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Side-by-side financial comparison of CIENA CORP (CIEN) and PIPER SANDLER COMPANIES (PIPR). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $667.0M, roughly 1.8× PIPER SANDLER COMPANIES). PIPER SANDLER COMPANIES runs the higher net margin — 17.1% vs 4.1%, a 13.0% gap on every dollar of revenue. Over the past eight quarters, PIPER SANDLER COMPANIES's revenue compounded faster (39.2% 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).
Piper Sandler Companies is an American multinational investment bank and financial services company, focused on mergers and acquisitions, financial restructuring, public offerings, public finance, institutional brokerage, investment management, and securities research. Through its principal subsidiary, Piper Sandler & Co., the company targets corporations, institutional investors, and public entities.
CIEN vs PIPR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $667.0M |
| Net Profit | $50.3M | $114.0M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 28.3% |
| Net Margin | 4.1% | 17.1% |
| Revenue YoY | — | 37.4% |
| Net Profit YoY | — | 65.0% |
| EPS (diluted) | $0.35 | $6.41 |
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 | — | $667.0M | ||
| Q3 25 | $1.2B | $480.1M | ||
| Q2 25 | $1.1B | $398.6M | ||
| Q1 25 | $1.1B | $358.6M | ||
| Q4 24 | $1.1B | $485.4M | ||
| Q3 24 | $942.3M | $360.9M | ||
| Q2 24 | $910.8M | $340.8M | ||
| Q1 24 | $1.0B | $344.4M |
| Q4 25 | — | $114.0M | ||
| Q3 25 | $50.3M | $60.3M | ||
| Q2 25 | $9.0M | $42.2M | ||
| Q1 25 | $44.6M | $64.9M | ||
| Q4 24 | $37.0M | $69.1M | ||
| Q3 24 | $14.2M | $34.8M | ||
| Q2 24 | $-16.8M | $34.8M | ||
| Q1 24 | $49.5M | $42.5M |
| 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 24 | 45.0% | — |
| Q4 25 | — | 28.3% | ||
| Q3 25 | 6.0% | 22.4% | ||
| Q2 25 | 2.9% | 12.3% | ||
| Q1 25 | 7.5% | 8.2% | ||
| Q4 24 | 5.3% | 16.9% | ||
| Q3 24 | 2.8% | 15.4% | ||
| Q2 24 | -0.4% | 8.3% | ||
| Q1 24 | 8.2% | 15.2% |
| Q4 25 | — | 17.1% | ||
| Q3 25 | 4.1% | 12.6% | ||
| Q2 25 | 0.8% | 10.6% | ||
| Q1 25 | 4.2% | 18.1% | ||
| Q4 24 | 3.3% | 14.2% | ||
| Q3 24 | 1.5% | 9.6% | ||
| Q2 24 | -1.8% | 10.2% | ||
| Q1 24 | 4.8% | 12.3% |
| Q4 25 | — | $6.41 | ||
| Q3 25 | $0.35 | $3.38 | ||
| Q2 25 | $0.06 | $2.38 | ||
| Q1 25 | $0.31 | $3.65 | ||
| Q4 24 | $0.26 | $3.88 | ||
| Q3 24 | $0.10 | $1.96 | ||
| Q2 24 | $-0.12 | $1.97 | ||
| Q1 24 | $0.34 | $2.43 |
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 | — | — |
| Stockholders' EquityBook value | $2.8B | $1.4B |
| Total Assets | $5.7B | $2.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | — | $1.4B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $2.8B | $1.2B | ||
| Q1 25 | $2.8B | $1.2B | ||
| Q4 24 | $2.8B | $1.2B | ||
| Q3 24 | $2.9B | $1.2B | ||
| Q2 24 | $2.9B | $1.1B | ||
| Q1 24 | $2.9B | $1.1B |
| Q4 25 | — | $2.6B | ||
| Q3 25 | $5.7B | $2.2B | ||
| Q2 25 | $5.7B | $2.0B | ||
| Q1 25 | $5.6B | $1.8B | ||
| Q4 24 | $5.6B | $2.3B | ||
| Q3 24 | $5.6B | $2.0B | ||
| Q2 24 | $5.6B | $1.9B | ||
| Q1 24 | $5.6B | $1.8B |
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 | $729.8M |
| Free Cash FlowOCF − Capex | $134.6M | — |
| FCF MarginFCF / Revenue | 11.0% | — |
| Capex IntensityCapex / Revenue | 3.3% | — |
| Cash ConversionOCF / Net Profit | 3.47× | 6.40× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $729.8M | ||
| Q3 25 | $174.3M | $31.9M | ||
| Q2 25 | $156.9M | $32.1M | ||
| Q1 25 | $103.7M | $-207.2M | ||
| Q4 24 | $349.4M | $163.8M | ||
| Q3 24 | $-159.4M | $80.1M | ||
| Q2 24 | $58.5M | $266.5M | ||
| Q1 24 | $266.1M | $-197.2M |
| Q4 25 | — | — | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $128.2M | — | ||
| Q1 25 | $76.8M | — | ||
| Q4 24 | $265.8M | — | ||
| Q3 24 | $-179.0M | — | ||
| Q2 24 | $41.6M | — | ||
| Q1 24 | $249.5M | — |
| Q4 25 | — | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | -19.0% | — | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 24.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 1.6% | — |
| Q4 25 | — | 6.40× | ||
| Q3 25 | 3.47× | 0.53× | ||
| Q2 25 | 17.50× | 0.76× | ||
| Q1 25 | 2.33× | -3.19× | ||
| Q4 24 | 9.44× | 2.37× | ||
| Q3 24 | -11.20× | 2.30× | ||
| Q2 24 | — | 7.66× | ||
| Q1 24 | 5.37× | -4.64× |
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% |
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
