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Side-by-side financial comparison of CIENA CORP (CIEN) and KeyCorp (KEY). Click either name above to swap in a different company.
KeyCorp is the larger business by last-quarter revenue ($2.0B vs $1.2B, roughly 1.6× CIENA CORP). KeyCorp runs the higher net margin — 25.4% vs 4.1%, a 21.3% gap on every dollar of revenue. KeyCorp produced more free cash flow last quarter ($2.1B vs $134.6M). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% 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).
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
CIEN vs KEY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.0B |
| Net Profit | $50.3M | $510.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 32.3% |
| Net Margin | 4.1% | 25.4% |
| Revenue YoY | — | 131.8% |
| Net Profit YoY | — | 309.0% |
| EPS (diluted) | $0.35 | $0.43 |
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 | — | $2.0B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.1B | $1.8B | ||
| Q4 24 | $1.1B | $865.0M | ||
| Q3 24 | $942.3M | $695.0M | ||
| Q2 24 | $910.8M | $1.5B | ||
| Q1 24 | $1.0B | $1.5B |
| Q4 25 | — | $510.0M | ||
| Q3 25 | $50.3M | $489.0M | ||
| Q2 25 | $9.0M | $425.0M | ||
| Q1 25 | $44.6M | $405.0M | ||
| Q4 24 | $37.0M | $-244.0M | ||
| Q3 24 | $14.2M | $-410.0M | ||
| Q2 24 | $-16.8M | $274.0M | ||
| Q1 24 | $49.5M | $219.0M |
| 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 | — | 32.3% | ||
| Q3 25 | 6.0% | 31.8% | ||
| Q2 25 | 2.9% | 29.3% | ||
| Q1 25 | 7.5% | 29.0% | ||
| Q4 24 | 5.3% | -92.6% | ||
| Q3 24 | 2.8% | -72.8% | ||
| Q2 24 | -0.4% | 22.0% | ||
| Q1 24 | 8.2% | 18.1% |
| Q4 25 | — | 25.4% | ||
| Q3 25 | 4.1% | 25.8% | ||
| Q2 25 | 0.8% | 23.1% | ||
| Q1 25 | 4.2% | 22.8% | ||
| Q4 24 | 3.3% | -54.7% | ||
| Q3 24 | 1.5% | -59.0% | ||
| Q2 24 | -1.8% | 18.0% | ||
| Q1 24 | 4.8% | 14.3% |
| Q4 25 | — | $0.43 | ||
| Q3 25 | $0.35 | $0.41 | ||
| Q2 25 | $0.06 | $0.35 | ||
| Q1 25 | $0.31 | $0.33 | ||
| Q4 24 | $0.26 | $-0.30 | ||
| Q3 24 | $0.10 | $-0.47 | ||
| Q2 24 | $-0.12 | $0.25 | ||
| Q1 24 | $0.34 | $0.20 |
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 | $10.2B |
| Total DebtLower is stronger | — | $9.9B |
| Stockholders' EquityBook value | $2.8B | $20.4B |
| Total Assets | $5.7B | $184.4B |
| Debt / EquityLower = less leverage | — | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.2B | ||
| Q3 25 | $1.3B | $13.3B | ||
| Q2 25 | $1.3B | $11.6B | ||
| Q1 25 | $1.2B | $15.3B | ||
| Q4 24 | $1.3B | $17.5B | ||
| Q3 24 | $1.1B | $22.8B | ||
| Q2 24 | $1.3B | $15.5B | ||
| Q1 24 | $1.4B | $13.2B |
| Q4 25 | — | $9.9B | ||
| Q3 25 | — | $10.9B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $12.4B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $15.7B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $20.8B |
| Q4 25 | — | $20.4B | ||
| Q3 25 | $2.8B | $20.1B | ||
| Q2 25 | $2.8B | $19.5B | ||
| Q1 25 | $2.8B | $19.0B | ||
| Q4 24 | $2.8B | $18.2B | ||
| Q3 24 | $2.9B | $16.9B | ||
| Q2 24 | $2.9B | $14.8B | ||
| Q1 24 | $2.9B | $14.5B |
| Q4 25 | — | $184.4B | ||
| Q3 25 | $5.7B | $187.4B | ||
| Q2 25 | $5.7B | $185.5B | ||
| Q1 25 | $5.6B | $188.7B | ||
| Q4 24 | $5.6B | $187.2B | ||
| Q3 24 | $5.6B | $189.8B | ||
| Q2 24 | $5.6B | $187.4B | ||
| Q1 24 | $5.6B | $187.5B |
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 1.43× |
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 | $2.2B |
| Free Cash FlowOCF − Capex | $134.6M | $2.1B |
| FCF MarginFCF / Revenue | 11.0% | 104.8% |
| Capex IntensityCapex / Revenue | 3.3% | 5.3% |
| Cash ConversionOCF / Net Profit | 3.47× | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.2B | ||
| Q3 25 | $174.3M | $396.0M | ||
| Q2 25 | $156.9M | $1.2B | ||
| Q1 25 | $103.7M | $-140.0M | ||
| Q4 24 | $349.4M | $664.0M | ||
| Q3 24 | $-159.4M | $-1.2B | ||
| Q2 24 | $58.5M | $-217.0M | ||
| Q1 24 | $266.1M | $359.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $134.6M | $367.0M | ||
| Q2 25 | $128.2M | $1.2B | ||
| Q1 25 | $76.8M | $-150.0M | ||
| Q4 24 | $265.8M | $599.0M | ||
| Q3 24 | $-179.0M | $-1.2B | ||
| Q2 24 | $41.6M | $-230.0M | ||
| Q1 24 | $249.5M | $347.0M |
| Q4 25 | — | 104.8% | ||
| Q3 25 | 11.0% | 19.4% | ||
| Q2 25 | 11.4% | 65.8% | ||
| Q1 25 | 7.2% | -8.5% | ||
| Q4 24 | 23.6% | 69.2% | ||
| Q3 24 | -19.0% | -175.8% | ||
| Q2 24 | 4.6% | -15.1% | ||
| Q1 24 | 24.0% | 22.6% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | 3.3% | 1.5% | ||
| Q2 25 | 2.6% | 1.3% | ||
| Q1 25 | 2.5% | 0.6% | ||
| Q4 24 | 7.4% | 7.5% | ||
| Q3 24 | 2.1% | 2.4% | ||
| Q2 24 | 1.9% | 0.9% | ||
| Q1 24 | 1.6% | 0.8% |
| Q4 25 | — | 4.33× | ||
| Q3 25 | 3.47× | 0.81× | ||
| Q2 25 | 17.50× | 2.90× | ||
| Q1 25 | 2.33× | -0.35× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | -0.79× | ||
| Q1 24 | 5.37× | 1.64× |
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% |
KEY
Segment breakdown not available.
