Viavi Solutions Inc.
- Open
- 34.24
- Day high
- 34.34
- Day low
- 32.80
- Prev close
- 34.50
- Volume
- 748K
- Mkt cap
- $8.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 5.9
- P/S
- 5.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$6.7M over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions accumulating (13F)
Viavi Solutions Inc. (VIAV) is a Technology company listed on NASDAQ. The stock is up 199% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4). Drillr has 2 published research articles covering VIAV.
Viavi Solutions Inc. (VIAV) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
VIAV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $0.30 | $0.34 | +14.5% | $443M | +3.1% |
| Apr 29, 2026 | $0.24 | $0.27 | +12.0% | $407M | +3.9% |
| Jan 28, 2026 | $0.19 | $0.22 | +15.2% | $369M | -5.3% |
| Oct 29, 2025 | $0.13 | $0.15 | +16.3% | $299M | -0.2% |
| Aug 7, 2025 | $0.12 | $0.13 | +9.2% | $291M | +2.3% |
| May 1, 2025 | $0.12 | $0.15 | +26.1% | $285M | +0.6% |
| Jan 30, 2025 | $0.10 | $0.13 | +30.0% | $271M | +4.5% |
| Oct 31, 2024 | $0.06 | $0.06 | +0.0% | $238M | -0.5% |
| Aug 8, 2024 | $0.07 | $0.08 | +14.3% | $252M | +1.0% |
| May 2, 2024 | $0.07 | $0.06 | -13.0% | $246M | -1.0% |
| Feb 1, 2024 | $0.08 | $0.11 | +37.5% | $255M | +1.8% |
| Nov 2, 2023 | $0.10 | $0.09 | -10.9% | $248M | -1.0% |
VIAV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 31, 2026 | McNab Paulofficer: EVP, Chief Mktg & Stgy Officer | Tax | 7,527 | $36.54 |
| Aug 31, 2026 | McNab Paulofficer: EVP, Chief Mktg & Stgy Officer | Option | 18,739 | — |
| Aug 31, 2026 | SCRIVANICH LUKE Mofficer: SVP General Manager OSP | Tax | 7,736 | $36.54 |
| Aug 31, 2026 | Staley Gary Wofficer: SVP Global Sales NSE | Grant | 12,782 | — |
| Aug 31, 2026 | Siebert Kevin Christopherofficer: SVP Gen. Counsel & Secretary | Tax | 5,190 | $36.54 |
| Aug 31, 2026 | SCRIVANICH LUKE Mofficer: SVP General Manager OSP | Grant | 11,039 | — |
| Aug 31, 2026 | SCRIVANICH LUKE Mofficer: SVP General Manager OSP | Option | 19,841 | — |
| Aug 31, 2026 | Petrucci Anthony Michaelofficer: SVP, Chief Operations Officer | Grant | 11,039 | — |
| Aug 31, 2026 | SCRIVANICH LUKE Mofficer: SVP General Manager OSP | Option | 15,204 | — |
| Aug 31, 2026 | McNab Paulofficer: EVP, Chief Mktg & Stgy Officer | Option | 12,878 | — |
| Aug 31, 2026 | Daskal Ilanofficer: EVP, CFO | Grant | 34,861 | — |
| Aug 31, 2026 | KHAYKIN OLEGdirector, officer: President & CEO | Grant | 139,444 | — |
| Aug 31, 2026 | Staley Gary Wofficer: SVP Global Sales NSE | Option | 15,151 | — |
| Aug 31, 2026 | KHAYKIN OLEGdirector, officer: President & CEO | Option | 105,194 | — |
| Aug 31, 2026 | Staley Gary Wofficer: SVP Global Sales NSE | Option | 16,437 | — |
Source: VIAV SEC Form 4 filings, latest Aug 31, 2026. For informational purposes only — not investment advice.
See the full VIAV insider & 13F page →VIAV research & analysis
[VIAV] Viavi Solutions Thesis 2026: Network Service Enablement Cycle Drives Optical Security Recovery
Viavi Solutions Inc. (NASDAQ: VIAV) FY2025 revenue ~$1.05-1.15B (+0-7%) with adj. EPS ~$0.55-0.70 reflecting continued post-2024 ~$770-820M aggregate Network and Service Enablement (NSE) revenue (~73%+ aggregate revenue mix) + selected continued post-2024 ~$280-330M aggregate Optical Security and Performance Products (OSP) revenue (~26% aggregate revenue mix) + selected post-2024 selected various trough cycle inventory destocking + selected post-September 2024 ~$1.2B+ aggregate Spirent Communications proposed acquisition under continued President + CEO Oleg Khaykin since 2016 (~9-year tenure as Viavi Solutions CEO). One of the leading US network test + monitoring instruments + optical security + selected various enterprise networking platforms. Founded August 2015 as Viavi Solutions Inc. via JDS Uniphase Corporation spinoff (~10-year heritage); selected post-August 2015 NASDAQ listing; selected post-2016 Oleg Khaykin CEO appointment; selected post-September 2024 ~$1.2B+ aggregate Spirent Communications proposed acquisition. Headquartered in Chandler Arizona; ~3,800+ employees globally with ~$1.05-1.15B revenue. Two primary business segments: Network and Service Enablement NSE (~73%+ ~$770-820M), Optical Security and Performance Products OSP (~26% ~$280-330M). Geographic mix: US ~30%+ + EMEA ~30% + Asia Pacific ~30%+ + selected various ~10%. NSE cycle: ~$770-820M NSE revenue; selected various 5G + Fiber + AI datacenter network test + monitoring demand recovery. OSP: ~$280-330M OSP revenue; selected primary anti-counterfeiting + 3D sensing iPhone Face ID. President + CEO Oleg Khaykin since 2016 (~9-year tenure); CFO Henk Derksen. Capital return + Spirent acquisition: post-September 2024 ~$1.2B+ aggregate Spirent Communications proposed acquisition; ~$0M dividend FY2025 (selected primary capital deployment for M&A); ~$50-100M aggregate FY2024-2025 buyback program; aggregate capital return ~$30-50M; cash + investments balance ~$0.5-0.7B; net leverage ratio ~1.5-2.0x; investment-grade pathway B1/B+. FY2026 thesis: Network and Service Enablement cyclical recovery + Optical Security and Performance Products + selected post-September 2024 ~$1.2B+ aggregate Spirent Communications proposed acquisition + ~$0.5-0.7B aggregate cash + investments balance + ~1.5-2.0x net leverage + selected pathway to dividend initiation FY2026-2027. Risks: NSE cyclical recovery, Keysight + EXFO + Anritsu competition, Spirent acquisition execution + regulatory review, 3D sensing iPhone Face ID, US Federal Reserve + international banknote anti-counterfeiting cycle.
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ANETVRTAPH
Viavi Solutions Inc. company profile
Overview
Viavi Solutions Inc. (NASDAQ:VIAV) is a leading provider of network test, monitoring, and assurance solutions founded in 1923 and headquartered in Scottsdale, Arizona. The company emerged from JDS Uniphase Corporation, changing its name to Viavi Solutions in August 2015. With over a century of experience in optical and communications technology, Viavi serves communications service providers, enterprises, network equipment manufacturers, government agencies, and avionics customers worldwide. The company operates through three main business segments and has established itself as a critical enabler of modern network infrastructure, supporting everything from 5G wireless deployments to data center interconnects and advanced optical security applications.
Business
Viavi Solutions operates in the specialized field of network test and measurement equipment, providing the tools and software that enable the construction, optimization, and maintenance of modern telecommunications infrastructure. The company's products are essential for ensuring that complex networks - from fiber optic cables to wireless base stations - operate at peak performance and reliability. The company operates through three distinct business segments: 1. Network & Service Enablement (NSE) - representing approximately 70-75% of total revenue - provides comprehensive testing solutions for network infrastructure. This segment includes Network Enablement (NE) products such as fiber optic test instruments, wireless network analyzers, and protocol test systems that network operators use to build, activate, and maintain their networks. The Service Enablement (SE) portion offers embedded monitoring systems and performance management software that provide real-time visibility into network performance and customer experience. These solutions help service providers identify issues before they impact customers and optimize network resources. 2. Optical Security and Performance Products (OSP) - accounting for roughly 25-30% of revenue - focuses on specialized optical technologies for security and industrial applications. This includes anti-counterfeiting solutions that use optical features to authenticate products like currency, pharmaceuticals, and luxury goods, as well as 3D sensing products used in consumer electronics for facial recognition and augmented reality applications. The segment also serves automotive and industrial markets with precision optical components. The company's products address critical pain points in network deployment and operation. For telecommunications infrastructure, Viavi's instruments ensure that fiber optic cables can transmit data at specified speeds over long distances, that wireless base stations provide proper coverage, and that network equipment meets performance specifications. In the security realm, their optical technologies provide tamper-evident features that are extremely difficult to replicate, making them valuable for protecting high-value products from counterfeiting.
Revenue model
Viavi Solutions generates revenue primarily through product sales of sophisticated test and measurement equipment, with additional income from software licensing, service contracts, and professional services. The company's customers include major telecommunications service providers (like AT&T, Verizon), network equipment manufacturers (such as Cisco, Nokia, Ericsson), hyperscale cloud operators (including major data center companies), government agencies, and original equipment manufacturers across various industries. The NSE segment operates on a project-driven model where customers purchase testing equipment for specific network deployment phases - initial construction, ongoing maintenance, and technology upgrades. Revenue tends to be cyclical, correlating with telecommunications capital expenditure cycles and technology transitions (such as 4G to 5G upgrades or fiber network expansions). The segment also generates recurring revenue from software support, calibration services, and consumables. The OSP segment follows a different model, with anti-counterfeiting products typically sold on long-term contracts to governments and corporations requiring document security. The 3D sensing business is more volatile, dependent on consumer electronics adoption cycles and smartphone design trends. Several factors significantly impact Viavi's margins and revenue potential. Positive drivers include major technology transitions (like 5G deployments, 800 Gigabit Ethernet adoption, and AI-driven data center expansions), increased focus on network security and performance monitoring, and growing demand for anti-counterfeiting solutions in emerging markets. Negative pressures come from telecommunications spending cycles, competitive pricing in commoditized product categories, supply chain disruptions affecting component costs, and the concentrated nature of the telecom equipment market where a few large customers drive significant revenue portions. Currency fluctuations and geopolitical tensions, particularly affecting Chinese supply chains, also create margin volatility.
Competitive moat
Viavi Solutions possesses a moderate but meaningful competitive moat built primarily on technical expertise, customer relationships, and switching costs. The company's strongest defensive position lies in its deep domain knowledge accumulated over nearly a century in optical and communications technology. This expertise manifests in proprietary algorithms, specialized measurement techniques, and intimate understanding of network performance requirements that would be difficult for new entrants to replicate quickly. The company benefits from high switching costs in its core markets. Network operators invest significant time and resources training technicians on specific test equipment, developing operational procedures around particular instruments, and integrating monitoring software into their network management systems. This creates substantial friction for customers considering alternative suppliers. Additionally, Viavi's products often become embedded in critical network infrastructure, where reliability and proven performance are paramount - factors that favor established players over newcomers. However, Viavi's moat faces several challenges. The company operates in a highly competitive landscape with well-funded rivals like Keysight Technologies, Rohde & Schwarz, and EXFO, each possessing similar technical capabilities and customer relationships. The test and measurement market is also subject to commoditization pressures as certain technologies mature and standardize. Furthermore, Viavi's dependence on telecommunications capital expenditure cycles creates vulnerability to market downturns beyond the company's control. The OSP segment presents a different competitive dynamic, with stronger barriers to entry in specialized applications like currency authentication, but greater vulnerability to technology disruption in consumer-facing products like 3D sensing. Overall, while Viavi maintains competitive advantages through expertise and customer lock-in, these defenses are not insurmountable and require continuous innovation and relationship management to sustain.
Risks & safety
Viavi Solutions demonstrates solid financial stability with adequate liquidity and manageable debt levels, though profitability remains cyclical and modest. • Liquidity position: Strong cash position of $374 million with current ratio of 1.53, providing substantial cushion for operations and investments • Debt management: Debt-to-equity ratio of 0.88 indicates moderate leverage; company maintains investment-grade credit profile with manageable debt service requirements • Cash generation: Positive but volatile free cash flow ($1 million in Q3 2025, $36.5 million in Q2 2025) reflects cyclical nature of business • Valuation metrics: Trading at 32x P/E ratio and 81x EV/EBITDA, suggesting elevated valuation relative to current earnings power • Profitability concerns: Operating margins fluctuate significantly with revenue cycles; recent quarters show improvement but remain below historical peaks • Market position: Established relationships and technical expertise provide some downside protection, but revenue concentration in cyclical telecom spending creates earnings volatility
Recent development
Over the past few years, Viavi has executed several strategic initiatives to position itself for emerging technology trends and reduce dependence on volatile telecommunications spending cycles. The company has made significant investments in next-generation testing capabilities, including the development of 1.6 terabit per second Ethernet testing solutions specifically designed for AI workloads and high-performance computing applications. This represents a strategic pivot toward the rapidly growing data center interconnect market. The company has also strengthened its position in the aerospace and defense sector through the acquisition of Inertial Labs, enhancing its positioning, navigation, and timing (PNT) capabilities. This move diversifies Viavi's revenue base beyond traditional telecommunications markets and taps into more stable government spending patterns. Additionally, the acquisition of Jackson Labs added resilient PNT technology capabilities. Viavi has established the Valor Lab in Chandler, Arizona, focused on Open RAN ecosystem testing, positioning the company to benefit from the industry's shift toward more open, interoperable network architectures. This initiative addresses the growing demand for multi-vendor network testing as operators move away from single-vendor solutions. In response to market challenges, the company implemented operational efficiency measures, including workforce reductions affecting approximately 6% of global employees, targeting $25 million in annual cost savings. These restructuring efforts aim to maintain profitability during market downturns while preserving critical R&D investments in growth areas like AI data center technologies and advanced optical security applications. The company has also been navigating supply chain challenges, particularly related to tariff impacts affecting approximately 15% of revenue from Chinese suppliers. Management has outlined plans to realign supply chains within six months while passing through tariff costs to customers for new orders.
VIAV company profile · for informational purposes only — not investment advice.
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