vs
Side-by-side financial comparison of CIENA CORP (CIEN) and Public Storage (PSA). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $1.2B, roughly 1.0× Public Storage). Public Storage runs the higher net margin — 41.7% vs 4.1%, a 37.6% gap on every dollar of revenue. Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs 2.5%).
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).
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
CIEN vs PSA — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.2B |
| Net Profit | $50.3M | $507.1M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | 40.7% |
| Net Margin | 4.1% | 41.7% |
| Revenue YoY | — | 3.3% |
| Net Profit YoY | — | -17.5% |
| EPS (diluted) | $0.35 | $2.59 |
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.
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $942.3M | $1.2B | ||
| Q2 24 | $910.8M | $1.2B | ||
| Q1 24 | $1.0B | $1.2B |
| Q4 25 | — | $507.1M | ||
| Q3 25 | $50.3M | $511.1M | ||
| Q2 25 | $9.0M | $358.4M | ||
| Q1 25 | $44.6M | $407.8M | ||
| Q4 24 | $37.0M | $614.6M | ||
| Q3 24 | $14.2M | $430.3M | ||
| Q2 24 | $-16.8M | $518.1M | ||
| Q1 24 | $49.5M | $508.9M |
| 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 | — | 40.7% | ||
| Q3 25 | 6.0% | 42.3% | ||
| Q2 25 | 2.9% | 30.4% | ||
| Q1 25 | 7.5% | 34.8% | ||
| Q4 24 | 5.3% | 52.4% | ||
| Q3 24 | 2.8% | 36.7% | ||
| Q2 24 | -0.4% | 44.6% | ||
| Q1 24 | 8.2% | 44.3% |
| Q4 25 | — | 41.7% | ||
| Q3 25 | 4.1% | 41.8% | ||
| Q2 25 | 0.8% | 29.8% | ||
| Q1 25 | 4.2% | 34.5% | ||
| Q4 24 | 3.3% | 52.2% | ||
| Q3 24 | 1.5% | 36.2% | ||
| Q2 24 | -1.8% | 44.2% | ||
| Q1 24 | 4.8% | 44.0% |
| Q4 25 | — | $2.59 | ||
| Q3 25 | $0.35 | $2.62 | ||
| Q2 25 | $0.06 | $1.76 | ||
| Q1 25 | $0.31 | $2.04 | ||
| Q4 24 | $0.26 | $3.22 | ||
| Q3 24 | $0.10 | $2.16 | ||
| Q2 24 | $-0.12 | $2.66 | ||
| Q1 24 | $0.34 | $2.60 |
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 | $318.1M |
| Total DebtLower is stronger | — | $10.3B |
| Stockholders' EquityBook value | $2.8B | $9.2B |
| Total Assets | $5.7B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $318.1M | ||
| Q3 25 | $1.3B | $296.5M | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.2B | $287.2M | ||
| Q4 24 | $1.3B | $447.4M | ||
| Q3 24 | $1.1B | $599.0M | ||
| Q2 24 | $1.3B | $542.3M | ||
| Q1 24 | $1.4B | $271.6M |
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
| Q4 25 | — | $9.2B | ||
| Q3 25 | $2.8B | $9.3B | ||
| Q2 25 | $2.8B | $9.4B | ||
| Q1 25 | $2.8B | $9.6B | ||
| Q4 24 | $2.8B | $9.7B | ||
| Q3 24 | $2.9B | $9.6B | ||
| Q2 24 | $2.9B | $9.7B | ||
| Q1 24 | $2.9B | $9.9B |
| Q4 25 | — | $20.2B | ||
| Q3 25 | $5.7B | $20.1B | ||
| Q2 25 | $5.7B | $20.5B | ||
| Q1 25 | $5.6B | $19.6B | ||
| Q4 24 | $5.6B | $19.8B | ||
| Q3 24 | $5.6B | $19.8B | ||
| Q2 24 | $5.6B | $19.8B | ||
| Q1 24 | $5.6B | $19.6B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
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 | $733.6M |
| Free Cash FlowOCF − Capex | $134.6M | — |
| FCF MarginFCF / Revenue | 11.0% | — |
| Capex IntensityCapex / Revenue | 3.3% | — |
| Cash ConversionOCF / Net Profit | 3.47× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $733.6M | ||
| Q3 25 | $174.3M | $875.1M | ||
| Q2 25 | $156.9M | $872.7M | ||
| Q1 25 | $103.7M | $705.1M | ||
| Q4 24 | $349.4M | $768.6M | ||
| Q3 24 | $-159.4M | $798.8M | ||
| Q2 24 | $58.5M | $895.3M | ||
| Q1 24 | $266.1M | $665.6M |
| 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 | — | 1.45× | ||
| Q3 25 | 3.47× | 1.71× | ||
| Q2 25 | 17.50× | 2.43× | ||
| Q1 25 | 2.33× | 1.73× | ||
| Q4 24 | 9.44× | 1.25× | ||
| Q3 24 | -11.20× | 1.86× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | 5.37× | 1.31× |
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% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
