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Side-by-side financial comparison of CIENA CORP (CIEN) and Fabrinet (FN). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $1.1B, roughly 1.1× Fabrinet). Fabrinet runs the higher net margin — 9.9% vs 4.1%, a 5.8% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $-5.3M). Over the past eight quarters, Fabrinet's revenue compounded faster (24.4% 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).
FabrinetFNEarnings & Financial Report
Below is a list of companies having stocks that are included in the S&P MidCap 400 stock market index. The index, maintained by S&P Dow Jones Indices, comprises the common stocks of 400 mid-cap, mostly American, companies. Although called the S&P 400, the index sometimes contains more than 400 stocks when it includes two or more share classes of stock from one of its component companies.
CIEN vs FN — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.1B |
| Net Profit | $50.3M | $112.6M |
| Gross Margin | 41.3% | 12.2% |
| Operating Margin | 6.0% | 10.1% |
| Net Margin | 4.1% | 9.9% |
| Revenue YoY | — | 35.9% |
| Net Profit YoY | — | 30.0% |
| EPS (diluted) | $0.35 | $3.11 |
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 | — | $1.1B | ||
| Q3 25 | $1.2B | $978.1M | ||
| Q2 25 | $1.1B | $909.7M | ||
| Q1 25 | $1.1B | $871.8M | ||
| Q4 24 | $1.1B | $833.6M | ||
| Q3 24 | $942.3M | $804.2M | ||
| Q2 24 | $910.8M | $753.3M | ||
| Q1 24 | $1.0B | $731.5M |
| Q4 25 | — | $112.6M | ||
| Q3 25 | $50.3M | $95.9M | ||
| Q2 25 | $9.0M | $87.2M | ||
| Q1 25 | $44.6M | $81.3M | ||
| Q4 24 | $37.0M | $86.6M | ||
| Q3 24 | $14.2M | $77.4M | ||
| Q2 24 | $-16.8M | $81.1M | ||
| Q1 24 | $49.5M | $80.9M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 41.3% | 11.9% | ||
| Q2 25 | 40.2% | 12.2% | ||
| Q1 25 | 44.0% | 11.7% | ||
| Q4 24 | 40.9% | 12.1% | ||
| Q3 24 | 42.9% | 12.3% | ||
| Q2 24 | 42.7% | 12.3% | ||
| Q1 24 | 45.0% | 12.4% |
| Q4 25 | — | 10.1% | ||
| Q3 25 | 6.0% | 9.6% | ||
| Q2 25 | 2.9% | 9.8% | ||
| Q1 25 | 7.5% | 9.0% | ||
| Q4 24 | 5.3% | 9.5% | ||
| Q3 24 | 2.8% | 9.6% | ||
| Q2 24 | -0.4% | 9.7% | ||
| Q1 24 | 8.2% | 9.7% |
| Q4 25 | — | 9.9% | ||
| Q3 25 | 4.1% | 9.8% | ||
| Q2 25 | 0.8% | 9.6% | ||
| Q1 25 | 4.2% | 9.3% | ||
| Q4 24 | 3.3% | 10.4% | ||
| Q3 24 | 1.5% | 9.6% | ||
| Q2 24 | -1.8% | 10.8% | ||
| Q1 24 | 4.8% | 11.1% |
| Q4 25 | — | $3.11 | ||
| Q3 25 | $0.35 | $2.66 | ||
| Q2 25 | $0.06 | $2.41 | ||
| Q1 25 | $0.31 | $2.25 | ||
| Q4 24 | $0.26 | $2.38 | ||
| Q3 24 | $0.10 | $2.13 | ||
| Q2 24 | $-0.12 | $2.22 | ||
| Q1 24 | $0.34 | $2.21 |
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 | $960.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $2.2B |
| Total Assets | $5.7B | $3.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $960.8M | ||
| Q3 25 | $1.3B | $968.8M | ||
| Q2 25 | $1.3B | $934.2M | ||
| Q1 25 | $1.2B | $950.7M | ||
| Q4 24 | $1.3B | $934.6M | ||
| Q3 24 | $1.1B | $908.9M | ||
| Q2 24 | $1.3B | $858.6M | ||
| Q1 24 | $1.4B | $794.0M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $2.0B | ||
| Q1 25 | $2.8B | $1.9B | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $2.9B | $1.8B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $2.9B | $1.7B |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $5.7B | $2.8B | ||
| Q1 25 | $5.6B | $2.6B | ||
| Q4 24 | $5.6B | $2.5B | ||
| Q3 24 | $5.6B | $2.4B | ||
| Q2 24 | $5.6B | $2.3B | ||
| Q1 24 | $5.6B | $2.2B |
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 | $46.3M |
| Free Cash FlowOCF − Capex | $134.6M | $-5.3M |
| FCF MarginFCF / Revenue | 11.0% | -0.5% |
| Capex IntensityCapex / Revenue | 3.3% | 4.6% |
| Cash ConversionOCF / Net Profit | 3.47× | 0.41× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $102.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $46.3M | ||
| Q3 25 | $174.3M | $102.6M | ||
| Q2 25 | $156.9M | $55.1M | ||
| Q1 25 | $103.7M | $74.2M | ||
| Q4 24 | $349.4M | $115.9M | ||
| Q3 24 | $-159.4M | $83.2M | ||
| Q2 24 | $58.5M | $83.1M | ||
| Q1 24 | $266.1M | $100.9M |
| Q4 25 | — | $-5.3M | ||
| Q3 25 | $134.6M | $57.3M | ||
| Q2 25 | $128.2M | $4.7M | ||
| Q1 25 | $76.8M | $45.7M | ||
| Q4 24 | $265.8M | $94.0M | ||
| Q3 24 | $-179.0M | $62.9M | ||
| Q2 24 | $41.6M | $70.4M | ||
| Q1 24 | $249.5M | $87.3M |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 11.0% | 5.9% | ||
| Q2 25 | 11.4% | 0.5% | ||
| Q1 25 | 7.2% | 5.2% | ||
| Q4 24 | 23.6% | 11.3% | ||
| Q3 24 | -19.0% | 7.8% | ||
| Q2 24 | 4.6% | 9.3% | ||
| Q1 24 | 24.0% | 11.9% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | 3.3% | 4.6% | ||
| Q2 25 | 2.6% | 5.5% | ||
| Q1 25 | 2.5% | 3.3% | ||
| Q4 24 | 7.4% | 2.6% | ||
| Q3 24 | 2.1% | 2.5% | ||
| Q2 24 | 1.9% | 1.7% | ||
| Q1 24 | 1.6% | 1.9% |
| Q4 25 | — | 0.41× | ||
| Q3 25 | 3.47× | 1.07× | ||
| Q2 25 | 17.50× | 0.63× | ||
| Q1 25 | 2.33× | 0.91× | ||
| Q4 24 | 9.44× | 1.34× | ||
| Q3 24 | -11.20× | 1.07× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | 5.37× | 1.25× |
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% |
FN
| Optical Communications | $832.6M | 73% |
| Non Optical Communications | $300.3M | 27% |
