Viavi Solutions Inc. (VIAV) 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

-87.2%

$3.68

vs $28.81 price

Levered DCF

$9.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-31.65

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-366.38×	62.5×	-57.25×	103×	195.08×	58.23×	96.15×	408.77×
P/B	7.55×	2.85×	2.24×	3.68×	4.5×	5.23×	4.03×	4.39×
P/S	7.2×	2.05×	1.53×	2.3×	2.34×	3.33×	2.52×	2.82×
EV / EBITDA	63.85×	18.91×	17.24×	17.92×	19.58×	16.29×	12.67×	17.47×
Gross margin	57.7%	56.8%	56.9%	57.0%	59.1%	56.8%	55.5%	54.3%
Operating margin	6.9%	6.5%	4.3%	9.0%	14.3%	11.3%	7.9%	6.8%
Net margin	-2.0%	3.2%	-2.6%	2.3%	1.2%	5.6%	2.5%	0.5%
Current ratio	1.85×	1.5×	3.55×	2.75×	2.72×	1.49×	3.92×	3.23×
Debt / equity	0.48×	0.89×	1.01×	1.13×	1.11×	0.97×	0.93×	0.8×
Interest coverage	2.22×	2.36×	1.39×	3.66×	7.95×	9.24×	2.67×	2.24×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-2.1%	4.5%	-3.8%	3.7%	2.3%	8.8%	4.0%	0.7%
Return on invested capital	-8.2%	3.8%	-6.4%	2.6%	2.9%	4.2%	1.8%	1.0%
Return on assets	-1.1%	1.7%	-1.5%	1.4%	0.8%	3.4%	1.6%	0.3%
Free cash flow yield	0.8%	2.8%	6.3%	2.5%	3.5%	4.8%	3.6%	2.9%
Earnings yield	-0.3%	1.6%	-1.7%	1.0%	0.5%	1.7%	1.0%	0.2%
Enterprise value	$11B	$2.5B	$1.7B	$2.8B	$3.2B	$4B	$3B	$3.2B
Net debt / EBITDA	0.3×	2.04×	2.13×	1.75×	1.13×	0.17×	0.5×	0.31×
Cash conversion cycle (days)	120	137	128	140	116	106	106	105