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Side-by-side financial comparison of CIENA CORP (CIEN) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $425.9M, roughly 2.9× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 4.1%, a 31.6% gap on every dollar of revenue. Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% 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).
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
CIEN vs NFG — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $425.9M |
| Net Profit | $50.3M | $152.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 81.5% |
| Net Margin | 4.1% | 35.7% |
| Revenue YoY | — | 1.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.35 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | — | $637.9M | ||
| Q3 25 | $1.2B | $443.1M | ||
| Q2 25 | $1.1B | $527.4M | ||
| Q1 25 | $1.1B | $734.8M | ||
| Q4 24 | $1.1B | $513.8M | ||
| Q3 24 | $942.3M | $310.0M | ||
| Q2 24 | $910.8M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | — | $181.6M | ||
| Q3 25 | $50.3M | $107.3M | ||
| Q2 25 | $9.0M | $149.8M | ||
| Q1 25 | $44.6M | $216.4M | ||
| Q4 24 | $37.0M | $45.0M | ||
| Q3 24 | $14.2M | $-167.6M | ||
| Q2 24 | $-16.8M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | 41.3% | — | ||
| Q2 25 | 40.2% | 94.7% | ||
| Q1 25 | 44.0% | 81.6% | ||
| Q4 24 | 40.9% | 87.3% | ||
| Q3 24 | 42.9% | — | ||
| Q2 24 | 42.7% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | — | 43.3% | ||
| Q3 25 | 6.0% | 40.6% | ||
| Q2 25 | 2.9% | 43.7% | ||
| Q1 25 | 7.5% | 43.2% | ||
| Q4 24 | 5.3% | 16.8% | ||
| Q3 24 | 2.8% | -63.4% | ||
| Q2 24 | -0.4% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | — | 28.5% | ||
| Q3 25 | 4.1% | 24.2% | ||
| Q2 25 | 0.8% | 28.4% | ||
| Q1 25 | 4.2% | 29.4% | ||
| Q4 24 | 3.3% | 8.8% | ||
| Q3 24 | 1.5% | -54.1% | ||
| Q2 24 | -1.8% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | — | $1.98 | ||
| Q3 25 | $0.35 | $1.18 | ||
| Q2 25 | $0.06 | $1.64 | ||
| Q1 25 | $0.31 | $2.37 | ||
| Q4 24 | $0.26 | $0.49 | ||
| Q3 24 | $0.10 | $-1.81 | ||
| Q2 24 | $-0.12 | $-0.59 |
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 | — | $300.0M |
| Stockholders' EquityBook value | $2.8B | — |
| Total Assets | $5.7B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $271.4M | ||
| Q3 25 | $1.3B | $43.2M | ||
| Q2 25 | $1.3B | $39.3M | ||
| Q1 25 | $1.2B | $40.0M | ||
| Q4 24 | $1.3B | $48.7M | ||
| Q3 24 | $1.1B | $38.2M | ||
| Q2 24 | $1.3B | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.6B | ||
| Q3 25 | $2.8B | $3.1B | ||
| Q2 25 | $2.8B | $3.0B | ||
| Q1 25 | $2.8B | $2.8B | ||
| Q4 24 | $2.8B | $-76.2M | ||
| Q3 24 | $2.9B | $-15.5M | ||
| Q2 24 | $2.9B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | — | $9.2B | ||
| Q3 25 | $5.7B | $8.7B | ||
| Q2 25 | $5.7B | $8.4B | ||
| Q1 25 | $5.6B | $8.5B | ||
| Q4 24 | $5.6B | $8.3B | ||
| Q3 24 | $5.6B | $8.3B | ||
| Q2 24 | $5.6B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $134.6M | — |
| FCF MarginFCF / Revenue | 11.0% | — |
| Capex IntensityCapex / Revenue | 3.3% | 117.0% |
| Cash ConversionOCF / Net Profit | 3.47× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | — | $274.9M | ||
| Q3 25 | $174.3M | $237.8M | ||
| Q2 25 | $156.9M | $388.4M | ||
| Q1 25 | $103.7M | $253.8M | ||
| Q4 24 | $349.4M | $220.1M | ||
| Q3 24 | $-159.4M | $197.9M | ||
| Q2 24 | $58.5M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.7M | ||
| Q3 25 | $134.6M | $-47.8M | ||
| Q2 25 | $128.2M | $195.3M | ||
| Q1 25 | $76.8M | $59.9M | ||
| Q4 24 | $265.8M | $-20.3M | ||
| Q3 24 | $-179.0M | $-49.1M | ||
| Q2 24 | $41.6M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.4% | ||
| Q3 25 | 11.0% | -10.8% | ||
| Q2 25 | 11.4% | 37.0% | ||
| Q1 25 | 7.2% | 8.2% | ||
| Q4 24 | 23.6% | -4.0% | ||
| Q3 24 | -19.0% | -15.8% | ||
| Q2 24 | 4.6% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | — | 43.5% | ||
| Q3 25 | 3.3% | 64.4% | ||
| Q2 25 | 2.6% | 36.6% | ||
| Q1 25 | 2.5% | 26.4% | ||
| Q4 24 | 7.4% | 46.8% | ||
| Q3 24 | 2.1% | 79.7% | ||
| Q2 24 | 1.9% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | 3.47× | 2.21× | ||
| Q2 25 | 17.50× | 2.59× | ||
| Q1 25 | 2.33× | 1.17× | ||
| Q4 24 | 9.44× | 4.89× | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
