{"slug":"ciena","name":"Ciena","name_en":"Ciena","ticker":"CIEN","updated_at":"2026-07-12T04:19:37.470092+00:00","canonical":"https://valuechain.wiki/ciena","same_as":["https://finance.yahoo.com/quote/CIEN","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=936395"],"citable":"밸류체인 그래프 기준 Ciena의 직접 연결 기업은 3곳(관계 기준 공급 1·매출 2)이고, 사슬을 2차까지 넓히면 22곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Ciena is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 22 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"데이터센터 상호연결(DCI) 광전송","kicker_en":"Datacenter interconnect (DCI)","lead":"코히어런트 광전송·DCI(데이터센터 상호연결) 선두. WaveLogic 6로 1.6T 코히어런트 라우팅을 구현해 분산 AI(여러 데이터센터를 잇는 학습·추론) 수요를 잡는다. FY2025 매출 +19%(가이던스 8~11% 상회), 하이퍼스케일러 1곳이 매출 18%. 트랜시버(노드 내)와 달리 데이터센터 간 장거리 연결을 담당.","lead_en":"A leader in coherent optical transport and DCI (datacenter interconnect). WaveLogic 6 delivers 1.6T coherent routing, capturing distributed-AI demand (training/inference across datacenters). FY2025 revenue +19% (above 8-11% guidance); one hyperscaler was 18% of revenue. Unlike transceivers (inside a node), it handles long-haul links between datacenters.","segments":{"fy":2025,"parts":[{"desc":"데이터센터 간 장거리 코히어런트 광연결 — 분산 AI 수요를 잡는 매출 본체.","name":"DCI·코히어런트 광전송"},{"desc":"1.6T WaveLogic 6 코히어런트 라우팅 — 자체 DSP 기반 차별화 축.","name":"WaveLogic 라우터"},{"desc":"네트워크 SW·서비스 — 장비에 얹는 반복 매출 축.","name":"SW·서비스"}],"total":"FY2025 매출 +19%","concentration":"하이퍼스케일러 1곳 매출 18%."},"segments_en":{"fy":2025,"parts":[{"desc":"Long-haul coherent optical links between datacenters — the revenue core capturing distributed-AI demand.","name":"DCI/coherent transport"},{"desc":"1.6T WaveLogic 6 coherent routing — the differentiation axis built on in-house DSP.","name":"WaveLogic routers"},{"desc":"Network software and services — a recurring-revenue axis on top of hardware.","name":"SW/services"}],"total":"FY2025 revenue +19%","concentration":"One hyperscaler 18% of revenue."},"returns_yearly":{"2021":45.6,"2022":-33.8,"2023":-11.7,"2024":88.4,"2025":175.8,"2026":97},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[{"slug":"sumitomo-electric","name":"Sumitomo Electric","name_en":"Sumitomo Electric","tier":1,"returns_yearly":{"2021":11.4,"2022":6.3,"2023":30.8,"2024":52.9,"2025":139,"2026":55.3}}],"analysis":"시에나의 논지는 데이터센터 '사이'를 잇는 코히어런트 광전송(DCI) 선두라는 위치다. WaveLogic 6로 1.6T 코히어런트 라우팅을 구현해, 여러 데이터센터를 묶어 학습·추론하는 분산 AI 수요를 잡는다 — 노드 안을 잇는 트랜시버와 달리 데이터센터 간 장거리 연결이라는 별개 시장이고, AI 클러스터가 단일 건물을 넘어 확장될수록 DCI 수요가 커진다. FY2025 매출 +19%(가이던스 상회)에 하이퍼스케일러 1곳이 매출 18%로, 마이크로소프트·아마존 같은 하이퍼스케일러가 성장을 끈다. 자체 WaveLogic DSP가 경쟁 해자이나, 광부품·DSP·광섬유(스미토모·코닝) 공급에 의존한다. 주가가 사슬보다 먼저 달린 만큼 하이퍼스케일러 발주가 따라오지 못하면 되돌림 리스크가 있다. 재평가 트리거는 DCI 수주·하이퍼스케일러 집중도, WaveLogic 6 램프, 그리고 분산 AI 트래픽이다.","analysis_en":"Ciena's thesis is its lead in coherent optical transport (DCI) that links the space between datacenters. WaveLogic 6 delivers 1.6T coherent routing, capturing distributed-AI demand that ties multiple datacenters together for training and inference — unlike transceivers inside a node, this is the separate market of long-haul datacenter-to-datacenter links, and DCI demand grows as AI clusters expand beyond a single building. FY2025 revenue of +19% (above guidance) with one hyperscaler at 18% of revenue shows hyperscalers like Microsoft and Amazon driving growth. Its in-house WaveLogic DSP is the competitive moat, though it depends on optics, DSP and fiber (Sumitomo, Corning). Having run ahead of its chain, it risks a give-back if hyperscaler orders fail to follow. Re-rating triggers are DCI wins and hyperscaler concentration, the WaveLogic 6 ramp, and distributed-AI traffic.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"통신사·정부 (광전송)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"통신사·정부 백본 광전송 — 하이퍼스케일러 밖 매출 저변.","note_en":"Carrier and government backbone transport — a revenue base beyond hyperscalers.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-12-11","url":"https://www.sec.gov/Archives/edgar/data/0000936395/000162828025056425/ex9912025q4earningspressre.htm","title":"Ciena FY2025 4분기 실적(8-K)","title_en":"Ciena FY2025 Q4 results (8-K)","excerpt":"FY2025 매출 +19%.","excerpt_en":"FY2025 revenue +19%."}]},{"direction":"cost","counterparty":"Sumitomo Electric","counterparty_slug":"sumitomo-electric","confidence":"mid","metric":null,"note":"DCI 시스템용 광섬유를 스미토모·코닝에서 조달 — 장거리 연결의 소재 원가 축.","note_en":"Sources fiber for DCI systems from Sumitomo and Corning — the materials cost axis of long-haul links.","sources":[{"stance":"confirms","publisher":"Sumitomo Lightwave","publisher_en":"Sumitomo Lightwave","kind":"news","lang":"en","published_at":"2026-01-01","url":"https://blog.sumitomoelectriclightwave.com/ai-ready-connectors-for-facilities-of-any-size","title":"Sumitomo, AI 데이터센터용 광커넥터","title_en":"Sumitomo AI-ready optical connectors","excerpt":"DCI 시스템용 광섬유를 스미토모·코닝 등에서 조달.","excerpt_en":"Sources fiber for DCI systems from Sumitomo, Corning and others."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"아마존 등 하이퍼스케일러에 DCI 공급 — 분산 AI 데이터센터 확장의 수혜 채널.","note_en":"Supplies DCI to hyperscalers like Amazon — a channel benefiting from distributed-AI datacenter expansion.","sources":[{"stance":"confirms","publisher":"Ciena KR","publisher_en":"Ciena KR","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.ciena.kr/solutions/global-data-center-interconnect-networking","title":"시에나 글로벌 DCI(데이터센터 상호연결)","title_en":"Ciena global DCI (datacenter interconnect)","excerpt":"아마존 등 하이퍼스케일러 DCI(데이터센터 간 광연결) 공급.","excerpt_en":"Supplies DCI (inter-datacenter optical) to Amazon and other hyperscalers."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-12-11","url":"https://www.sec.gov/Archives/edgar/data/0000936395/000162828025056425/ex9912025q4earningspressre.htm","title":"Ciena FY2025 4분기 실적(8-K)","title_en":"Ciena FY2025 Q4 results (8-K)","excerpt":"아마존 등 하이퍼스케일러 DCI(데이터센터 간 광연결) 공급.","excerpt_en":"Supplies DCI (inter-datacenter optical) to Amazon and other hyperscalers."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트 등 하이퍼스케일러에 DCI 공급 — 매출 18%를 차지한 대형 고객으로 집중 리스크이자 성장 동력.","note_en":"Supplies DCI to hyperscalers like Microsoft — a large customer at 18% of revenue, both a concentration risk and growth driver.","sources":[{"stance":"confirms","publisher":"Ciena KR","publisher_en":"Ciena KR","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.ciena.kr/solutions/global-data-center-interconnect-networking","title":"시에나 글로벌 DCI(데이터센터 상호연결)","title_en":"Ciena global DCI (datacenter interconnect)","excerpt":"마이크로소프트 등 하이퍼스케일러 DCI(데이터센터 간 광연결) 공급.","excerpt_en":"Supplies DCI (inter-datacenter optical) to Microsoft and other hyperscalers."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-12-11","url":"https://www.sec.gov/Archives/edgar/data/0000936395/000162828025056425/ex9912025q4earningspressre.htm","title":"Ciena FY2025 4분기 실적(8-K)","title_en":"Ciena FY2025 Q4 results (8-K)","excerpt":"마이크로소프트 등 하이퍼스케일러 DCI(데이터센터 간 광연결) 공급.","excerpt_en":"Supplies DCI (inter-datacenter optical) to Microsoft and other hyperscalers."}]},{"direction":"cost","counterparty":"제조·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"광전송 장비 제조·R&D — 세대 전환(6세대) 속도를 결정하는 투자(비공개).","note_en":"Optical-transport manufacturing and R&D — investment setting the pace of generation shifts (undisclosed).","sources":[{"stance":"confirms","publisher":"Ciena KR","publisher_en":"Ciena KR","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.ciena.kr/solutions/global-data-center-interconnect-networking","title":"시에나 글로벌 DCI(데이터센터 상호연결)","title_en":"Ciena global DCI (datacenter interconnect)","excerpt":"코히어런트 광전송 장비.","excerpt_en":"Coherent optical-transport systems."}]},{"direction":"cost","counterparty":"광부품·DSP (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"코히어런트 광부품·자체 WaveLogic DSP — 경쟁 해자의 원가·기술 축(비공개).","note_en":"Coherent optics and in-house WaveLogic DSP — the cost/technology axis of its competitive moat (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-12-11","url":"https://www.sec.gov/Archives/edgar/data/0000936395/000162828025056425/ex9912025q4earningspressre.htm","title":"Ciena FY2025 4분기 실적(8-K)","title_en":"Ciena FY2025 Q4 results (8-K)","excerpt":"WaveLogic 6 코히어런트 DSP.","excerpt_en":"WaveLogic 6 coherent DSP."}]}]}