Infinera Corp Stock Research

Market Summary

USD7.59+0.23

Market Closed

3.13%

INFN Alerts

Big jump in Earnings (Y/Y)

INFN Stock Price

INFN RSI Chart

INFN Valuation

Market Cap

1.7B

Price/Earnings (Trailing)

-22

Price/Sales (Trailing)

1.06

EV/EBITDA

27.5

Price/Free Cashflow

-20.01

INFN Price/Sales (Trailing)

INFN Profitability

Operating Margin

34.06%

EBT Margin

-3.53%

Return on Equity

-42.33%

Return on Assets

-4.56%

Free Cashflow Yield

-5%

INFN Fundamentals

INFN Revenue

Revenue (TTM)

1.6B

Revenue Y/Y

21.41%

Revenue Q/Q

24.46%

INFN Earnings

Earnings (TTM)

-76.0M

Earnings Y/Y

201.18%

Earnings Q/Q

380.45%

Price Action

52 Week Range

4.269.01

(Low)(High)

Last 7 days

-0.7%

Last 30 days

2.1%

Last 90 days

9.2%

Trailing 12 Months

-7.2%

INFN Financial Health

Current Ratio

1.61

INFN Investor Care

Shares Dilution (1Y)

4.27%

Diluted EPS (TTM)

-0.35

Peers (Alternatives to Infinera)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CSCO	205.2B	53.2B	2.51%	-9.53%	18.16	3.86	3.13%	-4.42%
ANET	49.9B	4.4B	13.09%	26.94%	36.91	11.39	48.62%	60.84%
MSI	45.0B	9.1B	-4.73%	15.58%	33.01	4.94	11.52%	9.48%
UI	16.2B	1.8B	-7.22%	3.60%	46.46	9.03	-2.33%	-35.05%
MID-CAP
FFIV	8.5B	2.7B	-5.73%	-28.67%	28.14	3.13	1.62%	-10.71%
CIEN	7.6B	3.8B	0.65%	-12.07%	41.4	1.97	3.69%	-62.64%
LITE	3.5B	1.8B	-15.26%	-43.44%	121.02	1.89	7.24%	-92.58%
VSAT	2.6B	3.0B	12.01%	-25.05%	-20.14	0.89	18.78%	-488.35%
SMALL-CAP
INFN	1.7B	1.6B	2.08%	-7.19%	-22	1.06	10.39%	55.47%
COMM	1.3B	9.2B	-26.59%	-14.07%	-1.01	0.14	7.47%	-178.19%
ADTN	1.2B	1.0B	6.86%	8.53%	-596.12	1.18	82.15%	76.41%
NTGR	514.6M	932.5M	-9.20%	-25.11%	-7.46	0.55	-20.17%	-239.69%
CMBM	493.0M	296.9M	-17.34%	-22.91%	24.41	1.66	-11.60%	-46.02%

Financials for Infinera

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	5.8%	1,573,242,000	1,487,563,000	1,452,930,000	1,433,172,000	1,425,205,000
Cost Of Revenue	4.8%	1,037,466,000	989,835,000	971,524,000	940,583,000	927,231,000
Gross Profit	7.6%	535,776,000	497,728,000	481,406,000	492,589,000	497,974,000
Operating Expenses	0.4%	595,933,000	593,385,000	598,732,000	593,449,000	585,453,000
S&GA Expenses	1.6%	146,445,000	144,124,000	143,428,000	141,881,000	138,829,000
R&D Expenses	0.7%	306,188,000	303,985,000	304,477,000	299,776,000	299,894,000
EBITDA	1228.2%	54,334,000	-4,816,000	-40,257,000	-5,644,000	-
EBITDA Margin	1166.6%	0.03	0.00	-0.03	0.00	-
Earnings Before Taxes	55.1%	-55,511,000	-123,554,000	-164,716,000	-146,853,000	-158,740,000
EBT Margin	57.5%	-0.04	-0.08	-0.11	-0.10	-
Interest Expenses	-17.1%	26,015,000	31,377,000	37,483,000	42,248,000	49,099,000
Net Income	46.7%	-76,043,000	-142,569,000	-184,433,000	-164,306,000	-170,778,000
Net Income Margin	49.6%	-0.05	-0.10	-0.13	-0.11	-
Free Cahsflow	-1.4%	-83,613,000	-82,442,000	-110,753,000	-20,431,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	11.3%	1,669	1,500	1,469	1,496	1,587
Current Assets	15.4%	1,133	982	926	927	992
Cash Equivalents	-9.8%	179	198	131	192	191
Inventory	13.2%	375	331	310	292	291
Goodwill	3.8%	233	224	237	250	256
Current Liabilities	21.8%	704	578	555	563	612
LT Debt, Current	0%	1.00	1.00	1.00	1.00	-
LT Debt, Non Current	0.1%	668	667	640	599	477
Shareholder's Equity	57.3%	180	114	117	170	324
Retained Earnings	1.9%	-1,699	-1,733	-1,721	-1,665	-1,698
Additional Paid-In Capital	0.8%	1,901	1,886	1,867	1,851	2,026
Shares Outstanding	0.7%	220	219	216	213	211

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-5.4%	-37.56	-35.63	-68.44	25.00	28.00
Share Based Compensation	5.8%	61.00	58.00	58.00	54.00	52.00
Cashflow From Investing	1.6%	-46.05	-46.81	-42.32	-45.72	-41.38
Cashflow From Financing	0.6%	82.00	82.00	40.00	-22.66	-101
Buy Backs	-48.3%	4.00	7.00	-	-	-

Risks for INFN

What is the probability of a big loss on INFN?

100%

Probability that Infinera stock will be more than 20% underwater in next one year

86.9%

Probability that Infinera stock will be more than 30% underwater in next one year.

73.1%

Probability that Infinera stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does INFN drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Infinera was unfortunately bought at previous high price.

Drawdowns

Returns for INFN

Cumulative Returns on INFN

0.4%

10-Year Cumulative Returns

-10.5%

7-Year Cumulative Returns

-8.1%

5-Year Cumulative Returns

20.1%

3-Year Cumulative Returns

What are the long-term rolling returns for INFN?

FIve years rolling returns for Infinera.

Annualized Returns

Which funds bought or sold INFN recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	BAILLIE GIFFORD & CO	unchanged	-	5,822	19,822	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	23.51	9,526,510	22,759,500	0.03%
2023-03-06	Rockefeller Capital Management L.P.	unchanged	-	12,000	42,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-27.1	48,440	3,258,440	-%
2023-02-24	NATIXIS	reduced	-72.7	-1,043,700	640,300	-%
2023-02-22	Kovack Advisors, Inc.	added	0.83	588,193	2,042,190	0.30%
2023-02-21	MACQUARIE GROUP LTD	sold off	-100	-38,000	-	-%
2023-02-17	Coppell Advisory Solutions Corp.	new	-	9,348	9,348	-%
2023-02-15	NOMURA HOLDINGS INC	reduced	-14.82	338,000	2,184,000	0.01%
2023-02-15	TD Capital Management LLC	unchanged	-	793	1,793	-%

Latest Funds Activity

Are funds buying INFN calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own INFN

No. of Funds

INFN Alerts

Big jump in Earnings (Y/Y)

Infinera News

Schedule 13G FIlings of Infinera

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 02, 2023	oaktree optical holdings, l.p.	11.3%	25,175,384	SC 13D/A
Feb 14, 2023	shapiro capital management llc	-	0	SC 13G
Feb 09, 2023	brown advisory inc	5.1%	11,150,355	SC 13G
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	8.92%	19,590,336	SC 13G/A
Jan 31, 2023	blackrock inc.	7.3%	15,980,691	SC 13G/A
Feb 14, 2022	gilder gagnon howe & co llc	3.1%	6,559,821	SC 13G/A
Feb 11, 2022	gilder gagnon howe & co llc	7.2%	13,976,811	SC 13G
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 03, 2022	blackrock inc.	6.5%	13,801,595	SC 13G/A

INFN Fair Value

Infinera fair value in different scenarios

The table shows the Fair Value estimates for Infinera for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	1.67 -78.00%	2.07 -72.73%	2.86 -62.32%	4.24 -44.14%	6.07 -20.03%
Current Inflation	1.55 -79.58%	1.89 -75.10%	2.57 -66.14%	3.75 -50.59%	5.33 -29.78%
Very High Inflation	1.39 -81.69%	1.67 -78.00%	2.21 -70.88%	3.17 -58.23%	4.46 -41.24%

Historical Infinera Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Infinera

View All Filings

Date Filed	Form Type	Document
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading
Mar 07, 2023	4	Insider Trading

Latest Insider Trading transactions for INFN

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-05	TEICHMANN DAVID	acquired	-	-	24,042	chief legal officer
2023-03-05	HEARD DAVID W	sold (taxes)	-417,920	7.33	-57,015	chief executive officer
2023-03-05	Walden Nicholas	acquired	-	-	21,333	svp, worldwide sales
2023-03-05	Walden Nicholas	sold (taxes)	-62,752	7.33	-8,561	svp, worldwide sales
2023-03-05	HEARD DAVID W	acquired	-	-	108,288	chief executive officer
2023-03-05	Erba Nancy	acquired	-	-	37,292	chief financial officer
2023-03-05	Welch David F	acquired	-	-	39,584	-
2023-03-05	Fernicola Michael H	acquired	-	-	25,000	chief accounting officer
2023-03-05	Erba Nancy	sold (taxes)	-145,339	7.33	-19,828	chief financial officer
2023-03-05	Welch David F	sold (taxes)	-104,460	7.33	-14,251	-

About Infinera

David W. Heard

www.infinera.com

3220

Infinera Corporation provides optical transport networking equipment, software, and services worldwide. The company's product portfolio includes Infinera Groove series for modular and sled-based platforms to support a various transport network applications; Infinera 7300 series, an SDN-ready coherent optical transport system; Infinera FlexILS open optical line system that connects various Infinera and third-party terminal equipment platforms over long-distance fiber optic cable providing switching, multiplexing, amplification, and management channels; and Infinera 7090 and 7100 series for transport platforms. It also offers Infinera XTM series, a packet-optical transport platform that enables metro connectivity solutions; Infinera XTC series, a multi-terabit packet optical transport platforms that integrates digital OTN switching and optical WDM transmission; Infinera mTera series, a network transport solution; and Infinera XT series, a platform that is designed to power cloud scale network services over metro, DCI, long-haul, and subsea networks. The company provides Infinera Cloud Xpress Family that is designed to meet the needs of internet content providers (ICPs), communication service providers, internet exchange service providers, enterprises, and other large-scale data center operators; and ICE-XR Coherent Pluggable Optics. It also offers Infinera Transcend software suite; and system software and customer support services. The company also serves telecommunications service providers, ICPs, cable providers, wholesale carriers, research and education institutions, large enterprises, and government entities. It markets and sells its products and related support services primarily through its direct sales force. The company was formerly known as Zepton Networks. The company was incorporated in 2000 and is headquartered in San Jose, California.

INFN Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 25, 2021	Dec. 26, 2020
Revenue:
Revenue	$ 1,573,242	$ 1,425,205	$ 1,355,596
Cost of revenue:
Amortization of intangible assets	23,138	19,621	29,247
Acquisition and integration costs	0	0	1,828
Restructuring and other related costs	222	1,531	4,146
Total cost of revenue	1,037,466	927,231	946,804
Gross profit	535,776	497,974	408,792
Operating expenses:
Research and development	306,188	299,894	265,634
Sales and marketing	146,445	138,829	129,604
General and administrative	118,602	115,415	112,240
Amortization of intangible assets	14,576	17,455	18,581
Acquisition and integration costs	0	614	13,346
Restructuring and other related costs	10,122	13,246	24,586
Total operating expenses	595,933	585,453	563,991
Loss from operations	(60,157)	(87,479)	(155,199)
Other income (expense), net:
Interest income	893	455	118
Interest expense	(26,015)	(49,099)	(46,728)
Gain on extinguishment of debt	15,521	0	0
Other income (expense), net	14,247	(22,667)	1,121
Total other income (expense), net	4,646	(71,311)	(45,489)
Loss before income taxes	(55,511)	(158,790)	(200,688)
Provision for income taxes	20,532	11,988	6,035
Net loss	$ (76,043)	$ (170,778)	$ (206,723)
Net loss per common share:
Basic (in usd per share)	$ (0.35)	$ (0.82)	$ (1.10)
Diluted (in usd per share)	$ (0.35)	$ (0.82)	$ (1.10)
Weighted average shares used in computing net loss per common share:
Basic (in shares)	216,376	207,377	188,216
Diluted (in shares)	216,376	207,377	188,216
Product
Revenue:
Revenue	$ 1,268,624	$ 1,099,376	$ 1,045,551
Cost of revenue:
Cost of revenue	852,476	732,071	751,465
Services
Revenue:
Revenue	304,618	325,829	310,045
Cost of revenue:
Cost of revenue	$ 161,630	$ 174,008	$ 160,118

INFN Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 25, 2021
Current assets:
Cash and cash equivalents	$ 178,657	$ 190,611
Short-term restricted cash	7,274	2,840
Accounts receivable, net	419,735	358,954
Inventory	374,855	291,367
Prepaid expenses and other current assets	152,451	147,989
Total current assets	1,132,972	991,761
Property, plant and equipment, net	172,929	160,218
Operating lease right-of-use assets	34,543	45,338
Intangible assets, net	47,787	86,574
Goodwill	232,663	255,788
Long-term restricted cash	3,272	9,070
Other long-term assets	44,972	38,475
Total assets	1,669,138	1,587,224
Current liabilities:
Accounts payable	304,880	216,404
Accrued expenses and other current liabilities	141,450	147,029
Accrued compensation and related benefits	78,849	88,021
Short-term debt, net	510	533
Accrued warranty	19,747	23,204
Deferred revenue	158,501	137,297
Total current liabilities	703,937	612,488
Long-term debt, net	667,719	476,789
Long-term accrued warranty	16,874	21,106
Long-term deferred revenue	23,178	31,612
Long-term deferred tax liability	2,348	2,364
Long-term operating lease liabilities	45,862	54,326
Other long-term liabilities	29,573	64,768
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.001 par value Authorized shares—25,000 and no shares issued and outstanding	0	0
Common stock, $0.001 par value Authorized shares—500,000 in 2022 and 500,000 in 2021 Issued and outstanding shares—220,408 in 2022 and 211,381 in 2021	220	211
Additional paid-in capital	1,901,491	2,026,098
Accumulated other comprehensive loss	(22,471)	(4,496)
Accumulated deficit	(1,699,593)	(1,698,042)
Total stockholders' equity	179,647	323,771
Total liabilities and stockholders’ equity	$ 1,669,138	$ 1,587,224