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Ciena vs Fabrinet: CIEN and FN compared
Ciena is the larger company: $1.7B of revenue in its latest quarter (Q3 FY26) against $1.5B for Fabrinet (Q1 FY27). Fabrinet is growing faster (+51% against +37% a year earlier). Ciena is more profitable, with an operating margin of 18.0% against 9.9%.
Where the money goes: CIEN and FN
Ciena (CIEN) · Q3 FY26
Ciena, Q3 FY26: revenue $1.7B (+37% year over year), operating margin 18.0%, net earnings $266M, operating cash flow $196M. The chart follows the revenue to costs, profit and cash.
Fabrinet (FN) · Q1 FY27
Fabrinet, Q1 FY27: revenue $1.5B (+51% year over year), operating margin 9.9%, net earnings $103M, operating cash flow $21.3M. The chart follows the revenue to costs, profit and cash.
| Ciena (CIEN) | Fabrinet (FN) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q1 FY27 |
| Revenue | $1.7B | $1.5B |
| Revenue growth, Y/Y | +37% | +51% |
| Gross margin | 45.4% | 11.8% |
| Operating margin | 18.0% | 9.9% |
| Net earnings | $266M | $103M |
| Net margin | 15.9% | 7.0% |
| Operating cash flow | $196M | $21.3M |
| Free cash flow | $116M | — |
| Market value | $35.3B | $11.8B |
| P/E | 54.0× | 24.5× |
| Analysts’ mean target | $512.99 | $564.44 |
Where the revenue comes from
Ciena
- Products: $1.4B (83%)
- Routing and Switching: $164M (10%)
- Platform Software and Services: $98.7M (6%)
- Advisory and Enablement: $15.9M (1%)
Fabrinet
- Data center: $777M (53%)
- Communications infrastructure: $444M (30%)
- Automotive, Industrial and Others: $253M (17%)
Questions
Which is bigger, Ciena or Fabrinet?
Ciena is the larger company: $1.7B of revenue in its latest quarter (Q3 FY26) against $1.5B for Fabrinet (Q1 FY27).
Is Ciena or Fabrinet growing faster?
Fabrinet is growing faster (+51% against +37% a year earlier).
Which is more profitable, Ciena or Fabrinet?
Ciena is more profitable, with an operating margin of 18.0% against 9.9%.
More: Ciena earnings · how Ciena makes money · Fabrinet earnings · how Fabrinet makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 3, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.