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Side-by-side financial comparison of CIENA CORP (CIEN) and FORWARD AIR CORP (FWRD). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $631.2M, roughly 1.9× FORWARD AIR CORP). CIENA CORP runs the higher net margin — 4.1% vs -4.5%, a 8.6% gap on every dollar of revenue. Over the past eight quarters, FORWARD AIR CORP's revenue compounded faster (7.9% 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).
Forward Air Corp is a leading North American asset-light logistics and transportation provider. It offers core services including expedited less-than-truckload freight delivery, final-mile logistics, intermodal transport, warehousing, and supply chain solutions, serving key sectors such as e-commerce, retail, manufacturing, and automotive across the U.S., Canada, and Mexico.
CIEN vs FWRD — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $631.2M |
| Net Profit | $50.3M | $-28.3M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | -0.5% |
| Net Margin | 4.1% | -4.5% |
| Revenue YoY | — | -0.3% |
| Net Profit YoY | — | 22.2% |
| 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 | — | $631.2M | ||
| Q3 25 | $1.2B | $631.8M | ||
| Q2 25 | $1.1B | $618.8M | ||
| Q1 25 | $1.1B | $613.3M | ||
| Q4 24 | $1.1B | $632.8M | ||
| Q3 24 | $942.3M | $655.9M | ||
| Q2 24 | $910.8M | $643.7M | ||
| Q1 24 | $1.0B | $541.8M |
| Q4 25 | — | $-28.3M | ||
| Q3 25 | $50.3M | $-16.3M | ||
| Q2 25 | $9.0M | $-12.6M | ||
| Q1 25 | $44.6M | $-50.6M | ||
| Q4 24 | $37.0M | $-36.4M | ||
| Q3 24 | $14.2M | $-73.4M | ||
| Q2 24 | $-16.8M | $-645.4M | ||
| Q1 24 | $49.5M | $-61.7M |
| Q4 25 | — | — | ||
| Q3 25 | 41.3% | — | ||
| Q2 25 | 40.2% | — | ||
| Q1 25 | 44.0% | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.9% | — | ||
| Q2 24 | 42.7% | — | ||
| Q1 24 | 45.0% | — |
| Q4 25 | — | -0.5% | ||
| Q3 25 | 6.0% | 2.4% | ||
| Q2 25 | 2.9% | 3.2% | ||
| Q1 25 | 7.5% | 0.8% | ||
| Q4 24 | 5.3% | 12.0% | ||
| Q3 24 | 2.8% | 3.5% | ||
| Q2 24 | -0.4% | -170.2% | ||
| Q1 24 | 8.2% | -12.1% |
| Q4 25 | — | -4.5% | ||
| Q3 25 | 4.1% | -2.6% | ||
| Q2 25 | 0.8% | -2.0% | ||
| Q1 25 | 4.2% | -8.3% | ||
| Q4 24 | 3.3% | -5.8% | ||
| Q3 24 | 1.5% | -11.2% | ||
| Q2 24 | -1.8% | -100.3% | ||
| Q1 24 | 4.8% | -11.4% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.35 | $-0.52 | ||
| Q2 25 | $0.06 | $-0.41 | ||
| Q1 25 | $0.31 | $-1.68 | ||
| Q4 24 | $0.26 | $-1.69 | ||
| Q3 24 | $0.10 | $-2.66 | ||
| Q2 24 | $-0.12 | $-23.47 | ||
| Q1 24 | $0.34 | $-2.81 |
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 | $106.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $2.8B | $113.3M |
| Total Assets | $5.7B | $2.7B |
| Debt / EquityLower = less leverage | — | 14.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $106.0M | ||
| Q3 25 | $1.3B | $140.4M | ||
| Q2 25 | $1.3B | $95.1M | ||
| Q1 25 | $1.2B | $116.3M | ||
| Q4 24 | $1.3B | $104.9M | ||
| Q3 24 | $1.1B | $136.6M | ||
| Q2 24 | $1.3B | $84.9M | ||
| Q1 24 | $1.4B | $152.0M |
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.7B |
| Q4 25 | — | $113.3M | ||
| Q3 25 | $2.8B | $139.8M | ||
| Q2 25 | $2.8B | $151.8M | ||
| Q1 25 | $2.8B | $154.6M | ||
| Q4 24 | $2.8B | $201.7M | ||
| Q3 24 | $2.9B | $226.1M | ||
| Q2 24 | $2.9B | $283.8M | ||
| Q1 24 | $2.9B | $926.1M |
| Q4 25 | — | $2.7B | ||
| Q3 25 | $5.7B | $2.8B | ||
| Q2 25 | $5.7B | $2.8B | ||
| Q1 25 | $5.6B | $2.8B | ||
| Q4 24 | $5.6B | $2.8B | ||
| Q3 24 | $5.6B | $3.1B | ||
| Q2 24 | $5.6B | $3.1B | ||
| Q1 24 | $5.6B | $4.0B |
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.81× |
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 | — |
| Free Cash FlowOCF − Capex | $134.6M | — |
| FCF MarginFCF / Revenue | 11.0% | — |
| Capex IntensityCapex / Revenue | 3.3% | 1.3% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $174.3M | $52.7M | ||
| Q2 25 | $156.9M | — | ||
| Q1 25 | $103.7M | $27.6M | ||
| Q4 24 | $349.4M | $-23.2M | ||
| Q3 24 | $-159.4M | $51.2M | ||
| Q2 24 | $58.5M | $-45.2M | ||
| Q1 24 | $266.1M | $-51.7M |
| Q4 25 | — | — | ||
| Q3 25 | $134.6M | $48.6M | ||
| Q2 25 | $128.2M | — | ||
| Q1 25 | $76.8M | $15.7M | ||
| Q4 24 | $265.8M | $-30.5M | ||
| Q3 24 | $-179.0M | $40.7M | ||
| Q2 24 | $41.6M | $-59.6M | ||
| Q1 24 | $249.5M | $-56.7M |
| Q4 25 | — | — | ||
| Q3 25 | 11.0% | 7.7% | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 7.2% | 2.6% | ||
| Q4 24 | 23.6% | -4.8% | ||
| Q3 24 | -19.0% | 6.2% | ||
| Q2 24 | 4.6% | -9.3% | ||
| Q1 24 | 24.0% | -10.5% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | 3.3% | 0.7% | ||
| Q2 25 | 2.6% | 0.8% | ||
| Q1 25 | 2.5% | 1.9% | ||
| Q4 24 | 7.4% | 1.1% | ||
| Q3 24 | 2.1% | 1.6% | ||
| Q2 24 | 1.9% | 2.2% | ||
| Q1 24 | 1.6% | 0.9% |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | — | ||
| 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% |
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
