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Side-by-side financial comparison of CIENA CORP (CIEN) and PHINIA INC. (PHIN). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $889.0M, roughly 1.4× PHINIA INC.). CIENA CORP produced more free cash flow last quarter ($134.6M vs $67.0M). Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs 1.5%).
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).
PHINIA Inc. is a global automotive technology provider specializing in fuel injection systems, starters, alternators, and hybrid/electric vehicle components. It serves OEMs and aftermarket customers across North America, Europe, Asia Pacific and key markets, covering passenger car, commercial vehicle and industrial mobility segments.
CIEN vs PHIN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $889.0M |
| Net Profit | $50.3M | — |
| Gross Margin | 41.3% | 21.7% |
| Operating Margin | 6.0% | 7.8% |
| Net Margin | 4.1% | — |
| Revenue YoY | — | 6.7% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.35 | $1.14 |
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 | — | $889.0M | ||
| Q3 25 | $1.2B | $908.0M | ||
| Q2 25 | $1.1B | $890.0M | ||
| Q1 25 | $1.1B | $796.0M | ||
| Q4 24 | $1.1B | $833.0M | ||
| Q3 24 | $942.3M | $839.0M | ||
| Q2 24 | $910.8M | $868.0M | ||
| Q1 24 | $1.0B | $863.0M |
| Q4 25 | — | — | ||
| Q3 25 | $50.3M | $13.0M | ||
| Q2 25 | $9.0M | $46.0M | ||
| Q1 25 | $44.6M | $26.0M | ||
| Q4 24 | $37.0M | — | ||
| Q3 24 | $14.2M | $31.0M | ||
| Q2 24 | $-16.8M | $14.0M | ||
| Q1 24 | $49.5M | $29.0M |
| Q4 25 | — | 21.7% | ||
| Q3 25 | 41.3% | 22.0% | ||
| Q2 25 | 40.2% | 22.1% | ||
| Q1 25 | 44.0% | 21.6% | ||
| Q4 24 | 40.9% | 22.7% | ||
| Q3 24 | 42.9% | 22.3% | ||
| Q2 24 | 42.7% | 21.7% | ||
| Q1 24 | 45.0% | 22.2% |
| Q4 25 | — | 7.8% | ||
| Q3 25 | 6.0% | 3.7% | ||
| Q2 25 | 2.9% | 10.0% | ||
| Q1 25 | 7.5% | 7.8% | ||
| Q4 24 | 5.3% | 6.1% | ||
| Q3 24 | 2.8% | 7.9% | ||
| Q2 24 | -0.4% | 8.2% | ||
| Q1 24 | 8.2% | 8.2% |
| Q4 25 | — | — | ||
| Q3 25 | 4.1% | 1.4% | ||
| Q2 25 | 0.8% | 5.2% | ||
| Q1 25 | 4.2% | 3.3% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 1.5% | 3.7% | ||
| Q2 24 | -1.8% | 1.6% | ||
| Q1 24 | 4.8% | 3.4% |
| Q4 25 | — | $1.14 | ||
| Q3 25 | $0.35 | $0.33 | ||
| Q2 25 | $0.06 | $1.14 | ||
| Q1 25 | $0.31 | $0.63 | ||
| Q4 24 | $0.26 | $0.13 | ||
| Q3 24 | $0.10 | $0.70 | ||
| Q2 24 | $-0.12 | $0.31 | ||
| Q1 24 | $0.34 | $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 | $359.0M |
| Total DebtLower is stronger | — | $970.0M |
| Stockholders' EquityBook value | $2.8B | $1.6B |
| Total Assets | $5.7B | $3.8B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $359.0M | ||
| Q3 25 | $1.3B | $349.0M | ||
| Q2 25 | $1.3B | $347.0M | ||
| Q1 25 | $1.2B | $373.0M | ||
| Q4 24 | $1.3B | $484.0M | ||
| Q3 24 | $1.1B | $477.0M | ||
| Q2 24 | $1.3B | $339.0M | ||
| Q1 24 | $1.4B | $325.0M |
| Q4 25 | — | $970.0M | ||
| Q3 25 | — | $990.0M | ||
| Q2 25 | — | $990.0M | ||
| Q1 25 | — | $989.0M | ||
| Q4 24 | — | $988.0M | ||
| Q3 24 | — | $987.0M | ||
| Q2 24 | — | $821.0M | ||
| Q1 24 | — | $706.0M |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.8B | $1.6B | ||
| Q1 25 | $2.8B | $1.5B | ||
| Q4 24 | $2.8B | $1.6B | ||
| Q3 24 | $2.9B | $1.7B | ||
| Q2 24 | $2.9B | $1.7B | ||
| Q1 24 | $2.9B | $1.9B |
| Q4 25 | — | $3.8B | ||
| Q3 25 | $5.7B | $4.0B | ||
| Q2 25 | $5.7B | $3.9B | ||
| Q1 25 | $5.6B | $3.7B | ||
| Q4 24 | $5.6B | $3.8B | ||
| Q3 24 | $5.6B | $4.0B | ||
| Q2 24 | $5.6B | $3.9B | ||
| Q1 24 | $5.6B | $4.0B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.62× | ||
| Q2 25 | — | 0.61× | ||
| Q1 25 | — | 0.64× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 0.58× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.38× |
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 | $96.0M |
| Free Cash FlowOCF − Capex | $134.6M | $67.0M |
| FCF MarginFCF / Revenue | 11.0% | 7.5% |
| Capex IntensityCapex / Revenue | 3.3% | 3.3% |
| Cash ConversionOCF / Net Profit | 3.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $188.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $96.0M | ||
| Q3 25 | $174.3M | $119.0M | ||
| Q2 25 | $156.9M | $57.0M | ||
| Q1 25 | $103.7M | $40.0M | ||
| Q4 24 | $349.4M | $73.0M | ||
| Q3 24 | $-159.4M | $95.0M | ||
| Q2 24 | $58.5M | $109.0M | ||
| Q1 24 | $266.1M | $31.0M |
| Q4 25 | — | $67.0M | ||
| Q3 25 | $134.6M | $93.0M | ||
| Q2 25 | $128.2M | $23.0M | ||
| Q1 25 | $76.8M | $5.0M | ||
| Q4 24 | $265.8M | $53.0M | ||
| Q3 24 | $-179.0M | $70.0M | ||
| Q2 24 | $41.6M | $92.0M | ||
| Q1 24 | $249.5M | $-12.0M |
| Q4 25 | — | 7.5% | ||
| Q3 25 | 11.0% | 10.2% | ||
| Q2 25 | 11.4% | 2.6% | ||
| Q1 25 | 7.2% | 0.6% | ||
| Q4 24 | 23.6% | 6.4% | ||
| Q3 24 | -19.0% | 8.3% | ||
| Q2 24 | 4.6% | 10.6% | ||
| Q1 24 | 24.0% | -1.4% |
| Q4 25 | — | 3.3% | ||
| Q3 25 | 3.3% | 2.9% | ||
| Q2 25 | 2.6% | 3.8% | ||
| Q1 25 | 2.5% | 4.4% | ||
| Q4 24 | 7.4% | 2.4% | ||
| Q3 24 | 2.1% | 3.0% | ||
| Q2 24 | 1.9% | 2.0% | ||
| Q1 24 | 1.6% | 5.0% |
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | 9.15× | ||
| Q2 25 | 17.50× | 1.24× | ||
| Q1 25 | 2.33× | 1.54× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | 3.06× | ||
| Q2 24 | — | 7.79× | ||
| Q1 24 | 5.37× | 1.07× |
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% |
PHIN
| Customer | $618.0M | 70% |
| Fuel Systems | $194.0M | 22% |
| Other | $77.0M | 9% |
