vs
Side-by-side financial comparison of CIENA CORP (CIEN) and MODINE MANUFACTURING CO (MOD). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $805.0M, roughly 1.5× MODINE MANUFACTURING CO). CIENA CORP runs the higher net margin — 4.1% vs -5.9%, a 10.0% gap on every dollar of revenue. CIENA CORP produced more free cash flow last quarter ($134.6M vs $-17.1M). Over the past eight quarters, MODINE MANUFACTURING CO's revenue compounded faster (15.5% 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).
Modine Manufacturing is a thermal management company established in 1916 in the United States. The company started as Modine Manufacturing Company by Arthur B Modine who patented the Spirex radiator for tractors. The Modine company manufactured the Turbotube radiator for Ford Model T cars. The company built the world's first vehicular wind tunnel in Racine, Wisconsin in 1941. During WWII, Modine manufactured aftercoolers for the P-51 Mustang fighter plane. After WWII, Modine introduced the Ai...
CIEN vs MOD — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $805.0M |
| Net Profit | $50.3M | $-47.4M |
| Gross Margin | 41.3% | 23.1% |
| Operating Margin | 6.0% | 11.1% |
| Net Margin | 4.1% | -5.9% |
| Revenue YoY | — | 30.5% |
| Net Profit YoY | — | -215.6% |
| EPS (diluted) | $0.35 | $-0.90 |
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 | — | $805.0M | ||
| Q3 25 | $1.2B | $738.9M | ||
| Q2 25 | $1.1B | $682.8M | ||
| Q1 25 | $1.1B | $647.2M | ||
| Q4 24 | $1.1B | $616.8M | ||
| Q3 24 | $942.3M | $658.0M | ||
| Q2 24 | $910.8M | $661.5M | ||
| Q1 24 | $1.0B | $603.5M |
| Q4 25 | — | $-47.4M | ||
| Q3 25 | $50.3M | $44.4M | ||
| Q2 25 | $9.0M | $51.2M | ||
| Q1 25 | $44.6M | $49.6M | ||
| Q4 24 | $37.0M | $41.0M | ||
| Q3 24 | $14.2M | $46.1M | ||
| Q2 24 | $-16.8M | $47.3M | ||
| Q1 24 | $49.5M | $25.8M |
| Q4 25 | — | 23.1% | ||
| Q3 25 | 41.3% | 22.3% | ||
| Q2 25 | 40.2% | 24.2% | ||
| Q1 25 | 44.0% | 25.6% | ||
| Q4 24 | 40.9% | 24.3% | ||
| Q3 24 | 42.9% | 25.2% | ||
| Q2 24 | 42.7% | 24.6% | ||
| Q1 24 | 45.0% | 22.4% |
| Q4 25 | — | 11.1% | ||
| Q3 25 | 6.0% | 9.9% | ||
| Q2 25 | 2.9% | 11.1% | ||
| Q1 25 | 7.5% | 11.5% | ||
| Q4 24 | 5.3% | 9.6% | ||
| Q3 24 | 2.8% | 11.4% | ||
| Q2 24 | -0.4% | 11.2% | ||
| Q1 24 | 8.2% | 7.8% |
| Q4 25 | — | -5.9% | ||
| Q3 25 | 4.1% | 6.0% | ||
| Q2 25 | 0.8% | 7.5% | ||
| Q1 25 | 4.2% | 7.7% | ||
| Q4 24 | 3.3% | 6.6% | ||
| Q3 24 | 1.5% | 7.0% | ||
| Q2 24 | -1.8% | 7.2% | ||
| Q1 24 | 4.8% | 4.3% |
| Q4 25 | — | $-0.90 | ||
| Q3 25 | $0.35 | $0.83 | ||
| Q2 25 | $0.06 | $0.95 | ||
| Q1 25 | $0.31 | $0.92 | ||
| Q4 24 | $0.26 | $0.76 | ||
| Q3 24 | $0.10 | $0.86 | ||
| Q2 24 | $-0.12 | $0.88 | ||
| Q1 24 | $0.34 | $0.48 |
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 | $98.7M |
| Total DebtLower is stronger | — | $570.7M |
| Stockholders' EquityBook value | $2.8B | $1.1B |
| Total Assets | $5.7B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $98.7M | ||
| Q3 25 | $1.3B | $83.8M | ||
| Q2 25 | $1.3B | $124.5M | ||
| Q1 25 | $1.2B | $71.6M | ||
| Q4 24 | $1.3B | $83.8M | ||
| Q3 24 | $1.1B | $78.6M | ||
| Q2 24 | $1.3B | $72.9M | ||
| Q1 24 | $1.4B | $60.1M |
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $525.8M | ||
| Q2 25 | — | $482.1M | ||
| Q1 25 | — | $296.7M | ||
| Q4 24 | — | $330.0M | ||
| Q3 24 | — | $359.1M | ||
| Q2 24 | — | $405.7M | ||
| Q1 24 | — | $399.9M |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $2.8B | $1.1B | ||
| Q2 25 | $2.8B | $1.0B | ||
| Q1 25 | $2.8B | $910.2M | ||
| Q4 24 | $2.8B | $855.1M | ||
| Q3 24 | $2.9B | $858.8M | ||
| Q2 24 | $2.9B | $788.4M | ||
| Q1 24 | $2.9B | $747.6M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | $5.7B | $2.4B | ||
| Q2 25 | $5.7B | $2.2B | ||
| Q1 25 | $5.6B | $1.9B | ||
| Q4 24 | $5.6B | $1.8B | ||
| Q3 24 | $5.6B | $1.9B | ||
| Q2 24 | $5.6B | $1.9B | ||
| Q1 24 | $5.6B | $1.9B |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 0.33× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.53× |
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 | $24.7M |
| Free Cash FlowOCF − Capex | $134.6M | $-17.1M |
| FCF MarginFCF / Revenue | 11.0% | -2.1% |
| Capex IntensityCapex / Revenue | 3.3% | 5.2% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $-20.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $24.7M | ||
| Q3 25 | $174.3M | $1.4M | ||
| Q2 25 | $156.9M | $27.7M | ||
| Q1 25 | $103.7M | $54.8M | ||
| Q4 24 | $349.4M | $60.7M | ||
| Q3 24 | $-159.4M | $57.3M | ||
| Q2 24 | $58.5M | $40.5M | ||
| Q1 24 | $266.1M | $39.6M |
| Q4 25 | — | $-17.1M | ||
| Q3 25 | $134.6M | $-30.5M | ||
| Q2 25 | $128.2M | $200.0K | ||
| Q1 25 | $76.8M | $27.1M | ||
| Q4 24 | $265.8M | $44.7M | ||
| Q3 24 | $-179.0M | $43.8M | ||
| Q2 24 | $41.6M | $13.7M | ||
| Q1 24 | $249.5M | $-4.3M |
| Q4 25 | — | -2.1% | ||
| Q3 25 | 11.0% | -4.1% | ||
| Q2 25 | 11.4% | 0.0% | ||
| Q1 25 | 7.2% | 4.2% | ||
| Q4 24 | 23.6% | 7.2% | ||
| Q3 24 | -19.0% | 6.7% | ||
| Q2 24 | 4.6% | 2.1% | ||
| Q1 24 | 24.0% | -0.7% |
| Q4 25 | — | 5.2% | ||
| Q3 25 | 3.3% | 4.3% | ||
| Q2 25 | 2.6% | 4.0% | ||
| Q1 25 | 2.5% | 4.3% | ||
| Q4 24 | 7.4% | 2.6% | ||
| Q3 24 | 2.1% | 2.1% | ||
| Q2 24 | 1.9% | 4.1% | ||
| Q1 24 | 1.6% | 7.3% |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | 0.03× | ||
| Q2 25 | 17.50× | 0.54× | ||
| Q1 25 | 2.33× | 1.10× | ||
| Q4 24 | 9.44× | 1.48× | ||
| Q3 24 | -11.20× | 1.24× | ||
| Q2 24 | — | 0.86× | ||
| Q1 24 | 5.37× | 1.53× |
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% |
MOD
| Data Centers | $296.9M | 37% |
| Performance Technologies | $266.0M | 33% |
| Hvac Technologies | $107.1M | 13% |
| Air Cooled | $92.4M | 11% |
| Lb White | $25.6M | 3% |
| Climate By Design | $10.2M | 1% |
| Absolutaire | $7.0M | 1% |
