CIENCIENA CORP

Telephone & Telegraph Apparatus

Revenue: $4.8B; 19% YoY
Operating margin: 4.1%; 0.2% YoY
EBITDA: $302M; 16% YoY
Market cap: $45.5B
Employees: 9,080; $525K revenue each
Net debt / EBITDA: -5.9×; −$1.8B net debt
AI in 10-K: 7.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
654% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$525K · 62nd pct
Bottom quartile of its SIC industry
Quiet on AINo
7.8 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 5.9× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$45.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$101M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.6B	$3.6B	$4.4B	$4.0B	$4.8B	19%
Operating income	$495M	$223M	$358M	$167M	$198M	19%
Net income	$500M	$153M	$255M	$84M	$123M	47%
Operating cash flow	$542M	−$168M	$168M	$515M	$806M	57%
Capex	$80M	$91M	$106M	$137M	$141M	3.0%
Stock-based comp	$84M	$105M	$130M	$156M	$185M	18%
Buybacks	$91M	$501M	$242M	$255M	$335M	31%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $101M · 93
Net: −$101M

Pay vs performance

No pay-versus-performance disclosure yet.