vs
Side-by-side financial comparison of CIENA CORP (CIEN) and ESAB Corp (ESAB). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $727.8M, roughly 1.7× ESAB Corp). ESAB Corp runs the higher net margin — 7.5% vs 4.1%, a 3.4% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $70.3M). Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs 2.8%).
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).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
CIEN vs ESAB — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $727.8M |
| Net Profit | $50.3M | $54.8M |
| Gross Margin | 41.3% | 37.0% |
| Operating Margin | 6.0% | 14.6% |
| Net Margin | 4.1% | 7.5% |
| Revenue YoY | — | 8.5% |
| Net Profit YoY | — | 2.1% |
| EPS (diluted) | $0.35 | $0.90 |
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 | — | $727.8M | ||
| Q3 25 | $1.2B | $715.6M | ||
| Q2 25 | $1.1B | $678.1M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | $670.8M | ||
| Q3 24 | $942.3M | $673.3M | ||
| Q2 24 | $910.8M | $707.1M | ||
| Q1 24 | $1.0B | $689.7M |
| Q4 25 | — | $54.8M | ||
| Q3 25 | $50.3M | $66.9M | ||
| Q2 25 | $9.0M | $67.4M | ||
| Q1 25 | $44.6M | — | ||
| Q4 24 | $37.0M | $53.7M | ||
| Q3 24 | $14.2M | $68.2M | ||
| Q2 24 | $-16.8M | $82.9M | ||
| Q1 24 | $49.5M | $60.0M |
| Q4 25 | — | 37.0% | ||
| Q3 25 | 41.3% | 37.2% | ||
| Q2 25 | 40.2% | 37.6% | ||
| Q1 25 | 44.0% | — | ||
| Q4 24 | 40.9% | 38.5% | ||
| Q3 24 | 42.9% | 37.7% | ||
| Q2 24 | 42.7% | 38.2% | ||
| Q1 24 | 45.0% | 37.0% |
| Q4 25 | — | 14.6% | ||
| Q3 25 | 6.0% | 15.2% | ||
| Q2 25 | 2.9% | 16.2% | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 5.3% | 16.6% | ||
| Q3 24 | 2.8% | 15.7% | ||
| Q2 24 | -0.4% | 16.9% | ||
| Q1 24 | 8.2% | 16.0% |
| Q4 25 | — | 7.5% | ||
| Q3 25 | 4.1% | 9.3% | ||
| Q2 25 | 0.8% | 9.9% | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 3.3% | 8.0% | ||
| Q3 24 | 1.5% | 10.1% | ||
| Q2 24 | -1.8% | 11.7% | ||
| Q1 24 | 4.8% | 8.7% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | $0.35 | $1.09 | ||
| Q2 25 | $0.06 | $1.10 | ||
| Q1 25 | $0.31 | — | ||
| Q4 24 | $0.26 | $0.87 | ||
| Q3 24 | $0.10 | $1.11 | ||
| Q2 24 | $-0.12 | $1.35 | ||
| Q1 24 | $0.34 | $0.98 |
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 | $218.2M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $2.8B | $2.1B |
| Total Assets | $5.7B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $218.2M | ||
| Q3 25 | $1.3B | $258.2M | ||
| Q2 25 | $1.3B | $291.3M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $249.4M | ||
| Q3 24 | $1.1B | $253.7M | ||
| Q2 24 | $1.3B | $228.5M | ||
| Q1 24 | $1.4B | $76.5M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $992.8M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $1.9B | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $2.9B | $1.6B |
| Q4 25 | — | $4.9B | ||
| Q3 25 | $5.7B | $4.4B | ||
| Q2 25 | $5.7B | $4.2B | ||
| Q1 25 | $5.6B | — | ||
| Q4 24 | $5.6B | $4.0B | ||
| Q3 24 | $5.6B | $4.1B | ||
| Q2 24 | $5.6B | $4.0B | ||
| Q1 24 | $5.6B | $3.8B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.61× |
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 | $81.5M |
| Free Cash FlowOCF − Capex | $134.6M | $70.3M |
| FCF MarginFCF / Revenue | 11.0% | 9.7% |
| Capex IntensityCapex / Revenue | 3.3% | 1.5% |
| Cash ConversionOCF / Net Profit | 3.47× | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.5M | ||
| Q3 25 | $174.3M | $46.6M | ||
| Q2 25 | $156.9M | $35.4M | ||
| Q1 25 | $103.7M | — | ||
| Q4 24 | $349.4M | $126.9M | ||
| Q3 24 | $-159.4M | $101.0M | ||
| Q2 24 | $58.5M | $83.0M | ||
| Q1 24 | $266.1M | $44.5M |
| Q4 25 | — | $70.3M | ||
| Q3 25 | $134.6M | $37.4M | ||
| Q2 25 | $128.2M | $28.1M | ||
| Q1 25 | $76.8M | — | ||
| Q4 24 | $265.8M | $102.2M | ||
| Q3 24 | $-179.0M | $90.4M | ||
| Q2 24 | $41.6M | $74.0M | ||
| Q1 24 | $249.5M | $37.1M |
| Q4 25 | — | 9.7% | ||
| Q3 25 | 11.0% | 5.2% | ||
| Q2 25 | 11.4% | 4.1% | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 23.6% | 15.2% | ||
| Q3 24 | -19.0% | 13.4% | ||
| Q2 24 | 4.6% | 10.5% | ||
| Q1 24 | 24.0% | 5.4% |
| Q4 25 | — | 1.5% | ||
| Q3 25 | 3.3% | 1.3% | ||
| Q2 25 | 2.6% | 1.1% | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 7.4% | 3.7% | ||
| Q3 24 | 2.1% | 1.6% | ||
| Q2 24 | 1.9% | 1.3% | ||
| Q1 24 | 1.6% | 1.1% |
| Q4 25 | — | 1.49× | ||
| Q3 25 | 3.47× | 0.70× | ||
| Q2 25 | 17.50× | 0.53× | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | 9.44× | 2.36× | ||
| Q3 24 | -11.20× | 1.48× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | 5.37× | 0.74× |
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% |
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
