VIAV
Viavi Solutions Inc.

Viavi Solutions Inc.VIAV

Technology · Communication Equipment
33.38USD
-9.34%
Oct 17, 2026
VIAV overview ready
Network and optical test and assurance solutions for AI data-center fabrics
Network and optical test, validation, assurance, and measurement enabler for high-speed AI data-center fabrics; it also retains optical security/performance and positioning, navigation, and timing activities outside the core AI-fabric thesis.
Direct narrative exposure
Exposed to the AI Compute Infrastructure Buildout narrative through AI Networking and Optical Interconnect — enabling supplier.
Price structure is giving way
Longer-term context reads extended trend, with a near-term setup of constructive pullback.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Unremarkable fundamentals
Primary risk
Dependence on capital spending in communications and defense sectors.
Market Oct 16Filing Jun 27Price action Aug 9

Conviction Level

Theme Heat has no canonical measurement for this company — a research-profile dimension, not an input to this score.

NarrativeHeat—ThemeHeat—PriceAction1.4Valuation1.7CompanyPosition9.3BusinessQuality6.8
Price
Loading price history…

Price Action

Price structure is giving way
Longer-term context reads extended trend, with a near-term setup of constructive pullback.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$8.2B
Avg Volume (60D)
5.1M
60 sessions
Revenue Growth YoY
+40.0%
FY2026 vs FY2025
Gross Margin
+57.7%
Trailing twelve months
Operating Margin
+6.9%
Trailing twelve months
Free Cash Flow Yield
+1.0%
Next Earnings
2026-11-04
P/E
N/M
EV / Sales
5.4x
Market metrics as of Oct 16, 2026
Financial results for the period ended Jun 27, 2026
Filed balance-sheet data as of Jun 27, 2026

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
Viavi Solutions Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

What changed

  • VIAV fell 9.3% in one session
    VIAV closed -9.3% while the broad market was close to flat (-1.1%).
    2026-10-16
  • VIAV fell 8.2% in one session
    VIAV closed -8.2% while the broad market was close to flat (-0.1%).
    2026-10-12

Company Research

Thesis
Network and optical test, validation, assurance, and measurement enabler for high-speed AI data-center fabrics; it also retains optical security/performance and positioning, navigation, and timing activities outside the core AI-fabric thesis. Optical, PCIe, and AI-fabric links.
Opportunity
High opportunity
Accelerator-cluster spending on high-bandwidth optical links, signal integrity and AI fabric connectivity.
Key risk
Dependence on capital spending in communications and defense sectors.

Narrative & Theme

AI Compute Infrastructure Buildout
Part of AI Networking and Optical Interconnect, with strong fit.
Optical, PCIe, and AI-fabric links. Its current NSE business includes lab, production, and field test products, with management citing strong data-center-driven demand; 2026 releases also target 1.6T, Ultra Ethernet, and AI-fabric validation.
Narrative HeatUnavailable
Theme HeatUnavailable

Business & Markets

Technology · Communication Equipment
What they do

Viavi Solutions Inc. provides test, measurement, and optical technologies primarily for communications infrastructure across military, aerospace, railway, and first responder sectors globally. It operates through two segments: Network and Service Enablement (NSE) and Optical Security and Performance Products (OSP).

How it earns

Revenue is generated through sales of instruments, software licenses, and integrated solutions, combining transactional and perpetual licensing models.

Products & services
Network test and monitoring instruments
Optical security and performance products
Positioning, navigation, and timing solutions
Software licenses
Customers & end markets
Military and aerospace communications
Railway communications
First responder communications
Data center and network infrastructure operators
Market position

Leader in network and optical test and measurement solutions with specialized capabilities in AI fabric connectivity validation.

Demand drivers
Medium cyclicality

Business tied to capital spending cycles in communications infrastructure and defense sectors, which can fluctuate with broader economic and government budgets.