Which superinvestors hold Ciena Corp (CIEN)?

Per each investor's latest SEC 13F filing (the quarter ended 2026-06-30), 1 superinvestor hold Ciena Corp (CIEN): Ray Dalio. Combined value held is about $49.6M, with Ray Dalio the largest holder.

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Ciena Corp

CIENAbove value

Held by 1 superinvestor.

Price$332.73

Holders1

Total value$49.6M

SEC 10-K · fundamentals

Business quality

As of 2025-11-01

Valuation basis: trailing twelve months to 2026-08-01 — latest 10-K plus unaudited 10-Q filings.

Revenue growth: +18.8%
Net margin: 2.6%
ROE: 4.5%
FCF margin: 13.9%

Revenue $3.53B → $4.77B · 6y

What makes a business high quality

Valuation · value band

Above fair value

$30/ sh · growth-anchored intrinsic value

margin of safety

fair value

above fair value

$333

cheaperpricier

Zero-growth floor

$29

Central IV

$30

Optimistic top

$35

Ciena Corp (CIEN): A conservative value band $29–$35 / sh (zero-growth floor to growth-capped optimistic top); central read about $30. Today’s price sits above that band (price $333 as of 2026-10-16).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Capex doubled in two years, so maintenance is hard to pin down — read the band conservatively.

Revenue growth 5% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.8% · Zero-growth downside $29

Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.

Method & numbers

Model cautions

Capex doubled within two years: maintenance is floored then capped at D&A (OE may look optimistic); Greenwald growth value is closed — growth credit stays in the owner-earnings DCF only.
Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $20.12 – $35.17 · Greenwald zero-growth $30.43 · zero-growth base $30.43 · reproduction $28.53

Moat Commodity-like · terminal value 48% of present value · owner-earnings yield 1% vs 10Y 5.1%.

Graham earnings-power value (normalized NOPAT)$23.92 – $30.43 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-08-01, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 105% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): maintenance capex floored at the D&A sustaining proxy (the growth-capex spike is not treated as maintenance). Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$19.34 – $23.64 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-08-01, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 105% (> 50%); estimate is degraded. Capex doubled within two years (AI-hog rule): maintenance capex floored at the D&A sustaining proxy (the growth-capex spike is not treated as maintenance). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $2.35B + capitalized R&D $1.81B（FY 2026, 2024, 2023, 2022） = $28.53 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — capex doubled within two years (AI-hog); growth credit stays in the owner-earnings DCF only.

Window TTM 2026-08-01, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 14% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 5% · OE FY TTM 2026-08-01, 2024, 2023, 2022, 2021 · Discount band: 9.60%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-08-01 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 5.9% a year.

The market wants it well ahead of its own track record.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

1 holder · $49.6M combined · this quarter +0 opened / -1 exited

This quarter1 trimmed1 exited

Holders 2 → 1 · last 8 quarters

Investor	Value	Shares	Weight (prev→now)
Ray Dalio	$49.6M	101,038	0.2% → 0.2% ▼

Ray Dalio
Value$49.6MWeight (prev→now)0.2% → 0.2% ▼

Exited this quarter (1)

Stephen Mandel

SEC 13F · notes

Written summary

Ciena Corp (CIEN) is held by 1 of the superinvestors tracked on Compounder, with a combined $49.6M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.2% of the portfolio.

In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in CIEN, 0 added to existing ones, 1 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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