ADTRAN Holdings, Inc. is a global provider of networking and communications platforms, software, and services focused on the broadband access and optical networking markets. Headquartered in Huntsville, Alabama, the company operates primarily in the United States, Germany, and the United Kingdom. It is distinctive for its end-to-end fiber portfolio and open, disaggregated networking solutions that serve telecommunications service providers, enterprises, and government agencies.
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,083,807 | 922,720 | 1,149,100 | 1,025,536 |
| Cost of Sales | 668,852 | 598,556 | 817,973 | 698,284 |
| Gross Profit | 414,955 | 324,164 | 331,127 | 327,252 |
| Selling, General & Administrative Expenses | 226,275 | 232,918 | 258,610 | 208,889 |
| Research & Development Expenses | 204,276 | 221,458 | 258,311 | 173,757 |
| Other Operating Expenses | — | 297,353 | 37,874 | 17,433 |
| Operating Profit | (15,596) | (427,565) | (223,668) | (72,827) |
| Interest and Investment Income | 2,321 | 3,058 | 2,340 | 2,123 |
| Interest Expense | (19,344) | (22,053) | (16,299) | (3,437) |
| Non-Operating Income | 1,369 | 3,833 | 4,020 | 3,178 |
| Total Non-Operating Income | (15,654) | (15,162) | (9,939) | 1,864 |
| Income Before Provision for Income Taxes | (31,250) | (442,727) | (233,607) | (70,963) |
| Provision for Income Taxes | (4,993) | (7,340) | (28,299) | 62,075 |
| Consolidated Net Income | (36,243) | (450,067) | (261,906) | (8,888) |
| Net Income Attributable to Minority Interests and Other | 9,413 | 9,824 | 6,946 | (6,851) |
| Net Income Attributable to Common Shareholders | (45,656) | (459,891) | (268,852) | (2,037) |
| Basic EPS | -0.52 | -5.79 | -3.43 | -0.03 |
| Diluted EPS | -0.52 | -5.79 | -3.43 | -0.03 |
| Basic Weighted Average Shares Outstanding | 79,742 | 78,928 | 78,416 | 62,346 |
| Diluted Weighted Average Shares Outstanding | 79,742 | 78,928 | 78,416 | 62,346 |
| Shares Outstanding | 79,926 | 79,218 | 78,674 | 77,889 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 95,696 | 76,021 | 87,167 | 108,644 |
| Short-Term Investments | 35,174 | — | — | 340 |
| Total Cash and Cash Equivalents | 130,870 | 76,021 | 87,167 | 108,984 |
| Accounts Receivable | 210,687 | 178,030 | 209,737 | 279,435 |
| Other Receivables | 7,046 | 9,775 | 17,450 | 32,831 |
| Total Trade Receivables | 217,733 | 187,805 | 227,187 | 312,266 |
| Inventories | 215,736 | 261,557 | 360,424 | 427,531 |
| Other Current Assets | 70,885 | 73,757 | 44,189 | 33,577 |
| Total Current Assets | 635,224 | 599,140 | 718,967 | 882,358 |
| Net Property, Plant & Equipment | 124,384 | 106,454 | 118,157 | 110,699 |
| Net Intangible Assets | 294,047 | 284,893 | 337,423 | 401,211 |
| Goodwill | 59,983 | 52,918 | 358,150 | 381,724 |
| Long-Term Investments | 1,022 | 32,060 | 27,743 | 32,665 |
| Other Long-Term Assets | 89,833 | 95,954 | 117,000 | 134,837 |
| Total Assets | 1,204,493 | 1,171,419 | 1,677,440 | 1,943,494 |
| Accounts Payable | 167,337 | 171,825 | 162,922 | 237,699 |
| Accrued Expenses | 103,340 | 67,011 | 63,356 | 80,117 |
| Short-Term Debt | — | — | — | 60,534 |
| Unearned Revenue | 87,541 | 52,701 | 42,500 | 41,193 |
| Other Current Liabilities | 3,642 | 1,936 | 5,221 | 9,032 |
| Total Current Liabilities | 361,860 | 293,473 | 273,999 | 428,575 |
| Long-Term Debt | 218,038 | 189,576 | 195,000 | 60,000 |
| Leases | 27,000 | 25,925 | 31,420 | 22,807 |
| Other Long-Term Liabilities | 78,437 | 112,551 | 128,437 | 128,499 |
| Total Long-Term Liabilities | 323,475 | 328,052 | 354,857 | 211,306 |
| Total Liabilities | 685,335 | 621,525 | 628,856 | 639,881 |
| Common Stock | 802 | 795 | 790 | 781 |
| Treasury Stock | (5,108) | (5,198) | (5,825) | (4,125) |
| Additional Paid-in Capital | 801,269 | 808,913 | 794,468 | 895,834 |
| Accumulated Other Comprehensive Income | 78,877 | 11,254 | 47,530 | 26,126 |
| Retained Earnings | (730,010) | (688,813) | (231,706) | 55,338 |
| Total Common Shareholders' Equity | 145,830 | 126,951 | 605,257 | 973,954 |
| Minority Interests and Other | 373,328 | 422,943 | 443,327 | 329,659 |
| Total Shareholders' Equity | 145,830 | 126,951 | 605,257 | 1,303,613 |
| Total Liabilities and Shareholders' Equity | 1,204,493 | 1,171,419 | 1,677,440 | 1,943,494 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (36,243) | (450,067) | (261,906) | (8,888) |
| Depreciation & Amortization | 92,546 | 90,529 | 112,949 | 67,553 |
| Share-Based Compensation Expense | 10,062 | 15,988 | 16,381 | 28,322 |
| Other Adjustments | (9,130) | 312,671 | 98,935 | (37,033) |
| Changes in Trade Receivables | (18,301) | 46,108 | 72,320 | 788 |
| Changes in Inventories | 64,494 | 79,985 | 22,408 | (73,237) |
| Changes in Accounts Payable | 17,982 | 10,238 | (91,907) | 28,105 |
| Changes in Accrued Expenses | (17,967) | 4,873 | 11,317 | (20,483) |
| Changes in Income Taxes Payable | (722) | (4,670) | (3,939) | (2,151) |
| Changes in Other Operating Activities | 27,024 | (2,084) | (19,551) | (27,204) |
| Cash from Operating Activities | 129,767 | 103,571 | (43,015) | (44,228) |
| Capital Expenditure | (31,737) | (34,501) | (36,337) | (17,072) |
| Proceeds from Sale of Property, Plant & Equipment | — | — | — | 12 |
| Purchases of Intangible Assets | (37,528) | (30,671) | (9,438) | — |
| Purchases of Investments | (383) | (268) | (868) | (23,899) |
| Proceeds from Sale of Investments | 1,019 | 1,240 | 10,567 | 51,661 |
| Payments for Business Acquisitions | — | — | — | 44,003 |
| Other Investing Activities | (539) | (55) | 1,218 | 1,126 |
| Cash from Investing Activities | (69,168) | (64,255) | (34,858) | 55,831 |
| Issuance of Short-Term Debt | 49,000 | 94,556 | 177,832 | 141,887 |
| Repayments of Short-Term Debt | (214,000) | (114,772) | (64,987) | (48,000) |
| Net Issuance / (Repayments) of Short-Term Debt | (165,000) | (20,216) | 112,845 | 93,887 |
| Issuance of Long-Term Debt | 201,250 | — | — | — |
| Repayments of Long-Term Debt | (24,891) | — | — | (17,702) |
| Net Issuance / (Repayments) of Long-Term Debt | 176,359 | — | — | (17,702) |
| Issuance of Common Shares | 1,829 | 824 | 540 | 6,904 |
| Repurchases of Common Shares | (1,478) | (1,143) | (6,458) | (4,253) |
| Net Issuance / (Repurchases) of Common Shares | 351 | (319) | (5,918) | 2,651 |
| Common Share Dividends Paid | — | — | (21,237) | (22,885) |
| Other Financing Activities | (83,281) | (29,476) | (10,935) | (3,015) |
| Cash from Financing Activities | (46,680) | (50,011) | 58,867 | 52,936 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 5,756 | (451) | (2,471) | (12,713) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 13,919 | (10,695) | (19,006) | 64,539 |
| Metric | Value |
|---|---|
| Market Cap | $695M |
| P/E | -16.71x |
| P/S | 0.64x |
| EV/EBITDA | 15.36x |
| Return on Equity | -26.6% |
| Return on Invested Capital | -1.7% |
| Current Ratio | 1.76x |
| Dividend Yield | 0.0% |
| Free Cash Flow Margin | 9.0% |
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $281M | +6.1% | -3.6% | $-10M |
| Q1 2026 | $286M | +15.5% | 2.2% | $6M |
| Q4 2025 | $292M | +20.1% | 1.5% | $4M |
| Q3 2025 | $279M | +22.7% | -1.0% | $-3M |
| Q2 2025 | $265M | — | -5.0% | $-13M |
| Q1 2025 | $248M | — | -1.6% | $-4M |
| Q4 2024 | $243M | — | -6.9% | $-17M |
| Q3 2024 | $228M | — | -11.5% | $-26M |