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Viavi Solutions Inc.

Rank #204Hypergrowth

VIAV · Nasdaq · Technology

Viavi Solutions Inc. (VIAV) — Rank #204 by gross profitability (GP/assets 0.32) · ROE -2.1% · Piotroski F-Score N/A.

As-of 2026-09-15 · 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

Price History

VIAV+124.8% · +17.6% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$8.31B

P/E (annual)

—

P/S (annual)

5.5

P/B

5.7

P/OCF (annual)

72.9

Shareholder Yield

-1.7%

Employees

4,100

Industry

Communication Equipment

Exchange

Nasdaq

Signal Flags

4 green
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Deferred revenue growingRevenue and deferred revenue both growing — retention signal
RPO outpacing revenueRemaining performance obligations growing faster than recognized revenue — forward demand building

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%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

28.9%

stretched

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 1.7% — per-share value needs a total required return of 30.6% once share-count change is priced in.

vs. own 6-year median revenue growth: 6.7%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

23.4%

r = 10% (base)

28.9%

r = 12%

33.7%

Net debt / market cap: 5.5%

Base FCF: $82.8M3Y mean FCF: $80.6M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

N/A
16.2xmed 92.2x671.5x

P / S

Price / revenue per share

6.5xExpensive
1.8xmed 2.8x6.5x

P / B

Price / book value per share

6.8xExpensive
2.7xmed 3.9x6.8x

P / GP

Price / gross profit per share

11.3xExpensive
3.1xmed 4.8x11.3x

P / FCF

Price / free cash flow per share

119.2xExpensive
18.7xmed 35.9x119.2x

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

Profitability

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

7th of 17 SIC 3674 peers

Return on equity

-2.1%

Gross margin

57.7%

3rd of 17 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%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.87

14th of 16 SIC 3674 peers (best = lowest)

Current ratio

1.85×

16th of 17 SIC 3674 peers

Quick ratio

1.47×

Net cash

-$428.30M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$82.80M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

3.72

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.6%

Stock-based comp intensity.

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20212026
Value
Decline
Hypergrowth
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