M
Gross Margin %	0.59%	0.58%	0.53%	0.54%	0.55%	0.57%	0.59%	0.57%	0.57%	0.57%
Gross Profit Growth %	0.07%	-0.12%	-0.01%	0.31%	0.03%	0.08%	0.12%	-0.18%	-0.1%	0.08%
Operating Expenses+	517.5M	436.8M	457.2M	536.4M	540.1M	545.2M	578.6M	531M	526.6M	545.4M
OpEx % of Revenue	0.57%	0.54%	0.52%	0.47%	0.48%	0.45%	0.45%	0.48%	0.53%	0.5%
Selling, General & Admin	351.1M	300.5M	323.9M	349.4M	346.5M	342.2M	365.4M	324.1M	324.7M	336.7M
SG&A % of Revenue	0.39%	0.37%	0.37%	0.31%	0.3%	0.29%	0.28%	0.29%	0.32%	0.31%
Research & Development	166.4M	136.3M	133.3M	187M	193.6M	203M	213.2M	206.9M	201.9M	208.7M
R&D % of Revenue	0.18%	0.17%	0.15%	0.17%	0.17%	0.17%	0.16%	0.19%	0.2%	0.19%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	17.6M	35.2M	10.2M	76.9M	90.1M	135.9M	185.2M	99.1M	43M	70.9M
Operating Margin %	0.02%	0.04%	0.01%	0.07%	0.08%	0.11%	0.14%	0.09%	0.04%	0.07%
Operating Income Growth %	1.36%	1%	-0.71%	6.54%	0.17%	0.51%	0.36%	-0.46%	-0.57%	0.65%
EBITDA+	87.6M	92.9M	93.6M	189.1M	197.9M	238.2M	260.6M	168.6M	101.7M	133.6M
EBITDA Margin %	0.1%	0.11%	0.11%	0.17%	0.17%	0.2%	0.2%	0.15%	0.1%	0.12%
EBITDA Growth %	0.05%	0.06%	0.01%	1.02%	0.05%	0.2%	0.09%	-0.35%	-0.4%	0.31%
D&A (Non-Cash Add-back)	70M	57.7M	83.4M	112.2M	107.8M	102.3M	75.4M	69.5M	58.7M	62.7M
EBIT	-10.2M	229.8M	11.6M	73.6M	127.7M	145.5M	88.4M	87.8M	42.5M	68.6M
Net Interest Income+	-29.8M	-32.1M	-31.3M	-26.2M	-26.6M	-11.8M	-19.9M	-16.9M	-12M	-16.9M
Interest Income	5.9M	11.1M	16M	8.1M	7.1M	2.9M	3.4M	10.2M	18.9M	13.1M
Interest Expense	35.7M	43.2M	47.3M	34.3M	33.7M	14.7M	23.3M	27.1M	30.9M	30M
Other Income/Expense	-63.5M	151.4M	-45.9M	-37.6M	3.9M	-5.1M	-120.1M	-38.4M	-31.4M	-31.7M
Pretax Income+	-45.9M	186.6M	-35.7M	39.3M	94M	130.8M	65.1M	60.7M	11.6M	39.2M
Pretax Margin %	-0.05%	0.23%	-0.04%	0.03%	0.08%	0.11%	0.05%	0.05%	0.01%	0.04%
Income Tax+	4.5M	21.3M	12.9M	31.5M	65.3M	63.3M	49.6M	35.2M	37.4M	4.4M
Effective Tax Rate %	2.16%	0.89%	1.36%	0.14%	0.31%	0.52%	0.24%	0.42%	-2.22%	0.89%
Net Income+	-99.2M	166.9M	-48.6M	5.4M	28.7M	67.5M	15.5M	25.5M	-25.8M	34.8M
Net Margin %	-0.11%	0.21%	-0.06%	0%	0.03%	0.06%	0.01%	0.02%	-0.03%	0.03%
Net Income Growth %	-0.13%	2.68%	-1.29%	1.11%	4.31%	1.35%	-0.77%	0.65%	-2.01%	2.35%
Net Income (Continuing)	-50.4M	165.3M	-48.6M	7.8M	28.7M	67.5M	15.5M	25.5M	-25.8M	34.8M
Discontinued Operations	-48.8M	1.6M	0	-2.4M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.42	0.71	-0.20	0.03	0.12	0.29	0.07	0.11	-0.12	0.15
EPS Growth %	-0.14%	2.69%	-1.28%	1.17%	2.56%	1.42%	-0.78%	0.69%	-2.09%	2.25%
EPS (Basic)	-0.43	0.73	-0.20	0.03	0.13	0.30	0.07	0.11	-0.12	0.16
Diluted Shares Outstanding	234M	234.5M	227.1M	231.2M	233.7M	236.3M	238.2M	226.6M	222.6M	225.7M
Basic Shares Outstanding	229.09M	229.9M	227.1M	228.1M	229.4M	228.7M	230.9M	224.6M	222.6M	222.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	1.21B	1.67B	1.15B	916.8M	913.6M	1.11B	1.01B	945M	876.5M	885.2M
Cash & Short-Term Investments	967.6M	1.44B	780.7M	523M	544M	699.4M	561.3M	521.1M	491.2M	425.3M
Cash Only	482.9M	1B	611.4M	521.5M	542.5M	697.8M	559.9M	506.5M	471.3M	423.6M
Short-Term Investments	484.7M	432.2M	169.3M	1.5M	1.5M	1.6M	1.4M	14.6M	19.9M	1.7M
Accounts Receivable	148.4M	120.4M	218.6M	237.7M	260.7M	275.6M	260.9M	231.2M	244.9M	293.2M
Days Sales Outstanding	59.77	54.16	91.11	76.76	83.74	83.91	73.68	76.29	89.35	98.7
Inventory	51.4M	48M	92.3M	102.7M	83.3M	94.9M	110.1M	116.1M	96.5M	117.9M
Days Inventory Outstanding	50.54	51.62	82.51	72.51	60.08	66.9	76.02	89.03	81.76	91.95
Other Current Assets	33.9M	53.7M	52.6M	39.2M	14.7M	18.7M	56.8M	60.1M	19.7M	21.1M
Total Non-Current Assets+	471.4M	443.5M	870M	898.3M	862.7M	849.3M	822.8M	905.5M	860.2M	1.11B
Property, Plant & Equipment	133M	136.9M	170.5M	179.9M	172.5M	196M	228.9M	243M	264M	266M
Fixed Asset Turnover	6.81x	5.93x	5.14x	6.28x	6.59x	6.12x	5.65x	4.55x	3.79x	4.08x
Goodwill	152.1M	151.6M	336.3M	381.1M	381.4M	396.5M	387.6M	455.2M	452.9M	595.7M
Intangible Assets	59.9M	31.1M	235.1M	211.6M	148.1M	88M	54.2M	58.6M	38.6M	131.6M
Long-Term Investments	4.5M	5.1M	700K	600K	500K	0	9.9M	4.9M	0	3M
Other Non-Current Assets	13.1M	9.3M	12.9M	16.7M	54.8M	59.5M	55.9M	56.8M	22.2M	25.1M
Total Assets+	1.68B	2.11B	2.02B	1.82B	1.78B	1.96B	1.83B	1.85B	1.74B	1.99B
Asset Turnover	0.54x	0.38x	0.43x	0.62x	0.64x	0.61x	0.71x	0.60x	0.58x	0.54x
Asset Growth %	-0.24%	0.25%	-0.04%	-0.1%	-0.02%	0.1%	-0.07%	0.01%	-0.06%	0.15%
Total Current Liabilities+	226.4M	228.8M	561.2M	284M	232.8M	747.4M	369.3M	343.5M	247.1M	589.7M
Accounts Payable	47M	32.6M	55.5M	63.4M	53M	63.2M	58.3M	47.2M	50.4M	68.8M
Days Payables Outstanding	46.22	35.06	49.61	44.76	38.22	44.55	40.26	36.19	42.7	53.66
Short-Term Debt	0	0	275.3M	1.3M	14.6M	456.6M	68.4M	96.2M	0	246.2M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	20.7M	51.7M	162.6M	152.1M	48M	10.9M	16.1M	56.5M	15.8M	69.4M
Current Ratio	5.35x	7.29x	2.05x	3.23x	3.92x	1.49x	2.72x	2.75x	3.55x	1.50x
Quick Ratio	5.13x	7.08x	1.89x	2.87x	3.57x	1.36x	2.42x	2.41x	3.16x	1.30x
Cash Conversion Cycle	64.09	70.72	124.01	104.5	105.59	106.25	109.45	129.13	128.41	136.99
Total Non-Current Liabilities+	767.4M	1.1B	740.7M	805.3M	832.1M	450.1M	786.9M	816.2M	807.6M	623.9M
Long-Term Debt	583.3M	931.4M	557.9M	578.8M	600.9M	224.1M	616.5M	629.5M	636M	396.3M
Capital Lease Obligations	28.7M	27.8M	26.8M	25.5M	44.3M	46.9M	49.5M	45.2M	41.4M	39.6M
Deferred Tax Liabilities	-22.7M	-14M	20.1M	14.6M	23.9M	24.3M	9.5M	13.9M	11.7M	6M
Other Non-Current Liabilities	127.7M	120.3M	154M	173.2M	143M	135M	92M	104.2M	92.8M	153.8M
Total Liabilities	993.8M	1.32B	1.3B	1.09B	1.06B	1.2B	1.16B	1.16B	1.05B	1.21B
Total Debt+	588.3M	931.4M	833.2M	578.8M	659.8M	739.2M	744.5M	781M	687.2M	692.3M
Net Debt	105.4M	-73M	221.8M	57.3M	117.3M	41.4M	184.6M	274.5M	215.9M	268.7M
Debt / Equity	0.85x	1.18x	1.16x	0.80x	0.93x	0.97x	1.11x	1.13x	1.01x	0.89x
Debt / EBITDA	6.72x	10.03x	8.90x	3.06x	3.33x	3.10x	2.86x	4.63x	6.76x	5.18x
Net Debt / EBITDA	1.20x	-0.79x	2.37x	0.30x	0.59x	0.17x	0.71x	1.63x	2.12x	2.01x
Interest Coverage	0.49x	0.81x	0.22x	2.24x	2.67x	9.24x	7.95x	3.66x	1.39x	2.36x
Total Equity+	689.3M	786.4M	720.7M	725.8M	711.4M	763.9M	671.7M	690.8M	681.6M	780.2M
Equity Growth %	-0.38%	0.14%	-0.08%	0.01%	-0.02%	0.07%	-0.12%	0.03%	-0.01%	0.14%
Book Value per Share	2.95	3.35	3.17	3.14	3.04	3.23	2.82	3.05	3.06	3.46
Total Shareholders' Equity	689.3M	786.4M	720.7M	725.8M	711.4M	763.9M	671.7M	690.8M	681.6M	780.2M
Common Stock	200K	200K	200K	200K	200K	200K	200K	200K	200K	200K
Retained Earnings	-69.38B	-69.31B	-69.39B	-69.38B	-69.4B	-69.32B	-69.54B	-69.6B	-69.65B	-69.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	10M	-92.4M	-102.4M	-134.6M	-165.9M	-97.2M	-156.4M	-136M	-144M	-109.8M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	52.9M	80M	66M	138.8M	135.6M	243.3M	178.1M	114.1M	116.4M	89.8M
Operating CF Margin %	0.06%	0.1%	0.08%	0.12%	0.12%	0.2%	0.14%	0.1%	0.12%	0.08%
Operating CF Growth %	-0.36%	0.51%	-0.17%	1.1%	-0.02%	0.79%	-0.27%	-0.36%	0.02%	-0.23%
Net Income	-99.2M	166.9M	-46M	5.4M	28.7M	67.5M	15.5M	25.5M	-25.8M	34.8M
Depreciation & Amortization	70.6M	57.7M	83.4M	112.2M	107.8M	102.3M	75.4M	69.5M	58.7M	62.7M
Stock-Based Compensation	44M	33.2M	30.5M	38.2M	44.6M	0	52.3M	51.2M	49.4M	53.1M
Deferred Taxes	600K	1.5M	-6.3M	1.9M	100K	600K	-10.5M	4.8M	300K	0
Other Non-Cash Items	52.4M	-157.6M	52.3M	21.9M	-3.6M	48.2M	119.4M	8M	16.8M	-2.2M
Working Capital Changes	-15.5M	-21.7M	-47.9M	-40.8M	-42M	24.7M	-74M	-44.9M	17M	-58.6M
Change in Receivables	23.4M	24.5M	-54.3M	-15.2M	-5.1M	-15M	-18.3M	37.4M	13.9M	-34.1M
Change in Inventory	-2.6M	-1.6M	-4.5M	-15.4M	3.7M	-14.3M	-27.7M	-10.7M	10.5M	-7.5M
Change in Payables	-2.1M	-14.8M	13.2M	8.7M	-9.2M	7M	-5.6M	-9.4M	3.2M	14.6M
Cash from Investing+	244.2M	113.7M	-281.6M	80.6M	-29.8M	-48.7M	-71M	-127.1M	-21.6M	-128.4M
Capital Expenditures	-35.5M	-38.6M	-42.5M	-45M	-31.9M	-52.1M	-72.5M	-51.1M	-19.5M	-27.8M
CapEx % of Revenue	0.04%	0.05%	0.05%	0.04%	0.03%	0.04%	0.06%	0.05%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	20M	6.1M	10.7M	-39.6M	4.6M	0	9.8M	5.1M	3.4M	2.1M
Cash from Financing+	-147.7M	325.3M	-180.5M	-300.4M	-71.7M	-58.8M	-210.4M	-50M	-125.7M	-23.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-143.5M	2.7M	-13.3M	-16M	-27.3M	-1.3M	-374.5M	-16M	-9.1M	-7M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	17.4M	41.4M	23.5M	93.8M	103.7M	191.2M	105.6M	63M	96.9M	62M
FCF Margin %	0.02%	0.05%	0.03%	0.08%	0.09%	0.16%	0.08%	0.06%	0.1%	0.06%
FCF Growth %	1.91%	1.38%	-0.43%	2.99%	0.11%	0.84%	-0.45%	-0.4%	0.54%	-0.36%
FCF per Share	0.07	0.18	0.10	0.41	0.44	0.81	0.44	0.28	0.44	0.27
FCF Conversion (FCF/Net Income)	-0.53x	0.48x	-1.36x	25.70x	4.72x	3.60x	11.49x	4.47x	-4.51x	2.58x
Interest Paid	6.6M	6.7M	11.2M	11.8M	11.3M	0	17.9M	22M	23.9M	22.9M
Taxes Paid	31.8M	23.1M	24.4M	29.8M	50.6M	0	77.1M	47.5M	30.9M	29.5M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.07%	22.62%	-6.45%	0.75%	3.99%	9.15%	2.16%	3.74%	-3.76%	4.76%
Return on Invested Capital (ROIC)	1.25%	3.5%	0.92%	6.68%	8.38%	12.48%	16.72%	8.16%	3.46%	5.46%
Gross Margin	59.04%	58.17%	53.37%	54.26%	55.46%	56.81%	59.1%	56.97%	56.94%	56.84%
Net Margin	-10.95%	20.57%	-5.55%	0.48%	2.53%	5.63%	1.2%	2.31%	-2.58%	3.21%
Debt / Equity	0.85x	1.18x	1.16x	0.80x	0.93x	0.97x	1.11x	1.13x	1.01x	0.89x
Interest Coverage	0.49x	0.81x	0.22x	2.24x	2.67x	9.24x	7.95x	3.66x	1.39x	2.36x
FCF Conversion	-0.53x	0.48x	-1.36x	25.70x	4.72x	3.60x	11.49x	4.47x	-4.51x	2.58x
Revenue Growth	3.71%	-10.47%	7.92%	29.07%	0.53%	5.51%	7.8%	-14.41%	-9.56%	8.39%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	783.1M	1B	1.01B	1.05B	1.14B	936.1M	834.8M	912M
Product Growth	-	-	-	28.23%	0.10%	4.60%	8.00%	-17.56%	-10.82%	9.25%
Service	-	-	97.3M	126.1M	131.1M	147.5M	156.9M	170M	165.6M	172.3M
Service Growth	-	-	-	29.60%	3.97%	12.51%	6.37%	8.35%	-2.59%	4.05%
Network and Service Enablement	658.2M	579.2M	-	-	-	-	-	-	-	-
Network and Service Enablement Growth	-	-12.00%	-	-	-	-	-	-	-	-
Network Enablement	504.6M	-	-	-	-	-	-	-	-	-
Network Enablement Growth	-	-	-	-	-	-	-	-	-	-
Service Enablement	153.6M	-	-	-	-	-	-	-	-	-
Service Enablement Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	462.6M	378.6M	420.1M	426.3M	414.8M	415.6M	485.7M	438.1M	390.7M	425.2M
Americas Growth	-	-18.16%	10.96%	1.48%	-2.70%	0.19%	16.87%	-9.80%	-10.82%	8.83%
Asia Pacific	166.3M	173.2M	213M	372.2M	368.2M	410.5M	461.7M	377.5M	346.5M	379.6M
Asia Pacific Growth	-	4.15%	22.98%	74.74%	-1.07%	11.49%	12.47%	-18.24%	-8.21%	9.55%
EMEA	277.4M	259.6M	247.3M	331.8M	353.3M	372.8M	345M	290.5M	263.2M	279.5M
EMEA Growth	-	-6.42%	-4.74%	34.17%	6.48%	5.52%	-7.46%	-15.80%	-9.40%	6.19%

Frequently Asked Questions

Valuation & Price

Viavi Solutions Inc. (VIAV) has a price-to-earnings (P/E) ratio of 125.7x. This suggests investors expect higher future growth.

Growth & Financials

Viavi Solutions Inc. (VIAV) reported $1.15B in revenue for fiscal year 2025. This represents a 32% decrease from $1.68B in 2012.

Viavi Solutions Inc. (VIAV) grew revenue by 8.4% over the past year. This is steady growth.

Yes, Viavi Solutions Inc. (VIAV) is profitable, generating $15.2M in net income for fiscal year 2025 (3.2% net margin).

Dividend & Returns

Viavi Solutions Inc. (VIAV) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.

Viavi Solutions Inc. (VIAV) generated $78.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Viavi Solutions Inc. (VIAV) 10-Year Financial Performance & Capital Metrics

VIAV • • Industrial / General

TechnologyCommunication EquipmentSpecialized Communication EquipmentProfessional Radio Systems

Revenue $1.08B +8.4%
EBITDA $134M +31.4%
Net Income $35M +234.9%
EPS (Diluted) 0.15 +225.0%
Gross Margin 56.84% -0.2%
EBITDA Margin 12.32% +21.2%
Operating Margin 6.54% +52.1%
Net Margin 3.21% +224.4%
ROE 4.76% +226.6%
ROIC 5.46% +57.8%
Debt/Equity 0.89 -12.0%
Interest Coverage 2.36 +69.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 87 (top 13%)
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 1.6%
✗Thin 5Y average net margin of 2.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.18%

5Y-0.93%

3Y-5.68%

TTM15.6%

Profit (Net Income) CAGR

10Y-

5Y3.93%

3Y30.94%

TTM140.64%

EPS CAGR

10Y-

5Y4.56%

3Y32.08%

TTM136.75%

ROCE

10Y Avg5.3%

5Y Avg7.63%

3Y Avg4.82%

Latest4.9%

Peer Comparison

Professional Radio Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
VIAVViavi Solutions Inc.	4.21B	18.85	125.67	8.39%	1.33%	2.1%	1.47%	0.89
MSIMotorola Solutions, Inc.	65.7B	394.44	42.73	8.41%	18.7%	90.27%	3.25%	3.81
BKTIBK Technologies Corporation	323.17M	86.59	38.48	3.37%	15.71%	31.66%	3.16%	0.04

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	906.3M	811.4M	875.7M	1.13B	1.14B	1.2B	1.29B	1.11B	1B	1.08B
Revenue Growth %	0.04%	-0.1%	0.08%	0.29%	0.01%	0.06%	0.08%	-0.14%	-0.1%	0.08%
Cost of Goods Sold+	371.2M	339.4M	408.3M	517M	506.1M	517.8M	528.6M	476M	430.8M	468M
COGS % of Revenue	0.41%	0.42%	0.47%	0.46%	0.45%	0.43%	0.41%	0.43%	0.43%	0.43%
Gross Profit+	535.1M	472M	467.4M	613.3M	630.2M	681.1M	763.8M	630.1M	569.6M	616.3M
Gross Margin %	0.59%	0.58%	0.53%	0.54%	0.55%	0.57%	0.59%	0.57%	0.57%	0.57%
Gross Profit Growth %	0.07%	-0.12%	-0.01%	0.31%	0.03%	0.08%	0.12%	-0.18%	-0.1%	0.08%
Operating Expenses+	517.5M	436.8M	457.2M	536.4M	540.1M	545.2M	578.6M	531M	526.6M	545.4M
OpEx % of Revenue	0.57%	0.54%	0.52%	0.47%	0.48%	0.45%	0.45%	0.48%	0.53%	0.5%
Selling, General & Admin	351.1M	300.5M	323.9M	349.4M	346.5M	342.2M	365.4M	324.1M	324.7M	336.7M
SG&A % of Revenue	0.39%	0.37%	0.37%	0.31%	0.3%	0.29%	0.28%	0.29%	0.32%	0.31%
Research & Development	166.4M	136.3M	133.3M	187M	193.6M	203M	213.2M	206.9M	201.9M	208.7M
R&D % of Revenue	0.18%	0.17%	0.15%	0.17%	0.17%	0.17%	0.16%	0.19%	0.2%	0.19%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	17.6M	35.2M	10.2M	76.9M	90.1M	135.9M	185.2M	99.1M	43M	70.9M
Operating Margin %	0.02%	0.04%	0.01%	0.07%	0.08%	0.11%	0.14%	0.09%	0.04%	0.07%
Operating Income Growth %	1.36%	1%	-0.71%	6.54%	0.17%	0.51%	0.36%	-0.46%	-0.57%	0.65%
EBITDA+	87.6M	92.9M	93.6M	189.1M	197.9M	238.2M	260.6M	168.6M	101.7M	133.6M
EBITDA Margin %	0.1%	0.11%	0.11%	0.17%	0.17%	0.2%	0.2%	0.15%	0.1%	0.12%
EBITDA Growth %	0.05%	0.06%	0.01%	1.02%	0.05%	0.2%	0.09%	-0.35%	-0.4%	0.31%
D&A (Non-Cash Add-back)	70M	57.7M	83.4M	112.2M	107.8M	102.3M	75.4M	69.5M	58.7M	62.7M
EBIT	-10.2M	229.8M	11.6M	73.6M	127.7M	145.5M	88.4M	87.8M	42.5M	68.6M
Net Interest Income+	-29.8M	-32.1M	-31.3M	-26.2M	-26.6M	-11.8M	-19.9M	-16.9M	-12M	-16.9M
Interest Income	5.9M	11.1M	16M	8.1M	7.1M	2.9M	3.4M	10.2M	18.9M	13.1M
Interest Expense	35.7M	43.2M	47.3M	34.3M	33.7M	14.7M	23.3M	27.1M	30.9M	30M
Other Income/Expense	-63.5M	151.4M	-45.9M	-37.6M	3.9M	-5.1M	-120.1M	-38.4M	-31.4M	-31.7M
Pretax Income+	-45.9M	186.6M	-35.7M	39.3M	94M	130.8M	65.1M	60.7M	11.6M	39.2M
Pretax Margin %	-0.05%	0.23%	-0.04%	0.03%	0.08%	0.11%	0.05%	0.05%	0.01%	0.04%
Income Tax+	4.5M	21.3M	12.9M	31.5M	65.3M	63.3M	49.6M	35.2M	37.4M	4.4M
Effective Tax Rate %	2.16%	0.89%	1.36%	0.14%	0.31%	0.52%	0.24%	0.42%	-2.22%	0.89%
Net Income+	-99.2M	166.9M	-48.6M	5.4M	28.7M	67.5M	15.5M	25.5M	-25.8M	34.8M
Net Margin %	-0.11%	0.21%	-0.06%	0%	0.03%	0.06%	0.01%	0.02%	-0.03%	0.03%
Net Income Growth %	-0.13%	2.68%	-1.29%	1.11%	4.31%	1.35%	-0.77%	0.65%	-2.01%	2.35%
Net Income (Continuing)	-50.4M	165.3M	-48.6M	7.8M	28.7M	67.5M	15.5M	25.5M	-25.8M	34.8M
Discontinued Operations	-48.8M	1.6M	0	-2.4M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.42	0.71	-0.20	0.03	0.12	0.29	0.07	0.11	-0.12	0.15
EPS Growth %	-0.14%	2.69%	-1.28%	1.17%	2.56%	1.42%	-0.78%	0.69%	-2.09%	2.25%
EPS (Basic)	-0.43	0.73	-0.20	0.03	0.13	0.30	0.07	0.11	-0.12	0.16
Diluted Shares Outstanding	234M	234.5M	227.1M	231.2M	233.7M	236.3M	238.2M	226.6M	222.6M	225.7M
Basic Shares Outstanding	229.09M	229.9M	227.1M	228.1M	229.4M	228.7M	230.9M	224.6M	222.6M	222.5M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	1.21B	1.67B	1.15B	916.8M	913.6M	1.11B	1.01B	945M	876.5M	885.2M
Cash & Short-Term Investments	967.6M	1.44B	780.7M	523M	544M	699.4M	561.3M	521.1M	491.2M	425.3M
Cash Only	482.9M	1B	611.4M	521.5M	542.5M	697.8M	559.9M	506.5M	471.3M	423.6M
Short-Term Investments	484.7M	432.2M	169.3M	1.5M	1.5M	1.6M	1.4M	14.6M	19.9M	1.7M
Accounts Receivable	148.4M	120.4M	218.6M	237.7M	260.7M	275.6M	260.9M	231.2M	244.9M	293.2M
Days Sales Outstanding	59.77	54.16	91.11	76.76	83.74	83.91	73.68	76.29	89.35	98.7
Inventory	51.4M	48M	92.3M	102.7M	83.3M	94.9M	110.1M	116.1M	96.5M	117.9M
Days Inventory Outstanding	50.54	51.62	82.51	72.51	60.08	66.9	76.02	89.03	81.76	91.95
Other Current Assets	33.9M	53.7M	52.6M	39.2M	14.7M	18.7M	56.8M	60.1M	19.7M	21.1M
Total Non-Current Assets+	471.4M	443.5M	870M	898.3M	862.7M	849.3M	822.8M	905.5M	860.2M	1.11B
Property, Plant & Equipment	133M	136.9M	170.5M	179.9M	172.5M	196M	228.9M	243M	264M	266M
Fixed Asset Turnover	6.81x	5.93x	5.14x	6.28x	6.59x	6.12x	5.65x	4.55x	3.79x	4.08x
Goodwill	152.1M	151.6M	336.3M	381.1M	381.4M	396.5M	387.6M	455.2M	452.9M	595.7M
Intangible Assets	59.9M	31.1M	235.1M	211.6M	148.1M	88M	54.2M	58.6M	38.6M	131.6M
Long-Term Investments	4.5M	5.1M	700K	600K	500K	0	9.9M	4.9M	0	3M
Other Non-Current Assets	13.1M	9.3M	12.9M	16.7M	54.8M	59.5M	55.9M	56.8M	22.2M	25.1M
Total Assets+	1.68B	2.11B	2.02B	1.82B	1.78B	1.96B	1.83B	1.85B	1.74B	1.99B
Asset Turnover	0.54x	0.38x	0.43x	0.62x	0.64x	0.61x	0.71x	0.60x	0.58x	0.54x
Asset Growth %	-0.24%	0.25%	-0.04%	-0.1%	-0.02%	0.1%	-0.07%	0.01%	-0.06%	0.15%
Total Current Liabilities+	226.4M	228.8M	561.2M	284M	232.8M	747.4M	369.3M	343.5M	247.1M	589.7M
Accounts Payable	47M	32.6M	55.5M	63.4M	53M	63.2M	58.3M	47.2M	50.4M	68.8M
Days Payables Outstanding	46.22	35.06	49.61	44.76	38.22	44.55	40.26	36.19	42.7	53.66
Short-Term Debt	0	0	275.3M	1.3M	14.6M	456.6M	68.4M	96.2M	0	246.2M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	20.7M	51.7M	162.6M	152.1M	48M	10.9M	16.1M	56.5M	15.8M	69.4M
Current Ratio	5.35x	7.29x	2.05x	3.23x	3.92x	1.49x	2.72x	2.75x	3.55x	1.50x
Quick Ratio	5.13x	7.08x	1.89x	2.87x	3.57x	1.36x	2.42x	2.41x	3.16x	1.30x
Cash Conversion Cycle	64.09	70.72	124.01	104.5	105.59	106.25	109.45	129.13	128.41	136.99
Total Non-Current Liabilities+	767.4M	1.1B	740.7M	805.3M	832.1M	450.1M	786.9M	816.2M	807.6M	623.9M
Long-Term Debt	583.3M	931.4M	557.9M	578.8M	600.9M	224.1M	616.5M	629.5M	636M	396.3M
Capital Lease Obligations	28.7M	27.8M	26.8M	25.5M	44.3M	46.9M	49.5M	45.2M	41.4M	39.6M
Deferred Tax Liabilities	-22.7M	-14M	20.1M	14.6M	23.9M	24.3M	9.5M	13.9M	11.7M	6M
Other Non-Current Liabilities	127.7M	120.3M	154M	173.2M	143M	135M	92M	104.2M	92.8M	153.8M
Total Liabilities	993.8M	1.32B	1.3B	1.09B	1.06B	1.2B	1.16B	1.16B	1.05B	1.21B
Total Debt+	588.3M	931.4M	833.2M	578.8M	659.8M	739.2M	744.5M	781M	687.2M	692.3M
Net Debt	105.4M	-73M	221.8M	57.3M	117.3M	41.4M	184.6M	274.5M	215.9M	268.7M
Debt / Equity	0.85x	1.18x	1.16x	0.80x	0.93x	0.97x	1.11x	1.13x	1.01x	0.89x
Debt / EBITDA	6.72x	10.03x	8.90x	3.06x	3.33x	3.10x	2.86x	4.63x	6.76x	5.18x
Net Debt / EBITDA	1.20x	-0.79x	2.37x	0.30x	0.59x	0.17x	0.71x	1.63x	2.12x	2.01x
Interest Coverage	0.49x	0.81x	0.22x	2.24x	2.67x	9.24x	7.95x	3.66x	1.39x	2.36x
Total Equity+	689.3M	786.4M	720.7M	725.8M	711.4M	763.9M	671.7M	690.8M	681.6M	780.2M
Equity Growth %	-0.38%	0.14%	-0.08%	0.01%	-0.02%	0.07%	-0.12%	0.03%	-0.01%	0.14%
Book Value per Share	2.95	3.35	3.17	3.14	3.04	3.23	2.82	3.05	3.06	3.46
Total Shareholders' Equity	689.3M	786.4M	720.7M	725.8M	711.4M	763.9M	671.7M	690.8M	681.6M	780.2M
Common Stock	200K	200K	200K	200K	200K	200K	200K	200K	200K	200K
Retained Earnings	-69.38B	-69.31B	-69.39B	-69.38B	-69.4B	-69.32B	-69.54B	-69.6B	-69.65B	-69.63B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	10M	-92.4M	-102.4M	-134.6M	-165.9M	-97.2M	-156.4M	-136M	-144M	-109.8M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	52.9M	80M	66M	138.8M	135.6M	243.3M	178.1M	114.1M	116.4M	89.8M
Operating CF Margin %	0.06%	0.1%	0.08%	0.12%	0.12%	0.2%	0.14%	0.1%	0.12%	0.08%
Operating CF Growth %	-0.36%	0.51%	-0.17%	1.1%	-0.02%	0.79%	-0.27%	-0.36%	0.02%	-0.23%
Net Income	-99.2M	166.9M	-46M	5.4M	28.7M	67.5M	15.5M	25.5M	-25.8M	34.8M
Depreciation & Amortization	70.6M	57.7M	83.4M	112.2M	107.8M	102.3M	75.4M	69.5M	58.7M	62.7M
Stock-Based Compensation	44M	33.2M	30.5M	38.2M	44.6M	0	52.3M	51.2M	49.4M	53.1M
Deferred Taxes	600K	1.5M	-6.3M	1.9M	100K	600K	-10.5M	4.8M	300K	0
Other Non-Cash Items	52.4M	-157.6M	52.3M	21.9M	-3.6M	48.2M	119.4M	8M	16.8M	-2.2M
Working Capital Changes	-15.5M	-21.7M	-47.9M	-40.8M	-42M	24.7M	-74M	-44.9M	17M	-58.6M
Change in Receivables	23.4M	24.5M	-54.3M	-15.2M	-5.1M	-15M	-18.3M	37.4M	13.9M	-34.1M
Change in Inventory	-2.6M	-1.6M	-4.5M	-15.4M	3.7M	-14.3M	-27.7M	-10.7M	10.5M	-7.5M
Change in Payables	-2.1M	-14.8M	13.2M	8.7M	-9.2M	7M	-5.6M	-9.4M	3.2M	14.6M
Cash from Investing+	244.2M	113.7M	-281.6M	80.6M	-29.8M	-48.7M	-71M	-127.1M	-21.6M	-128.4M
Capital Expenditures	-35.5M	-38.6M	-42.5M	-45M	-31.9M	-52.1M	-72.5M	-51.1M	-19.5M	-27.8M
CapEx % of Revenue	0.04%	0.05%	0.05%	0.04%	0.03%	0.04%	0.06%	0.05%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	20M	6.1M	10.7M	-39.6M	4.6M	0	9.8M	5.1M	3.4M	2.1M
Cash from Financing+	-147.7M	325.3M	-180.5M	-300.4M	-71.7M	-58.8M	-210.4M	-50M	-125.7M	-23.6M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-143.5M	2.7M	-13.3M	-16M	-27.3M	-1.3M	-374.5M	-16M	-9.1M	-7M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	17.4M	41.4M	23.5M	93.8M	103.7M	191.2M	105.6M	63M	96.9M	62M
FCF Margin %	0.02%	0.05%	0.03%	0.08%	0.09%	0.16%	0.08%	0.06%	0.1%	0.06%
FCF Growth %	1.91%	1.38%	-0.43%	2.99%	0.11%	0.84%	-0.45%	-0.4%	0.54%	-0.36%
FCF per Share	0.07	0.18	0.10	0.41	0.44	0.81	0.44	0.28	0.44	0.27
FCF Conversion (FCF/Net Income)	-0.53x	0.48x	-1.36x	25.70x	4.72x	3.60x	11.49x	4.47x	-4.51x	2.58x
Interest Paid	6.6M	6.7M	11.2M	11.8M	11.3M	0	17.9M	22M	23.9M	22.9M
Taxes Paid	31.8M	23.1M	24.4M	29.8M	50.6M	0	77.1M	47.5M	30.9M	29.5M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.07%	22.62%	-6.45%	0.75%	3.99%	9.15%	2.16%	3.74%	-3.76%	4.76%
Return on Invested Capital (ROIC)	1.25%	3.5%	0.92%	6.68%	8.38%	12.48%	16.72%	8.16%	3.46%	5.46%
Gross Margin	59.04%	58.17%	53.37%	54.26%	55.46%	56.81%	59.1%	56.97%	56.94%	56.84%
Net Margin	-10.95%	20.57%	-5.55%	0.48%	2.53%	5.63%	1.2%	2.31%	-2.58%	3.21%
Debt / Equity	0.85x	1.18x	1.16x	0.80x	0.93x	0.97x	1.11x	1.13x	1.01x	0.89x
Interest Coverage	0.49x	0.81x	0.22x	2.24x	2.67x	9.24x	7.95x	3.66x	1.39x	2.36x
FCF Conversion	-0.53x	0.48x	-1.36x	25.70x	4.72x	3.60x	11.49x	4.47x	-4.51x	2.58x
Revenue Growth	3.71%	-10.47%	7.92%	29.07%	0.53%	5.51%	7.8%	-14.41%	-9.56%	8.39%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	783.1M	1B	1.01B	1.05B	1.14B	936.1M	834.8M	912M
Product Growth	-	-	-	28.23%	0.10%	4.60%	8.00%	-17.56%	-10.82%	9.25%
Service	-	-	97.3M	126.1M	131.1M	147.5M	156.9M	170M	165.6M	172.3M
Service Growth	-	-	-	29.60%	3.97%	12.51%	6.37%	8.35%	-2.59%	4.05%
Network and Service Enablement	658.2M	579.2M	-	-	-	-	-	-	-	-
Network and Service Enablement Growth	-	-12.00%	-	-	-	-	-	-	-	-
Network Enablement	504.6M	-	-	-	-	-	-	-	-	-
Network Enablement Growth	-	-	-	-	-	-	-	-	-	-
Service Enablement	153.6M	-	-	-	-	-	-	-	-	-
Service Enablement Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Americas	462.6M	378.6M	420.1M	426.3M	414.8M	415.6M	485.7M	438.1M	390.7M	425.2M
Americas Growth	-	-18.16%	10.96%	1.48%	-2.70%	0.19%	16.87%	-9.80%	-10.82%	8.83%
Asia Pacific	166.3M	173.2M	213M	372.2M	368.2M	410.5M	461.7M	377.5M	346.5M	379.6M
Asia Pacific Growth	-	4.15%	22.98%	74.74%	-1.07%	11.49%	12.47%	-18.24%	-8.21%	9.55%
EMEA	277.4M	259.6M	247.3M	331.8M	353.3M	372.8M	345M	290.5M	263.2M	279.5M
EMEA Growth	-	-6.42%	-4.74%	34.17%	6.48%	5.52%	-7.46%	-15.80%	-9.40%	6.19%

Frequently Asked Questions

Valuation & Price

Viavi Solutions Inc. (VIAV) has a price-to-earnings (P/E) ratio of 125.7x. This suggests investors expect higher future growth.

Growth & Financials

Viavi Solutions Inc. (VIAV) reported $1.15B in revenue for fiscal year 2025. This represents a 32% decrease from $1.68B in 2012.

Viavi Solutions Inc. (VIAV) grew revenue by 8.4% over the past year. This is steady growth.

Yes, Viavi Solutions Inc. (VIAV) is profitable, generating $15.2M in net income for fiscal year 2025 (3.2% net margin).

Dividend & Returns

Viavi Solutions Inc. (VIAV) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.

Viavi Solutions Inc. (VIAV) generated $78.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.