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Side-by-side financial comparison of CIENA CORP (CIEN) and Lineage, Inc. (LINE). Click either name above to swap in a different company.
Lineage, Inc. is the larger business by last-quarter revenue ($1.4B vs $1.2B, roughly 1.1× CIENA CORP). CIENA CORP runs the higher net margin — 4.1% vs -7.3%, a 11.4% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $35.0M).
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).
Norwegian Cruise Line Holdings (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
CIEN vs LINE — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.4B |
| Net Profit | $50.3M | $-100.0M |
| Gross Margin | 41.3% | 32.3% |
| Operating Margin | 6.0% | 2.5% |
| Net Margin | 4.1% | -7.3% |
| Revenue YoY | — | 3.1% |
| Net Profit YoY | — | 79.4% |
| EPS (diluted) | $0.35 | $-0.44 |
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.
| Q3 25 | $1.2B | $1.4B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $942.3M | $1.3B | ||
| Q2 24 | $910.8M | $1.3B | ||
| Q1 24 | $1.0B | $1.3B | ||
| Q4 23 | $1.1B | — |
| Q3 25 | $50.3M | $-100.0M | ||
| Q2 25 | $9.0M | $-6.0M | ||
| Q1 25 | $44.6M | $0 | ||
| Q4 24 | $37.0M | $-71.0M | ||
| Q3 24 | $14.2M | $-485.0M | ||
| Q2 24 | $-16.8M | $-68.0M | ||
| Q1 24 | $49.5M | $-40.0M | ||
| Q4 23 | $91.2M | — |
| Q3 25 | 41.3% | 32.3% | ||
| Q2 25 | 40.2% | 31.9% | ||
| Q1 25 | 44.0% | 32.2% | ||
| Q4 24 | 40.9% | 32.3% | ||
| Q3 24 | 42.9% | 32.8% | ||
| Q2 24 | 42.7% | 33.4% | ||
| Q1 24 | 45.0% | 33.4% | ||
| Q4 23 | 43.1% | — |
| Q3 25 | 6.0% | 2.5% | ||
| Q2 25 | 2.9% | 1.7% | ||
| Q1 25 | 7.5% | 4.3% | ||
| Q4 24 | 5.3% | -1.6% | ||
| Q3 24 | 2.8% | -38.6% | ||
| Q2 24 | -0.4% | 5.5% | ||
| Q1 24 | 8.2% | 7.6% | ||
| Q4 23 | 8.1% | — |
| Q3 25 | 4.1% | -7.3% | ||
| Q2 25 | 0.8% | -0.4% | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 3.3% | -5.3% | ||
| Q3 24 | 1.5% | -36.3% | ||
| Q2 24 | -1.8% | -5.1% | ||
| Q1 24 | 4.8% | -3.0% | ||
| Q4 23 | 8.1% | — |
| Q3 25 | $0.35 | $-0.44 | ||
| Q2 25 | $0.06 | $-0.03 | ||
| Q1 25 | $0.31 | $0.01 | ||
| Q4 24 | $0.26 | $-0.52 | ||
| Q3 24 | $0.10 | $-2.44 | ||
| Q2 24 | $-0.12 | $-0.46 | ||
| Q1 24 | $0.34 | $-0.28 | ||
| Q4 23 | $0.62 | — |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $8.4B |
| Total Assets | $5.7B | $19.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $173.0M | ||
| Q3 24 | $1.1B | $409.0M | ||
| Q2 24 | $1.3B | $73.0M | ||
| Q1 24 | $1.4B | — | ||
| Q4 23 | $1.1B | — |
| Q3 25 | $2.8B | $8.4B | ||
| Q2 25 | $2.8B | $8.6B | ||
| Q1 25 | $2.8B | $8.6B | ||
| Q4 24 | $2.8B | $8.6B | ||
| Q3 24 | $2.9B | $9.0B | ||
| Q2 24 | $2.9B | $4.9B | ||
| Q1 24 | $2.9B | $5.6B | ||
| Q4 23 | $2.8B | — |
| Q3 25 | $5.7B | $19.2B | ||
| Q2 25 | $5.7B | $19.4B | ||
| Q1 25 | $5.6B | $18.8B | ||
| Q4 24 | $5.6B | $18.7B | ||
| Q3 24 | $5.6B | $19.3B | ||
| Q2 24 | $5.6B | $18.8B | ||
| Q1 24 | $5.6B | — | ||
| Q4 23 | $5.6B | — |
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 | $230.0M |
| Free Cash FlowOCF − Capex | $134.6M | $35.0M |
| FCF MarginFCF / Revenue | 11.0% | 2.5% |
| Capex IntensityCapex / Revenue | 3.3% | 14.2% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $174.3M | $230.0M | ||
| Q2 25 | $156.9M | $258.0M | ||
| Q1 25 | $103.7M | $139.0M | ||
| Q4 24 | $349.4M | — | ||
| Q3 24 | $-159.4M | $186.0M | ||
| Q2 24 | $58.5M | $155.0M | ||
| Q1 24 | $266.1M | $105.0M | ||
| Q4 23 | $195.5M | — |
| Q3 25 | $134.6M | $35.0M | ||
| Q2 25 | $128.2M | $95.0M | ||
| Q1 25 | $76.8M | $-12.0M | ||
| Q4 24 | $265.8M | — | ||
| Q3 24 | $-179.0M | $33.0M | ||
| Q2 24 | $41.6M | $-31.0M | ||
| Q1 24 | $249.5M | $-42.0M | ||
| Q4 23 | $172.7M | — |
| Q3 25 | 11.0% | 2.5% | ||
| Q2 25 | 11.4% | 7.0% | ||
| Q1 25 | 7.2% | -0.9% | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | -19.0% | 2.5% | ||
| Q2 24 | 4.6% | -2.3% | ||
| Q1 24 | 24.0% | -3.2% | ||
| Q4 23 | 15.3% | — |
| Q3 25 | 3.3% | 14.2% | ||
| Q2 25 | 2.6% | 12.1% | ||
| Q1 25 | 2.5% | 11.7% | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 2.1% | 11.5% | ||
| Q2 24 | 1.9% | 13.9% | ||
| Q1 24 | 1.6% | 11.1% | ||
| Q4 23 | 2.0% | — |
| 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× | — | ||
| Q4 23 | 2.14× | — |
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% |
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
