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Side-by-side financial comparison of CIENA CORP (CIEN) and CLEAN HARBORS INC (CLH). Click either name above to swap in a different company.
CLEAN HARBORS INC is the larger business by last-quarter revenue ($1.5B vs $1.2B, roughly 1.2× CIENA CORP). CLEAN HARBORS INC runs the higher net margin — 5.8% vs 4.1%, a 1.6% gap on every dollar of revenue. CLEAN HARBORS INC produced more free cash flow last quarter ($233.3M vs $134.6M). Over the past eight quarters, CLEAN HARBORS INC's revenue compounded faster (4.4% CAGR vs 3.9%).
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).
Clean Harbors, Inc., headquartered in Norwell, Massachusetts, is a provider of waste management and industrial services for commercial customers, specializing in the collection, transportation, treatment and disposal of hazardous waste, but also offering services for non-hazardous waste. The company has 870 operating locations in 630 properties in the U.S. and Canada including a network of over 100 waste disposal facilities such as incinerators, landfills, treatment, storage and disposal faci...
CIEN vs CLH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.5B |
| Net Profit | $50.3M | $86.6M |
| Gross Margin | 41.3% | 30.6% |
| Operating Margin | 6.0% | 10.6% |
| Net Margin | 4.1% | 5.8% |
| Revenue YoY | — | 4.8% |
| Net Profit YoY | — | 3.1% |
| EPS (diluted) | $0.35 | $1.62 |
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 | $1.2B | $1.5B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $942.3M | $1.5B | ||
| Q2 24 | $910.8M | $1.6B | ||
| Q1 24 | $1.0B | $1.4B |
| Q4 25 | — | $86.6M | ||
| Q3 25 | $50.3M | $118.8M | ||
| Q2 25 | $9.0M | $126.9M | ||
| Q1 25 | $44.6M | $58.7M | ||
| Q4 24 | $37.0M | $84.0M | ||
| Q3 24 | $14.2M | $115.2M | ||
| Q2 24 | $-16.8M | $133.3M | ||
| Q1 24 | $49.5M | $69.8M |
| Q4 25 | — | 30.6% | ||
| Q3 25 | 41.3% | 32.3% | ||
| Q2 25 | 40.2% | 33.3% | ||
| Q1 25 | 44.0% | 28.6% | ||
| Q4 24 | 40.9% | 29.9% | ||
| Q3 24 | 42.9% | 31.0% | ||
| Q2 24 | 42.7% | 33.3% | ||
| Q1 24 | 45.0% | 29.5% |
| Q4 25 | — | 10.6% | ||
| Q3 25 | 6.0% | 12.5% | ||
| Q2 25 | 2.9% | 13.6% | ||
| Q1 25 | 7.5% | 7.8% | ||
| Q4 24 | 5.3% | 9.6% | ||
| Q3 24 | 2.8% | 12.6% | ||
| Q2 24 | -0.4% | 13.9% | ||
| Q1 24 | 8.2% | 9.1% |
| Q4 25 | — | 5.8% | ||
| Q3 25 | 4.1% | 7.7% | ||
| Q2 25 | 0.8% | 8.2% | ||
| Q1 25 | 4.2% | 4.1% | ||
| Q4 24 | 3.3% | 5.9% | ||
| Q3 24 | 1.5% | 7.5% | ||
| Q2 24 | -1.8% | 8.6% | ||
| Q1 24 | 4.8% | 5.1% |
| Q4 25 | — | $1.62 | ||
| Q3 25 | $0.35 | $2.21 | ||
| Q2 25 | $0.06 | $2.36 | ||
| Q1 25 | $0.31 | $1.09 | ||
| Q4 24 | $0.26 | $1.55 | ||
| Q3 24 | $0.10 | $2.12 | ||
| Q2 24 | $-0.12 | $2.46 | ||
| Q1 24 | $0.34 | $1.29 |
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 | $127.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $2.7B |
| Total Assets | $5.7B | $7.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $127.4M | ||
| Q3 25 | $1.3B | $91.2M | ||
| Q2 25 | $1.3B | $98.9M | ||
| Q1 25 | $1.2B | $105.9M | ||
| Q4 24 | $1.3B | $102.6M | ||
| Q3 24 | $1.1B | $82.4M | ||
| Q2 24 | $1.3B | $91.3M | ||
| Q1 24 | $1.4B | $104.8M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $2.8B | $2.8B | ||
| Q2 25 | $2.8B | $2.7B | ||
| Q1 25 | $2.8B | $2.6B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.9B | $2.5B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $2.9B | $2.3B |
| Q4 25 | — | $7.6B | ||
| Q3 25 | $5.7B | $7.5B | ||
| Q2 25 | $5.7B | $7.4B | ||
| Q1 25 | $5.6B | $7.2B | ||
| Q4 24 | $5.6B | $7.4B | ||
| Q3 24 | $5.6B | $7.3B | ||
| Q2 24 | $5.6B | $7.1B | ||
| Q1 24 | $5.6B | $6.9B |
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 | $355.1M |
| Free Cash FlowOCF − Capex | $134.6M | $233.3M |
| FCF MarginFCF / Revenue | 11.0% | 15.6% |
| Capex IntensityCapex / Revenue | 3.3% | 8.1% |
| Cash ConversionOCF / Net Profit | 3.47× | 4.10× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $441.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $355.1M | ||
| Q3 25 | $174.3M | $302.0M | ||
| Q2 25 | $156.9M | $208.0M | ||
| Q1 25 | $103.7M | $1.6M | ||
| Q4 24 | $349.4M | $303.9M | ||
| Q3 24 | $-159.4M | $239.2M | ||
| Q2 24 | $58.5M | $216.0M | ||
| Q1 24 | $266.1M | $18.5M |
| Q4 25 | — | $233.3M | ||
| Q3 25 | $134.6M | $207.5M | ||
| Q2 25 | $128.2M | $118.0M | ||
| Q1 25 | $76.8M | $-117.1M | ||
| Q4 24 | $265.8M | $241.5M | ||
| Q3 24 | $-179.0M | $142.4M | ||
| Q2 24 | $41.6M | $80.9M | ||
| Q1 24 | $249.5M | $-119.4M |
| Q4 25 | — | 15.6% | ||
| Q3 25 | 11.0% | 13.4% | ||
| Q2 25 | 11.4% | 7.6% | ||
| Q1 25 | 7.2% | -8.2% | ||
| Q4 24 | 23.6% | 16.9% | ||
| Q3 24 | -19.0% | 9.3% | ||
| Q2 24 | 4.6% | 5.2% | ||
| Q1 24 | 24.0% | -8.7% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | 3.3% | 6.1% | ||
| Q2 25 | 2.6% | 5.8% | ||
| Q1 25 | 2.5% | 8.3% | ||
| Q4 24 | 7.4% | 4.4% | ||
| Q3 24 | 2.1% | 6.3% | ||
| Q2 24 | 1.9% | 8.7% | ||
| Q1 24 | 1.6% | 10.0% |
| Q4 25 | — | 4.10× | ||
| Q3 25 | 3.47× | 2.54× | ||
| Q2 25 | 17.50× | 1.64× | ||
| Q1 25 | 2.33× | 0.03× | ||
| Q4 24 | 9.44× | 3.62× | ||
| Q3 24 | -11.20× | 2.08× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | 5.37× | 0.27× |
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% |
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
