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ADTRAN Holdings, Inc.

ADTN Clue Score60
United States Fiscal year ends December CIK 0000926282
$7.46 -0.40% Close, 9 Oct 2026
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Price $7.46 −60.09% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue636.8Operating income34.6Net income35.2EPS, diluted0.72Fiscal year 2017Revenue666.9 +4.7%Operating income37.4Net income23.8 −32.3%EPS, diluted0.49 −31.9%Fiscal year 2018Revenue529.3 −20.6%Operating income−45.4Net income−19.3 −181.1%EPS, diluted−0.40 −181.6%Fiscal year 2019Revenue530.1 +0.1%Operating income−40.0Net income−53.0EPS, diluted−1.11Fiscal year 2020Revenue506.5 −4.4%Operating income−9.8Net income2.4EPS, diluted0.05Fiscal year 2021Revenue563.0 +11.2%Operating income−14.7Net income−8.6 −463.1%EPS, diluted−0.18 −460.0%Fiscal year 2022Revenue1,025.5 +82.2%Operating income−72.8Net income−2.0EPS, diluted−0.03Fiscal year 2023Revenue1,149.1 +12.0%Operating income−223.7Net income−268.9EPS, diluted−3.43Fiscal year 2024Revenue922.7 −19.7%Operating income−427.6Net income−459.9EPS, diluted−5.79Fiscal year 2025Revenue1,083.8 +17.5%Operating income−15.6Net income−45.7EPS, diluted−0.52
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 636.8 666.9 529.3 530.1 506.5 563.0 1,025.5 1,149.1 922.7 1,083.8
Growth +4.7% −20.6% +0.1% −4.4% +11.2% +82.2% +12.0% −19.7% +17.5%
Operating income 34.6 37.4 −45.4 −40.0 −9.8 −14.7 −72.8 −223.7 −427.6 −15.6
Net income 35.2 23.8 −19.3 −53.0 2.4 −8.6 −2.0 −268.9 −459.9 −45.7
Growth −32.3% −181.1% −463.1%
EPS, diluted 0.72 0.49 −0.40 −1.11 0.05 −0.18 −0.03 −3.43 −5.79 −0.52
Growth −31.9% −181.6% −460.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin45.8%Operating margin5.4%Net margin5.5%Free cash flow margin3.2%Fiscal year 2017Gross margin45.5%Operating margin5.6%Net margin3.6%Free cash flow margin−8.6%Fiscal year 2018Gross margin38.5%Operating margin−8.6%Net margin−3.7%Free cash flow margin8.9%Fiscal year 2019Gross margin41.3%Operating margin−7.5%Net margin−10.0%Free cash flow margin−2.3%Fiscal year 2020Gross margin43.0%Operating margin−1.9%Net margin0.5%Free cash flow margin−4.5%Fiscal year 2021Gross margin38.8%Operating margin−2.6%Net margin−1.5%Free cash flow margin−0.5%Fiscal year 2022Gross margin31.9%Operating margin−7.1%Net margin−0.2%Free cash flow margin−6.0%Fiscal year 2023Gross margin28.8%Operating margin−19.5%Net margin−23.4%Free cash flow margin−6.9%Fiscal year 2024Gross margin35.1%Operating margin−46.3%Net margin−49.8%Free cash flow margin7.5%Fiscal year 2025Gross margin38.3%Operating margin−1.4%Net margin−4.2%Free cash flow margin9.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 45.8% 45.5% 38.5% 41.3% 43.0% 38.8% 31.9% 28.8% 35.1% 38.3%
Operating margin 5.4% 5.6% −8.6% −7.5% −1.9% −2.6% −7.1% −19.5% −46.3% −1.4%
Net margin 5.5% 3.6% −3.7% −10.0% 0.5% −1.5% −0.2% −23.4% −49.8% −4.2%
Free cash flow margin 3.2% −8.6% 8.9% −2.3% −4.5% −0.5% −6.0% −6.9% 7.5% 9.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow42.0Capital expenditure−21.4Free cash flow20.6Buybacks−25.8Dividends paid−17.6Fiscal year 2017Operating cash flow−42.4Capital expenditure−14.7Free cash flow−57.1 −377.7%Buybacks−17.3Dividends paid−17.4Fiscal year 2018Operating cash flow55.5Capital expenditure−8.1Free cash flow47.3Buybacks−15.5Dividends paid−17.3Fiscal year 2019Operating cash flow−2.5Capital expenditure−9.5Free cash flow−12.0 −125.3%Buybacks−0.2Dividends paid−17.2Fiscal year 2020Operating cash flow−16.5Capital expenditure−6.4Free cash flow−22.9Dividends paid−17.3Fiscal year 2021Operating cash flow3.0Capital expenditure−5.7Free cash flow−2.7Dividends paid−17.5Fiscal year 2022Operating cash flow−44.2Capital expenditure−17.1Free cash flow−61.3Dividends paid−22.9Fiscal year 2023Operating cash flow−43.0Capital expenditure−36.3Free cash flow−79.4Dividends paid−21.2Fiscal year 2024Operating cash flow103.6Capital expenditure−34.5Free cash flow69.1Dividends paid0.0Fiscal year 2025Operating cash flow129.8Capital expenditure−31.7Free cash flow98.0 +41.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 42.0 −42.4 55.5 −2.5 −16.5 3.0 −44.2 −43.0 103.6 129.8
Capital expenditure −21.4 −14.7 −8.1 −9.5 −6.4 −5.7 −17.1 −36.3 −34.5 −31.7
Free cash flow 20.6 −57.1 47.3 −12.0 −22.9 −2.7 −61.3 −79.4 69.1 98.0
Growth −377.7% −125.3% +41.9%
Buybacks −25.8 −17.3 −15.5 −0.2 n/a n/a n/a n/a n/a n/a
Dividends paid −17.6 −17.4 −17.3 −17.2 −17.3 −17.5 −22.9 −21.2 0.0 n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash79.9Total debt26.8Net cash (debt)53.1Shareholders’ equity479.5Debt to equity0.06Fiscal year 2017Cash86.4Total debt25.6Net cash (debt)60.8Shareholders’ equity497.9Debt to equity0.05Fiscal year 2018Cash105.5Total debt25.6Net cash (debt)79.9Shareholders’ equity446.3Debt to equity0.06Fiscal year 2019Cash73.8Total debt49.2Net cash (debt)24.6Shareholders’ equity380.4Debt to equity0.13Fiscal year 2020Cash60.2Shareholders’ equity372.9Fiscal year 2021Cash56.6Shareholders’ equity357.1Fiscal year 2022Cash108.6Shareholders’ equity1,303.6Fiscal year 2023Cash87.2Shareholders’ equity605.3Fiscal year 2024Cash76.0Shareholders’ equity127.0Fiscal year 2025Cash95.7Shareholders’ equity145.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 79.9 86.4 105.5 73.8 60.2 56.6 108.6 87.2 76.0 95.7
Total debt 26.8 25.6 25.6 49.2 n/a n/a n/a n/a n/a n/a
Net cash (debt) 53.1 60.8 79.9 24.6 n/a n/a n/a n/a n/a n/a
Shareholders’ equity 479.5 497.9 446.3 380.4 372.9 357.1 1,303.6 605.3 127.0 145.8
Debt to equity 0.06 0.05 0.06 0.13 n/a n/a n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
45.8% 45.5% 38.5% 41.3% 43.0% 38.8% 31.9% 28.8% 35.1% 38.3%
5.4% 5.6% −8.6% −7.5% −1.9% −2.6% −7.1% −19.5% −46.3% −1.4%
7.4% 6.7% −6.3% −4.7% −1.2% −1.1% −6.9% −20.3% −48.0% −2.9%
5.5% 3.6% −3.7% −10.0% 0.5% −1.5% −0.2% −23.4% −49.8% −4.2%
3.2% −8.6% 8.9% −2.3% −4.5% −0.5% −6.0% −6.9% 7.5% 9.0%
Spending
19.6% 19.6% 23.5% 23.8% 22.4% 19.3% 16.9% 22.5% 24.0% 18.8%
20.7% 20.3% 23.5% 24.6% 22.5% 22.1% 20.4% 22.5% 25.2% 20.9%
3.4% 2.2% 1.5% 1.8% 1.3% 1.0% 1.7% 3.2% 3.7% 2.9%
24.9% 46.7% n/a n/a n/a n/a n/a n/a n/a n/a
Returns
7.3% 4.8% −4.3% −13.9% 0.6% −2.4% −0.2% −44.4% −362.3% −31.3%
5.3% 3.6% −3.1% −9.7% 0.5% −1.5% −0.1% −16.0% −39.3% −3.8%
Balance and payout
0.06 0.05 0.06 0.13 n/a n/a n/a n/a n/a n/a
28.1% 25.6% 28.9% 30.2% 29.1% 37.2% 32.9% 37.5% 53.1% 56.9%
49.9% 72.9% n/a n/a 728.9% n/a n/a n/a n/a n/a
211.1% n/a 69.3% n/a n/a n/a n/a n/a 0.0% n/a