ADTNADTRAN Holdings, Inc.
Is the business good?
The checks split: nothing decisive, though margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ADTN?
ADTRAN Holdings, Inc. keeps −0.18% of every revenue dollar as operating profit, against 5.2% for the median Communication Equipment name.
Operating margin · Communication Equipment median 5.2% · 12 months to Q2 2026
- Share count, year on year
- +1.5%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 18%
R&D as % of revenue
- Gross margin
- 38%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −1.9% |
| FY2021 | −2.6% |
| FY2022 | −7.1% |
| FY2023 | −19% |
| FY2024 | −46% |
| FY2025 | −1.4% |
Details›
- Gross margin12 months to Q2 2026
- 38%
- Operating margin12 months to Q2 2026
- −0.18%
- Net margin12 months to Q2 2026
- −2.3%
- Free cash flow margin
- 5.0%
- R&D as % of revenue
- 18%
- Revenue, trailing twelve months
- $1.14B
- Free cash flow, trailing twelve months
- $57M
- Net income, trailing twelve months
- −$26M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ADTN and who it buys from, as the companies report it.
- Customer 114%
Share of revenue · FY2025 10-K
- The five largest customers other than those with more than 10% of revenues and excluding distributors20%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; ADTN’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Communication Equipment
Ranks #14 of 18 by RyuScore