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Arphra AIPlain-English read on Ciena Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.62B | $3.63B | $4.39B | $4.01B | $4.77B | $6.18B | $7.55B | $9.7B | $11.98B |
| Cost of revenue | $2.02B | $2.2B | $2.64B | $2.42B | $2.79B | $3.75B | $4.61B | $5.62B | $7.09B |
| Gross profit | $1.6B | $1.43B | $1.75B | $1.6B | $1.98B | $2.47B | $2.99B | $3.83B | $4.81B |
| Gross margin | +44.25% | +39.42% | +39.87% | +39.78% | +41.50% | +39.93% | +39.64% | +39.53% | +40.18% |
| Operating | |||||||||
| Research & development | $440.43M | $528.73M | $658M | $674.65M | $848.33M | $999.54M | $1.28B | $1.57B | $1.94B |
| Selling, general & administrative | $634.09M | $645.95M | $706.09M | $731.32M | $820.04M | $1.06B | $1.3B | $1.71B | $2.05B |
| Total operating expenses | $1.07B | $1.17B | $1.36B | $1.41B | $1.67B | $2.05B | $2.59B | $3.35B | $3.96B |
| Operating income | $527.49M | $257.23M | $384.85M | $191.21M | $310.79M | $410.08M | $511.16M | $642.5M | $818.6M |
| Operating margin | +14.57% | +7.08% | +8.77% | +4.76% | +6.52% | +6.64% | +6.77% | +6.62% | +6.84% |
| EBITDA | $625.85M | $369.76M | $553.86M | $350.35M | $387.49M | $590.62M | $750.62M | $947.9M | $1.18B |
| EBIT | $493.59M | $229.56M | $411.68M | $216.88M | $247.15M | $418.25M | $516.93M | $630.65M | $808.86M |
| Below the line | |||||||||
| Interest expense | $30.84M | $47.05M | $88.03M | $97.03M | $89.4M | $130.38M | $156.1M | $207.1M | $252.82M |
| Interest income | $2.05M | $10.06M | $45.01M | $62.12M | $55.02M | $78.48M | $92.8M | $117.21M | $152.95M |
| Other income / expense | -$64.74M | -$74.73M | -$61.2M | -$71.36M | -$154.51M | — | — | — | — |
| Pre-tax income | $462.75M | $182.51M | $323.65M | $119.85M | $156.29M | $287.26M | $334.4M | $447.03M | $535.88M |
| Income tax expense | -$37.45M | $29.6M | $68.83M | $35.89M | $32.95M | $69.19M | $82.27M | $104.06M | $128.72M |
| Earnings | |||||||||
| Net income | $500.2M | $152.9M | $254.83M | $83.96M | $123.34M | $213.21M | $262.92M | $345.18M | $417.07M |
| Net income · continuing ops | $500.2M | $152.9M | $254.83M | $83.96M | $123.34M | $220.23M | $266.58M | $345.47M | $407.4M |
| Net margin | +13.81% | +4.21% | +5.81% | +2.09% | +2.59% | +3.45% | +3.48% | +3.56% | +3.48% |
| EPS · basic | $3.22 | $1.01 | $1.71 | $0.58 | $0.87 | $6.21 | $8.94 | $13.56 | $0.00 |
| EPS · diluted | $3.19 | $1.00 | $1.71 | $0.58 | $0.85 | $6.17 | $8.76 | $13.43 | $0.00 |
| EPS · low estimate | — | — | — | — | — | $5.80 | $7.10 | $10.40 | $0.00 |
| EPS · high estimate | — | — | — | — | — | $6.49 | $10.87 | $18.63 | $0.00 |
| Shares · basic | 155.28M | 151.21M | 148.97M | 144.72M | 142.22M | 143.43M | 141.95M | 140.84M | 140.86M |
| Shares · diluted | 156.74M | 152.19M | 149.38M | 145.96M | 145.25M | 144.55M | 146.58M | 145.13M | 145.79M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 13 | 11 | 6 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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