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Side-by-side financial comparison of BELDEN INC. (BDC) and CIENA CORP (CIEN). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $696.4M, roughly 1.8× BELDEN INC.). BELDEN INC. runs the higher net margin — 7.3% vs 4.1%, a 3.2% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $-63.1M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (7.3% CAGR vs 3.9%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
Ciena Corporation is an American optical networking systems and software company based in Hanover, Maryland. The company has been described as a vital player in optical connectivity. The company reported revenues of $4.8 billion and more than 9,000 employees, as of November 2025. Gary Smith serves as president and chief executive officer (CEO).
BDC vs CIEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $1.2B |
| Net Profit | $51.0M | $50.3M |
| Gross Margin | 37.1% | 41.3% |
| Operating Margin | 11.2% | 6.0% |
| Net Margin | 7.3% | 4.1% |
| Revenue YoY | 11.4% | — |
| Net Profit YoY | -1.8% | — |
| EPS (diluted) | $1.30 | $0.35 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $696.4M | — | ||
| Q4 25 | $720.1M | — | ||
| Q3 25 | $698.2M | $1.2B | ||
| Q2 25 | $672.0M | $1.1B | ||
| Q1 25 | $624.9M | $1.1B | ||
| Q4 24 | $666.0M | $1.1B | ||
| Q3 24 | $654.9M | $942.3M | ||
| Q2 24 | $604.3M | $910.8M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | — | ||
| Q3 25 | $56.7M | $50.3M | ||
| Q2 25 | $61.0M | $9.0M | ||
| Q1 25 | $51.9M | $44.6M | ||
| Q4 24 | $58.4M | $37.0M | ||
| Q3 24 | $53.7M | $14.2M | ||
| Q2 24 | $49.0M | $-16.8M |
| Q1 26 | 37.1% | — | ||
| Q4 25 | 36.6% | — | ||
| Q3 25 | 37.7% | 41.3% | ||
| Q2 25 | 38.5% | 40.2% | ||
| Q1 25 | 39.3% | 44.0% | ||
| Q4 24 | 37.5% | 40.9% | ||
| Q3 24 | 37.3% | 42.9% | ||
| Q2 24 | 37.5% | 42.7% |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.2% | — | ||
| Q3 25 | 10.9% | 6.0% | ||
| Q2 25 | 11.8% | 2.9% | ||
| Q1 25 | 11.6% | 7.5% | ||
| Q4 24 | 10.4% | 5.3% | ||
| Q3 24 | 11.5% | 2.8% | ||
| Q2 24 | 11.4% | -0.4% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | — | ||
| Q3 25 | 8.1% | 4.1% | ||
| Q2 25 | 9.1% | 0.8% | ||
| Q1 25 | 8.3% | 4.2% | ||
| Q4 24 | 8.8% | 3.3% | ||
| Q3 24 | 8.2% | 1.5% | ||
| Q2 24 | 8.1% | -1.8% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | — | ||
| Q3 25 | $1.41 | $0.35 | ||
| Q2 25 | $1.53 | $0.06 | ||
| Q1 25 | $1.27 | $0.31 | ||
| Q4 24 | $1.41 | $0.26 | ||
| Q3 24 | $1.30 | $0.10 | ||
| Q2 24 | $1.19 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $272.2M | $1.3B |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $1.3B | $2.8B |
| Total Assets | — | $5.7B |
| Debt / EquityLower = less leverage | 0.98× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | — | ||
| Q3 25 | $314.3M | $1.3B | ||
| Q2 25 | $301.5M | $1.3B | ||
| Q1 25 | $259.0M | $1.2B | ||
| Q4 24 | $370.3M | $1.3B | ||
| Q3 24 | $323.0M | $1.1B | ||
| Q2 24 | $564.8M | $1.3B |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | $2.8B | ||
| Q2 25 | $1.2B | $2.8B | ||
| Q1 25 | $1.2B | $2.8B | ||
| Q4 24 | $1.3B | $2.8B | ||
| Q3 24 | $1.2B | $2.9B | ||
| Q2 24 | $1.2B | $2.9B |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.4B | $5.7B | ||
| Q2 25 | $3.4B | $5.7B | ||
| Q1 25 | $3.3B | $5.6B | ||
| Q4 24 | $3.3B | $5.6B | ||
| Q3 24 | $3.3B | $5.6B | ||
| Q2 24 | $3.5B | $5.6B |
| Q1 26 | 0.98× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $174.3M |
| Free Cash FlowOCF − Capex | $-63.1M | $134.6M |
| FCF MarginFCF / Revenue | -9.1% | 11.0% |
| Capex IntensityCapex / Revenue | 6.4% | 3.3% |
| Cash ConversionOCF / Net Profit | — | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | $605.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | — | ||
| Q3 25 | $105.0M | $174.3M | ||
| Q2 25 | $82.0M | $156.9M | ||
| Q1 25 | $7.4M | $103.7M | ||
| Q4 24 | $174.7M | $349.4M | ||
| Q3 24 | $91.7M | $-159.4M | ||
| Q2 24 | $83.0M | $58.5M |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | — | ||
| Q3 25 | $65.3M | $134.6M | ||
| Q2 25 | $56.9M | $128.2M | ||
| Q1 25 | $-24.8M | $76.8M | ||
| Q4 24 | $116.4M | $265.8M | ||
| Q3 24 | $67.2M | $-179.0M | ||
| Q2 24 | $61.0M | $41.6M |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | — | ||
| Q3 25 | 9.4% | 11.0% | ||
| Q2 25 | 8.5% | 11.4% | ||
| Q1 25 | -4.0% | 7.2% | ||
| Q4 24 | 17.5% | 23.6% | ||
| Q3 24 | 10.3% | -19.0% | ||
| Q2 24 | 10.1% | 4.6% |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.7% | 3.3% | ||
| Q2 25 | 3.7% | 2.6% | ||
| Q1 25 | 5.2% | 2.5% | ||
| Q4 24 | 8.8% | 7.4% | ||
| Q3 24 | 3.7% | 2.1% | ||
| Q2 24 | 3.6% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | — | ||
| Q3 25 | 1.85× | 3.47× | ||
| Q2 25 | 1.34× | 17.50× | ||
| Q1 25 | 0.14× | 2.33× | ||
| Q4 24 | 2.99× | 9.44× | ||
| Q3 24 | 1.71× | -11.20× | ||
| Q2 24 | 1.69× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
Segment breakdown not available.
CIEN
| Optical Networking | $815.5M | 67% |
| Routing And Switching | $125.9M | 10% |
| Platform Softwareand Services Segment | $90.0M | 7% |
| Maintenance Support And Training | $80.7M | 7% |
| Installation And Deployment | $65.9M | 5% |
| Blue Planet Automation Softwareand Services Segment | $27.8M | 2% |
| Consulting And Network Design | $13.6M | 1% |
