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Makes network test and measurement equipment plus optical filters/components used in telecom, data center and defense applications.
Makes network test and measurement equipment plus optical filters/components used in telecom, data center and defense applications.
Sells test instruments, software and services to carriers and network builders, so a large share of results follows telecom and data-center build-outs, while its optical-coatings business sells color-shifting pigments for banknote security and filters for sensors, on long product cycles. It was formerly JDSU and spun off Lumentum in 2015.
Moat: narrow (IP / patents, customer qualification, installed base). Specialized optical-filter and test-equipment IP qualified into telecom/data-center and security applications.
Headquarters: San Jose, California, US · Founded: 1993 · Employees: 4,100
Size Viavi Solutions (VIAV) is a United States Information Technology company (Information Technology Services) with a market value of $7.00B, the 961st largest of 3,117 United States companies the cockpit tracks. Shares closed at $28.47 on 6 Nov 2026.
Performance Over six months the shares fell 44.4%, against +14.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 40.0% over the last twelve months (peer median +9.5%); the operating margin is 11.0% (peer median 8.4%).
Valuation It trades at 14.0× forward earnings against a peer median of 16.4× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +28 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.5 points below its cost of capital (10.9% WACC).
Backlog Backlog (remaining performance obligations) was $664M at 3 Oct 2026, up 88% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit Viavi Solutions has 1 bond outstanding ($250M).
Short interest Short interest is 4.9% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $1.52B | $1.52B | $1.08B | $1.00B | $1.11B |
| Revenue growth | — | +40% | +8% | -10% | — |
| Gross profit | $853M | $853M | $616M | $570M | $630M |
| EBITDA | $275M | $275M | $134M | $102M | $169M |
| Net income | -$30.4M | -$30.4M | $34.8M | -$25.8M | $25.5M |
| Free cash flow | $82.8M | $82.8M | $62.0M | $96.9M | $63.0M |
| Capital expenditure | $31.1M | $31.1M | $27.8M | $19.5M | $51.1M |
| Total debt | $699M | $699M | $692M | $687M | $781M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Viavi Solutions VIAV | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% |
| Keysight Technologies KEYS | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| Anritsu 6754.T | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% |
| NetScout Systems NTCT | $2.29B | -19% | +6% | 15% | 11.6× | -0.1% |
| Materion MTRN | $3.88B | -7% | +28% | 7% | 22.3× | 22.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VIAV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.4% | +4.1% | lowest of 21 |
| 6-month return | -44.4% | +14.1% | 2nd lowest of 21 |
| Distance from 52-week high | -52.9% | -23.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +40.0% | +9.5% | 3rd highest of 21 |
| Operating margin | 11.0% | 8.4% | 7th highest of 21 |
| Forward P/E | 14.0× | 16.4× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 32.7% | 7.9% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +4.8% | +9.6% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | +27.9 pp | -2.6 pp | most demanding of 18 |
| ROIC minus cost of capital | -2.5 pp | +4.6 pp | 6th lowest of 21 |
| EV / EBITDA | 25.9× | 11.8× | 3rd most expensive of 14 |
| Net debt / EBITDA | 0.1× | 0.1× | 9th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% | +4.8% |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 91.0× | n/a | n/a |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 5,922.0× | n/a | n/a |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% | +1.7% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% | +11.1% |
| RIOT RIOT | United States | $6.27B | -31% | +6% | -84% | n/a | n/a | n/a |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% | +12.3% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 6.8× | 2.9% | +1.4% |
| Box BOX | United States | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% | +8.8% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| TISI 3626.T | Japan | $5.50B | +20% | +5% | 13% | 15.1× | -7.7% | +5.9% |
| HyundaiAutoever 307950.KS | South Korea | $5.49B | -40% | +16% | 5% | 35.7× | 27.6% | +22.2% |
| Pegasystems PEGA | United States | $5.30B | -10% | +1% | 12% | 13.8× | 8.8% | +11.4% |
| LG Cns 064400.KS | South Korea | $5.29B | +14% | +4% | 9% | 15.5× | 5.6% | +7.2% |
| Parsons PSN | United States | $5.16B | -1% | -3% | 5% | 14.8× | 8.4% | +10.2% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| Bechtle BC8.DE | Germany | $4.72B | +13% | +8% | 5% | 16.8× | 6.9% | +4.9% |
| KBR KBR | United States | $4.69B | +14% | -3% | 9% | 9.5× | -8.7% | +6.2% |
Viavi Solutions has 1 bond outstanding with $250M face value.
Viavi Solutions reported $664M of remaining performance obligations at 3 Oct 2026, up 88% from a year earlier and up 9% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.12.