Ribbon Communications
RBBN on Nasdaq. Ribbon Communications sells communications software, hardware, and services to service providers and enterprises. Market value $304m.
Figures from the annual report for the year ended 31 December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $8.23 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -3 cents a year. Above 10 is good.
Quality score: 36 of 100. Price score: 66 of 100. Our list needs 70 on quality and 60 on price.
$1.77 a share, 14% above its 1-year low
Over the past year the price has ranged from $1.55 to $4.09.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $845m | $820m | $826m | $834m | $845m |
| Operating margin | |||||
| Operating margin | -13.9% | -5.9% | -2.9% | 2.0% | -0.4% |
| Debt to equity | |||||
| Debt to equity | 0.70 | 0.64 | 0.52 | 0.86 | 0.76 |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.17bn | 0.18bn | 0.18bn | 0.18bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.76× equity
- Revenue growth, five yearsSlow, 0.0% a year
- Buying back its own sharesNo, 6% more shares since 2021
The quarter to September 2026
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| September 2024 | $210m |
| December 2024 | $251m |
| March 2025 | $181m |
| June 2025 | $221m |
| September 2025 | $215m |
| December 2025 | $227m |
| June 2026 | $192m |
| September 2026 | Not reported |
| Quarter to | Amount |
|---|---|
| September 2024 | -$13m |
| December 2024 | $6m |
| March 2025 | -$26m |
| June 2025 | -$11m |
| September 2025 | -$12m |
| December 2025 | $89m |
| June 2026 | -$27m |
| September 2026 | Not reported |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 160 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $318,000
- Share of fund
- <0.1%
- Barrow HanleyBarrow Hanley team
- Value
- $3,547
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $12m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $318,000 | <0.1% | |
| Barrow HanleyBarrow Hanley team | $3,547 | <0.1% |
Largest holders overall
- JPMorgan Chase$116m
- Neuberger Berman Group$39mAdded
- BlackRock$17mAdded
- Dimensional Fund Advisors LP$15m
- Royce & Associates$12mAdded
- Vanguard Capital Management$9mCut
- Vanguard Portfolio Management$8mAdded
- Paradigm Capital Management$7mCut
- Geode Capital Management$6mAdded
- Connor, Clark & Lunn Investment Management$5mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- PARADIGM CAPITAL MANAGEMENT INC/NYPassive investor5.0%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
PARADIGM CAPITAL MANAGEMENT INC/NY Passive investor | 5.0% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $74,345 of shares on the open market.
- McClelland Bruce WilliamPresident & CEO, DirectorBought
- Date
- 13 February 2026
- Shares
- 12,500
- Price
- $1.98
- Value
- $24,750
- McClelland Bruce WilliamPresident & CEO, DirectorBought
- Date
- 11 February 2026
- Shares
- 12,500
- Price
- $1.99
- Value
- $24,875
- McClelland Bruce WilliamPresident & CEO, DirectorBought
- Date
- 10 February 2026
- Shares
- 12,000
- Price
- $2.06
- Value
- $24,720
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 February 2026 | McClelland Bruce William President & CEO, Director | Bought | 12,500 | $1.98 | $24,750 |
| 11 February 2026 | McClelland Bruce William President & CEO, Director | Bought | 12,500 | $1.99 | $24,875 |
| 10 February 2026 | McClelland Bruce William President & CEO, Director | Bought | 12,000 | $2.06 | $24,720 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have barely grown: 0.0% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.