vs
Side-by-side financial comparison of CIENA CORP (CIEN) and Magnera Corp (MAGN). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $792.0M, roughly 1.5× Magnera Corp). CIENA CORP runs the higher net margin — 4.1% vs -4.3%, a 8.4% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $-13.0M). Over the past eight quarters, Magnera Corp's revenue compounded faster (54.9% 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).
CIEN vs MAGN — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $792.0M |
| Net Profit | $50.3M | $-34.0M |
| Gross Margin | 41.3% | 12.2% |
| Operating Margin | 6.0% | 1.8% |
| Net Margin | 4.1% | -4.3% |
| Revenue YoY | — | 12.8% |
| Net Profit YoY | — | 43.3% |
| EPS (diluted) | $0.35 | $-0.95 |
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 | — | $792.0M | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.1B | $839.0M | ||
| Q1 25 | $1.1B | $824.0M | ||
| Q4 24 | $1.1B | $702.0M | ||
| Q3 24 | $942.3M | $332.1M | ||
| Q2 24 | $910.8M | $556.0M | ||
| Q1 24 | $1.0B | $558.0M |
| Q4 25 | — | $-34.0M | ||
| Q3 25 | $50.3M | — | ||
| Q2 25 | $9.0M | $-18.0M | ||
| Q1 25 | $44.6M | $-41.0M | ||
| Q4 24 | $37.0M | $-60.0M | ||
| Q3 24 | $14.2M | $-15.2M | ||
| Q2 24 | $-16.8M | $19.0M | ||
| Q1 24 | $49.5M | $14.0M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 41.3% | — | ||
| Q2 25 | 40.2% | 10.7% | ||
| Q1 25 | 44.0% | 10.7% | ||
| Q4 24 | 40.9% | 10.1% | ||
| Q3 24 | 42.9% | 10.7% | ||
| Q2 24 | 42.7% | 6.6% | ||
| Q1 24 | 45.0% | 6.2% |
| Q4 25 | — | 1.8% | ||
| Q3 25 | 6.0% | — | ||
| Q2 25 | 2.9% | 1.5% | ||
| Q1 25 | 7.5% | 0.5% | ||
| Q4 24 | 5.3% | -3.1% | ||
| Q3 24 | 2.8% | 0.9% | ||
| Q2 24 | -0.4% | 3.1% | ||
| Q1 24 | 8.2% | 3.8% |
| Q4 25 | — | -4.3% | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | 0.8% | -2.1% | ||
| Q1 25 | 4.2% | -5.0% | ||
| Q4 24 | 3.3% | -8.5% | ||
| Q3 24 | 1.5% | -4.6% | ||
| Q2 24 | -1.8% | 3.4% | ||
| Q1 24 | 4.8% | 2.5% |
| Q4 25 | — | $-0.95 | ||
| Q3 25 | $0.35 | — | ||
| Q2 25 | $0.06 | $-0.51 | ||
| Q1 25 | $0.31 | $-1.15 | ||
| Q4 24 | $0.26 | $-1.69 | ||
| Q3 24 | $0.10 | $-0.33 | ||
| Q2 24 | $-0.12 | $0.60 | ||
| Q1 24 | $0.34 | $0.44 |
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 | $264.0M |
| Total DebtLower is stronger | — | $1.9B |
| Stockholders' EquityBook value | $2.8B | $1.0B |
| Total Assets | $5.7B | $3.9B |
| Debt / EquityLower = less leverage | — | 1.86× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $264.0M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | $276.0M | ||
| Q1 25 | $1.2B | $282.0M | ||
| Q4 24 | $1.3B | $215.0M | ||
| Q3 24 | $1.1B | $230.0M | ||
| Q2 24 | $1.3B | $33.9M | ||
| Q1 24 | $1.4B | $30.2M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $877.4M | ||
| Q1 24 | — | $884.7M |
| Q4 25 | — | $1.0B | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $2.8B | $1.1B | ||
| Q1 25 | $2.8B | $1.1B | ||
| Q4 24 | $2.8B | $1.1B | ||
| Q3 24 | $2.9B | $2.1B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $2.9B | $2.4B |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $5.7B | — | ||
| Q2 25 | $5.7B | $4.1B | ||
| Q1 25 | $5.6B | $4.1B | ||
| Q4 24 | $5.6B | $4.0B | ||
| Q3 24 | $5.6B | $2.8B | ||
| Q2 24 | $5.6B | $1.5B | ||
| Q1 24 | $5.6B | $1.5B |
| Q4 25 | — | 1.86× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 1.80× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.36× |
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 | $2.0M |
| Free Cash FlowOCF − Capex | $134.6M | $-13.0M |
| FCF MarginFCF / Revenue | 11.0% | -1.6% |
| Capex IntensityCapex / Revenue | 3.3% | 1.9% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.0M | ||
| Q3 25 | $174.3M | — | ||
| Q2 25 | $156.9M | $0 | ||
| Q1 25 | $103.7M | $65.0M | ||
| Q4 24 | $349.4M | $-58.0M | ||
| Q3 24 | $-159.4M | $12.2M | ||
| Q2 24 | $58.5M | $38.0M | ||
| Q1 24 | $266.1M | $20.0M |
| Q4 25 | — | $-13.0M | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $128.2M | — | ||
| Q1 25 | $76.8M | $42.0M | ||
| Q4 24 | $265.8M | $-74.0M | ||
| Q3 24 | $-179.0M | $3.6M | ||
| Q2 24 | $41.6M | $23.0M | ||
| Q1 24 | $249.5M | $12.5M |
| Q4 25 | — | -1.6% | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 7.2% | 5.1% | ||
| Q4 24 | 23.6% | -10.5% | ||
| Q3 24 | -19.0% | 1.1% | ||
| Q2 24 | 4.6% | 4.1% | ||
| Q1 24 | 24.0% | 2.2% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.6% | 1.5% | ||
| Q1 25 | 2.5% | 2.8% | ||
| Q4 24 | 7.4% | 2.3% | ||
| Q3 24 | 2.1% | 2.6% | ||
| Q2 24 | 1.9% | 2.7% | ||
| Q1 24 | 1.6% | 1.3% |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | — | ||
| Q2 25 | 17.50× | — | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | 2.00× | ||
| Q1 24 | 5.37× | 1.43× |
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% |
MAGN
| Other | $451.0M | 57% |
| United States And Canada | $341.0M | 43% |
