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Held by 1,034 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $344.25 today, the market must believe free cash flow compounds 34.0%/yr for a decade (off $368M normalized FCF).
The market's 34.0% is more optimistic than its 9-yr track record.
2-stage DCF · 0.14B shares · net debt $444M
mean 71.9% · volatility σ 193% · implied rate exceeded in 3/8 yrs
Central path = implied 34.0%/yr growth; shaded band = ±1σ (193%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $335M buybacks = $335M returned on $665M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.8% on $1.5B of debt.
Cash of $1.1B fully covers short-term debt of $12M.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
Is the profit real, and how strong is the balance sheet?
FY2026 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 56.8 | 56.8 | 53.2 | 52.4 | 57.0 | 57.2 | 57.2 | 58.0 |
| Gross Profit | 43.2 | 43.2 | 46.8 | 47.6 | 43.0 | 42.8 | 42.8 | 42.0 |
| R&D | 15.3 | 15.3 | 15.0 | 14.8 | 17.2 | 17.1 | 19.1 | 17.8 |
| SG&A | 4.9 | 4.9 | 4.8 | 5.0 | 4.9 | 4.9 | 5.5 | 5.0 |
| Operating Income | 9.7 | 9.7 | 13.8 | 13.7 | 6.1 | 8.2 | 4.1 | 4.1 |
| Income Tax | 1.7 | 1.7 | 2.7 | -1.0 | 0.8 | 1.6 | 0.9 | 0.7 |
| Net Income | 7.1 | 7.1 | 10.2 | 13.8 | 4.2 | 5.8 | 2.1 | 2.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CIEN: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2026
Each value shows its share of revenue below it (common-size).
| Line Item | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 | FY2020 | FY2020 | FY2019 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.77B 100.0% | $4.01B 100.0% | $4.39B 100.0% | $3.63B 100.0% | $3.62B 100.0% | $3.53B 100.0% | $3.57B 100.0% | $3.57B 100.0% | $3.09B 100.0% | $3.09B 100.0% |
| Cost of Revenue | $2.76B 58.0% | $2.30B 57.2% | $2.51B 57.2% | $2.07B 57.0% | $1.90B 52.4% | $1.88B 53.2% | $2.03B 56.8% | $2.03B 56.8% | $1.78B 57.5% | $1.78B 57.5% |
| Gross Profit | $2.00B 42.0% | $1.72B 42.8% | $1.88B 42.8% | $1.56B 43.0% | $1.72B 47.6% | $1.65B 46.8% | $1.54B 43.2% | $1.54B 43.2% | $1.31B 42.5% | $1.31B 42.5% |
| Research & Development | $848.3M 17.8% | $767.5M 19.1% | $750.6M 17.1% | $624.7M 17.2% | $536.7M 14.8% | $529.9M 15.0% | $548.1M 15.3% | $548.1M 15.3% | $491.6M 15.9% | $491.6M 15.9% |
| Selling, General & Admin | $238.7M 5.0% | $220.6M 5.5% | $215.3M 4.9% | $179.4M 4.9% | $181.9M 5.0% | $169.5M 4.8% | $174.4M 4.9% | $174.4M 4.9% | $160.1M 5.2% | $160.1M 5.2% |
| Total Operating Expenses | $1.81B 37.9% | $1.55B 38.7% | $1.52B 34.7% | $1.34B 36.8% | $1.23B 33.9% | $1.17B 33.0% | $1.20B 33.5% | $1.20B 33.5% | $1.08B 35.1% | $1.08B 35.1% |
| Operating Income | $197.5M 4.1% | $166.6M 4.1% | $357.5M 8.2% | $222.8M 6.1% | $495.4M 13.7% | $487.0M 13.8% | $346.8M 9.7% | $346.8M 9.7% | $229.9M 7.4% | $229.9M 7.4% |
| Interest Expense | $89.4M 1.9% | $97.0M 2.4% | $88.0M 2.0% | $47.0M 1.3% | $30.8M 0.9% | $31.3M 0.9% | $37.5M 1.0% | $37.5M 1.0% | $55.2M 1.8% | $55.2M 1.8% |
| Other Income (Expense), net | -$2.4M -0.0% | -$1.6M -0.0% | -$5.0M -0.1% | -$5.9M -0.2% | -$533K -0.0% | -$1.1M -0.0% | -$737K -0.0% | -$737K -0.0% | -$1.0M -0.0% | -$1.0M -0.0% |
| Pretax Income | $156.3M 3.3% | $119.8M 3.0% | $323.7M 7.4% | $182.5M 5.0% | $462.8M 12.8% | $456.0M 12.9% | $313.2M 8.8% | $313.2M 8.8% | $148.8M 4.8% | $148.8M 4.8% |
| Income Tax Expense | $32.9M 0.7% | $35.9M 0.9% | $68.8M 1.6% | $29.6M 0.8% | -$37.4M -1.0% | $94.7M 2.7% | $59.8M 1.7% | $59.8M 1.7% | $493.5M 15.9% | $493.5M 15.9% |
| Net Income | $123.3M 2.6% | $84.0M 2.1% | $254.8M 5.8% | $152.9M 4.2% | $500.2M 13.8% | $361.3M 10.2% | $253.4M 7.1% | $253.4M 7.1% | -$344.7M -11.1% | -$344.7M -11.1% |
| Per Share | ||||||||||
| EPS (Basic) | $0.87 | $0.58 | $1.71 | $1.01 | $3.22 | $2.34 | $1.63 | $1.63 | $-2.40 | $-2.40 |
| EPS (Diluted) | $0.85 | $0.58 | $1.71 | $1.00 | $3.19 | $2.32 | $1.61 | $1.61 | $-2.49 | $-2.49 |
| Weighted Avg Shares (Basic) | 142.2M | 144.7M | 149.0M | 151.2M | 155.3M | 154.3M | 155.7M | 155.7M | 143.7M | 143.7M |
| Weighted Avg Shares (Diluted) | 145.2M | 146.0M | 149.4M | 152.2M | 156.7M | 156.0M | 157.6M | 157.6M | 143.7M | 143.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $11.16T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.33T | 44.8× | 40.0× | 24.7× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.98T | 45.2× | 34.8× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.70T | 27.7× | 19.6× | 11.1× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.65T | 72.8× | 65.1× | 25.8× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.10T | 128.8× | 60.7× | 29.3× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $888.5B | 205.7× | 210.2× | 25.6× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $543.3B | — | 67.4× | 10.3× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $436.6B | 43.2× | 36.6× | 7.7× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $421.4B | 279.8× | 291.6× | 94.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $383.6B | 67.8× | 36.1× | 3.4× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.7B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| RPAY | $338.0B | — | — | 1092.8× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| AMAT | $331.0B | 48.2× | 38.1× | 11.7× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| UMC | $307.4B | — | — | — | — | — | — | — | — | — | 302 |
| ARM | $281.9B | 311.6× | 242.9× | 57.3× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| SAP | $262.5B | — | — | — | — | — | — | — | — | — | 794 |
| ANET | $250.7B | 72.6× | 63.3× | 27.8× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| PANW | $250.5B | 234.4× | 156.5× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| SNDK | $235.7B | — | — | 32.0× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| TXN | $234.6B | 47.4× | 30.9× | 13.3× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $225.6B | 31.1× | 24.4× | 5.4× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.8B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| MRVL | $204.0B | 78.4× | 133.3× | 24.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| QCOM | $202.7B | 37.7× | 15.2× | 4.6× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| CIEN | $48.5B | 405.0× | 162.4× | 10.2× | 18.8% | 42.0% | 2.6% | 4.5% | 2.9% | 5.1× | 1,034 |
Peers = companies sharing CIEN's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.