ADTRAN Holdings, Inc.
- Open
- 11.38
- Day high
- 11.95
- Day low
- 11.29
- Prev close
- 11.71
- Volume
- 1.1M
- Mkt cap
- $944M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.9
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.4M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions mixed (13F)
ADTRAN Holdings, Inc. (ADTN) is a Technology company listed on NASDAQ. The stock is up 24% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
ADTRAN Holdings, Inc. (ADTN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ADTN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.09 | $0.14 | +55.6% | $286M | +0.2% |
| Feb 26, 2026 | $0.08 | $0.16 | +100.0% | $292M | +4.9% |
| May 7, 2025 | $-0.02 | $0.03 | +250.0% | $248M | -2.9% |
| Feb 26, 2025 | $-0.02 | $-0.05 | -150.0% | $243M | +2.1% |
| Nov 7, 2024 | $-0.04 | $-0.05 | -11.1% | $228M | -4.0% |
| Feb 26, 2024 | $-0.09 | $-1.09 | -1111.1% | $225M | -1.6% |
| Feb 21, 2023 | $0.16 | $0.12 | -25.0% | $358M | -2.4% |
| Aug 3, 2022 | $0.12 | $0.19 | +58.3% | $172M | +0.7% |
| May 4, 2022 | $0.05 | $0.20 | +300.0% | $155M | +0.0% |
| Feb 2, 2022 | $0.01 | $0.10 | +700.0% | $154M | +9.1% |
| Nov 1, 2021 | $0.10 | $-0.02 | -120.0% | $138M | -7.3% |
| Aug 4, 2021 | $0.13 | $0.16 | +23.1% | $143M | +0.0% |
ADTN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | DelSanto Annedirector | Grant | 4,399 | — |
| May 22, 2026 | Wilson James Denson Jrofficer: Chief Revenue Officer | Sell | 9,332 | $14.72 |
| May 11, 2026 | Glingener Christophofficer: Chief Technology Officer | Sell | 41,220 | $14.73 |
| May 11, 2026 | Glingener Christophofficer: Chief Technology Officer | Option | 84,895 | $12.17 |
| May 11, 2026 | Glingener Christophofficer: Chief Technology Officer | Sell | 22,277 | $15.00 |
| May 11, 2026 | Glingener Christophofficer: Chief Technology Officer | Option | 22,277 | $12.17 |
| May 11, 2026 | Glingener Christophofficer: Chief Technology Officer | Option | 41,220 | $7.01 |
| May 11, 2026 | Glingener Christophofficer: Chief Technology Officer | Sell | 84,895 | $15.06 |
| Apr 3, 2026 | Santo Timothy Pofficer: SVP of Finance; CFO | Grant | 28,252 | — |
| Apr 3, 2026 | Wilson James Denson Jrofficer: Chief Revenue Officer | Grant | 24,908 | — |
| Apr 3, 2026 | STANTON THOMAS Rdirector, officer: Chairman & CEO | Grant | 170,723 | — |
| Mar 23, 2026 | Santo Timothy Pofficer: SVP of Finance; CFO | Tax | 1,501 | $11.90 |
| Mar 5, 2026 | Jacqueline Hourigan Ricedirector | Sell | 14,406 | $10.29 |
| Mar 5, 2026 | STANTON THOMAS Rdirector, officer: Chairman & CEO | Grant | 39,735 | — |
| Jan 30, 2026 | Wilson James Denson Jrofficer: Chief Revenue Officer | Tax | 1,309 | $9.24 |
Source: ADTN SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full ADTN insider & 13F page →ADTRAN Holdings, Inc. company profile
Overview
ADTRAN Holdings, Inc. (NASDAQ:ADTN) is a telecommunications equipment manufacturer founded in 1985 and headquartered in Huntsville, Alabama. The company went public in 1994 and has evolved from a traditional telecom equipment provider into a comprehensive fiber networking solutions company. In 2022, ADTRAN completed a significant business combination with ADVA Optical Networking, a German company, which transformed it into a global provider of end-to-end fiber networking infrastructure. Today, ADTRAN serves communications service providers, enterprises, and government customers across the United States, Europe, and other international markets, positioning itself as a key enabler of the global fiber broadband deployment.
Business
ADTRAN operates in the telecommunications equipment industry, specifically focusing on fiber networking infrastructure that enables high-speed internet and data communications. The company's core business revolves around providing the physical hardware and software needed to deliver fiber-optic broadband services to homes, businesses, and enterprises. The company operates through two main business segments. The Network Solutions segment represents approximately 80-82% of total revenue and includes the core networking equipment. The Services & Support segment accounts for 18-20% of revenue and provides technical support, installation, and maintenance services. Within Network Solutions, ADTRAN's products fall into three primary categories. Access and Aggregation solutions (approximately 30% of total revenue) include fiber access platforms and fiber-to-the-node equipment that connect neighborhoods and buildings to the broader internet infrastructure. Optical Networking Solutions (approximately 32-34% of total revenue) comprise high-capacity transport equipment that moves large amounts of data across long distances through fiber-optic cables. Subscriber Solutions (approximately 32-36% of total revenue) include the equipment installed in homes and businesses, such as residential gateways, Wi-Fi routers, and optical network terminals that connect end-users to the fiber network. To understand ADTRAN's role, imagine the internet as a highway system. The company provides the on-ramps (access equipment), the high-speed highways (optical transport), and the driveways leading to individual homes (subscriber equipment). Their Mosaic software platform acts as the traffic management system, allowing service providers to monitor and manage their networks remotely. This comprehensive approach enables telecommunications companies to build complete fiber networks from the central office all the way to the customer's premises.
Revenue model
ADTRAN generates revenue primarily through product sales to telecommunications service providers, with customers including major carriers, regional broadband providers, and government entities. The company sells networking hardware ranging from large optical transport systems costing hundreds of thousands of dollars to residential gateways priced in the hundreds of dollars. Revenue is recognized when products are shipped and delivered to customers. The company's customers fall into several categories. In the United States, ADTRAN serves both large national carriers and smaller regional fiber-to-the-home providers who are building new networks to compete with traditional cable companies. In Europe, the company benefits from the displacement of Chinese equipment vendors like Huawei, as carriers seek trusted Western suppliers for their critical infrastructure. Government customers include municipalities building their own broadband networks and federal agencies requiring secure communications equipment. Several factors influence ADTRAN's profitability margins. Favorable trends include the global shift toward fiber-optic networks, government broadband stimulus programs like the $42.5 billion BEAD funding in the US, and the ongoing replacement of high-risk vendors in European networks. The company also benefits from economies of scale as production volumes increase and from software-based revenue streams that carry higher margins. Challenging factors include intense price competition in commodity networking equipment, supply chain disruptions that increase component costs, and customer inventory corrections where service providers reduce purchases to work down existing stock. The cyclical nature of telecommunications capital spending means that customer demand can fluctuate significantly based on macroeconomic conditions and regulatory changes. Additionally, the company faces margin pressure from the need to invest heavily in research and development to keep pace with rapidly evolving networking technologies. The Services & Support segment provides more stable, recurring revenue through maintenance contracts and professional services, helping to smooth out some of the volatility inherent in the equipment business.
Competitive moat
ADTRAN's competitive moat is moderate but narrowing in an increasingly commoditized telecommunications equipment market. The company's primary advantages stem from its comprehensive product portfolio that spans the entire fiber network infrastructure, allowing customers to work with a single vendor rather than integrating equipment from multiple suppliers. This "one-stop-shop" approach creates switching costs and relationship advantages, particularly with smaller regional carriers who lack the technical resources to manage multiple vendor relationships. The company's Mosaic software platform represents a potential moat-building initiative, as it provides cloud-based network management capabilities that create ongoing customer relationships beyond one-time equipment sales. With over 400 customers using the platform and managing over 1.5 million end subscribers, ADTRAN is building a software-as-a-service business that could generate recurring revenue and increase customer stickiness. However, ADTRAN faces significant competitive pressures that limit its moat strength. The company competes against much larger players like Nokia, Ericsson, and Ciena in optical networking, and against numerous smaller vendors in access equipment and subscriber devices. Many of its products, particularly in the access and subscriber categories, are becoming increasingly commoditized with limited differentiation. The barriers to entry in certain product segments are relatively low, allowing new competitors to enter with lower-cost alternatives. The European market opportunity from Huawei displacement provides a temporary competitive advantage, but this is more of a geopolitical windfall than a sustainable moat. As the market stabilizes, ADTRAN will need to compete on pure technical merit and cost-effectiveness. The company's relatively small size compared to industry giants also limits its ability to invest in cutting-edge research and development or to achieve the scale economies necessary for long-term cost leadership. Overall, while ADTRAN has carved out a respectable market position, its moat is primarily based on customer relationships and portfolio breadth rather than proprietary technology or insurmountable cost advantages.
Risks & safety
ADTRAN presents moderate financial risk with some concerning liquidity trends but manageable debt levels. **Cash and Liquidity:** - Cash position of $101.3 million as of Q1 2025, down from $111.2 million in Q2 2024 - Positive operating cash flow of $36.6 million in Q1 2025 and $103.1 million for full year 2024 - Current ratio of 2.03, indicating adequate short-term liquidity - Free cash flow turned positive at $24.4 million in Q1 2025 **Debt and Solvency:** - Debt-to-equity ratio of 0.19, representing low financial leverage - Total liabilities of $630 million against total assets of $1.19 billion - Company targeting net cash position, indicating management focus on balance sheet strength **Valuation Concerns:** - Trading at 4.98x book value despite recent losses - Negative EBITDA of -$319.1 million for 2024, though improving quarterly - Price-to-book ratio suggests potential overvaluation given operational challenges **Other Considerations:** - Large net loss of $321.7 million in Q1 2025 due to one-time charges - Inventory levels remain elevated, creating working capital pressures - Revenue growth of 10% year-over-year provides some operational momentum
Recent development
Over the past few years, ADTRAN has undergone significant strategic transformation centered around its 2022 business combination with ADVA Optical Networking. This merger created a comprehensive fiber networking solutions provider with enhanced European market presence and expanded optical networking capabilities. The integration has enabled the company to achieve approximately $52 million in cost synergies while positioning for potential revenue synergies of $60-$120 million. The company has strategically focused on three key growth areas. In optical networking, ADTRAN has expanded its customer base significantly, adding 13 new carrier customers in Q3 2024 and 18 new customers in Q4 2024. The optical segment has shown strong sequential growth, with revenue increasing 16% in Q4 2024. In fiber access solutions, the company has been successful in the U.S. market, adding 66 new fiber-to-the-home operators in 2023 and continuing to expand its customer base among regional broadband providers. The subscriber solutions segment has benefited from the launch of new Wi-Fi 7 products and multi-gigabit mesh solutions. ADTRAN's software strategy has evolved around its Mosaic platform, which now serves over 400 customers and manages more than 1.5 million end subscribers. This cloud-based software-as-a-service offering represents the company's effort to build recurring revenue streams beyond traditional equipment sales. The platform enables cross-selling opportunities and creates deeper customer relationships. Geographically, the company has strengthened its European position by capitalizing on the displacement of Chinese vendors, particularly Huawei. ADTRAN has secured relationships with six Tier 1 European carriers and continues to expand its presence in markets like Sweden, Spain, and other European countries. The company has also opened a manufacturing facility in Germany to serve the European market more effectively. Recent operational improvements include returning to non-GAAP operating profitability in 2024, generating positive free cash flow for multiple consecutive quarters, and improving gross margins to over 40%. Management has focused on inventory reduction, working capital optimization, and strengthening the balance sheet while positioning for future growth opportunities.
ADTN company profile · for informational purposes only — not investment advice.
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