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Networking equipment

The 30 companies in this industry listed on the NYSE and Nasdaq are worth $864 bn combined; the largest are Cisco Systems (CSCO), Arista Networks (ANET) and Nokia (NOK). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Comfortable leader
30 companies value 864 bn revenue 143 bn margin 21.5% free cash flow 27 bn avg. score 4.2
CSCO holds 48.6% of the group's value, 1.8x the runner-up · ANET leads the industry without being the largest
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 CSCO Cisco Systems
United States · score 6.7
 49% 420 bn 63 bn 21.0% 13 bn 3.0% 1.6% Networking hardware, software and security · World's largest networking equipment maker
2 ANET Arista Networks
United States · score 6.4
 27% 231 bn 11 bn 38.4% 5.2 bn 2.2% — Switches and networking software for cloud data centers · Leader in high-speed switches for AI data centers
3 NOK Nokia
Finland · score 6.4
 6% 52 bn 22 bn 3.3% 2.3 bn 4.5% 1.6% Mobile network equipment and software, from Finland · Mobile and fixed network equipment, with a large patent portfolio
4 CIEN Ciena
United States · score 5.5
 6% 49 bn 6.0 bn 10.9% 0.8 bn 1.7% — Optical networking equipment and software · Leader in long-haul optical transport for carriers and cloud providers
5 UI Ubiquiti
United States · score 6.9
 4% 36 bn 3.1 bn 31.0% 0.9 bn 2.5% 0.5% Ubiquiti wireless networking gear and software · Wireless networking sold with almost no sales force, at high margins
6 ERIC Ericsson
Sweden · score 7.5
 4% 35 bn 24 bn 12.1% 3.1 bn 8.8% 2.8% Mobile network equipment and software, from Sweden · One of the three global suppliers of radio equipment for mobile networks
7 FFIV F5, INC.
United States · score 6.4
 3% 26 bn 3.3 bn 22.0% 1.0 bn 3.8% — Application delivery and security across multiple clouds · Washington — revenue of $3.3bn
8 EXTR EXTREME NETWORKS INC
United States · score 5.7
 0% 2.9 bn 1.3 bn 3.3% 0.1 bn 3.3% — AI-powered cloud networking for enterprises · North Carolina — revenue of $1.3bn
9 DGII DIGI INTERNATIONAL INC
United States · score 6.3
 0% 2.8 bn 0.5 bn 9.6% 0.1 bn 4.9% — Connectivity and Internet of Things solutions · Minnesota — revenue of $506m
10 CALX CALIX, INC
United States · score 5.5
 0% 2.2 bn 1.1 bn 4.6% 0.1 bn 3.8% — Cloud platforms and services for broadband providers · California — revenue of $1.1bn
11 ATEN A10 Networks, Inc.
United States · score 5.9
 0% 1.8 bn 0.3 bn 13.9% 0.1 bn 3.4% 1.0% Secure application and network infrastructure · California — revenue of $310m
12 VISN Vistance Networks, Inc.
United States · score 6.3
 0% 1.3 bn 2.0 bn 365.4% 0.1 bn 6.5% — Infrastructure for TV, phone and internet providers · Texas — revenue of $2bn
13 HLIT HARMONIC INC.
United States · score 2.5
 0% 1.2 bn 0.4 bn -10.6% 0.0 bn 0.1% — Broadband access solutions for operators · California — revenue of $444m
14 NTGR NETGEAR, INC.
United States · score 0.5
 0% 0.6 bn 0.7 bn -3.7% -0.0 bn -2.8% — Networking technology for businesses, homes and service providers · California — revenue of $694m
15 ADTN ADTRAN Holdings, Inc.
United States · score 3.3
 0% 0.5 bn 1.1 bn -2.3% 0.1 bn 10.9% — Optical transport and broadband access platforms · Alabama — revenue of $1.1bn
16 CLFD Clearfield, Inc.
United States · score 3.8
 0% 0.4 bn 0.1 bn -4.7% 0.0 bn 1.8% — Fiber-optic protection, management and delivery for broadband · Minnesota — revenue of $154m
17 ALLT Allot Ltd.
Israel · score 6.5
 0% 0.4 bn 0.1 bn 9.4% 0.0 bn 6.6% — Network intelligence and security for operators, from Israel · Israel — revenue of $109m
18 RBBN Ribbon Communications Inc.
United States · score 4.3
 0% 0.3 bn 0.8 bn 2.0% 0.0 bn 2.7% — Communications technology for carriers and enterprises · Texas — revenue of $798m
19 AVNW AVIAT NETWORKS, INC.
United States · score 3.7
 0% 0.3 bn 0.4 bn 0.6% 0.0 bn 2.4% — Microwave networks and wireless access · Texas — revenue of $440m
20 AUDC AUDIOCODES LTD
Israel · score 6.9
 0% 0.3 bn 0.3 bn 3.6% 0.0 bn 8.4% 4.0% Voice communications for businesses and contact centers, from Israel · Israel — revenue of $246m
21 LTRX LANTRONIX INC
United States · score 3.2
 0% 0.3 bn 0.1 bn -3.5% 0.0 bn 3.4% — Edge AI and industrial Internet of Things · California — revenue of $121m
22 CRNT CERAGON NETWORKS LTD
Israel · score 4.4
 0% 0.2 bn 0.3 bn -0.9% 0.0 bn 10.1% — Wireless transport for mobile networks · Israel — revenue of $347m
23 SILC SILICOM LTD.
Israel · score 0.1
 0% 0.2 bn 0.1 bn -13.0% -0.0 bn -9.8% — High-performance network cards and adapters, from Israel · Israel — revenue of $75m
24 INSG INSEEGO CORP.
United States · score 0.0
 0% 0.1 bn 0.2 bn -6.4% -0.0 bn -11.4% — Long-range wireless networks and edge computing · California — revenue of $173m
25 AIRG AIRGAIN INC
United States · score 0.1
 0% 0.1 bn 0.1 bn -13.6% 0.0 bn -5.7% — Radio-frequency solutions for mobile and cable operators · California — revenue of $51m
26 FATN Fatpipe Inc/UT
United States · score 2.8
 0% 0.1 bn 0.0 bn 24.5% 0.0 bn -1.3% — Secure SD-WAN and integrated cybersecurity for businesses · Utah — revenue of $20m
27 FKWL FRANKLIN WIRELESS CORP
United States · score 0.1
 0% 0.0 bn 0.0 bn -13.0% -0.0 bn -24.4% 1.8% Connectivity, Internet of Things and machine-to-machine communication · California — revenue of $37m
28 UTSI UTSTARCOM HOLDINGS CORP.
China · score 0.0
 0% 0.0 bn 0.0 bn -88.5% -0.0 bn -44.2% — IP network solutions for cable and telecom operators · China — revenue of $9m
29 PCLA PicoCELA Inc.
Japan · score 2.5
 — — 0.0 bn — 0.0 bn — — Mesh WiFi networks, from Japan · Japan — revenue of $4m
30 NUR Nuran Wireless Inc.
Canada · score 4.7
 — — 0.0 bn — — — — — Mobile network equipment, and rural networks built and operated for mobile operators in Africa · Canada — revenue of $3m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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