CIEN vs. FLEX: Ciena vs. Flex Stock Comparison

November 11, 2026

How do Ciena (CIEN) and Flex (FLEX) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Ciena (CIEN) and Flex (FLEX) both fall under the Technology Hardware & Equipment industry group, but CIEN is classified in Communications Equipment while FLEX is classified in Electronic Equipment, Instruments & Components.

Company profile comparison for Ciena (CIEN) and Flex (FLEX)
Profile Item	CIEN	FLEX
Name	Ciena Corp.	Flex Ltd.
Country/Region	United States	United States
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Technology Hardware & Equipment	Technology Hardware & Equipment
GICS Industry	Communications Equipment	Electronic Equipment, Instruments & Components
GICS Sub-Industry	Communications Equipment	Electronic Manufacturing Services
Market Capitalization	34.51 billion USD	25.78 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	February 7, 1997	March 18, 1994
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CIEN

FLEX

GSPC

Ciena (CIEN) vs. Flex (FLEX), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Ciena (CIEN) and Flex (FLEX). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Ciena (CIEN) and Flex (FLEX). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
Total Return (1Y)	36.49%	24.99%
Total Return (3Y, Annualized)	84.56%	59.41%
Total Return (5Y, Annualized)	35.01%	42.37%

Risk Profile

Drawdown History

CIEN

FLEX

GSPC

Ciena (CIEN) vs. Flex (FLEX), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Ciena (CIEN) and Flex (FLEX). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
Volatility (1Y, Annualized)	81.12%	76.21%
Beta (5Y)	1.39	1.82
Max Drawdown (5Y)	-63.19%	-58.83%
Avg. Volume (3M)	2.83M	4.28M

Risk-Adjusted Performance

Risk-Return Positioning

CIEN and FLEX are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
Sharpe Ratio (1Y)	0.40	0.27
Sortino Ratio (1Y)	0.56	0.44

Profitability

ROE (TTM)

Ciena (CIEN) at 22.40% sits in the top ROE quartile, while Flex (FLEX) at 19.13% is closer to the peer norm — stronger capital efficiency for CIEN.

CIEN

Technology Hardware & Equipment industry group

22.40%

Max: 42.47%
CIEN: 22.40%
Q3: 19.13%
Median: 11.00%
Q1: 1.63%
Min: -20.62%

FLEX

Technology Hardware & Equipment industry group

19.13%

Max: 42.47%
FLEX: 19.13%
Q3: 19.13%
Median: 11.00%
Q1: 1.63%
Min: -20.62%

Ciena (CIEN) vs. Flex (FLEX): A comparison of their ROE against the Technology Hardware & Equipment industry group benchmark.

Net Margin (TTM)

Both Ciena (CIEN) at 10.87% and Flex (FLEX) at 3.35% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

CIEN

Technology Hardware & Equipment industry group

10.87%

Max: 27.60%
Q3: 11.66%
CIEN: 10.87%
Median: 4.08%
Q1: 0.00%
Min: -11.02%

FLEX

Technology Hardware & Equipment industry group

3.35%

Max: 27.60%
Q3: 11.66%
Median: 4.08%
FLEX: 3.35%
Q1: 0.00%
Min: -11.02%

Ciena (CIEN) vs. Flex (FLEX): A comparison of their net margin against the Technology Hardware & Equipment industry group benchmark.

Operating Margin (TTM)

Both Ciena (CIEN) at 18.08% and Flex (FLEX) at 5.05% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

CIEN

Technology Hardware & Equipment industry group

18.08%

Max: 36.27%
Q3: 18.36%
CIEN: 18.08%
Median: 8.84%
Q1: 1.46%
Min: -21.39%

FLEX

Technology Hardware & Equipment industry group

5.05%

Max: 36.27%
Q3: 18.36%
Median: 8.84%
FLEX: 5.05%
Q1: 1.46%
Min: -21.39%

Ciena (CIEN) vs. Flex (FLEX): A comparison of their operating margin against the Technology Hardware & Equipment industry group benchmark.

Profitability Metrics

Profitability metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
ROE (TTM)	22.40%	19.13%
ROA (TTM)	7.73%	4.39%
Net Margin (TTM)	10.87%	3.35%
Operating Margin (TTM)	18.08%	5.05%
Gross Margin (TTM)	44.07%	9.67%

Growth

Revenue Growth

Both Ciena (CIEN) at 18.79% and Flex (FLEX) at 8.14% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Ciena (CIEN) vs. Flex (FLEX): A comparison of their Revenue Growth across different time periods.

EPS Growth

Ciena (CIEN) at 46.55% sits in the top EPS growth quartile, while Flex (FLEX) at 10.43% is closer to the peer norm — faster per-share earnings growth for CIEN.

Ciena (CIEN) vs. Flex (FLEX): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
Revenue Growth (YoY)	18.79%	8.14%
Revenue Growth (3Y CAGR)	9.50%	-0.69%
EPS Growth (YoY)	46.55%	10.43%
EPS Growth (3Y CAGR)	-5.27%	10.65%

Financial Strength

Current Ratio (MRQ)

Flex (FLEX) at 1.34 keeps current ratio within its industry’s typical mid-range, while Ciena (CIEN) at 3.80 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.

CIEN

Technology Hardware & Equipment industry group

3.80

Max: 5.34
CIEN: 3.80
Q3: 3.02
Median: 1.95
Q1: 1.32
Min: 0.17

FLEX

Technology Hardware & Equipment industry group

1.34

Max: 5.34
Q3: 3.02
Median: 1.95
FLEX: 1.34
Q1: 1.32
Min: 0.17

Ciena (CIEN) vs. Flex (FLEX): A comparison of their current ratio against the Technology Hardware & Equipment industry group benchmark.

Debt / Equity (MRQ)

Both Ciena (CIEN) at 1.07 and Flex (FLEX) at 1.03 lean more heavily on debt funding than most peers, landing in the higher-leverage quartile of their industries.

CIEN

Technology Hardware & Equipment industry group

1.07

Max: 1.76
CIEN: 1.07
Q3: 0.78
Median: 0.24
Q1: 0.04
Min: 0.01

FLEX

Technology Hardware & Equipment industry group

1.03

Max: 1.76
FLEX: 1.03
Q3: 0.78
Median: 0.24
Q1: 0.04
Min: 0.01

Ciena (CIEN) vs. Flex (FLEX): A comparison of their debt-to-equity ratio against the Technology Hardware & Equipment industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
Current Ratio (MRQ)	3.80	1.34
Debt / Equity (MRQ)	1.07	1.03
Net Debt / EBITDA	0.64	1.32

Dividends

Dividend Yield (TTM)

Neither Ciena (CIEN) nor Flex (FLEX) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

CIEN

Technology Hardware & Equipment industry group

0.00%

Max: 0.73%
Q3: 0.31%
CIEN: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

FLEX

Technology Hardware & Equipment industry group

0.00%

Max: 0.73%
Q3: 0.31%
FLEX: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Ciena (CIEN) vs. Flex (FLEX): A comparison of their dividend yield against the Technology Hardware & Equipment industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Ciena (CIEN) nor Flex (FLEX) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

CIEN

Technology Hardware & Equipment industry group

0.00%

Max: 32.27%
Q3: 14.48%
CIEN: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

FLEX

Technology Hardware & Equipment industry group

0.00%

Max: 32.27%
Q3: 14.48%
FLEX: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Ciena (CIEN) vs. Flex (FLEX): A comparison of their payout ratio against the Technology Hardware & Equipment industry group benchmark.

Dividend Metrics

Dividend metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Flex (FLEX) at 25.10 is near its industry’s usual P/E ratio, while Ciena (CIEN) at 54.45 sits in the richer quartile — CIEN needs stronger growth or earnings quality to justify the premium.

CIEN

Technology Hardware & Equipment industry group

54.45

Max: 69.48
CIEN: 54.45
Q3: 41.02
Median: 26.39
Q1: 19.36
Min: 6.07

FLEX

Technology Hardware & Equipment industry group

25.10

Max: 69.48
Q3: 41.02
Median: 26.39
FLEX: 25.10
Q1: 19.36
Min: 6.07

Ciena (CIEN) vs. Flex (FLEX): A comparison of their P/E ratio against the Technology Hardware & Equipment industry group benchmark.

P/S Ratio (TTM)

Flex (FLEX) at 0.83 sits in the cheaper P/S ratio quartile while Ciena (CIEN) at 5.73 prices around its industry’s middle — FLEX costs less per dollar of sales, though read it alongside growth and margins.

CIEN

Technology Hardware & Equipment industry group

5.73

Max: 11.30
Q3: 5.82
CIEN: 5.73
Median: 2.56
Q1: 1.05
Min: 0.00

FLEX

Technology Hardware & Equipment industry group

0.83

Max: 11.30
Q3: 5.82
Median: 2.56
Q1: 1.05
FLEX: 0.83
Min: 0.00

Ciena (CIEN) vs. Flex (FLEX): A comparison of their P/S ratio against the Technology Hardware & Equipment industry group benchmark.

P/B Ratio (MRQ)

Flex (FLEX) at 4.44 sits near its industry’s typical P/B ratio, while Ciena (CIEN) at 11.30 prices above its benchmark range — CIEN looks rich relative to book.

CIEN

Technology Hardware & Equipment industry group

11.30

CIEN: 11.30
Max: 10.75
Q3: 5.52
Median: 3.17
Q1: 1.79
Min: 0.33

FLEX

Technology Hardware & Equipment industry group

4.44

Max: 10.75
Q3: 5.52
FLEX: 4.44
Median: 3.17
Q1: 1.79
Min: 0.33

Ciena (CIEN) vs. Flex (FLEX): A comparison of their P/B ratio against the Technology Hardware & Equipment industry group benchmark.

Valuation Metrics

Valuation metrics for Ciena (CIEN) and Flex (FLEX)
Metric	CIEN	FLEX
P/E Ratio (TTM)	54.45	25.10
P/S Ratio (TTM)	5.73	0.83
P/B Ratio (MRQ)	11.30	4.44
Free Cash Flow Yield (TTM)	1.84%	2.41%