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Viavi Solutions

VIAV on Nasdaq. Viavi Solutions sells test equipment and optical products to network, military, and electronics customers. Market value $11.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

We can't read total debt from the filing, so debt is left out.

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.

Compare with another stock

Cash yield
past 12 months to June 2026
0.7%low

For every $100 of what the whole company costs, it produced $0.72 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
n/a

The filings do not give us enough to work this out.

Quality score: 68 of 100. Price score: 20 of 100. Our list needs 70 on quality and 60 on price.

$46.91 a share, 284% above its 1-year low

Over the past year the price has ranged from $12.23 to $60.43.

Pays no dividend

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.1
0.1
0.1
0.1
0.1
20222023202420252026
Revenue
$1.3bn$1.1bn$1.0bn$1.1bn$1.5bn
Operating margin
14.3%7.4%2.1%5.3%6.9%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.22bn0.22bn0.22bn0.23bn0.25bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsSlow, 4.9% a year
  • Buying back its own sharesNo, 11% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $443 million last quarter, up 53% on a year ago.
  • Profit: $33 million, up 309% on a year ago.
  • It keeps 7 cents of each $1 of sales as operating profit, up from 5 cents a year earlier.
  • Spare cash over the past 12 months: $83 million, up from $62 million.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$238m
December 2024$271m
March 2025$285m
June 2025$291m
September 2025$299m
December 2025$369m
March 2026$407m
June 2026$443m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$2m
December 2024$9m
March 2025$20m
June 2025$8m
September 2025-$21m
December 2025-$48m
March 2026$6m
June 2026$33m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
13 August 2026
Next quarterly (estimated, 10-Q)
30 July 2026

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 565 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 14 sold $62m, $3m of it under preset trading plans.

  • SCRIVANICH LUKE M
    SVP General Manager OSP
    Sold
    under a preset trading plan
    Date
    23 September 2026
    Shares
    35,866
    Price
    $36.24
    Value
    $1m
  • McNab Paul
    EVP, Chief Mktg & Stgy Officer
    Sold
    Date
    11 September 2026
    Shares
    11,032
    Price
    $38.97
    Value
    $429,877
  • SCRIVANICH LUKE M
    SVP General Manager OSP
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    23,911
    Price
    $36.37
    Value
    $869,643
  • Daskal Ilan
    EVP, CFO
    Sold
    Date
    31 August 2026
    Shares
    56,290
    Price
    $36.29
    Value
    $2m
  • Black Laura A.
    Director
    Sold
    Date
    17 August 2026
    Shares
    71,000
    Price
    $46.12
    Value
    $3m
  • Solomon Joanne
    Director
    Sold
    Date
    14 August 2026
    Shares
    10,000
    Price
    $42.92
    Value
    $429,200
  • McNab Paul
    EVP, Chief Mktg & Stgy Officer
    Sold
    Date
    10 August 2026
    Shares
    1,595
    Price
    $37.37
    Value
    $59,605
  • KHAYKIN OLEG
    President & CEO, Director
    Sold
    Date
    8 May 2026
    Shares
    136,547
    Price
    $51.82
    Value
    $7m
  • KHAYKIN OLEG
    President & CEO, Director
    Sold
    Date
    7 May 2026
    Shares
    123,333
    Price
    $51.43
    Value
    $6m
  • KHAYKIN OLEG
    President & CEO, Director
    Sold
    Date
    6 May 2026
    Shares
    34,024
    Price
    $54.07
    Value
    $2m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

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
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What a finished deep dive looks like

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.