vs
Side-by-side financial comparison of CIENA CORP (CIEN) and Clearfield, Inc. (CLFD). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $34.3M, roughly 35.5× Clearfield, Inc.). CIENA CORP runs the higher net margin — 4.1% vs -1.8%, a 5.9% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $-2.4M). Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs -3.5%).
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).
Clearfield, Inc. is a company headquartered in Minneapolis, Minnesota. The company produces fiber optic products.
CIEN vs CLFD — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $34.3M |
| Net Profit | $50.3M | $-614.0K |
| Gross Margin | 41.3% | 33.2% |
| Operating Margin | 6.0% | -5.3% |
| Net Margin | 4.1% | -1.8% |
| Revenue YoY | — | -3.2% |
| Net Profit YoY | — | 67.8% |
| EPS (diluted) | $0.35 | $-0.04 |
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 | — | $34.3M | ||
| Q3 25 | $1.2B | $23.4M | ||
| Q2 25 | $1.1B | $49.9M | ||
| Q1 25 | $1.1B | $47.2M | ||
| Q4 24 | $1.1B | $29.7M | ||
| Q3 24 | $942.3M | $5.6M | ||
| Q2 24 | $910.8M | $48.8M | ||
| Q1 24 | $1.0B | $36.9M |
| Q4 25 | — | $-614.0K | ||
| Q3 25 | $50.3M | $-9.1M | ||
| Q2 25 | $9.0M | $1.6M | ||
| Q1 25 | $44.6M | $1.3M | ||
| Q4 24 | $37.0M | $-1.9M | ||
| Q3 24 | $14.2M | $-827.0K | ||
| Q2 24 | $-16.8M | $-447.0K | ||
| Q1 24 | $49.5M | $-5.9M |
| Q4 25 | — | 33.2% | ||
| Q3 25 | 41.3% | 53.2% | ||
| Q2 25 | 40.2% | 30.5% | ||
| Q1 25 | 44.0% | 30.1% | ||
| Q4 24 | 40.9% | 29.2% | ||
| Q3 24 | 42.9% | — | ||
| Q2 24 | 42.7% | 21.9% | ||
| Q1 24 | 45.0% | 7.7% |
| Q4 25 | — | -5.3% | ||
| Q3 25 | 6.0% | 10.3% | ||
| Q2 25 | 2.9% | 3.0% | ||
| Q1 25 | 7.5% | 0.6% | ||
| Q4 24 | 5.3% | -6.9% | ||
| Q3 24 | 2.8% | 17.3% | ||
| Q2 24 | -0.4% | -4.7% | ||
| Q1 24 | 8.2% | -26.4% |
| Q4 25 | — | -1.8% | ||
| Q3 25 | 4.1% | -38.8% | ||
| Q2 25 | 0.8% | 3.2% | ||
| Q1 25 | 4.2% | 2.8% | ||
| Q4 24 | 3.3% | -6.4% | ||
| Q3 24 | 1.5% | -14.7% | ||
| Q2 24 | -1.8% | -0.9% | ||
| Q1 24 | 4.8% | -16.0% |
| Q4 25 | — | $-0.04 | ||
| Q3 25 | $0.35 | $-0.65 | ||
| Q2 25 | $0.06 | $0.11 | ||
| Q1 25 | $0.31 | $0.09 | ||
| Q4 24 | $0.26 | $-0.13 | ||
| Q3 24 | $0.10 | $-0.06 | ||
| Q2 24 | $-0.12 | $-0.04 | ||
| Q1 24 | $0.34 | $-0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $96.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $249.7M |
| Total Assets | $5.7B | $268.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $96.4M | ||
| Q3 25 | $1.3B | $106.0M | ||
| Q2 25 | $1.3B | $117.2M | ||
| Q1 25 | $1.2B | $112.0M | ||
| Q4 24 | $1.3B | $113.0M | ||
| Q3 24 | $1.1B | $129.0M | ||
| Q2 24 | $1.3B | $123.8M | ||
| Q1 24 | $1.4B | $142.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $2.1M | ||
| Q1 24 | — | — |
| Q4 25 | — | $249.7M | ||
| Q3 25 | $2.8B | $256.2M | ||
| Q2 25 | $2.8B | $264.5M | ||
| Q1 25 | $2.8B | $265.9M | ||
| Q4 24 | $2.8B | $267.4M | ||
| Q3 24 | $2.9B | $275.8M | ||
| Q2 24 | $2.9B | $274.6M | ||
| Q1 24 | $2.9B | $279.2M |
| Q4 25 | — | $268.1M | ||
| Q3 25 | $5.7B | $306.2M | ||
| Q2 25 | $5.7B | $314.7M | ||
| Q1 25 | $5.6B | $310.9M | ||
| Q4 24 | $5.6B | $303.2M | ||
| Q3 24 | $5.6B | $315.3M | ||
| Q2 24 | $5.6B | $318.1M | ||
| Q1 24 | $5.6B | $315.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.01× | ||
| Q2 24 | — | 0.01× | ||
| Q1 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 | $-1.4M |
| Free Cash FlowOCF − Capex | $134.6M | $-2.4M |
| FCF MarginFCF / Revenue | 11.0% | -7.1% |
| Capex IntensityCapex / Revenue | 3.3% | 2.9% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-1.4M | ||
| Q3 25 | $174.3M | — | ||
| Q2 25 | $156.9M | $7.9M | ||
| Q1 25 | $103.7M | $3.0M | ||
| Q4 24 | $349.4M | $7.2M | ||
| Q3 24 | $-159.4M | $13.1M | ||
| Q2 24 | $58.5M | $4.0M | ||
| Q1 24 | $266.1M | $-5.7M |
| Q4 25 | — | $-2.4M | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $128.2M | $7.5M | ||
| Q1 25 | $76.8M | $654.0K | ||
| Q4 24 | $265.8M | $5.1M | ||
| Q3 24 | $-179.0M | $9.1M | ||
| Q2 24 | $41.6M | $2.8M | ||
| Q1 24 | $249.5M | $-7.7M |
| Q4 25 | — | -7.1% | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 11.4% | 15.1% | ||
| Q1 25 | 7.2% | 1.4% | ||
| Q4 24 | 23.6% | 17.1% | ||
| Q3 24 | -19.0% | 160.9% | ||
| Q2 24 | 4.6% | 5.8% | ||
| Q1 24 | 24.0% | -20.8% |
| Q4 25 | — | 2.9% | ||
| Q3 25 | 3.3% | 2.0% | ||
| Q2 25 | 2.6% | 0.8% | ||
| Q1 25 | 2.5% | 5.1% | ||
| Q4 24 | 7.4% | 7.0% | ||
| Q3 24 | 2.1% | 71.4% | ||
| Q2 24 | 1.9% | 2.5% | ||
| Q1 24 | 1.6% | 5.3% |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | — | ||
| Q2 25 | 17.50× | 4.93× | ||
| Q1 25 | 2.33× | 2.30× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.37× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
CLFD
Segment breakdown not available.
