VIAV
Viavi Solutions Inc.
VIAV's fundamentals are strong: revenue grew 47% and its operating margin rose 6 points to 11%. At 125x earnings, it's trading above its usual 93x.
VIAV Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Healthy | |
| Strong |
VIAV's revenue, profitability, cash flow and balance sheet are all currently healthy.
VIAV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 54x | $14.03 | -57% |
| Fair | 93x | $24.16 | -26% |
| Current | 125x | $32.54 | — |
| Expensive | 377x | $98.00 | +201% |
Historical ranges are pointers, not guarantees.
VIAV's PE is in its fair range at 125x.
VIAV Forward outlook
There aren't enough analyst estimates for VIAV to show an outlook.
VIAV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.26 | +333% |
| Q2 2026 | -$0.13 | -187% |
| Q1 2026 | -$0.25 | -1350% |
| Q4 2025 | -$0.19 | -$0.01 |
| Q3 2025 | $0.06 | +$0.23 |
| Q2 2025 | $0.15 | +$0.27 |
| Q1 2025 | $0.02 | +$0.04 |
| Q4 2024 | -$0.18 | -1000% |
VIAV's earnings per share have fallen from their peak: $0.26 over the past year, against $0.43 in late 2022.
VIAV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $469.3M | +57% |
| Q2 2026 | $443.1M | +53% |
| Q1 2026 | $406.8M | +43% |
| Q4 2025 | $369.3M | +36% |
| Q3 2025 | $299.1M | +26% |
| Q2 2025 | $290.5M | +15% |
| Q1 2025 | $284.8M | +16% |
| Q4 2024 | $270.8M | +6.4% |
VIAV's revenue has grown year over year for eight quarters in a row: $469M last quarter, up 57% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +15 points |
| Q2 2026 | 14% | +8.6 points |
| Q1 2026 | 6.1% | +3.1 points |
| Q4 2025 | 3.1% | -5.1 points |
| Q3 2025 | 2.5% | -2.3 points |
| Q2 2025 | 5.3% | +7.5 points |
| Q1 2025 | 3% | +7.8 points |
| Q4 2024 | 8.2% | -0.6 points |
VIAV's operating margin was 17% last quarter, up 15 points from the same quarter a year ago, near the top of its range since 2019.
VIAV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $92.7M | +312% |
| Q2 2026 | $55.6M | +204% |
| Q1 2026 | -$32.2M | -3320% |
| Q4 2025 | $36.9M | +1.1% |
| Q3 2025 | $22.5M | +263% |
| Q2 2025 | $18.3M | -18% |
| Q1 2025 | $1M | -94% |
| Q4 2024 | $36.5M | +150% |
VIAV generated $153M in free cash flow over the past year, up 95% from the year before.
VIAV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +16% | +36.7M shares |
| 1 year | +19% | +43.3M shares |
| 3 years | +19% | +42M shares |
| 5 years | +15% | +35.1M shares |
| Available history | +12% | +27.9M shares |
VIAV has 266M diluted shares, up 19% from a year ago, despite $150M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $150M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $30M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
VIAV spent $150M buying back its own shares over the past year, about five times what it spent the year before.
VIAV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -2.4x | Net Cash |
| Q1 2026 | 2.9x | Moderate |
| Q4 2025 | 5.0x | High |
| Q3 2025 | 1.0x | Very low |
| Q2 2025 | -1.8x | Net Cash |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | 2.5x | Moderate |
VIAV has more cash than debt.
VIAV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.1 | Neutral |
| Stochastic | 19.6 | Oversold |
VIAV's weekly RSI is 45 (neutral) and its Stochastic is 20 (oversold).
VIAV PE vs Technology Sector
| Metric | VIAV | Sector median | Relative |
|---|---|---|---|
| PE | 125x | 28x | 349% above |
| PE % | 58 | 35 | 23 pts above |
VIAV is trading at 125x earnings, a 349% premium to the Technology sector's median of 28x.
VIAV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $36.0 | 9.6% below |
| 20 week MA | $37.7 | 14% below |
| 50 week MA | $35.6 | 8.6% below |
| 100 week MA | $23.5 | 38% above |
| 200 week MA | $16.4 | 98% above |
VIAV has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 98% above its 200-week average.
VIAV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $15.1 | $14.7 | -2.8% |
| 2021 | $14.7 | $17.1 | +16% |
| 2022 | $17.1 | $10.3 | -40% |
| 2023 | $10.3 | $10.1 | -1.8% |
| 2024 | $10.1 | $10.2 | +1.1% |
| 2025 | $10.2 | $18.2 | +79% |
| 2026 YTD | $18.2 | $32.5 | +79% |
VIAV is up 79% so far in 2026, after finishing lower in three of the previous six years.