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Side-by-side financial comparison of CIENA CORP (CIEN) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $1.2B, roughly 1.0× CIENA CORP). Graham Holdings Co runs the higher net margin — 8.7% vs 4.1%, a 4.6% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $5.0M). Over the past eight quarters, Graham Holdings Co's revenue compounded faster (4.2% 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).
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
CIEN vs GHC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.3B |
| Net Profit | $50.3M | $108.7M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 3.8% |
| Net Margin | 4.1% | 8.7% |
| Revenue YoY | — | 0.4% |
| Net Profit YoY | — | -80.2% |
| EPS (diluted) | $0.35 | $24.76 |
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 | — | $1.3B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $942.3M | $1.2B | ||
| Q2 24 | $910.8M | $1.2B | ||
| Q1 24 | $1.0B | $1.2B |
| Q4 25 | — | $108.7M | ||
| Q3 25 | $50.3M | $122.9M | ||
| Q2 25 | $9.0M | $36.7M | ||
| Q1 25 | $44.6M | $23.9M | ||
| Q4 24 | $37.0M | $548.8M | ||
| Q3 24 | $14.2M | $72.5M | ||
| Q2 24 | $-16.8M | $-21.0M | ||
| Q1 24 | $49.5M | $124.4M |
| 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 | — | 3.8% | ||
| Q3 25 | 6.0% | 5.2% | ||
| Q2 25 | 2.9% | 6.0% | ||
| Q1 25 | 7.5% | 4.1% | ||
| Q4 24 | 5.3% | 5.8% | ||
| Q3 24 | 2.8% | 6.8% | ||
| Q2 24 | -0.4% | 2.2% | ||
| Q1 24 | 8.2% | 3.1% |
| Q4 25 | — | 8.7% | ||
| Q3 25 | 4.1% | 9.6% | ||
| Q2 25 | 0.8% | 3.0% | ||
| Q1 25 | 4.2% | 2.0% | ||
| Q4 24 | 3.3% | 44.1% | ||
| Q3 24 | 1.5% | 6.0% | ||
| Q2 24 | -1.8% | -1.8% | ||
| Q1 24 | 4.8% | 10.8% |
| Q4 25 | — | $24.76 | ||
| Q3 25 | $0.35 | $27.91 | ||
| Q2 25 | $0.06 | $8.35 | ||
| Q1 25 | $0.31 | $5.45 | ||
| Q4 24 | $0.26 | $124.05 | ||
| Q3 24 | $0.10 | $16.42 | ||
| Q2 24 | $-0.12 | $-4.79 | ||
| Q1 24 | $0.34 | $27.72 |
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 | $267.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $4.8B |
| Total Assets | $5.7B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $267.0M | ||
| Q3 25 | $1.3B | $190.8M | ||
| Q2 25 | $1.3B | $176.2M | ||
| Q1 25 | $1.2B | $156.7M | ||
| Q4 24 | $1.3B | $260.9M | ||
| Q3 24 | $1.1B | $244.4M | ||
| Q2 24 | $1.3B | $140.7M | ||
| Q1 24 | $1.4B | $130.9M |
| Q4 25 | — | $4.8B | ||
| Q3 25 | $2.8B | $4.5B | ||
| Q2 25 | $2.8B | $4.4B | ||
| Q1 25 | $2.8B | $4.3B | ||
| Q4 24 | $2.8B | $4.3B | ||
| Q3 24 | $2.9B | $4.0B | ||
| Q2 24 | $2.9B | $4.0B | ||
| Q1 24 | $2.9B | $4.0B |
| Q4 25 | — | $8.4B | ||
| Q3 25 | $5.7B | $7.9B | ||
| Q2 25 | $5.7B | $7.6B | ||
| Q1 25 | $5.6B | $7.6B | ||
| Q4 24 | $5.6B | $7.7B | ||
| Q3 24 | $5.6B | $7.4B | ||
| Q2 24 | $5.6B | $7.2B | ||
| Q1 24 | $5.6B | $7.3B |
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 | $28.3M |
| Free Cash FlowOCF − Capex | $134.6M | $5.0M |
| FCF MarginFCF / Revenue | 11.0% | 0.4% |
| Capex IntensityCapex / Revenue | 3.3% | 1.9% |
| Cash ConversionOCF / Net Profit | 3.47× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $28.3M | ||
| Q3 25 | $174.3M | $178.1M | ||
| Q2 25 | $156.9M | $94.8M | ||
| Q1 25 | $103.7M | $46.0M | ||
| Q4 24 | $349.4M | $116.3M | ||
| Q3 24 | $-159.4M | $237.6M | ||
| Q2 24 | $58.5M | $52.0M | ||
| Q1 24 | $266.1M | $1.1M |
| Q4 25 | — | $5.0M | ||
| Q3 25 | $134.6M | $161.8M | ||
| Q2 25 | $128.2M | $78.0M | ||
| Q1 25 | $76.8M | $30.5M | ||
| Q4 24 | $265.8M | $91.1M | ||
| Q3 24 | $-179.0M | $219.4M | ||
| Q2 24 | $41.6M | $33.7M | ||
| Q1 24 | $249.5M | $-20.2M |
| Q4 25 | — | 0.4% | ||
| Q3 25 | 11.0% | 12.6% | ||
| Q2 25 | 11.4% | 6.4% | ||
| Q1 25 | 7.2% | 2.6% | ||
| Q4 24 | 23.6% | 7.3% | ||
| Q3 24 | -19.0% | 18.2% | ||
| Q2 24 | 4.6% | 2.8% | ||
| Q1 24 | 24.0% | -1.8% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | 3.3% | 1.3% | ||
| Q2 25 | 2.6% | 1.4% | ||
| Q1 25 | 2.5% | 1.3% | ||
| Q4 24 | 7.4% | 2.0% | ||
| Q3 24 | 2.1% | 1.5% | ||
| Q2 24 | 1.9% | 1.5% | ||
| Q1 24 | 1.6% | 1.8% |
| Q4 25 | — | 0.26× | ||
| Q3 25 | 3.47× | 1.45× | ||
| Q2 25 | 17.50× | 2.58× | ||
| Q1 25 | 2.33× | 1.93× | ||
| Q4 24 | 9.44× | 0.21× | ||
| Q3 24 | -11.20× | 3.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.37× | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
