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Side-by-side financial comparison of CIENA CORP (CIEN) and Ovintiv Inc. (OVV). Click either name above to swap in a different company.
Ovintiv Inc. is the larger business by last-quarter revenue ($2.5B vs $1.2B, roughly 2.1× CIENA CORP). Ovintiv Inc. runs the higher net margin — 49.1% vs 4.1%, a 44.9% gap on every dollar of revenue. Over the past eight quarters, Ovintiv Inc.'s revenue compounded faster (7.5% 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).
Ovintiv Inc. is a U.S. petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.
CIEN vs OVV — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.5B |
| Net Profit | $50.3M | $1.2B |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | -29.8% |
| Net Margin | 4.1% | 49.1% |
| Revenue YoY | — | 6.5% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.35 | $4.78 |
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 | — | $2.5B | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | $1.2B | $2.0B | ||
| Q2 25 | $1.1B | $2.2B | ||
| Q1 25 | $1.1B | $2.4B | ||
| Q4 24 | $1.1B | $2.2B | ||
| Q3 24 | $942.3M | $2.2B | ||
| Q2 24 | $910.8M | $2.2B |
| Q1 26 | — | $1.2B | ||
| Q4 25 | — | $946.0M | ||
| Q3 25 | $50.3M | $148.0M | ||
| Q2 25 | $9.0M | $307.0M | ||
| Q1 25 | $44.6M | $-159.0M | ||
| Q4 24 | $37.0M | $-60.0M | ||
| Q3 24 | $14.2M | $507.0M | ||
| Q2 24 | $-16.8M | $340.0M |
| Q1 26 | — | — | ||
| 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 26 | — | -29.8% | ||
| Q4 25 | — | 21.2% | ||
| Q3 25 | 6.0% | 13.5% | ||
| Q2 25 | 2.9% | 23.1% | ||
| Q1 25 | 7.5% | -3.7% | ||
| Q4 24 | 5.3% | 0.1% | ||
| Q3 24 | 2.8% | 24.2% | ||
| Q2 24 | -0.4% | 25.4% |
| Q1 26 | — | 49.1% | ||
| Q4 25 | — | 46.1% | ||
| Q3 25 | 4.1% | 7.3% | ||
| Q2 25 | 0.8% | 13.9% | ||
| Q1 25 | 4.2% | -6.7% | ||
| Q4 24 | 3.3% | -2.7% | ||
| Q3 24 | 1.5% | 23.3% | ||
| Q2 24 | -1.8% | 15.5% |
| Q1 26 | — | $4.78 | ||
| Q4 25 | — | $3.64 | ||
| Q3 25 | $0.35 | $0.57 | ||
| Q2 25 | $0.06 | $1.18 | ||
| Q1 25 | $0.31 | $-0.61 | ||
| Q4 24 | $0.26 | $-0.22 | ||
| Q3 24 | $0.10 | $1.92 | ||
| Q2 24 | $-0.12 | $1.27 |
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 | $26.0K |
| Total DebtLower is stronger | — | $6.4M |
| Stockholders' EquityBook value | $2.8B | — |
| Total Assets | $5.7B | $10.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $26.0K | ||
| Q4 25 | — | $280.0M | ||
| Q3 25 | $1.3B | $25.0M | ||
| Q2 25 | $1.3B | $20.0M | ||
| Q1 25 | $1.2B | $8.0M | ||
| Q4 24 | $1.3B | $42.0M | ||
| Q3 24 | $1.1B | $9.0M | ||
| Q2 24 | $1.3B | $8.0M |
| Q1 26 | — | $6.4M | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $6.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | $11.2B | ||
| Q3 25 | $2.8B | $10.2B | ||
| Q2 25 | $2.8B | $10.4B | ||
| Q1 25 | $2.8B | $10.1B | ||
| Q4 24 | $2.8B | $10.3B | ||
| Q3 24 | $2.9B | $10.7B | ||
| Q2 24 | $2.9B | $10.3B |
| Q1 26 | — | $10.7M | ||
| Q4 25 | — | $20.4B | ||
| Q3 25 | $5.7B | $19.4B | ||
| Q2 25 | $5.7B | $19.7B | ||
| Q1 25 | $5.6B | $19.6B | ||
| Q4 24 | $5.6B | $19.3B | ||
| Q3 24 | $5.6B | $19.9B | ||
| Q2 24 | $5.6B | $19.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | — | 0.53× | ||
| Q3 24 | — | 0.55× | ||
| Q2 24 | — | 0.59× |
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 | — |
| Free Cash FlowOCF − Capex | $134.6M | — |
| FCF MarginFCF / Revenue | 11.0% | — |
| Capex IntensityCapex / Revenue | 3.3% | 22.6% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $954.0M | ||
| Q3 25 | $174.3M | $812.0M | ||
| Q2 25 | $156.9M | $1.0B | ||
| Q1 25 | $103.7M | $873.0M | ||
| Q4 24 | $349.4M | $1.0B | ||
| Q3 24 | $-159.4M | $1.0B | ||
| Q2 24 | $58.5M | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | $489.0M | ||
| Q3 25 | $134.6M | $268.0M | ||
| Q2 25 | $128.2M | $492.0M | ||
| Q1 25 | $76.8M | $256.0M | ||
| Q4 24 | $265.8M | $468.0M | ||
| Q3 24 | $-179.0M | $484.0M | ||
| Q2 24 | $41.6M | $398.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 23.8% | ||
| Q3 25 | 11.0% | 13.3% | ||
| Q2 25 | 11.4% | 22.2% | ||
| Q1 25 | 7.2% | 10.8% | ||
| Q4 24 | 23.6% | 21.4% | ||
| Q3 24 | -19.0% | 22.2% | ||
| Q2 24 | 4.6% | 18.1% |
| Q1 26 | — | 22.6% | ||
| Q4 25 | — | 22.6% | ||
| Q3 25 | 3.3% | 26.9% | ||
| Q2 25 | 2.6% | 23.5% | ||
| Q1 25 | 2.5% | 26.0% | ||
| Q4 24 | 7.4% | 25.3% | ||
| Q3 24 | 2.1% | 24.7% | ||
| Q2 24 | 1.9% | 28.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.01× | ||
| Q3 25 | 3.47× | 5.49× | ||
| Q2 25 | 17.50× | 3.30× | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | 2.02× | ||
| Q2 24 | — | 3.00× |
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% |
OVV
| Product and service revenues | $2.2B | 88% |
| Sales of purchased product | $356.0M | 14% |
| Sublease revenues | $18.0M | 1% |
