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Side-by-side financial comparison of TopBuild Corp (BLD) and CIENA CORP (CIEN). Click either name above to swap in a different company.
TopBuild Corp is the larger business by last-quarter revenue ($1.5B vs $1.2B, roughly 1.2× CIENA CORP). TopBuild Corp runs the higher net margin — 7.0% vs 4.1%, a 2.9% gap on every dollar of revenue. TopBuild Corp produced more free cash flow last quarter ($159.4M vs $134.6M). Over the past eight quarters, TopBuild Corp's revenue compounded faster (7.8% CAGR vs 3.9%).
HashiCorp, Inc. is an American software company with a freemium business model based in San Francisco, California. HashiCorp provides tools and products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure. It was founded in 2012 by Mitchell Hashimoto and Armon Dadgar. The company name HashiCorp is a portmanteau of co-founder last name Hashimoto and Corporation.
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).
BLD vs CIEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.5B | $1.2B |
| Net Profit | $104.5M | $50.3M |
| Gross Margin | 27.2% | 41.3% |
| Operating Margin | 12.1% | 6.0% |
| Net Margin | 7.0% | 4.1% |
| Revenue YoY | 13.2% | — |
| Net Profit YoY | -30.6% | — |
| EPS (diluted) | $3.69 | $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.
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.3B | $1.1B | ||
| Q3 24 | $1.4B | $942.3M | ||
| Q2 24 | $1.4B | $910.8M | ||
| Q1 24 | $1.3B | $1.0B |
| Q4 25 | $104.5M | — | ||
| Q3 25 | $142.2M | $50.3M | ||
| Q2 25 | $151.6M | $9.0M | ||
| Q1 25 | $123.4M | $44.6M | ||
| Q4 24 | $150.5M | $37.0M | ||
| Q3 24 | $169.0M | $14.2M | ||
| Q2 24 | $150.7M | $-16.8M | ||
| Q1 24 | $152.4M | $49.5M |
| Q4 25 | 27.2% | — | ||
| Q3 25 | 30.1% | 41.3% | ||
| Q2 25 | 30.4% | 40.2% | ||
| Q1 25 | 28.5% | 44.0% | ||
| Q4 24 | 29.9% | 40.9% | ||
| Q3 24 | 30.7% | 42.9% | ||
| Q2 24 | 31.0% | 42.7% | ||
| Q1 24 | 30.3% | 45.0% |
| Q4 25 | 12.1% | — | ||
| Q3 25 | 15.4% | 6.0% | ||
| Q2 25 | 16.9% | 2.9% | ||
| Q1 25 | 14.4% | 7.5% | ||
| Q4 24 | 16.6% | 5.3% | ||
| Q3 24 | 17.8% | 2.8% | ||
| Q2 24 | 15.4% | -0.4% | ||
| Q1 24 | 16.8% | 8.2% |
| Q4 25 | 7.0% | — | ||
| Q3 25 | 10.2% | 4.1% | ||
| Q2 25 | 11.7% | 0.8% | ||
| Q1 25 | 10.0% | 4.2% | ||
| Q4 24 | 11.5% | 3.3% | ||
| Q3 24 | 12.3% | 1.5% | ||
| Q2 24 | 11.0% | -1.8% | ||
| Q1 24 | 11.9% | 4.8% |
| Q4 25 | $3.69 | — | ||
| Q3 25 | $5.04 | $0.35 | ||
| Q2 25 | $5.32 | $0.06 | ||
| Q1 25 | $4.23 | $0.31 | ||
| Q4 24 | $5.07 | $0.26 | ||
| Q3 24 | $5.65 | $0.10 | ||
| Q2 24 | $4.78 | $-0.12 | ||
| Q1 24 | $4.79 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $184.7M | $1.3B |
| Total DebtLower is stronger | $2.8B | — |
| Stockholders' EquityBook value | $2.3B | $2.8B |
| Total Assets | $6.6B | $5.7B |
| Debt / EquityLower = less leverage | 1.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $184.7M | — | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $842.5M | $1.3B | ||
| Q1 25 | $308.8M | $1.2B | ||
| Q4 24 | $400.3M | $1.3B | ||
| Q3 24 | $257.3M | $1.1B | ||
| Q2 24 | $463.2M | $1.3B | ||
| Q1 24 | $968.8M | $1.4B |
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | $2.8B | ||
| Q2 25 | $2.1B | $2.8B | ||
| Q1 25 | $2.1B | $2.8B | ||
| Q4 24 | $2.2B | $2.8B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.4B | $2.9B | ||
| Q1 24 | $2.7B | $2.9B |
| Q4 25 | $6.6B | — | ||
| Q3 25 | $6.4B | $5.7B | ||
| Q2 25 | $5.1B | $5.7B | ||
| Q1 25 | $4.6B | $5.6B | ||
| Q4 24 | $4.7B | $5.6B | ||
| Q3 24 | $4.7B | $5.6B | ||
| Q2 24 | $4.9B | $5.6B | ||
| Q1 24 | $5.3B | $5.6B |
| Q4 25 | 1.23× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 0.88× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.62× | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.52× | — |
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 | $176.7M | $174.3M |
| Free Cash FlowOCF − Capex | $159.4M | $134.6M |
| FCF MarginFCF / Revenue | 10.7% | 11.0% |
| Capex IntensityCapex / Revenue | 1.2% | 3.3% |
| Cash ConversionOCF / Net Profit | 1.69× | 3.47× |
| TTM Free Cash FlowTrailing 4 quarters | $696.9M | $605.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $176.7M | — | ||
| Q3 25 | $233.3M | $174.3M | ||
| Q2 25 | $193.7M | $156.9M | ||
| Q1 25 | $152.6M | $103.7M | ||
| Q4 24 | $266.2M | $349.4M | ||
| Q3 24 | $240.7M | $-159.4M | ||
| Q2 24 | $90.4M | $58.5M | ||
| Q1 24 | $178.8M | $266.1M |
| Q4 25 | $159.4M | — | ||
| Q3 25 | $216.2M | $134.6M | ||
| Q2 25 | $182.2M | $128.2M | ||
| Q1 25 | $139.2M | $76.8M | ||
| Q4 24 | $253.7M | $265.8M | ||
| Q3 24 | $219.8M | $-179.0M | ||
| Q2 24 | $74.3M | $41.6M | ||
| Q1 24 | $158.9M | $249.5M |
| Q4 25 | 10.7% | — | ||
| Q3 25 | 15.5% | 11.0% | ||
| Q2 25 | 14.0% | 11.4% | ||
| Q1 25 | 11.3% | 7.2% | ||
| Q4 24 | 19.3% | 23.6% | ||
| Q3 24 | 16.0% | -19.0% | ||
| Q2 24 | 5.4% | 4.6% | ||
| Q1 24 | 12.4% | 24.0% |
| Q4 25 | 1.2% | — | ||
| Q3 25 | 1.2% | 3.3% | ||
| Q2 25 | 0.9% | 2.6% | ||
| Q1 25 | 1.1% | 2.5% | ||
| Q4 24 | 1.0% | 7.4% | ||
| Q3 24 | 1.5% | 2.1% | ||
| Q2 24 | 1.2% | 1.9% | ||
| Q1 24 | 1.6% | 1.6% |
| Q4 25 | 1.69× | — | ||
| Q3 25 | 1.64× | 3.47× | ||
| Q2 25 | 1.28× | 17.50× | ||
| Q1 25 | 1.24× | 2.33× | ||
| Q4 24 | 1.77× | 9.44× | ||
| Q3 24 | 1.42× | -11.20× | ||
| Q2 24 | 0.60× | — | ||
| Q1 24 | 1.17× | 5.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLD
| Distribution Segment | $755.4M | 51% |
| Residential | $557.9M | 38% |
| All Other Products | $91.9M | 6% |
| Glass And Windows | $51.5M | 3% |
| Rain Gutters | $27.1M | 2% |
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% |
