Ciena Corp (CIEN)

Telephone & Telegraph Apparatus

Latest Price

$351.82

TTM P/E

78.53

Normalized P/E

192.25

Div Yield

Book Value

21.56

P/B Ratio

16.32

Valuation metrics

EPS: $0.85

Book value / share: $19.35

Formula: √(22.5 × EPS × BVPS)

Graham Number

$19.24

95% downside

Norm. op. income: $347M (median of 7yr)

Tax rate: 21%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$17.91

95% downside

Base FCF: $420M (median of recent 5yr)

Growth: 21%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$165.79

53% downside

EPS: $0.85

Target P/E: 79×

Formula: EPS × P/E

P/E Fair Value

$67.15

81% downside

96.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
FMR LLC	19.11M	$9.38B	13.47%	-2.10M	2026-06-30
BlackRock, Inc.	12.72M	$6.24B	8.96%	-655.3K	2026-06-30
JPMorgan Chase & Co	11.21M	$5.37B	7.90%	+341.9K	2026-06-30
Vanguard Capital Management LLC	9.23M	$4.53B	6.51%	+64.4K	2026-06-30
Vanguard Portfolio Management LLC	7.68M	$3.77B	5.41%	+311.5K	2026-06-30
State Street Corp	6.68M	$3.28B	4.71%	+371.5K	2026-06-30
Price T Rowe Associates Inc	4.07M	$2.00B	2.87%	-1.17M	2026-06-30
Geode Capital Management, LLC	3.37M	$1.65B	2.38%	-695.1K	2026-06-30
Jane Street Group, LLC	2.15M	$1.05B	1.52%	+1.14M	2026-06-30
American Century Companies Inc	1.85M	$908.0M	1.31%	+1.32M	2026-06-30