Ciena Corporation (CIEN) Key Metrics
CIEN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $47.18B
- Enterprise value
- $51.13B
- P/E (TTM)
- 74.4 10-yr median 24.7
- Forward P/E
- 39.8
- PEG ratio
- 0.57
- Price / sales
- 7.8 10-yr median 1.7
- Price / book
- 16.0 10-yr median 2.7
- EV / EBITDA
- 51.0 10-yr median 12.3
- Dividend yield
- —
- Beta
- 1.29
CIEN key metrics, FY2016–FY2025
Fiscal year ended October 31, 2025 · U.S. dollarsCIEN valuation Price multiples at each fiscal year-end price.
CIEN returns How much profit the business earns on the capital it uses.
CIEN per-share figures Results divided by the shares outstanding at year-end.
CIEN financial health Debt, liquidity and how easily interest is covered.
CIEN efficiency & capital use Working capital cycle and where the cash goes.
CIEN valuation history
CIEN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CIEN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CIEN cash returned to shareholders
CIEN price vs earnings per share
CIEN key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $27.59B | $9.27B | $6.30B | $7.29B | $8.51B | $6.14B | $5.85B | $4.49B | $3.61B | $2.92B |
| Enterprise value | $27.86B | $9.65B | $6.85B | $7.33B | $7.71B | $5.73B | $5.59B | $4.29B | $3.63B | $3.16B |
| P/E ratio | 223.7 | 110.4 | 24.7 | 47.7 | 17.0 | 17.0 | 23.1 | — | 2.9 | 40.2 |
| Price / sales | 5.8 | 2.3 | 1.4 | 2.0 | 2.4 | 1.7 | 1.6 | 1.5 | 1.3 | 1.1 |
| Price / book | 10.1 | 3.3 | 2.2 | 2.7 | 2.8 | 2.4 | 2.7 | 2.3 | 1.7 | 3.8 |
| Price / free cash flow | 41.5 | 24.5 | 101.5 | — | 18.4 | 14.9 | 16.7 | 27.8 | 25.8 | 16.0 |
| Price / operating cash flow | 34.2 | 18.0 | 37.4 | — | 15.7 | 12.4 | 14.2 | 19.6 | 15.4 | 10.1 |
| EV / sales | 5.8 | 2.4 | 1.6 | 2.0 | 2.1 | 1.6 | 1.6 | 1.4 | 1.3 | 1.2 |
| EV / EBITDA | 71.7 | 27.4 | 12.2 | 19.5 | 12.3 | 9.2 | 11.8 | 13.7 | 10.8 | 11.1 |
| EV / free cash flow | 41.9 | 25.5 | 110.2 | — | 16.7 | 13.9 | 16.0 | 26.6 | 25.9 | 17.3 |
| Earnings yield | 0.4% | 0.9% | 4.0% | 2.1% | 5.9% | 5.9% | 4.3% | −7.7% | 34.9% | 2.5% |
| Free cash flow yield | 2.4% | 4.1% | 1.0% | −3.5% | 5.4% | 6.7% | 6.0% | 3.6% | 3.9% | 6.2% |
| Dividend yield | — | — | 7.9% | — | 0.1% | — | — | 6.8% | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 1.2% | 3.2% | 12.4% | 7.5% | 1.7% | 1.7% | 3.1% | 9.4% | 0.0% | 0.0% |
| Share price at fiscal year-end | $189.92 | $63.51 | $42.20 | $47.90 | $54.29 | $39.39 | $37.12 | $31.26 | $21.27 | $19.38 |
| Per share | ||||||||||
| Revenue per share | $32.84 | $27.51 | $29.37 | $23.87 | $23.10 | $22.65 | $22.66 | $21.53 | $16.49 | $17.26 |
| Earnings per share | $0.85 | $0.58 | $1.71 | $1.00 | $3.19 | $2.32 | $1.61 | −$2.40 | $7.43 | $0.48 |
| Operating cash flow per share | $5.55 | $3.53 | $1.13 | −$1.10 | $3.46 | $3.17 | $2.62 | $1.59 | $1.38 | $1.92 |
| Free cash flow per share | $4.58 | $2.59 | $0.42 | −$1.70 | $2.95 | $2.64 | $2.22 | $1.12 | $0.83 | $1.21 |
| Cash per share | $9.01 | $8.57 | $7.47 | $7.55 | $10.23 | $7.95 | $6.43 | $6.22 | $5.41 | $6.99 |
| Book value per share | $18.79 | $19.29 | $19.07 | $17.83 | $19.27 | $16.09 | $13.79 | $13.42 | $12.57 | $5.09 |
| Tangible book value per share | $13.66 | $15.12 | $14.71 | $15.21 | $16.86 | $13.48 | $11.18 | $10.32 | $10.40 | $2.34 |
| Dividends per share | — | — | $3.34 | — | $0.04 | — | — | $2.12 | $0.00 | $0.00 |
| Capex per share | $0.97 | $0.94 | $0.71 | $0.60 | $0.51 | $0.53 | $0.40 | $0.47 | $0.56 | $0.71 |
| Debt per share | $10.89 | $11.18 | $11.09 | $7.79 | $5.13 | $5.31 | $4.79 | $4.82 | $5.51 | $8.55 |
| Shares outstanding | 145.2M | 146.0M | 149.4M | 152.2M | 156.7M | 156.0M | 157.6M | 143.7M | 169.9M | 150.7M |
| Change in shares outstanding | −0.5% | −2.3% | −1.8% | −2.9% | +0.5% | −1.1% | +9.7% | −15.4% | +12.8% | +25.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 4.4% | 3.0% | 9.2% | 5.3% | 18.1% | 15.4% | 12.4% | −17.0% | 87.0% | 10.5% |
| Return on invested capital (ROIC) | 7.9% | 4.1% | 9.9% | 8.7% | 22.9% | 19.2% | 15.4% | 5.9% | 13.6% | 13.3% |
| Return on assets (ROA) | 2.1% | 1.5% | 4.8% | 3.1% | 11.1% | 8.9% | 6.6% | −8.9% | 36.9% | 2.6% |
| Return on tangible assets | 2.4% | 1.7% | 5.1% | 3.3% | 11.1% | 9.6% | 7.3% | −10.4% | 35.2% | 2.9% |
| Free cash flow margin | 13.9% | 9.4% | 1.4% | −7.1% | 12.8% | 11.6% | 9.8% | 5.2% | 5.0% | 7.0% |
| Income quality (OCF / net income) | 6.54 | 6.13 | 0.66 | −1.10 | 1.08 | 1.37 | 1.63 | — | 0.19 | 3.99 |
| Financial health | ||||||||||
| Total debt | $1.58B | $1.63B | $1.66B | $1.19B | $803.7M | $828.1M | $755.5M | $693.5M | $936.0M | $1.29B |
| Cash & short-term investments | $1.31B | $1.25B | $1.12B | $1.15B | $1.60B | $1.24B | $1.01B | $894.4M | $919.6M | $1.05B |
| Net debt | $274.1M | $381.0M | $541.8M | $38.0M | −$800.3M | −$411.2M | −$258.5M | −$201.0M | $16.3M | $236.0M |
| Debt / equity | 0.58 | 0.58 | 0.58 | 0.44 | 0.27 | 0.33 | 0.35 | 0.36 | 0.44 | 1.68 |
| Debt / assets | 0.27 | 0.29 | 0.30 | 0.23 | 0.17 | 0.20 | 0.19 | 0.18 | 0.24 | 0.45 |
| Net debt / EBITDA | 0.71 | 1.08 | 0.97 | 0.10 | −1.28 | −0.66 | −0.55 | −0.64 | 0.05 | 0.83 |
| Current ratio | 2.73 | 3.52 | 3.81 | 3.25 | 3.48 | 3.42 | 2.80 | 2.20 | 1.91 | 2.24 |
| Quick ratio | 2.09 | 2.70 | 2.68 | 2.34 | 3.07 | 2.96 | 2.39 | 1.93 | 1.65 | 2.00 |
| Interest coverage | 3.4 | 1.9 | 4.1 | 4.9 | 15.8 | 15.5 | 9.3 | 4.2 | 3.8 | 2.8 |
| Working capital | $2.26B | $2.52B | $2.62B | $2.35B | $2.26B | $1.84B | $1.52B | $1.16B | $941.6M | $1.10B |
| Invested capital | $3.00B | $3.20B | $3.39B | $2.75B | $2.22B | $2.10B | $1.91B | $1.73B | $2.15B | $1.00B |
| Tangible asset value | $1.98B | $2.21B | $2.20B | $2.32B | $2.64B | $2.10B | $1.76B | $1.48B | $1.77B | $352.7M |
| Net current asset value | $430.2M | $698.3M | $798.1M | $1.03B | $1.32B | $927.9M | $649.4M | $296.1M | $164.0M | −$122.0M |
| Graham number | $18.95 | $15.80 | $27.05 | $20.07 | $37.19 | $28.96 | $22.33 | — | $45.84 | $7.42 |
| Graham net-net per share | −$3.56 | −$1.55 | −$1.48 | $0.60 | $4.46 | $2.31 | $0.59 | −$1.33 | −$1.69 | −$3.45 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $498.3M | — | $6.9M | — | — | $305.1M | $0 | $0 |
| Share buybacks (net) | $334.5M | $301.1M | $280.7M | $549.3M | $135.4M | $107.0M | $179.1M | $115.7M | $0 | $0 |
| Dividend payout ratio | — | — | 195.6% | — | 1.4% | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 50.3% | 79.7% | — | — | 30.8% | 26.0% | 51.1% | 260.4% | 0.0% | 0.0% |
| Capex / revenue | 3.0% | 3.4% | 2.4% | 2.5% | 2.2% | 2.3% | 1.8% | 2.2% | 3.4% | 4.1% |
| Capex / operating cash flow | 17.5% | 26.6% | 63.1% | — | 14.7% | 16.7% | 15.1% | 29.5% | 40.3% | 37.0% |
| Capex / depreciation | 1.00 | 1.02 | 0.75 | 0.65 | 0.60 | 0.62 | 0.51 | 0.61 | 0.77 | 0.76 |
| Stock-based compensation / revenue | 3.9% | 3.9% | 3.0% | 2.9% | 2.3% | 1.9% | 1.7% | 1.7% | 1.7% | 2.0% |
| R&D / revenue | 17.8% | 19.1% | 17.1% | 17.2% | 14.8% | 15.0% | 15.3% | 15.9% | 17.0% | 17.4% |
| SG&A / revenue | 17.2% | 18.2% | 16.1% | 17.8% | 17.5% | 16.6% | 16.7% | 17.9% | 17.8% | 18.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 93.6 | 110.8 | 95.2 | 105.8 | 92.3 | 86.0 | 84.3 | 85.3 | 79.4 | 81.7 |
| Days of inventory on hand | 108.7 | 148.8 | 145.4 | 116.3 | 69.1 | 67.0 | 54.6 | 54.3 | 56.1 | 51.0 |
| Days payables outstanding | 63.8 | 58.9 | 60.7 | 76.8 | 62.3 | 61.8 | 61.6 | 61.6 | 58.2 | 58.1 |
| Cash conversion cycle (days) | 138.5 | 200.6 | 179.9 | 145.3 | 99.1 | 91.1 | 77.3 | 78.1 | 77.3 | 74.6 |
| Receivables turnover | 3.90 | 3.29 | 3.83 | 3.45 | 3.95 | 4.24 | 4.33 | 4.28 | 4.60 | 4.47 |
| Payables turnover | 5.72 | 6.19 | 6.01 | 4.75 | 5.86 | 5.90 | 5.92 | 5.93 | 6.27 | 6.28 |
| Inventory turnover | 3.36 | 2.45 | 2.51 | 3.14 | 5.28 | 5.45 | 6.68 | 6.72 | 6.50 | 7.15 |
| Asset turnover | 0.83 | 0.71 | 0.82 | 0.73 | 0.80 | 0.87 | 0.93 | 0.80 | 0.82 | 0.93 |
| Average receivables | $1.22B | $1.22B | $1.14B | $1.05B | $916.0M | $832.1M | $824.9M | $723.4M | $609.1M | $581.8M |
| Average payables | $483.1M | $370.6M | $416.9M | $436.1M | $324.0M | $318.4M | $342.7M | $300.3M | $248.0M | $229.0M |
| Average inventory | $823.3M | $935.6M | $998.8M | $660.5M | $359.3M | $344.7M | $303.9M | $264.9M | $239.2M | $201.2M |
| Intangibles / total assets | 12.7% | 10.8% | 11.6% | 7.8% | 7.7% | 9.7% | 10.5% | 11.9% | 9.3% | 14.4% |
Computed from CIEN's annual financial statements (latest annual report filed December 12, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CIEN valuation and financial ratios
At the end of fiscal 2025 (October 31, 2025), Ciena traded at 223.7 times earnings, against a 10-year median of 24.7. Based on the latest twelve months, the trailing P/E is 74.4 and the forward P/E is 39.8. Ciena earned a return on equity of 4.4% and a return on invested capital of 7.9% in fiscal 2025. It ended the year with $1.6 billion of debt and $1.3 billion in cash and short-term investments, net debt of $274.1 million. It returned $334.5 million to shareholders: $0 in dividends and $334.5 million in share buybacks, 50% of free cash flow. The share count fell 3.6% from 150.7M to 145.2M over 9 years.
See the CIEN income statement, the CIEN chart for price history, or the CIEN stock overview for the latest quote and news.
CIEN key metrics FAQ
What is Ciena's P/E ratio?
Ciena's trailing P/E ratio is 74.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 39.8. At the end of fiscal 2025 it was 223.7, compared with a 10-year median of 24.7.
What is Ciena's EV/EBITDA?
Ciena's enterprise value was 71.7 times EBITDA at the end of fiscal 2025 (enterprise value $27.9 billion, EBITDA $388.4 million); the current EV/EBITDA is 51.0.
What is Ciena's return on equity?
Ciena's return on equity (ROE) was 4.4% in fiscal 2025: net income of $123.3 million on average shareholders' equity of $2.8 billion.
What is Ciena's ROIC?
Ciena's return on invested capital was 7.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ciena have?
Ciena had total debt of $1.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.58 and $274.1 million of net debt (0.71 times EBITDA).
Does Ciena buy back its shares?
Yes. Ciena spent $334.5 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.5% over the year, to 145.2M..
What is Ciena's free cash flow yield?
Ciena generated $665.3 million of free cash flow in fiscal 2025, a free cash flow yield of 2.4% on its market value at year-end ($27.6 billion).
What is Ciena's current ratio?
Ciena's current ratio was 2.73 at the end of fiscal 2025: current assets were 2.73 times current liabilities.