Viavi Solutions Inc. VIAV

Information TechnologyCommunications & NetworkingUnited States of America

Last close 27.80 USD on Nov 2, 2026, +56.0% year to date

Quant rating

Quant rating C Rank 165 of 389 in Information Technology

Growth A 46 of 389
Valuation C 225 of 389
Quality C 191 of 389
Revisions B 79 of 389
Momentum C 242 of 389

Wall Street consensus Buy (1.88)Average target 61.43 USD +121.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.8B
Enterprise value: 6.8B
52-week range: 15.51 – 60.40
3-year range: 6.66 – 60.40
Dividend yield: –
Beta (5 years): 1.31
Shares outstanding: 246M
Next earnings: Nov 4, 2026

About the company

Viavi Solutions Inc. is a global provider of test and measurement and optical technologies. Its test and measurement, resilient position, navigation and timing (PNT) solutions enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. Its segments include Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP). Its NSE segment provides an integrated portfolio of test, monitoring, assurance, and resilient PNT solutions that enable and secure critical infrastructure ranging from data center ecosystems and communication networks to military, aerospace, railway and first responder communications. Its OSP segment leverages its core optical coating technologies and volume manufacturing capability to design, manufacture and sell technologies for the anti-counterfeiting, 3D sensing, aerospace, industrial and automotive markets.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,518	1,084	1,000	1,106	1,292	–
Revenue growth	40.0%	8.4%	−9.6%	−14.4%	7.8%	4.8%
EPS (basic, normalized)	1.00	0.47	0.33	0.55	0.95	–
EPS growth	112.8%	42.4%	−40.0%	−42.1%	–	–
Gross margin	57.7%	57.3%	57.6%	57.8%	59.8%	58.0%
Net margin	−2.0%	3.2%	−2.6%	2.3%	1.2%	0.4%
ROE	−2.7%	4.8%	−3.8%	3.7%	2.2%	0.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	650
Current ratio	1.85x
Long-term debt (mil)	410
Net debt (mil)	5.5
Total equity (mil)	1,448
Net debt / equity	0.00x
Net debt / EBITDA	0.02x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,518	+40.0%	4.5x	352	+85.6%	19.4x	1.00	+112.8%	27.8x
2027	1,887	+24.3%	3.6x	561	+59.1%	12.2x	1.64	+64.4%	16.9x
2028	2,140	+13.4%	3.2x	680	+21.3%	10.1x	1.95	+18.7%	14.2x
2029	2,499	+16.8%	2.7x	729	+7.3%	9.4x	2.51	+28.6%	11.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,887	+0.8%	+4.7%	+6.2%	1.64	+0.1%	+25.4%	+28.9%
2028	2,140	+1.0%	+0.3%	+3.1%	1.95	0.0%	+5.9%	+6.6%
2029	2,499	0.0%	0.0%	–	2.51	0.0%	0.0%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	246	252	238	271	285	290	299	369	407	443
Sales mean (mil)	249	251	240	260	282	285	294	365	394	433
Surprise	−1.2%	+0.5%	−0.8%	+4.2%	+0.9%	+1.9%	+1.6%	+1.1%	+3.3%	+2.4%
EPS reported	0.06	0.08	0.06	0.13	0.15	0.13	0.15	0.22	0.27	0.34
EPS mean	0.07	0.07	0.06	0.10	0.12	0.12	0.13	0.19	0.23	0.30
Surprise	−16.5%	+14.3%	+1.0%	+30.7%	+26.3%	+12.9%	+13.5%	+17.9%	+16.8%	+13.9%

Peer comparison Communications & Networking

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VIAV Viavi Solutions Inc.	6.8B	0.02x	−2.0%	4.74x	16.9x	14.2x	12.2x	10.1x
CSCO Cisco Systems Inc	400.0B	0.55x	21.0%	7.97x	19.9x	18.2x	14.8x	13.7x
ANET Arista Networks, Inc.	207.0B	−3.05x	39.0%	13.99x	39.9x	31.5x	31.0x	24.1x
MSI Motorola Solutions Inc	80.6B	2.24x	18.4%	30.18x	27.5x	25.5x	19.7x	18.6x
LITE Lumentum Holdings Inc.	62.0B	−1.07x	−230.1%	13.06x	30.6x	18.8x	22.1x	13.1x
NOK Nokia Oyj	49.2B	−0.49x	3.2%	1.98x	20.7x	17.4x	12.5x	10.7x
Mean		−0.30x	−25.1%	11.99x	25.9x	20.9x	18.7x	15.1x
Median		−0.24x	10.8%	10.52x	24.1x	18.5x	17.2x	13.4x

Technical analysis

1M−41.0%
3M−24.8%
1Y+57.1%
3Y+254.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Viavi Solutions Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,518	1,084	1,000	1,106	1,292	1,199
Cost of revenue	643	463	424	467	519	484
Gross profit	875	621	576	639	774	714
Selling, general & administrative expenses	458	349	333	329	366	329
Research & development	263	209	202	207	213	212
Depreciation/amortization	22.5	4.8	6.3	8.7	9.7	33.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	84.0	0.7	6.3	12.1	102	−1.6
Other operating expenses	0	0	0	0	0	0
Operating income	48.4	57.5	28.1	82.4	83.2	142
Net interest income (expense)	−34.4	−18.6	−15.1	−19.1	−18.5	−11.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.3	−0.3	−1.4	−2.6	0.4	0.4
Net income before taxes	16.3	38.6	11.6	60.7	65.1	131
Provision for taxes	47.5	4.4	37.4	35.2	49.6	63.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	0.8	0.6	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−30.4	34.8	−25.8	25.5	15.5	67.5
Extraordinary items	–	–	–	–	–	–
Net income	−30.4	34.8	−25.8	25.5	15.5	67.5
EBIT, normalized	148	80.5	55.0	92.5	194	144
EBITDA, normalized	256	143	114	162	270	246
Basic EPS, normalized	1.00	0.47	0.33	0.55	0.95	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Viavi Solutions Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	650	425	491	521	561	699
Receivables	376	293	245	264	286	276
Total inventory	155	118	96.5	116	110	94.9
Prepaid expenses	48.8	27.7	24.2	26.3	27.8	23.5
Other current assets	26.7	21.1	19.7	17.6	20.1	18.7
Total current assets	1,256	885	876	945	1,005	1,112
Property, plant & equipment	267	266	264	283	274	196
Goodwill	701	596	453	455	388	396
Intangibles	378	132	38.2	58.6	54.2	88.0
Long-term investments	5.0	3.0	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	98.7	112	105	108	107	169
Total assets	2,706	1,994	1,736	1,850	1,828	1,961
Liabilities
Accounts payable	92.2	68.8	50.4	47.2	58.3	63.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	158	123	110	102	131	122
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	245	246	0.1	96.4	68.5	457
Other current liabilities	186	152	86.7	98.3	111	106
Total current liabilities	680	590	247	344	369	747
Long-term debt	410	412	652	645	632	240
Minority interest	–	–	–	–	–	–
Other liabilities	166	212	156	171	154	210
Total liabilities	1,257	1,214	1,055	1,160	1,156	1,198
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0.2	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	71,253	70,518	70,472	70,427	70,370	70,183
Retained earnings (accumulated deficit)	−69,688	−69,628	−69,646	−69,601	−69,542	−69,322
Treasury stock	–	–	–	–	–	–
Other equity	−116	−110	−144	−136	−156	−97.2
Total equity	1,448	780	682	691	672	764
Total liabilities & shareholders' equity	2,706	1,994	1,736	1,850	1,828	1,961

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Viavi Solutions Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−30.4	34.8	−25.8	25.5	15.5	46.1
Depreciation, depletion & amortization	108	62.7	58.7	69.5	75.4	102
Deferred taxes	10.6	−28.4	0.3	4.8	−10.5	1.6
Non-cash items	182	50.9	66.5	64.0	161	69.6
Changes in working capital	−156	−30.2	16.7	−49.7	−63.5	23.7
Cash from operations	114	89.8	116	114	178	243
Investing activities
Capital expenditures	−31.1	−27.8	−19.5	−51.1	−72.5	−52.1
Other investing cash flows	−396	−101	−2.1	−76.0	1.5	3.4
Cash from investing	−427	−128	−21.6	−127	−71.0	−48.7
Financing activities
Financing cash flow items	−110	−13.0	−15.4	−23.8	−29.8	−19.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	651	−10.6	−110	−26.2	−181	−39.6
Cash from financing	541	−23.6	−126	−50.0	−210	−58.8
Foreign exchange effects	−0.4	12.5	−2.9	5.8	−32.3	25.2
Net change in cash	228	−49.7	−33.8	−57.2	−136	161
Free cash flow	82.8	62.0	96.9	63.0	106	191

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.