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Viavi Solutions Inc.

Rank #195HypergrowthWatchlistCompare with other stocks

VIAV · Nasdaq · Technology

Viavi Solutions Inc. (VIAV) — Rank #195 by gross profitability (GP/assets 0.32) · ROE -2.1% · Piotroski F-Score N/A.

As-of 2026-10-30 · CIK 0000912093 · all metrics point-in-time as of the filing date.

About

Viavi Solutions Inc. engages in the provision of test and measurement and optical technologies for military, aerospace, railway and first responder communications in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa.

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The company operates in two segments, Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP). The NSE segment provides integrated portfolio of test, monitoring, assurance, and resilient PNT solutions that enable and secure critical infrastructure. This segment also offers instruments, microprobes, and perpetual software licenses that support the development, production, maintenance, and optimization of network systems, as well as repair, calibration, extended warranty, software support, technical assistance, training, and consulting services. The OSP segment leverages its core optical coating technologies and volume manufacturing capability to design, manufacture, and sell technologies for the anti-counterfeiting, 3D sensing, government and aerospace, automotive, and industrial markets. The company was formerly known as JDS Uniphase Corporation. Viavi Solutions Inc.

was founded in 1923 and is headquartered in Chandler, Arizona.

Industry
Communication Equipment
Sector
Technology
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
June 27

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

4,100

Industry

Communication Equipment

Exchange

Nasdaq

12/12

Flags passed

VIAV passes 12/12 quality flags

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Deferred revenue growing · RPO outpacing revenue

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.32
Return on equity
-2.1%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.87
Current ratio
1.85×
Net cash
-$428.30M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.6%

Growth

2/2 pass
Revenue growth
40.0%
Piotroski F-Score
N/A
Share dilution
1.7%

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 65th percentile of 21 SIC 3674 peers

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

65th pctl of 21 SIC 3674 peers

Return on equity

-2.1%

Gross margin

57.7%

70th pctl of 21 SIC 3674 peers

Revenue growth (YoY)

40.0%

RPO growth (YoY)

76.8%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

11.1%

Revenue CAGR (5Y)

4.8%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

9.5%

Cash Flow Health

Is the cash real?

No warning flags · FCF 372% above net income

Free cash flow

$82.80M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

372.4%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.6%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $428.30M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.87

26th pctl of 20 SIC 3674 peers (best = lowest)

Current ratio

1.85×

10th pctl of 21 SIC 3674 peers

Quick ratio

1.47×

Net cash

-$428.30M

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

2.0 / 5

Fair
Share count trend
1.7%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory
-8.0%1/5 Weak

Lifecycle Phase History

20212026
Value
Decline
Hypergrowth

Price History

VIAV+118.7% · +16.9% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports