A Business at a Glance
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VIAVI SOLUTIONS INC.
VIAV
$9.2B
Mkt Cap
$39.52
-5.45%
VIAVI SOLUTIONS INC. (VIAV) has a 5-year average return on invested capital (ROIC) of 9.5%. This is below average and may indicate limited pricing power.
VIAVI SOLUTIONS INC. (VIAV) has a market capitalization of $9.2B. It is classified as a mid-cap stock.
VIAVI SOLUTIONS INC. (VIAV) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.32%.
VIAVI SOLUTIONS INC. (VIAV) operates in the Semiconductors & Related Devices industry, within the Technology sector.
VIAVI SOLUTIONS INC. (VIAV) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
VIAVI SOLUTIONS INC. (VIAV) has a net profit margin of 3.2%. This is a modest margin.
VIAVI SOLUTIONS INC. (VIAV) generated $62 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Table of Contents PART I Viavi Solutions Inc. (VIAVI, also referred to as the Company, we, our and us) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and critical infrastructure. VIAVI is also a leader in optical processing technologies for anti-counterfeiting, 3D sensing, aerospace, automotive and industrial applications. To serve our markets, we operate the following business segments: •Network and Service Enablement (NSE); and •Optical Security and Performance Products (OSP). Effective March 30, 2025, the Company realigned its segment reporting structure. As a result, the company’s Network Enablement (NE) and Service Enablement (SE) business activities are now reported as a single operating and reportable segment, NSE. Recent acquisitions have reduced the SE segment revenue as a percentage of total VIAVI revenue.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.4B | 1.1B | 1.0B | 1.1B | 1.3B | 1.2B |
| Net Income | -55M | 35M | -26M | 26M | 16M | 68M |
| EPS | $-0.24 | $0.15 | $-0.12 | $0.11 | $0.07 | $0.29 |
| Free Cash Flow | 46M | 62M | 97M | 63M | 106M | 191M |
| ROIC | 3.3% | 5.5% | 1.4% | 5.8% | 14.4% | 20.3% |
| Gross Margin | 56.9% | 57.3% | 57.6% | 57.8% | 59.8% | 59.6% |
| Debt/Equity | 1.28 | 0.82 | 0.93 | 1.05 | 1.02 | 0.89 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 59M | 58M | 21M | 82M | 185M | 142M |
| Operating Margin | 4.3% | 5.3% | 2.1% | 7.4% | 14.3% | 11.9% |
| ROE | -6.5% | 4.8% | -3.8% | 3.7% | 2.2% | 9.7% |
| Shares Outstanding | 234M | 232M | 215M | 232M | 221M | 233M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 927M | 874M | 906M | 811M | 876M | 1.1B | 1.1B | 1.2B | 1.3B | 1.1B | 1.0B | 1.1B | 1.4B |
| Gross Margin | 56.9% | 59.5% | 60.7% | 59.0% | 55.8% | 57.6% | 58.5% | 59.6% | 59.8% | 57.8% | 57.6% | 57.3% | 56.9% |
| R&D | 162M | 173M | 166M | 136M | 133M | 187M | 194M | 203M | 213M | 207M | 202M | 209M | 250M |
| SG&A | 385M | 376M | 351M | 300M | 324M | 344M | 315M | 338M | 366M | 329M | 333M | 349M | 435M |
| EBIT | -56M | -76M | -84M | N/A | N/A | 67M | 118M | 142M | 185M | 82M | 21M | 58M | 59M |
| Op. Margin | -6.0% | -8.7% | -9.3% | N/A | N/A | 6.0% | 10.4% | 11.9% | 14.3% | 7.4% | 2.1% | 5.3% | 4.3% |
| Net Income | -18M | -88M | -99M | 160M | -49M | 5.4M | 49M | 68M | 16M | 26M | -26M | 35M | -55M |
| Net Margin | -1.9% | -10.1% | -10.9% | 19.7% | -5.5% | 0.5% | 4.3% | 5.6% | 1.2% | 2.3% | -2.6% | 3.2% | -4.0% |
| Non-Recurring | 22M | 26M | 100M | 16M | 6.2M | 14M | 3.4M | 1.5M | -2.2M | 11M | 14M | 700K | 17M |
| Returns on Capital | |||||||||||||
| ROIC | -1.2% | -5.2% | -6.8% | N/A | N/A | 4.9% | 18.2% | 20.3% | 14.4% | 5.8% | 1.4% | 5.5% | 3.3% |
| ROE | -1.5% | -7.7% | -11.1% | 21.5% | -6.3% | 0.8% | 7.8% | 9.7% | 2.2% | 3.7% | -3.8% | 4.8% | -6.5% |
| ROA | -0.9% | -3.9% | -5.1% | 8.5% | -2.3% | 0.3% | 2.7% | 3.6% | 0.8% | 1.4% | -1.4% | 1.9% | -2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 177M | 82M | 64M | 94M | 66M | 139M | 136M | 243M | 178M | 114M | 116M | 90M | 71M |
| Free Cash Flow | 77M | -19M | 29M | 56M | 24M | 94M | 104M | 191M | 106M | 63M | 97M | 62M | 46M |
| Owner Earnings | 25M | -85M | -32M | 18M | -21M | 23M | 16M | 126M | 80M | 18M | 22M | -6.5M | -422M |
| CapEx | 100M | 102M | 36M | 39M | 43M | 45M | 32M | 52M | 73M | 51M | 20M | 28M | 26M |
| Maint. CapEx | 88M | 100M | 53M | 43M | 57M | 78M | 75M | 69M | 45M | 45M | 45M | 43M | 440M |
| Growth CapEx | 12M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 27M | 6.2M | 0 | 0 | 0 |
| D&A | 88M | 100M | 53M | 43M | 57M | 78M | 75M | 69M | 45M | 45M | 45M | 43M | 440M |
| CapEx/OCF | 56.5% | 123.3% | 67.1% | 40.9% | 64.4% | 32.4% | 23.5% | 21.4% | 40.7% | 44.8% | 16.8% | 31.0% | 35.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 155M | 4.8M | 45M | 92M | 41M | 11M | 44M | 42M | 236M | 84M | 20M | 16M | 30M |
| Buyback Yield | 9.9% | 0.3% | 2.8% | 3.5% | 1.7% | 0.3% | 1.5% | 1.0% | 8.0% | 3.3% | 1.4% | 0.7% | 0.3% |
| Stock-Based Comp | 64M | 67M | 44M | 33M | 31M | 38M | 45M | 48M | 52M | 51M | 49M | 53M | 54M |
| Debt Repayment | 14M | 23M | 5.9M | 45M | 353M | 277M | 1.6M | 100K | 11M | 68M | 96M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -313M | -238M | -384M | -505M | 53M | 56M | -538M | -19M | 124M | 205M | 145M | 217M | 580M |
| Cash & Equiv. | 297M | 335M | 483M | 1.0B | 611M | 522M | 539M | 698M | 560M | 506M | 471M | 424M | 501M |
| Long-Term Debt | 536M | 562M | 583M | 931M | 558M | 579M | 0 | 224M | 617M | 630M | 636M | 396M | 836M |
| Debt/Equity | 0.45 | 0.51 | 0.85 | 1.16 | 1.13 | 0.92 | 0.00 | 0.89 | 1.02 | 1.05 | 0.93 | 0.82 | 1.28 |
| Interest Coverage | -1.9 | -2.3 | -2.4 | N/A | N/A | 2.0 | 8.8 | 9.7 | 7.9 | 3.0 | 1.1 | 3.0 | 1.7 |
| Equity | 1.2B | 1.1B | 689M | 804M | 735M | 627M | 633M | 764M | 672M | 691M | 682M | 780M | 847M |
| Total Assets | 2.4B | 2.2B | 1.7B | 2.1B | 2.0B | 1.8B | 1.8B | 2.0B | 1.8B | 1.9B | 1.7B | 2.0B | 2.5B |
| Total Liabilities | 1.2B | 1.1B | 989M | 1.3B | 1.3B | 1.2B | 1.1B | 1.2B | 1.2B | 1.2B | 1.1B | 1.2B | 1.7B |
| Intangibles | 178M | 91M | 60M | 31M | 235M | 212M | 148M | 88M | 54M | 59M | 38M | 132M | 398M |
| Retained Earnings | -68.8B | -68.9B | -69.4B | -69.3B | -69.4B | -69.4B | -69.4B | -69.3B | -69.5B | -69.6B | -69.6B | -69.6B | -69.7B |
| Working Capital | 1.0B | 1.0B | 985M | 1.4B | 602M | 633M | 681M | 365M | 636M | 602M | 629M | 296M | 401M |
| Current Assets | 1.4B | 1.4B | 1.2B | 1.7B | 1.2B | 917M | 914M | 1.1B | 1.0B | 945M | 877M | 885M | 1.1B |
| Current Liabilities | 408M | 376M | 226M | 229M | 553M | 284M | 233M | 747M | 369M | 344M | 247M | 590M | 653M |
| Per Share Data | |||||||||||||
| EPS | -0.08 | -0.38 | -0.42 | 0.68 | -0.21 | 0.02 | 0.21 | 0.29 | 0.07 | 0.11 | -0.12 | 0.15 | -0.24 |
| Owner EPS | 0.11 | -0.37 | -0.14 | 0.08 | -0.09 | 0.08 | 0.07 | 0.54 | 0.36 | 0.08 | 0.10 | -0.03 | -1.81 |
| Book Value | 5.34 | 4.75 | 2.92 | 3.41 | 3.18 | 2.32 | 2.71 | 3.28 | 3.03 | 2.98 | 3.17 | 3.36 | 3.62 |
| Cash Flow/Share | 0.79 | 0.35 | 0.27 | 0.40 | 0.29 | 0.51 | 0.58 | 1.05 | 0.80 | 0.49 | 0.54 | 0.39 | 1.64 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 222.5M | 231.8M | 236.2M | 235.6M | 231.4M | 270.0M | 233.3M | 232.8M | 221.4M | 231.8M | 215.0M | 232.0M | 234.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 15.5 | N/A | 664.5 | 104.2 | 61.9 | 190.3 | 99.2 | N/A | 66.7 | -164.0 |
| P/FCF | 20.4 | N/A | 54.4 | 46.7 | 99.5 | 38.3 | 28.1 | 21.8 | 27.9 | 40.1 | 15.2 | 37.4 | 203.2 |
| EV/EBIT | N/A | N/A | N/A | 153.7 | 206.0 | 54.1 | 25.8 | 29.2 | 16.6 | 33.2 | 78.0 | 44.1 | 166.3 |
| Price/Book | 1.3 | 1.4 | 2.3 | 3.3 | 3.2 | 4.9 | 4.2 | 5.5 | 4.4 | 3.7 | 2.2 | 3.0 | 10.9 |
| Price/Sales | 1.0 | 16.5 | 14.9 | 2.6 | 2.6 | 2.8 | 2.9 | 2.9 | 2.7 | 2.5 | 2.0 | 2.1 | 6.8 |
| FCF Yield | 4.9% | -1.2% | 1.8% | 2.1% | 1.0% | 2.6% | 3.5% | 4.6% | 3.6% | 2.5% | 6.6% | 2.7% | 0.5% |
| Market Cap | 1.6B | 1.6B | 1.6B | 2.6B | 2.3B | 3.6B | 3.0B | 4.2B | 2.9B | 2.5B | 1.5B | 2.3B | 9.2B |
| Avg. Price | 7.55 | 7.31 | 6.15 | 8.85 | 9.73 | 11.55 | 13.71 | 14.76 | 15.84 | 11.79 | 9.11 | 9.61 | 39.52 |
| Year-End Price | 7.03 | 6.83 | 6.63 | 11.04 | 10.10 | 13.29 | 12.50 | 17.94 | 13.32 | 10.91 | 6.87 | 10.00 | 39.52 |
VIAVI SOLUTIONS INC. passes 3 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 116.2x vs a median of 37.8x. The company's 5-year average ROIC is 9.5% with a gross margin of 58.4%. Total shareholder yield (buybacks) is 0.3%. At current prices, the estimated annualized return to fair value is +0.5%.
VIAVI SOLUTIONS INC. (VIAV) has a debt-to-equity ratio of 0.82. This indicates moderate leverage.
VIAVI SOLUTIONS INC. (VIAV) reported earnings per share (EPS) of $0.15 in its most recent fiscal year.
VIAVI SOLUTIONS INC. (VIAV) has a return on equity (ROE) of 4.8%. This indicates moderate shareholder returns.
VIAVI SOLUTIONS INC. (VIAV) has a 5-year average gross margin of 58.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for VIAVI SOLUTIONS INC. (VIAV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
VIAVI SOLUTIONS INC. (VIAV) has a book value per share of $3.36, based on its most recent annual SEC filing.