ADTRAN Holdings

ADTN

Communication Equipment · Technology

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Strong

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

ADTRAN Holdings makes networking equipment that helps internet and phone companies deliver broadband service to homes and businesses. Its main products include fiber-optic access systems, routers, and switches sold to telecom providers — companies like AT&T or smaller regional phone carriers. ADTRAN is one of the leading suppliers of fiber-to-the-home equipment in North America and Europe.

The company earns money by selling hardware and related software and services to telecom operators. It operates mainly in the United States and Europe, with the European business growing after ADTRAN merged with German networking firm ADVA Optical Networking in 2022. Its competitive position comes from deep relationships with telecom carriers and specialized expertise in fiber access technology. The key growth driver is the ongoing global buildout of fiber broadband networks, but the company faces real pressure from thin margins and intense competition from larger rivals like Nokia and Calix.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+50.0% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

1.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$119M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

ADTRAN Holdings is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

37.0%

Modest — 37.0% gross margin

Profit after running costs

Operating Margin

-3.6%

Losing money on operations — -3.6%

Return on the money invested

ROCE

-0.6%

Weak — -0.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+15.7%

Fast-growing sales (+15.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

5.0%

Thin free cash flow (5.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.69

Elevated debt (1.69)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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