📈 Price History

Ratio Health

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— Good

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By Category

📊 Sector Averages

About

Viavi Solutions Inc. provides network test, monitoring, and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace, and critical infrastructures in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding VIAV

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	110.0K	$3.7M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q4 2025

Confident Specific

Management used specific language such as 'high end of our guidance' for revenue, EPS, and operating margin; cited exact percentage growth (15.3% YoY revenue, 15% NSE growth) and explicitly stated 'strong demand from the data center ecosystem' and 'we were able to largely mitigate our initial concerns over the tariffs.' The tone is assured and data-driven throughout.

Q1 2026

Confident Specific

The tone is confident and specific, with management repeatedly highlighting that revenue, operating margin, and EPS all exceeded the high end of guidance. For example, Ilan stated 'Net revenue for the quarter was $299.1 million, which is above the high end of our guidance range' and 'EPS at $0.15 was also above the high end'. Oleg used terms like 'strong momentum' and 'significantly up year-on-year'. There is no hedging or defensiveness.

Q2 2026

Confident Specific

Management used phrases like 'came in at the high end of our guidance', 'strong growth in many of our end markets', and 'robust bookings and revenue momentum' to convey strong performance and optimistic outlook without hedging.

Q3 2026 latest

Confident Specific

Management repeatedly used phrases like 'exceeded our expectations' and 'came in above the high end of our guidance' and provided specific beat numbers for revenue, operating margin, and EPS. Also gave detailed forward guidance with specific ranges and percentages.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is significantly stronger after this call. The company delivered a substantial beat and raised guidance, driven by durable secular trends in AI data center build-out and defense spending. Management’s confidence is high, with specific visibility into continued growth. Key changes: NSE operating margin is approaching 20% (guided 18.7%), incremental margins are high (40-45%), and tax rate is low due to NOLs. The Spirent acquisition is integrating well and adding to growth. What to watch next quarter: sustainability of data center spending (hyperscaler capex), service provider recovery timing (still weak), free cash flow improvement (negative this quarter due to working capital), and further margin expansion from restructuring. Overall, thesis is strengthened; the company is well-positioned to benefit from AI infrastructure and defense spending cycles.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Viavi Q3 FY2026 revenue $406.8M beats guidance, driven by data center and aerospace & defense.

Revenue & Profitability

Total revenue was $406.8 million, up 10.2% sequentially and 42.8% year-over-year. Operating margin was 21%, above guidance, and EPS was $0.27, above guidance of $0.22-$0.24. NSE revenue grew 54.4% YoY to $321.5 million, driven by the Spirent acquisition and strong data center demand. OSP revenue grew 11.4% YoY to $85.3 million. Cash and short-term investments were $508 million, down from $772.1 million due to debt payments and an earn-out.

Outlook

Management expects strong momentum in data center and aerospace & defense end markets to continue through calendar 2026. Service provider spending is seasonally stronger in June and December quarters, but wireless test remains weak and is not expected to recover in the near term. OSP is expected to be up quarter-over-quarter across all product lines. The company sees incremental margins of 40-45% on NSE revenue as volume scales.

Growth Drivers

Key growth drivers include data center demand across lab, production, and field instruments (approaching 50% of NSE revenue), aerospace & defense strength in positioning, navigation, and timing (PNT) products, and the Spirent product lines ( $54.2 million in Q3). Emerging opportunities include 1.6T and 3.2T Ethernet, co-packaged optics, fiber manufacturing test equipment, and integration into advanced packaging test workflows.

Balance Sheet & CapEx

CapEx for Q3 was $5.9 million, down from $6.8 million in the prior year period. The company prioritized debt management over share repurchases, prepaying $150 million of its Term Loan B and paying $49 million in cash for convertible notes. Inventory increased by a single-digit million to secure components for upcoming demand.

Margins

Consolidated operating margin was 21% in Q3, up 170 bps sequentially and 430 bps YoY. NSE operating margin was 17.2%, up 680 bps YoY, driven by volume and mix. OSP operating margin was 35.3%, up 140 bps YoY. Management expects operating margin to move toward the mid-20s as NSE scales, with incremental fall-through of 40-45% on NSE revenue. The effective tax rate was about 12% due to NOLs in the U.S.

Key Risks

Risks flagged include supply chain constraints on certain components like memory, which may require longer lead times and advance ordering. Service provider wireless business remains weak and is not expected to recover near term, though it could rebound with AI-RAN investments. Dilution from convertible notes as stock price rises will increase share count. Seasonality in the service provider segment creates sequential revenue patterns, though data center and defense growth offset it.

Generated by AI · Q3 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q4 2026 Q4 2026 2026-08-05

Q4 and FY26 results exceeded expectations with strong revenue and margin growth, driven by robust demand in data center and aerospace & defense, and successful Spirent integration. Guidance for Q1 FY27 anticipates continued sequential growth, with 1.6Tbps adoption and CPO/OCS technologies as key drivers.

Q3 2026 Q3 2026 2026-04-29

Fiscal Q3 2026 delivered strong revenue and margin growth, driven by robust demand in data center, aerospace, and defense markets, with Spirent and Inertial Labs acquisitions contributing significantly. Guidance for Q4 anticipates continued sequential growth and margin expansion.

Q2 2026 Q2 2026 2026-01-28

Q2 2026 revenue and margins exceeded guidance, driven by strong data center and aerospace/defense demand. Guidance for Q3 anticipates continued sequential growth, with restructuring and capital allocation focused on high-growth segments.

Q1 2026 Q1 2026 2025-10-29

Fiscal Q1 2026 saw revenue and margins exceed guidance, driven by strong data center and aerospace/defense demand. The Spirent acquisition boosts annual revenue run rate and margin profile, while guidance for Q2 anticipates continued growth and higher profitability.

Q4 2025 Q4 2025 2025-08-07

Q4 and FY25 results exceeded guidance, with strong revenue and margin growth driven by data center and aerospace/defense demand. Outlook for Q1 FY26 is positive, with muted seasonality and continued growth expected from diversification and recent acquisitions.

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