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Side-by-side financial comparison of CIENA CORP (CIEN) and WATTS WATER TECHNOLOGIES INC (WTS). Click either name above to swap in a different company.
CIENA CORP is the larger business by last-quarter revenue ($1.2B vs $625.1M, roughly 2.0× WATTS WATER TECHNOLOGIES INC). WATTS WATER TECHNOLOGIES INC runs the higher net margin — 13.4% vs 4.1%, a 9.3% gap on every dollar of revenue. WATTS WATER TECHNOLOGIES INC produced more free cash flow last quarter ($140.3M vs $134.6M). Over the past eight quarters, WATTS WATER TECHNOLOGIES INC's revenue compounded faster (4.6% 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).
AERCO International, Inc. is a manufacturer and supplier of commercial condensing boilers, high efficiency water heating equipment and energy recovery systems in the HVAC/plumbing industry across a variety of markets including education, lodging, government, office buildings, healthcare, industrial and multifamily housing. In 1949, AERCO introduced the industry's first semi-instantaneous, tankless steam-to-water water heater. In 1988, AERCO introduced the first condensing and fully modulating...
CIEN vs WTS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $625.1M |
| Net Profit | $50.3M | $83.7M |
| Gross Margin | 41.3% | 49.5% |
| Operating Margin | 6.0% | 18.2% |
| Net Margin | 4.1% | 13.4% |
| Revenue YoY | — | 15.7% |
| Net Profit YoY | — | 24.0% |
| EPS (diluted) | $0.35 | $2.50 |
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 | — | $625.1M | ||
| Q3 25 | $1.2B | $611.7M | ||
| Q2 25 | $1.1B | $643.7M | ||
| Q1 25 | $1.1B | $558.0M | ||
| Q4 24 | $1.1B | $540.4M | ||
| Q3 24 | $942.3M | $543.6M | ||
| Q2 24 | $910.8M | $597.3M | ||
| Q1 24 | $1.0B | $570.9M |
| Q4 25 | — | $83.7M | ||
| Q3 25 | $50.3M | $82.2M | ||
| Q2 25 | $9.0M | $100.9M | ||
| Q1 25 | $44.6M | $74.0M | ||
| Q4 24 | $37.0M | $67.5M | ||
| Q3 24 | $14.2M | $69.1M | ||
| Q2 24 | $-16.8M | $82.0M | ||
| Q1 24 | $49.5M | $72.6M |
| Q4 25 | — | 49.5% | ||
| Q3 25 | 41.3% | 48.8% | ||
| Q2 25 | 40.2% | 50.6% | ||
| Q1 25 | 44.0% | 48.8% | ||
| Q4 24 | 40.9% | 46.7% | ||
| Q3 24 | 42.9% | 47.3% | ||
| Q2 24 | 42.7% | 47.7% | ||
| Q1 24 | 45.0% | 46.9% |
| Q4 25 | — | 18.2% | ||
| Q3 25 | 6.0% | 18.2% | ||
| Q2 25 | 2.9% | 21.0% | ||
| Q1 25 | 7.5% | 15.7% | ||
| Q4 24 | 5.3% | 16.5% | ||
| Q3 24 | 2.8% | 17.1% | ||
| Q2 24 | -0.4% | 18.7% | ||
| Q1 24 | 8.2% | 16.9% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | 4.1% | 13.4% | ||
| Q2 25 | 0.8% | 15.7% | ||
| Q1 25 | 4.2% | 13.3% | ||
| Q4 24 | 3.3% | 12.5% | ||
| Q3 24 | 1.5% | 12.7% | ||
| Q2 24 | -1.8% | 13.7% | ||
| Q1 24 | 4.8% | 12.7% |
| Q4 25 | — | $2.50 | ||
| Q3 25 | $0.35 | $2.45 | ||
| Q2 25 | $0.06 | $3.01 | ||
| Q1 25 | $0.31 | $2.21 | ||
| Q4 24 | $0.26 | $2.02 | ||
| Q3 24 | $0.10 | $2.06 | ||
| Q2 24 | $-0.12 | $2.44 | ||
| Q1 24 | $0.34 | $2.17 |
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 | $405.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.8B | $2.0B |
| Total Assets | $5.7B | $2.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $405.5M | ||
| Q3 25 | $1.3B | $457.7M | ||
| Q2 25 | $1.3B | $369.3M | ||
| Q1 25 | $1.2B | $336.8M | ||
| Q4 24 | $1.3B | $386.9M | ||
| Q3 24 | $1.1B | $303.9M | ||
| Q2 24 | $1.3B | $279.4M | ||
| Q1 24 | $1.4B | $237.1M |
| Q4 25 | — | $2.0B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $2.8B | $1.9B | ||
| Q1 25 | $2.8B | $1.8B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $2.9B | $1.7B | ||
| Q2 24 | $2.9B | $1.6B | ||
| Q1 24 | $2.9B | $1.6B |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $5.7B | $2.7B | ||
| Q2 25 | $5.7B | $2.6B | ||
| Q1 25 | $5.6B | $2.5B | ||
| Q4 24 | $5.6B | $2.4B | ||
| Q3 24 | $5.6B | $2.4B | ||
| Q2 24 | $5.6B | $2.4B | ||
| Q1 24 | $5.6B | $2.3B |
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 | $154.7M |
| Free Cash FlowOCF − Capex | $134.6M | $140.3M |
| FCF MarginFCF / Revenue | 11.0% | 22.4% |
| Capex IntensityCapex / Revenue | 3.3% | 2.3% |
| Cash ConversionOCF / Net Profit | 3.47× | 1.85× |
| TTM Free Cash FlowTrailing 4 quarters | $605.5M | $356.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $154.7M | ||
| Q3 25 | $174.3M | $122.4M | ||
| Q2 25 | $156.9M | $69.7M | ||
| Q1 25 | $103.7M | $55.2M | ||
| Q4 24 | $349.4M | $139.5M | ||
| Q3 24 | $-159.4M | $90.7M | ||
| Q2 24 | $58.5M | $85.3M | ||
| Q1 24 | $266.1M | $45.6M |
| Q4 25 | — | $140.3M | ||
| Q3 25 | $134.6M | $110.9M | ||
| Q2 25 | $128.2M | $59.5M | ||
| Q1 25 | $76.8M | $45.6M | ||
| Q4 24 | $265.8M | $127.5M | ||
| Q3 24 | $-179.0M | $84.3M | ||
| Q2 24 | $41.6M | $78.5M | ||
| Q1 24 | $249.5M | $35.5M |
| Q4 25 | — | 22.4% | ||
| Q3 25 | 11.0% | 18.1% | ||
| Q2 25 | 11.4% | 9.2% | ||
| Q1 25 | 7.2% | 8.2% | ||
| Q4 24 | 23.6% | 23.6% | ||
| Q3 24 | -19.0% | 15.5% | ||
| Q2 24 | 4.6% | 13.1% | ||
| Q1 24 | 24.0% | 6.2% |
| Q4 25 | — | 2.3% | ||
| Q3 25 | 3.3% | 1.9% | ||
| Q2 25 | 2.6% | 1.6% | ||
| Q1 25 | 2.5% | 1.7% | ||
| Q4 24 | 7.4% | 2.2% | ||
| Q3 24 | 2.1% | 1.2% | ||
| Q2 24 | 1.9% | 1.1% | ||
| Q1 24 | 1.6% | 1.8% |
| Q4 25 | — | 1.85× | ||
| Q3 25 | 3.47× | 1.49× | ||
| Q2 25 | 17.50× | 0.69× | ||
| Q1 25 | 2.33× | 0.75× | ||
| Q4 24 | 9.44× | 2.07× | ||
| Q3 24 | -11.20× | 1.31× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | 5.37× | 0.63× |
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% |
WTS
Segment breakdown not available.
