Latest Ratios: P/E Ratio 282.8x · EV/EBITDA 75.5x · ROE 4.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.8B | $2.3B | $1.5B | $2.6B | $3.1B | $4.1B | $2.9B | $3.1B | $2.3B | $2.5B | $1.6B |
| Enterprise Value | $10.1B | $2.5B | $1.7B | $2.8B | $3.3B | $4.2B | $3.0B | $3.1B | $2.5B | $2.4B | $1.7B |
| P/E Ratio → | 282.80 | 66.67 | — | 103.00 | 201.08 | 60.24 | 104.17 | 394.36 | — | 14.83 | — |
| P/S Ratio | 9.05 | 2.08 | 1.53 | 2.32 | 2.41 | 3.44 | 2.57 | 2.72 | 2.66 | 3.04 | 1.71 |
| P/B Ratio | 12.27 | 2.89 | 2.24 | 3.72 | 4.64 | 5.40 | 4.11 | 4.23 | 3.23 | 3.14 | 2.25 |
| P/FCF | 158.31 | 36.40 | 15.78 | 40.75 | 29.53 | 21.59 | 28.17 | 32.76 | 98.96 | 59.64 | 89.16 |
| P/OCF | 109.30 | 25.13 | 13.14 | 22.50 | 17.51 | 16.97 | 21.54 | 22.14 | 35.23 | 30.87 | 29.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.33 | 1.74 | 2.57 | 2.56 | 3.48 | 2.67 | 2.77 | 2.91 | 2.95 | 1.83 |
| EV / EBITDA | 75.48 | 18.90 | 17.16 | 16.86 | 12.67 | 17.50 | 15.35 | 16.55 | 27.21 | 25.79 | 18.91 |
| EV / EBIT | 142.23 | 35.62 | 41.06 | 32.37 | 37.36 | 28.66 | 23.79 | 42.53 | 219.60 | 10.43 | — |
| EV / FCF | — | 40.74 | 18.01 | 45.11 | 31.27 | 21.81 | 29.30 | 33.37 | 108.40 | 57.88 | 95.22 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.8% | 56.8% | 56.9% | 57.0% | 59.1% | 56.8% | 55.5% | 54.3% | 53.4% | 58.2% | 59.0% |
| Operating Margin | 6.5% | 6.5% | 4.3% | 9.0% | 14.3% | 11.3% | 7.9% | 6.8% | 1.2% | 4.3% | 1.9% |
| Net Profit Margin | 3.2% | 3.2% | -2.6% | 2.3% | 1.2% | 5.6% | 2.5% | 0.5% | -5.5% | 20.6% | -10.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.8% | 4.8% | -3.8% | 3.7% | 2.2% | 9.2% | 4.0% | 0.7% | -6.4% | 22.6% | -11.1% |
| ROA | 1.9% | 1.9% | -1.4% | 1.4% | 0.8% | 3.6% | 1.6% | 0.3% | -2.4% | 8.8% | -5.1% |
| ROIC | 5.5% | 5.5% | 3.5% | 8.2% | 16.7% | 12.5% | 8.4% | 6.7% | 0.9% | 3.5% | 1.3% |
| ROCE | 4.9% | 4.9% | 2.9% | 6.7% | 13.9% | 9.9% | 5.9% | 5.1% | 0.6% | 2.1% | 1.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.89 | 0.89 | 1.01 | 1.13 | 1.11 | 0.97 | 0.93 | 0.80 | 1.16 | 1.18 | 0.85 |
| Debt / EBITDA | 5.18 | 5.18 | 6.76 | 4.63 | 2.86 | 3.10 | 3.33 | 3.06 | 8.90 | 10.03 | 6.72 |
| Net Debt / Equity | — | 0.34 | 0.32 | 0.40 | 0.27 | 0.05 | 0.16 | 0.08 | 0.31 | -0.09 | 0.15 |
| Net Debt / EBITDA | 2.01 | 2.01 | 2.12 | 1.63 | 0.71 | 0.17 | 0.59 | 0.30 | 2.37 | -0.79 | 1.20 |
| Debt / FCF | — | 4.33 | 2.23 | 4.36 | 1.75 | 0.22 | 1.13 | 0.61 | 9.44 | -1.76 | 6.06 |
| Interest Coverage | 2.36 | 2.36 | 1.38 | 3.24 | 3.79 | 9.90 | 3.79 | 2.15 | 0.25 | 5.32 | -0.29 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.50 | 1.50 | 3.55 | 2.75 | 2.72 | 1.49 | 3.92 | 3.23 | 2.05 | 7.29 | 5.35 |
| Quick Ratio | 1.30 | 1.30 | 3.16 | 2.41 | 2.42 | 1.36 | 3.57 | 2.87 | 1.89 | 7.08 | 5.13 |
| Cash Ratio | 0.72 | 0.72 | 1.99 | 1.52 | 1.52 | 0.94 | 2.34 | 1.84 | 1.39 | 6.28 | 4.27 |
| Asset Turnover | — | 0.54 | 0.58 | 0.60 | 0.71 | 0.61 | 0.64 | 0.62 | 0.43 | 0.38 | 0.54 |
| Inventory Turnover | 3.97 | 3.97 | 4.46 | 4.10 | 4.80 | 5.46 | 6.08 | 5.03 | 4.42 | 7.07 | 7.22 |
| Days Sales Outstanding | — | 98.70 | 89.35 | 87.08 | 80.72 | 83.91 | 83.74 | 76.76 | 91.11 | 54.16 | 59.77 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 1.5% | — | 1.0% | 0.5% | 1.7% | 1.0% | 0.3% | — | 6.7% | — |
| FCF Yield | 0.6% | 2.7% | 6.3% | 2.5% | 3.4% | 4.6% | 3.5% | 3.1% | 1.0% | 1.7% | 1.1% |
| Buyback Yield | 0.2% | 0.7% | 1.3% | 3.3% | 7.6% | 1.0% | 1.5% | 0.4% | 1.8% | 3.7% | 2.9% |
| Total Shareholder Yield | 0.2% | 0.7% | 1.3% | 3.3% | 7.6% | 1.0% | 1.5% | 0.4% | 1.8% | 3.7% | 2.9% |
| Shares Outstanding | — | $226M | $223M | $227M | $238M | $236M | $234M | $231M | $227M | $235M | $234M |
Cyclical Telecommunications CAPEX Exposure
According to current market data, VIAV trades at a forward P/E of 50.79 and an EV/EBITDA of 53.60, multiples that appear significantly disconnected from the company's recent history of inconsistent earnings and the cyclical headwinds currently impacting the broader communication equipment sector's growth trajectory.
The current valuation suggests that investors are pricing in a significant recovery or a structural shift in profitability that is not yet evident in the reported financial results. Given the company's reliance on lumpy government contracts and volatile carrier spending, these elevated multiples may be vulnerable to downward revision if future quarters fail to demonstrate sustained margin expansion.
Based on reported figures, VIAV's ROIC has struggled to consistently exceed 2%, a trend that highlights the difficulty of generating meaningful returns on invested capital given the high fixed-cost base and the ongoing integration challenges associated with the company's recent acquisition-heavy growth strategy.
The persistent low ROIC indicates that the capital deployed into the business is not currently creating value above the firm's cost of capital. This suggests that management's focus on inorganic expansion has yet to yield the expected synergies, and investors should monitor whether future capital allocation shifts toward organic efficiency improvements.
As reported in financial statements, the cash conversion cycle has fluctuated significantly, reaching 101 days in 2026Q3, which suggests that VIAV faces structural challenges in managing its inventory and receivables relative to its peers in the network testing and optical security industries.
The elevated CCC reflects a potential mismatch between the company's production cycles and its ability to collect on sales, particularly within the lumpy OSP segment. This inefficiency ties up liquidity that could otherwise be used for debt reduction or R&D, further constraining the firm's operational flexibility during periods of industry-wide CAPEX contraction.
According to recent SEC filings, VIAV's debt-to-EBITDA ratio has climbed to 14.85, a level that signals a significantly strained balance sheet and suggests that the company's ability to service its obligations is increasingly sensitive to fluctuations in operating performance and interest rate environments.
The sharp increase in leverage following recent acquisition activity warrants close investigation, as it limits the company's capacity to navigate the current downturn in 5G infrastructure spending. Investors should monitor interest coverage ratios, which have shown volatility, as any further deterioration could necessitate a shift in capital allocation priorities.
The P/E ratio is frequently misapplied to VIAV, as it obscures the significant impact of non-cash amortization and stock-based compensation that artificially suppress reported net income, making the company appear far more expensive than its actual cash-generating capacity would suggest to a fundamental analyst.
Because VIAV's earnings are heavily impacted by acquisition-related accounting, the P/E ratio fails to capture the underlying economic reality of the business. Analysts should instead prioritize Free Cash Flow or Adjusted EBITDA to better assess the firm's true earning power and its ability to sustain operations without further reliance on external financing.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VIAV stock.
Viavi Solutions Inc.'s current P/E ratio is 282.8x. The historical average is 59.6x. This places it at the 100th percentile of its historical range.
Viavi Solutions Inc.'s current EV/EBITDA is 75.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.9x.
Viavi Solutions Inc.'s return on equity (ROE) is 4.8%. The historical average is -20.5%.
Based on historical data, Viavi Solutions Inc. is trading at a P/E of 282.8x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Viavi Solutions Inc. has 56.8% gross margin and 6.5% operating margin.
Viavi Solutions Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.