vs
Side-by-side financial comparison of CIENA CORP (CIEN) and DONALDSON Co INC (DCI). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $935.4M, roughly 1.3× DONALDSON Co INC). DONALDSON Co INC runs the higher net margin — 12.2% vs 4.1%, a 8.1% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $111.2M). Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs 3.3%).
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).
Donaldson Company, Inc. is a filtration company engaged in the production and marketing of filtration products used in a variety of industry sectors, including commercial/industrial, aerospace, chemical, alternative energy (windmills), food & beverage, and pharmaceuticals. Also the company's research division, located in Minneapolis, Minn., participated in defense-related projects for various military applications.
CIEN vs DCI — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $935.4M |
| Net Profit | $50.3M | $113.9M |
| Gross Margin | 41.3% | 35.2% |
| Operating Margin | 6.0% | 16.0% |
| Net Margin | 4.1% | 12.2% |
| Revenue YoY | — | 3.9% |
| Net Profit YoY | — | 15.1% |
| EPS (diluted) | $0.35 | $0.97 |
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 | — | $935.4M | ||
| Q3 25 | $1.2B | $980.7M | ||
| Q2 25 | $1.1B | $940.1M | ||
| Q1 25 | $1.1B | $870.0M | ||
| Q4 24 | $1.1B | $900.1M | ||
| Q3 24 | $942.3M | $935.4M | ||
| Q2 24 | $910.8M | $927.9M | ||
| Q1 24 | $1.0B | $876.7M |
| Q4 25 | — | $113.9M | ||
| Q3 25 | $50.3M | $114.3M | ||
| Q2 25 | $9.0M | $57.8M | ||
| Q1 25 | $44.6M | $95.9M | ||
| Q4 24 | $37.0M | $99.0M | ||
| Q3 24 | $14.2M | $109.7M | ||
| Q2 24 | $-16.8M | $113.5M | ||
| Q1 24 | $49.5M | $98.7M |
| Q4 25 | — | 35.2% | ||
| Q3 25 | 41.3% | 34.5% | ||
| Q2 25 | 40.2% | 34.2% | ||
| Q1 25 | 44.0% | 35.2% | ||
| Q4 24 | 40.9% | 35.5% | ||
| Q3 24 | 42.9% | 35.8% | ||
| Q2 24 | 42.7% | 35.6% | ||
| Q1 24 | 45.0% | 35.2% |
| Q4 25 | — | 16.0% | ||
| Q3 25 | 6.0% | 15.5% | ||
| Q2 25 | 2.9% | 9.3% | ||
| Q1 25 | 7.5% | 14.4% | ||
| Q4 24 | 5.3% | 14.5% | ||
| Q3 24 | 2.8% | 15.6% | ||
| Q2 24 | -0.4% | 15.5% | ||
| Q1 24 | 8.2% | 14.8% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 4.1% | 11.7% | ||
| Q2 25 | 0.8% | 6.1% | ||
| Q1 25 | 4.2% | 11.0% | ||
| Q4 24 | 3.3% | 11.0% | ||
| Q3 24 | 1.5% | 11.7% | ||
| Q2 24 | -1.8% | 12.2% | ||
| Q1 24 | 4.8% | 11.3% |
| Q4 25 | — | $0.97 | ||
| Q3 25 | $0.35 | $0.97 | ||
| Q2 25 | $0.06 | $0.48 | ||
| Q1 25 | $0.31 | $0.79 | ||
| Q4 24 | $0.26 | $0.81 | ||
| Q3 24 | $0.10 | $0.90 | ||
| Q2 24 | $-0.12 | $0.92 | ||
| Q1 24 | $0.34 | $0.81 |
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 | $210.7M |
| Total DebtLower is stronger | — | $671.5M |
| Stockholders' EquityBook value | $2.8B | $1.5B |
| Total Assets | $5.7B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $210.7M | ||
| Q3 25 | $1.3B | $180.4M | ||
| Q2 25 | $1.3B | $178.5M | ||
| Q1 25 | $1.2B | $189.1M | ||
| Q4 24 | $1.3B | $221.2M | ||
| Q3 24 | $1.1B | $232.7M | ||
| Q2 24 | $1.3B | $223.7M | ||
| Q1 24 | $1.4B | $193.8M |
| Q4 25 | — | $671.5M | ||
| Q3 25 | — | $630.4M | ||
| Q2 25 | — | $638.8M | ||
| Q1 25 | — | $514.7M | ||
| Q4 24 | — | $538.6M | ||
| Q3 24 | — | $483.4M | ||
| Q2 24 | — | $481.8M | ||
| Q1 24 | — | $352.0M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $2.8B | $1.5B | ||
| Q3 24 | $2.9B | $1.5B | ||
| Q2 24 | $2.9B | $1.5B | ||
| Q1 24 | $2.9B | $1.4B |
| Q4 25 | — | $3.0B | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $5.7B | $3.0B | ||
| Q1 25 | $5.6B | $3.0B | ||
| Q4 24 | $5.6B | $3.0B | ||
| Q3 24 | $5.6B | $2.9B | ||
| Q2 24 | $5.6B | $2.9B | ||
| Q1 24 | $5.6B | $2.8B |
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | 0.32× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.26× |
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 | $125.4M |
| Free Cash FlowOCF − Capex | $134.6M | $111.2M |
| FCF MarginFCF / Revenue | 11.0% | 11.9% |
| Capex IntensityCapex / Revenue | 3.3% | 1.5% |
| Cash ConversionOCF / Net Profit | 3.47× | 1.10× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $403.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $125.4M | ||
| Q3 25 | $174.3M | $167.8M | ||
| Q2 25 | $156.9M | $87.7M | ||
| Q1 25 | $103.7M | $90.4M | ||
| Q4 24 | $349.4M | $72.9M | ||
| Q3 24 | $-159.4M | $126.0M | ||
| Q2 24 | $58.5M | $141.5M | ||
| Q1 24 | $266.1M | $87.0M |
| Q4 25 | — | $111.2M | ||
| Q3 25 | $134.6M | $147.5M | ||
| Q2 25 | $128.2M | $73.0M | ||
| Q1 25 | $76.8M | $71.5M | ||
| Q4 24 | $265.8M | $47.9M | ||
| Q3 24 | $-179.0M | $106.2M | ||
| Q2 24 | $41.6M | $120.2M | ||
| Q1 24 | $249.5M | $65.7M |
| Q4 25 | — | 11.9% | ||
| Q3 25 | 11.0% | 15.0% | ||
| Q2 25 | 11.4% | 7.8% | ||
| Q1 25 | 7.2% | 8.2% | ||
| Q4 24 | 23.6% | 5.3% | ||
| Q3 24 | -19.0% | 11.4% | ||
| Q2 24 | 4.6% | 13.0% | ||
| Q1 24 | 24.0% | 7.5% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | 3.3% | 2.1% | ||
| Q2 25 | 2.6% | 1.6% | ||
| Q1 25 | 2.5% | 2.2% | ||
| Q4 24 | 7.4% | 2.8% | ||
| Q3 24 | 2.1% | 2.1% | ||
| Q2 24 | 1.9% | 2.3% | ||
| Q1 24 | 1.6% | 2.4% |
| Q4 25 | — | 1.10× | ||
| Q3 25 | 3.47× | 1.47× | ||
| Q2 25 | 17.50× | 1.52× | ||
| Q1 25 | 2.33× | 0.94× | ||
| Q4 24 | 9.44× | 0.74× | ||
| Q3 24 | -11.20× | 1.15× | ||
| Q2 24 | — | 1.25× | ||
| Q1 24 | 5.37× | 0.88× |
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% |
DCI
| Aftermarket Products | $447.1M | 48% |
| Industrial Filtration Solutions Products | $222.6M | 24% |
| Off Road Products | $86.5M | 9% |
| Life Sciences Segment | $80.0M | 9% |
| Other | $39.1M | 4% |
| Aerospace And Defense Products | $37.1M | 4% |
| On Road Products | $23.0M | 2% |
