CIEN vs MSI: Ciena and Motorola Solutions compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Motorola Solutions is the larger company, worth $76.0B, about 1.2 times Ciena.
- Ciena grew revenue faster over the last year (+37.0% vs +13.3%).
- Motorola Solutions keeps more of each dollar of revenue as operating profit (24.9% vs 12.3%).
- On earnings, Motorola Solutions is the cheaper stock (35.4x vs 278.4x).
- Ciena's price assumes faster free cash flow growth: about 25% a year, against 10% for Motorola Solutions (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CIEN | MSI |
|---|---|---|
| Market cap | $61.0B | $76.0B |
| Share price | $449.77 | $444.18 |
| Revenue (last fiscal year) | $4.8B | $11.7B |
| Free cash flow (last fiscal year) | $665M | $2.6B |
| Revenue growth, last year | +37.0% | +13.3% |
| Revenue growth per year, last 5 fiscal years | +7.1% | +9.3% |
| Operating margin | 12.3% | 24.9% |
| Net margin | 10.9% | 17.4% |
| Return on equity | 21.4% | 79.9% |
| P/E (trailing) | 278.4x | 35.4x |
| Price / free cash flow | 91.7x | 29.6x |
| EV / EBITDA | 64.0x | 22.0x |
| FCF growth the price implies | 25.2% | 10.1% |
| Dividend yield | — | 1.0% |
| Debt / equity | 1.62x | 6.20x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 7 |
| Insider purchases, last 12 months | 4 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ciena
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.6B | $462M | 13.7% |
| 2022 | $3.6B | -$259M | 6.1% |
| 2023 | $4.4B | $62M | 8.2% |
| 2024 | $4.0B | $378M | 4.1% |
| 2025 | $4.8B | $665M | 4.1% |
Motorola Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.2B | $1.6B | 20.4% |
| 2022 | $9.1B | $1.6B | 18.2% |
| 2023 | $10.0B | $1.8B | 23.0% |
| 2024 | $10.8B | $2.1B | 24.8% |
| 2025 | $11.7B | $2.6B | 25.6% |
Where the revenue comes from
Ciena · by segments, 2025
Networking Platforms$3.7B77%
Global Services$614M13%
Platform Software and Services$364M8%
Blue Planet Automation Software and Services$116M2%
Motorola Solutions · by segments, 2025
Products and Systems Integration$7.3B62%
Software and Services$4.4B38%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CIEN in InvestinglyQuestions
Which is bigger, Ciena or Motorola Solutions?
Motorola Solutions (MSI), at $76.0B against $61.0B.
Is CIEN or MSI cheaper?
By trailing P/E, Motorola Solutions (35.4x) is cheaper than Ciena (278.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CIEN or MSI?
Ciena: revenue grew +37.0% over the last year, against +13.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.