Ciena Corporation (CIEN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-92.7%

$21.44

vs $292.31 price

Levered DCF

$31.69

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

6.73

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	218.3×	110.29×	23.99×	47.77×	16.86×	16.83×	22.77×	-12.55×
P/B	9.9×	3.29×	2.15×	2.69×	2.79×	2.42×	2.66×	2.24×
P/S	5.66×	2.31×	1.39×	2.01×	2.33×	1.72×	1.62×	1.4×
EV / EBITDA	70.81×	28.29×	12.09×	19.93×	12.47×	9.38×	11.9×	13.63×
Gross margin	42.0%	42.8%	42.8%	43.0%	47.6%	46.8%	43.2%	42.5%
Operating margin	6.5%	4.8%	8.8%	7.1%	13.7%	13.8%	9.7%	7.4%
Net margin	2.6%	2.1%	5.8%	4.2%	13.8%	10.2%	7.1%	-11.1%
Current ratio	2.73×	3.52×	3.81×	3.25×	3.48×	3.42×	2.8×	2.2×
Debt / equity	0.58×	0.58×	0.58×	0.44×	0.27×	0.33×	0.35×	0.36×
Interest coverage	3.39×	1.94×	4.13×	4.86×	15.79×	15.55×	9.26×	4.16×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	3.0%	8.9%	5.6%	16.6%	14.4%	11.7%	-17.9%
Return on invested capital	5.3%	2.9%	6.5%	5.3%	12.5%	11.2%	9.2%	-19.1%
Return on assets	2.1%	1.5%	4.5%	3.0%	10.3%	8.6%	6.5%	-9.2%
Free cash flow yield	2.5%	4.1%	1.0%	-3.5%	5.5%	6.8%	6.1%	3.7%
Earnings yield	0.5%	0.9%	4.2%	2.1%	5.9%	5.9%	4.4%	-8.0%
Enterprise value	$27.5B	$10B	$6.8B	$7.5B	$7.8B	$5.8B	$5.6B	$4.3B
Net debt / EBITDA	1.26×	1.98×	1.16×	0.51×	-0.99×	-0.42×	-0.31×	-0.17×
Cash conversion cycle (days)	129	177	206	186	105	96	86	80