VIAVI SOLUTIONS INC.
VIAVdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'
VIAVI SOLUTIONS INC. earns about 12% on invested capital, comfortably above its ~9% cost of capital, and has bought back 4% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $0.69 and $5.73 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $1.29B1 | $1.11B2 | $1B3 | $1.08B3 | $1.52B3 |
| Net income | $15.5M4 | $25.5M5 | −$25.8M6 | $34.8M6 | −$30.4M6 |
| Operating cash flow | $178.1M7 | $114.1M8 | $116.4M9 | $89.8M9 | $113.9M9 |
| Capital expenditure | $72.5M10 | $51.1M11 | $19.5M12 | $27.8M12 | $31.1M12 |
| Free cash flow (derived) | $105.6M7 | $63M8 | $96.9M9 | $62M9 | $82.8M9 |
| Total debt | $68.4M13 | $96.2M14 | $015 | $492.4M16 | $489.6M16 |
| Cash & equivalents | $559.9M17 | $506.5M18 | $471.3M19 | $423.6M20 | $647.8M20 |
| Diluted shares | 238.2M | 226.6M | 222.6M | 225.7M | 229.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $63.12 of net worth that earned you −$1.32 and generated $3.61 of cash last year, against $21.33 of debt.
It earned about 12% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 616% over the same window.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.69 and $5.73 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$82.8M
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$82.8M
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$15.5M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.73 |
| Base | 0.0% | $5.73 |
| Bull | 5.0% | $6.95 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-07-02 · accession 0000912093-24-000063 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-07-01 · accession 0000912093-25-000096 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-29 · accession 0001628280-26-056765 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-07-02 · accession 0000912093-24-000063 (NetIncomeLoss)
- 10-K · period ending 2023-07-01 · accession 0000912093-25-000096 (NetIncomeLoss)
- 10-K · period ending 2024-06-29 · accession 0001628280-26-056765 (NetIncomeLoss)
- 10-K · period ending 2022-07-02 · accession 0000912093-24-000063 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-07-01 · accession 0000912093-25-000096 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-29 · accession 0001628280-26-056765 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-07-02 · accession 0000912093-24-000063 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-07-01 · accession 0000912093-25-000096 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-29 · accession 0001628280-26-056765 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-07-02 · accession 0000912093-23-000037 (ShortTermBorrowings)
- 10-K · period ending 2023-07-01 · accession 0000912093-24-000063 (ShortTermBorrowings)
- 10-K · period ending 2024-06-29 · accession 0000912093-25-000096 (ShortTermBorrowings)
- 10-K · period ending 2025-06-28 · accession 0001628280-26-056765 (ShortTermBorrowings)
- 10-K · period ending 2022-07-02 · accession 0000912093-23-000037 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-07-01 · accession 0000912093-24-000063 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-29 · accession 0000912093-25-000096 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-06-28 · accession 0001628280-26-056765 (CashAndCashEquivalentsAtCarryingValue)