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Side-by-side financial comparison of CIENA CORP (CIEN) and GRAPHIC PACKAGING HOLDING CO (GPK). Click either name above to swap in a different company.
GRAPHIC PACKAGING HOLDING CO is the larger business by last-quarter revenue ($2.1B vs $1.2B, roughly 1.7× CIENA CORP). CIENA CORP runs the higher net margin — 4.1% vs 3.4%, a 0.7% gap on every dollar of revenue. Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs -3.5%).
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).
Graphic Packaging International is a Fortune 500 corporation based in Atlanta, Georgia, United States. It designs and manufactures packaging solutions for commercial products. GPI manufactures paperboard and folding cartons for a wide range of popular consumer goods, particularly beverages and packaged food. The company operates paperboard mills in Kalamazoo, Michigan; Macon, Georgia; Middletown, Ohio; Prosperity, South Carolina; Texarkana, Texas; and West Monroe, Louisiana, that use recycled...
CIEN vs GPK — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.1B |
| Net Profit | $50.3M | $71.0M |
| Gross Margin | 41.3% | 14.1% |
| Operating Margin | 6.0% | 7.4% |
| Net Margin | 4.1% | 3.4% |
| Revenue YoY | — | 0.2% |
| Net Profit YoY | — | -48.6% |
| EPS (diluted) | $0.35 | $0.24 |
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 | — | $2.1B | ||
| Q3 25 | $1.2B | $2.2B | ||
| Q2 25 | $1.1B | $2.2B | ||
| Q1 25 | $1.1B | $2.1B | ||
| Q4 24 | $1.1B | $2.1B | ||
| Q3 24 | $942.3M | $2.2B | ||
| Q2 24 | $910.8M | $2.2B | ||
| Q1 24 | $1.0B | $2.3B |
| Q4 25 | — | $71.0M | ||
| Q3 25 | $50.3M | $142.0M | ||
| Q2 25 | $9.0M | $104.0M | ||
| Q1 25 | $44.6M | $127.0M | ||
| Q4 24 | $37.0M | $138.0M | ||
| Q3 24 | $14.2M | $165.0M | ||
| Q2 24 | $-16.8M | $190.0M | ||
| Q1 24 | $49.5M | $165.0M |
| Q4 25 | — | 14.1% | ||
| Q3 25 | 41.3% | 19.6% | ||
| Q2 25 | 40.2% | 18.7% | ||
| Q1 25 | 44.0% | 20.6% | ||
| Q4 24 | 40.9% | 21.4% | ||
| Q3 24 | 42.9% | 22.3% | ||
| Q2 24 | 42.7% | 21.2% | ||
| Q1 24 | 45.0% | 23.0% |
| Q4 25 | — | 7.4% | ||
| Q3 25 | 6.0% | 10.7% | ||
| Q2 25 | 2.9% | 8.8% | ||
| Q1 25 | 7.5% | 10.5% | ||
| Q4 24 | 5.3% | 11.4% | ||
| Q3 24 | 2.8% | 12.6% | ||
| Q2 24 | -0.4% | 14.5% | ||
| Q1 24 | 8.2% | 12.4% |
| Q4 25 | — | 3.4% | ||
| Q3 25 | 4.1% | 6.5% | ||
| Q2 25 | 0.8% | 4.7% | ||
| Q1 25 | 4.2% | 6.0% | ||
| Q4 24 | 3.3% | 6.6% | ||
| Q3 24 | 1.5% | 7.5% | ||
| Q2 24 | -1.8% | 8.5% | ||
| Q1 24 | 4.8% | 7.3% |
| Q4 25 | — | $0.24 | ||
| Q3 25 | $0.35 | $0.48 | ||
| Q2 25 | $0.06 | $0.34 | ||
| Q1 25 | $0.31 | $0.42 | ||
| Q4 24 | $0.26 | $0.46 | ||
| Q3 24 | $0.10 | $0.55 | ||
| Q2 24 | $-0.12 | $0.62 | ||
| Q1 24 | $0.34 | $0.53 |
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 | $261.0M |
| Total DebtLower is stronger | — | $5.0B |
| Stockholders' EquityBook value | $2.8B | $3.3B |
| Total Assets | $5.7B | $11.8B |
| Debt / EquityLower = less leverage | — | 1.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $261.0M | ||
| Q3 25 | $1.3B | $120.0M | ||
| Q2 25 | $1.3B | $120.0M | ||
| Q1 25 | $1.2B | $129.0M | ||
| Q4 24 | $1.3B | $157.0M | ||
| Q3 24 | $1.1B | $126.0M | ||
| Q2 24 | $1.3B | $125.0M | ||
| Q1 24 | $1.4B | $136.0M |
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $4.9B | ||
| Q1 24 | — | $4.9B |
| Q4 25 | — | $3.3B | ||
| Q3 25 | $2.8B | $3.3B | ||
| Q2 25 | $2.8B | $3.2B | ||
| Q1 25 | $2.8B | $3.2B | ||
| Q4 24 | $2.8B | $3.0B | ||
| Q3 24 | $2.9B | $3.0B | ||
| Q2 24 | $2.9B | $2.8B | ||
| Q1 24 | $2.9B | $2.9B |
| Q4 25 | — | $11.8B | ||
| Q3 25 | $5.7B | $11.9B | ||
| Q2 25 | $5.7B | $11.8B | ||
| Q1 25 | $5.6B | $11.5B | ||
| Q4 24 | $5.6B | $11.1B | ||
| Q3 24 | $5.6B | $11.2B | ||
| Q2 24 | $5.6B | $10.8B | ||
| Q1 24 | $5.6B | $11.3B |
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 1.67× | ||
| Q2 25 | — | 1.68× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 1.71× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.73× |
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 | $521.0M |
| Free Cash FlowOCF − Capex | $134.6M | — |
| FCF MarginFCF / Revenue | 11.0% | — |
| Capex IntensityCapex / Revenue | 3.3% | — |
| Cash ConversionOCF / Net Profit | 3.47× | 7.34× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $521.0M | ||
| Q3 25 | $174.3M | $227.0M | ||
| Q2 25 | $156.9M | $267.0M | ||
| Q1 25 | $103.7M | $-174.0M | ||
| Q4 24 | $349.4M | $489.0M | ||
| Q3 24 | $-159.4M | $187.0M | ||
| Q2 24 | $58.5M | $161.0M | ||
| Q1 24 | $266.1M | $3.0M |
| Q4 25 | — | — | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $128.2M | — | ||
| Q1 25 | $76.8M | — | ||
| Q4 24 | $265.8M | — | ||
| Q3 24 | $-179.0M | — | ||
| Q2 24 | $41.6M | — | ||
| Q1 24 | $249.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | -19.0% | — | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 24.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 1.6% | — |
| Q4 25 | — | 7.34× | ||
| Q3 25 | 3.47× | 1.60× | ||
| Q2 25 | 17.50× | 2.57× | ||
| Q1 25 | 2.33× | -1.37× | ||
| Q4 24 | 9.44× | 3.54× | ||
| Q3 24 | -11.20× | 1.13× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | 5.37× | 0.02× |
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% |
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
