Question 1

What is Ciena's P/FCF ratio?

Accepted Answer

Ciena (CIEN) P/FCF ratio is 69.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Ciena?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Ciena specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is Ciena's P/FCF ratio high or low?

Accepted Answer

Ciena's P/FCF ratio of 69.8× is above its own 5-year average of 56.9× and above the sector median of 21.8×. That places the current reading at the 78th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Ciena's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Ciena (CIEN) P/FCF ratio has ranged from a low of 7.7× in 2009 to a high of 2788.2× in 2013. The 5-year average is 56.9× and the 5-year median is 26.7×.

Question 7

What was Ciena's P/FCF ratio in 2025?

Accepted Answer

Ciena (CIEN) P/FCF ratio at the end of 2025 was 40.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Ciena's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$26.9B	$665M	40.4×	+15.7×	Nov 1, 2025
2024	$9.26B	$375M	24.7×	-75.5×	Nov 2, 2024
2023	$6.22B	$62.1M	100.1×	—	Oct 31, 2023
2022	$7.12B	-$259M	—	—	Oct 31, 2022
2021	$8.58B	$462M	18.6×	+3.7×	Oct 31, 2021
2020	$6.09B	$411M	14.8×	-1.6×	Oct 31, 2020
2019	$5.75B	$351M	16.4×	-11.4×	Oct 31, 2019
2018	$4.49B	$162M	27.8×	+6.1×	Oct 31, 2018
2017	$3.04B	$140M	21.7×	+6.8×	Oct 31, 2017
2016	$2.71B	$182M	14.9×	-1.3×	Oct 31, 2016
2015	$3.24B	$200M	16.2×	-26.9×	Oct 31, 2015
2014	$1.79B	$41.6M	43.1×	-2745.1×	Oct 31, 2014
2013	$2.41B	$864K	2788.2×	+2767.2×	Oct 31, 2013
2012	$1.24B	$59M	20.9×	—	Oct 31, 2012
2011	$1.28B	-$143M	—	—	Oct 31, 2011
2010	$1.28B	-$280M	—	—	Oct 31, 2010
2009	$1.08B	-$16.7M	—	—	Oct 31, 2009
2008	$865M	$87.6M	9.9×	-44.0×	Oct 31, 2008
2007	$4.13B	$76.6M	53.9×	—	Oct 31, 2007
2006	$1.99B	-$97.2M	—	—	Oct 31, 2006
2005	$1.37B	-$260M	—	—	Oct 31, 2005
2004	$1.37B	-$278M	—	—	Oct 31, 2004
2003	$3.03B	-$271M	—	—	Oct 31, 2003
2002	$1.58B	-$91.8M	—	—	Oct 31, 2002


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for Ciena (CIEN) 2007-2026

P/FCF Ratio daily chart for Ciena (CIEN)

Historical P/FCF Ratio for Ciena (CIEN) from 2002 to 2025

About P/FCF Ratio at Ciena (CIEN)

Ciena P/FCF Ratio by Year

Ciena P/FCF Ratio 2025: 40.4×

Ciena P/FCF Ratio 2024: 24.7×

Ciena P/FCF Ratio 2023: 100.1×

Ciena P/FCF Ratio 2021: 18.6×

Ciena P/FCF Ratio 2020: 14.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Ciena (CIEN) Key Financials