At a glance
Viavi Solutions Inc. is worth $8.50B. Revenue grew 40.0% to $1.52B in fiscal 2026, at a loss; over 5 years it has grown 4.8% a year. It pays no dividend; it spent $386.2M buying back its shares over FY2022–FY2026. The stock returned +146.1% over the past year with dividends reinvested and +17.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.5% in the 2020 crash (S&P 500: 33.7%) and 27.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 38 months after the lows.
The business in plain English
Viavi Solutions makes test and measurement equipment and optical technologies. Its instruments and software help customers design, build, test and monitor fiber, wireless and Ethernet networks, data centers, and military and aerospace communications. Products made up 87.2% of the $1.52 billion in revenue for the fiscal year ended June 27, 2026; services made up the other 12.8%.
The Network and Service Enablement segment produced 77.9% of revenue. It sells to telecom carriers, network equipment makers, chip companies, data center operators, governments and armed forces, with customers such as AT&T, Verizon, Cisco, Nokia and Advanced Micro Devices. In October 2025 it bought certain Spirent Communications businesses, expanding its high-speed Ethernet testing for AI data centers. It also sells resilient position, navigation and timing (PNT) products, which help systems keep working when GPS signals are jammed or faked.
The Optical Security and Performance Products segment, 22.1% of revenue, applies ultra-thin optical coatings that control how light reflects or passes through. Its color-shifting pigments, marketed through an alliance with SICPA, go into inks that make banknotes harder to counterfeit and appear on banknotes of more than 100 countries. It also makes filters for 3D sensing cameras and car LiDAR (laser-based sensing). By region, the United States supplied 38.1% of revenue, Europe, the Middle East and Africa 24.1%, and China 17%.
Price history
The interactive chart needs JavaScript.
VIAV +146.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $1.32B | 87.2% |
| Service | $193.7M | 12.8% |
By business segment
| Network and Service Enablement | $1.18B | 77.9% |
| OSP | $335.4M | 22.1% |
By geography
| United States | $577.9M | 38.1% |
| EMEA: | $365.4M | 24.1% |
| China | $258.8M | 17% |
| Other Asia-Pacific | $211.1M | 13.9% |
| Other Americas | $105.1M | 6.9% |
Latest results
- In Q4 FY2026 (ended Jun 27, 2026), revenue was $443.1M, up 52.5% from a year earlier, and net income was $32.7M (+308.8%).
- For fiscal 2026, revenue was $1.52B (+40.0% year over year; +4.8% a year from FY2021 to FY2026) with a -2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +4.8% watch |
|---|---|
| Operating margin | 6.9% watch |
| Free cash flow margin | 5.5% watch |
| Return on equity (FY2026) | -2.1% weak |
| Return on assets (FY2026) | -1.1% weak |
| Net cash (cash minus debt) | $10.9M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.20B | $67.5M | $191.2M |
| FY2022 | $1.29B | $15.5M | $105.6M |
| FY2023 | $1.11B | $25.5M | $63.0M |
| FY2024 | $1.00B | $-25.8M | $96.9M |
| FY2025 | $1.08B | $34.8M | $62.0M |
| FY2026 | $1.52B | $-30.4M | $82.8M |
Valuation snapshot
| Market value | $8.50B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Viavi Solutions’s market value went from $1.88B at the end of 2016 to $8.50B on Oct 28, 2026, about 4.5 times as much; since the end of 2025 it is up 114%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.50B | +113.8% |
| 2025 | $3.98B | +77.5% |
| 2024 | $2.24B | +0.0% |
| 2023 | $2.24B | -5.9% |
| 2022 | $2.38B | -43.2% |
| 2021 | $4.19B | +22.1% |
| 2020 | $3.43B | -0.5% |
| 2019 | $3.45B | +50.1% |
| 2018 | $2.30B | +15.5% |
| 2017 | $1.99B | +5.6% |
| 2016 | $1.88B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VIAV price data to Oct 28, 2026 | +93.4% | +146.1% | +66.5% | +17.5% | +17.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +93.4% |
| 2025 | +76.4% |
| 2024 | +0.3% |
| 2023 | -4.2% |
| 2022 | -40.4% |
| 2021 | +17.7% |
| 2020 | -0.2% |
| 2019 | +49.3% |
| 2018 | +15.0% |
| 2017 | +6.8% |
| 2016 | +34.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.8% over that stretch · deepest drop along the way 37.5%, back to its old high 4.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25% over that stretch · deepest drop along the way 27.2%, back to its old high 37.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 14 sales ($24.2M), 2 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 8, 2026 | Oleg Khaykin President & CEO, Director | sell | $7.1M |
| May 7, 2026 | Oleg Khaykin President & CEO, Director | sell | $6.3M |
| Aug 17, 2026 | Laura A. Black Director | sell | $3.3M |
| May 6, 2026 | Oleg Khaykin President & CEO, Director | sell | $1.8M |
| Sep 23, 2026 | Luke M Scrivanich SVP General Manager OSP | sell (plan) | $1.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Sep 30, 2026 |
| Vanguard Portfolio Management | 5.58% | Jun 30, 2026 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.9% | Dec 31, 2025 |
| Capital World Investors | 3.8% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.8% | Dec 31, 2025 |
ETFs with the most weight in VIAV
| XTL SPDR S&P Telecom ETF | 2.8% |
| OASC OneAscent Small Cap Core ETF | 0.66% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.32% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.22% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.22% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.22% |
| XJR iShares ESG Select Screened S&P Small-Cap ETF | 0.22% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.21% |
What could go wrong
- Heavy reliance on a few customers. A few customers can make up a large share of sales, giving them leverage on price. Banknote products are sold through an alliance with SICPA, and losing that partner could hurt results.
- Spirent deal may not pay off. Viavi bought certain Spirent Communications businesses in October 2025. If combining them costs more or delivers less than planned, profits could suffer. Restructuring costs are expected to continue in the near term.
- Networks shifting from hardware to software. As networks shift to virtualized, software-based designs, demand for Viavi's hardware test products could fall and competition could rise. Fast technology change also risks products falling behind rivals such as Keysight.
- Telecom budgets rise and fall. Network and Service Enablement sales depend on how much telecom carriers and cable operators spend on equipment and research. Those budgets rise and fall, and the timing of big orders is hard to predict.
- China exposure and trade restrictions. China supplied 17% of revenue in the fiscal year ended June 27, 2026. US-China tensions, tariffs and export restrictions could limit what Viavi can sell there or raise its costs.
- Debt and possible share dilution. Viavi had $642 million of debt and $653 million of cash and investments on June 27, 2026. Its convertible notes, bonds that can turn into stock, could dilute existing shareholders.
Recent events
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Quarterly results released; Restructuring or exit costs
- Major agreement signed; Unregistered sale of shares
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
For income and retirement investors
Viavi does not pay a dividend, so it provides no regular income. An investor who needs cash from it would have to sell shares. The company returns cash through buybacks instead (it purchases its own shares), and it spent $386 million on them from fiscal 2022 through fiscal 2026. Even so, shares outstanding rose 8% between July 31, 2021 and July 28, 2026, so the buybacks did not shrink the share count.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 37.5% between February 20 and March 18, 2020, then regained its peak by August 11, 2020. In the 2022 bear market it fell 27.2% and took about 37.5 months, until November 10, 2025, to recover. Over the year to October 28, 2026, it gained 146.1% but fell as much as 45.2% along the way. A single stock like Viavi carries more risk than a diversified fund.
Questions investors ask
Does Viavi Solutions pay a dividend?
No. Viavi paid no dividends from fiscal 2022 through fiscal 2026, and its dividend yield was 0% as of October 28, 2026. Over those five years it spent $386 million buying back its own shares instead. That means the stock provides no regular income. An investor who depends on portfolio income would have to sell shares to get cash from a Viavi holding. The stock may suit investors who do not need income from this part of their portfolio.
How does Viavi Solutions make money?
Mostly by selling test and measurement equipment and software. In the fiscal year ended June 27, 2026, the Network and Service Enablement segment produced 77.9% of Viavi's $1.52 billion in revenue. It sells network testing, monitoring and security tools to telecom carriers, equipment makers, chip companies and data centers. The Optical Security and Performance Products segment brought in 22.1%, from anti-counterfeiting pigments for banknotes, filters for 3D sensing and other coated optics. Products made up 87.2% of revenue and services 12.8%.
Is Viavi Solutions profitable?
Not in its latest fiscal year, counting all costs. For the year ended June 27, 2026, Viavi had operating income of $105.1 million, an operating margin of 6.9%. After all costs, though, it posted a net loss of $30.4 million, or $0.13 per diluted share. It also lost money in fiscal 2024. Free cash flow, the cash left after running the business and paying for equipment, was $82.8 million. The fourth quarter alone showed net income of $32.7 million.
Is VIAV stock volatile?
Yes, very. As of October 28, 2026, the shares had a one-year volatility of 78.5% and a beta of 2.33. Beta measures how much a stock moves compared with the overall market, so Viavi moved more than twice as much as the market. Over that year the stock gained 146.1% but fell as much as 45.2% along the way. Its worst decline in about 11 years of price history was 62.9%, and it lost 40.35% in calendar 2022.
What did Viavi buy from Spirent Communications?
Viavi acquired certain businesses of Spirent Communications plc in October 2025. The deal combined the two companies' high-speed Ethernet testing products, so the combined portfolio covers layers 0 to 7 of the OSI model. The OSI model is the standard framework that describes networking, from physical cables up to applications. That matters for testing equipment built for AI and high-performance computing. Revenue rose 40% in fiscal 2026, the first fiscal year to include those businesses. The company lists acquisitions among its risk factors.