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Side-by-side financial comparison of CIENA CORP (CIEN) and Calumet, Inc. (CLMT). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $1.0B, roughly 1.2× Calumet, Inc.). CIENA CORP runs the higher net margin — 4.1% vs -3.6%, a 7.7% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $103.8M).
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).
Calumet, Inc. is a U.S.-headquartered specialty products firm that manufactures and distributes high-value hydrocarbon and specialty chemical products. Its offerings include specialty oils, lubricants, waxes, and renewable fuel solutions, serving industrial, consumer, and transportation segments across North America.
CIEN vs CLMT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.0B |
| Net Profit | $50.3M | $-37.3M |
| Gross Margin | 41.3% | -0.3% |
| Operating Margin | 6.0% | -6.2% |
| Net Margin | 4.1% | -3.6% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.35 | $-0.43 |
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 | — | $1.0B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.1B | $993.9M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $942.3M | $1.1B | ||
| Q2 24 | $910.8M | $1.1B | ||
| Q1 24 | $1.0B | — |
| Q4 25 | — | $-37.3M | ||
| Q3 25 | $50.3M | $313.4M | ||
| Q2 25 | $9.0M | $-147.9M | ||
| Q1 25 | $44.6M | $-162.0M | ||
| Q4 24 | $37.0M | — | ||
| Q3 24 | $14.2M | $-100.6M | ||
| Q2 24 | $-16.8M | $-39.1M | ||
| Q1 24 | $49.5M | — |
| Q4 25 | — | -0.3% | ||
| Q3 25 | 41.3% | 34.7% | ||
| Q2 25 | 40.2% | -4.2% | ||
| Q1 25 | 44.0% | -8.2% | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.9% | 0.4% | ||
| Q2 24 | 42.7% | 5.6% | ||
| Q1 24 | 45.0% | — |
| Q4 25 | — | -6.2% | ||
| Q3 25 | 6.0% | 30.0% | ||
| Q2 25 | 2.9% | -9.8% | ||
| Q1 25 | 7.5% | -4.9% | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 2.8% | -5.2% | ||
| Q2 24 | -0.4% | 0.5% | ||
| Q1 24 | 8.2% | — |
| Q4 25 | — | -3.6% | ||
| Q3 25 | 4.1% | 29.1% | ||
| Q2 25 | 0.8% | -14.4% | ||
| Q1 25 | 4.2% | -16.3% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 1.5% | -9.1% | ||
| Q2 24 | -1.8% | -3.4% | ||
| Q1 24 | 4.8% | — |
| Q4 25 | — | $-0.43 | ||
| Q3 25 | $0.35 | $3.61 | ||
| Q2 25 | $0.06 | $-1.70 | ||
| Q1 25 | $0.31 | $-1.87 | ||
| Q4 24 | $0.26 | — | ||
| Q3 24 | $0.10 | $-1.18 | ||
| Q2 24 | $-0.12 | $-0.48 | ||
| Q1 24 | $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 | $1.3B | $125.1M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | $2.8B | $-732.7M |
| Total Assets | $5.7B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $125.1M | ||
| Q3 25 | $1.3B | $94.6M | ||
| Q2 25 | $1.3B | $110.6M | ||
| Q1 25 | $1.2B | $123.4M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.1B | $34.6M | ||
| Q2 24 | $1.3B | $7.0M | ||
| Q1 24 | $1.4B | — |
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $-732.7M | ||
| Q3 25 | $2.8B | $-695.3M | ||
| Q2 25 | $2.8B | $-1.0B | ||
| Q1 25 | $2.8B | $-862.3M | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.9B | $-672.2M | ||
| Q2 24 | $2.9B | $-566.4M | ||
| Q1 24 | $2.9B | — |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $5.7B | $2.7B | ||
| Q2 25 | $5.7B | $2.8B | ||
| Q1 25 | $5.6B | $2.8B | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.6B | $2.6B | ||
| Q2 24 | $5.6B | $100 | ||
| Q1 24 | $5.6B | — |
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 | $116.5M |
| Free Cash FlowOCF − Capex | $134.6M | $103.8M |
| FCF MarginFCF / Revenue | 11.0% | 10.0% |
| Capex IntensityCapex / Revenue | 3.3% | 1.2% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $56.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $116.5M | ||
| Q3 25 | $174.3M | $23.5M | ||
| Q2 25 | $156.9M | $-1.8M | ||
| Q1 25 | $103.7M | $-29.3M | ||
| Q4 24 | $349.4M | — | ||
| Q3 24 | $-159.4M | $-15.5M | ||
| Q2 24 | $58.5M | — | ||
| Q1 24 | $266.1M | — |
| Q4 25 | — | $103.8M | ||
| Q3 25 | $134.6M | $15.1M | ||
| Q2 25 | $128.2M | $-15.4M | ||
| Q1 25 | $76.8M | $-46.9M | ||
| Q4 24 | $265.8M | — | ||
| Q3 24 | $-179.0M | $-32.2M | ||
| Q2 24 | $41.6M | — | ||
| Q1 24 | $249.5M | — |
| Q4 25 | — | 10.0% | ||
| Q3 25 | 11.0% | 1.4% | ||
| Q2 25 | 11.4% | -1.5% | ||
| Q1 25 | 7.2% | -4.7% | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | -19.0% | -2.9% | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 24.0% | — |
| Q4 25 | — | 1.2% | ||
| Q3 25 | 3.3% | 0.8% | ||
| Q2 25 | 2.6% | 1.3% | ||
| Q1 25 | 2.5% | 1.8% | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 2.1% | 1.5% | ||
| Q2 24 | 1.9% | 2.2% | ||
| Q1 24 | 1.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | 0.07× | ||
| Q2 25 | 17.50× | — | ||
| Q1 25 | 2.33× | — | ||
| 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% |
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
