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Side-by-side financial comparison of CIENA CORP (CIEN) and RENAISSANCERE HOLDINGS LTD (RNR). Click either name above to swap in a different company.
RENAISSANCERE HOLDINGS LTD is the larger business by last-quarter revenue ($2.2B vs $1.2B, roughly 1.8× CIENA CORP). RENAISSANCERE HOLDINGS LTD runs the higher net margin — 23.5% vs 4.1%, a 19.4% gap on every dollar of revenue. Over the past eight quarters, CIENA CORP's revenue compounded faster (3.9% CAGR vs -11.9%).
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).
RenaissanceRe Holdings Ltd is a Bermudian provider of reinsurance, insurance and other related business services. The company operates in reinsurance, insurance and ventures.
CIEN vs RNR — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $2.2B |
| Net Profit | $50.3M | $515.8M |
| Gross Margin | 41.3% | — |
| Operating Margin | 6.0% | — |
| Net Margin | 4.1% | 23.5% |
| Revenue YoY | — | -36.8% |
| Net Profit YoY | — | 72.6% |
| EPS (diluted) | $0.35 | $6.57 |
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 | — | $2.2B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | $1.2B | $3.2B | ||
| Q2 25 | $1.1B | $3.2B | ||
| Q1 25 | $1.1B | $3.5B | ||
| Q4 24 | $1.1B | $2.3B | ||
| Q3 24 | $942.3M | $4.0B | ||
| Q2 24 | $910.8M | $2.8B |
| Q1 26 | — | $515.8M | ||
| Q4 25 | — | $760.5M | ||
| Q3 25 | $50.3M | $916.5M | ||
| Q2 25 | $9.0M | $835.4M | ||
| Q1 25 | $44.6M | $170.0M | ||
| Q4 24 | $37.0M | $-189.7M | ||
| Q3 24 | $14.2M | $1.2B | ||
| Q2 24 | $-16.8M | $503.9M |
| 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 | — | — | ||
| Q4 25 | — | 42.5% | ||
| Q3 25 | 6.0% | 46.3% | ||
| Q2 25 | 2.9% | 41.8% | ||
| Q1 25 | 7.5% | -2.0% | ||
| Q4 24 | 5.3% | -3.6% | ||
| Q3 24 | 2.8% | 43.7% | ||
| Q2 24 | -0.4% | 25.0% |
| Q1 26 | — | 23.5% | ||
| Q4 25 | — | 25.6% | ||
| Q3 25 | 4.1% | 28.7% | ||
| Q2 25 | 0.8% | 26.1% | ||
| Q1 25 | 4.2% | 4.9% | ||
| Q4 24 | 3.3% | -8.3% | ||
| Q3 24 | 1.5% | 29.8% | ||
| Q2 24 | -1.8% | 17.8% |
| Q1 26 | — | $6.57 | ||
| Q4 25 | — | $16.16 | ||
| Q3 25 | $0.35 | $19.40 | ||
| Q2 25 | $0.06 | $17.20 | ||
| Q1 25 | $0.31 | $3.27 | ||
| Q4 24 | $0.26 | $-3.76 | ||
| Q3 24 | $0.10 | $22.62 | ||
| Q2 24 | $-0.12 | $9.41 |
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 | $1.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $4.3B |
| Total Assets | $5.7B | $53.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $1.3B | $1.7B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.3B | $1.7B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.3B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $2.0B |
| Q1 26 | — | $4.3B | ||
| Q4 25 | — | $11.6B | ||
| Q3 25 | $2.8B | $11.5B | ||
| Q2 25 | $2.8B | $10.8B | ||
| Q1 25 | $2.8B | $10.3B | ||
| Q4 24 | $2.8B | $10.6B | ||
| Q3 24 | $2.9B | $11.2B | ||
| Q2 24 | $2.9B | $10.2B |
| Q1 26 | — | $53.7B | ||
| Q4 25 | — | $53.8B | ||
| Q3 25 | $5.7B | $54.5B | ||
| Q2 25 | $5.7B | $54.7B | ||
| Q1 25 | $5.6B | $53.6B | ||
| Q4 24 | $5.6B | $50.7B | ||
| Q3 24 | $5.6B | $52.8B | ||
| Q2 24 | $5.6B | $51.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | — | 0.19× |
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% | — |
| 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 | — | $483.0M | ||
| Q3 25 | $174.3M | $1.6B | ||
| Q2 25 | $156.9M | $1.5B | ||
| Q1 25 | $103.7M | $157.8M | ||
| Q4 24 | $349.4M | $778.9M | ||
| Q3 24 | $-159.4M | $1.5B | ||
| Q2 24 | $58.5M | $1.2B |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | — | 0.64× | ||
| Q3 25 | 3.47× | 1.73× | ||
| Q2 25 | 17.50× | 1.76× | ||
| Q1 25 | 2.33× | 0.93× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | 1.26× | ||
| Q2 24 | — | 2.41× |
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% |
RNR
Segment breakdown not available.
