# Vistance Networks (VISN.US)

Canonical: https://gigainvestors.com/s/VISN

Analysis as of: 2026-10-16T07:32:52.294Z. Financial observations: FY2010–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.89 per share; close as of 2026-10-15.

Estimated value: low $2.15 per share, central $2.41 per share, high $2.76 per share. Buy at or below the central value $2.41 per share. Valuation as of 2026-10-16T07:32:52.294Z; scenarios are not confidence intervals.

Expected annual return: 5.6% at the stated quote. About 5.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 6

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.08×

- FY2023: 0.05×

- FY2024: 0.08×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.2%

- ROIC, second-lowest year: 2.0%

- Typical minus recent gross margin: -1.4 pp

- Typical gross margin (annual median): 30.5%

- Recent gross margin (lower of latest and 3-year median): 31.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.3%

- FY2017: 19.5%

- FY2018: 17.8%

- FY2019: 2.0%

- FY2020: 4.0%

- FY2021: 5.9%

- FY2022: 11.2%

- FY2023: 2.8%

- FY2024: 4.5%

- FY2025: 1.1%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $173M

- Net income, five-year total: -$2.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 6.8 pp

- Working capital / revenue, final three-year average: 26.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $192M

- FY2022: -$692M

- FY2023: -$1.0B

- FY2024: $58M

- FY2025: $1.6B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.5% vs 2.8%

- Per-share earnings: 0.98 to -1.34 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 3.2%

- Market cap gain: -$3.3B

- Cumulative retained earnings: -$2.5B

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 3.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$2.33

- Per-share value, starting three-year median: $0.98

- Per-share value, ending three-year median: -$1.34

- Buybacks concentrated in cheaper years (correlation): 0.09

- Average buyback yield: 1.8%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $5.2B

- Cumulative net income, 10 years: -$3.1B

- ROIC, first three-year median: 19.5%

- ROIC, last three-year median: 2.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.13

- FY2017: $0.98

- FY2018: $0.72

- FY2019: -$4.80

- FY2020: -$2.91

- FY2021: -$2.27

- FY2022: -$6.20

- FY2023: -$7.14

- FY2024: -$1.34

- FY2025: $6.15

### accounting: fail

- Sloan accruals exceed 10%

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 11.7%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 13.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.23×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 5.84×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.4%

- FY2017: -5.6%

- FY2018: -5.3%

- FY2019: -10.6%

- FY2020: -7.4%

- FY2021: -4.4%

- FY2022: -12.6%

- FY2023: -19.3%

- FY2024: -6.4%

- FY2025: 11.7%

## Holders

## Price story

Down 70% since Nov 2025 · "VISN Q2 Earnings Miss on License Sales and Memory Costs" (finance.yahoo.com, Aug 2026) · sales -54.1%

Story as of 2026-10-16T09:59:48.050Z; price observation 2026-10-15.

Price needs cash profits to grow 13% a year for ten years

- 2026-08-07: VISN Q2 Earnings Miss on License Sales and Memory Costs ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/visn-q2-earnings-miss-license-141000859.html))

### Sales · FY2024–2025

sales -54.1%; source https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm; observed 2026-02-26.

- FY2016: $4.9B 

- FY2017: $4.6B 

- FY2018: $4.6B 

- FY2019: $8.3B 

- FY2020: $8.4B 

- FY2021: $8.6B 

- FY2022: $7.5B 

- FY2023: $4.6B 

- FY2024: $4.2B 

- FY2025: $1.9B 

### Gross margin · FY2025

gross margin 42.3%; source https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm; observed 2026-02-26.

- FY2016: 35.3% 

- FY2017: 32.8% 

- FY2018: 31.2% 

- FY2019: 21.7% 

- FY2020: 25.1% 

- FY2021: 24.7% 

- FY2022: 28.6% 

- FY2023: 29.8% 

- FY2024: 31.8% 

- FY2025: 42.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in communication equipment; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm (filed 2026-02-26); FY2025: revenue 1931600000; grossProfit 817500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VISN.US: Vistance Networks, Inc. provides infrastructure solutions for communications, data center, and entertainment networks in the United States, Europe, the Middle East, Africa, the Asia Pacific, Caribbean, and Latin America. The company operates in two segments: RUCKUS and Aurora Networks. The RUCKUS segment offers indoor cellular solutions, such as public key infrastructure solutions, indoor and outdoor Wi-Fi and long-term evolution access points, and access and aggregation switches; an Internet of Things suite; on-premises and cloud-based control and management systems; and software and software-as-a-service applications addressing security, location, reporting, and analytics. The Aurora Networks segment offers cable modem termination systems, video infrastructure, distribution and transmission equipment, and cloud solutions that enable facility-based service providers to construct residential and metro distribution network. It also provides technical support, and systems design and integration. The company serves telecommunications operators, data center managers, cable television providers, and multi-system operators. It offers its products and services through independent distributors, specialized resellers and distributors, wireless and wireline operators, original equipment manufacturers, and system integrators, as well as directly to customers. Vistance Networks, Inc. was formerly known as CommScope Holding Company, Inc. and changed its name to Vistance Networks, Inc. in January 2026. The company was founded in 1976 and is based in Richardson, Texas.

### Why customers stay

Margins ranged from 29.8% to 42.3% during 2023–25; it earns 5.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 29.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 31.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.21285877073966195],[2017,0.194624877753069],[2018,0.17848849543973214],[2019,0.020439107354532804],[2020,0.04004876665721577],[2021,0.05862890565655542],[2022,0.1116939113401581],[2023,0.02806292590981586],[2024,0.04484373124860704],[2025,0.010928153552882403]]; median 0.05173631845258123. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 31.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 68314000; owner earnings 532226000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 68721000; cash acquisitions 105200000; owner earnings 477732000. Growth capex plus acquisitions / owner earnings = 0.22020714542881784.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 82347000; owner earnings 398033000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 121200000; owner earnings 128700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 131400000; owner earnings 192300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 25300000; cash acquisitions 45100000; owner earnings 57600000. Growth capex plus acquisitions / owner earnings = 0.7829861111111112.

- Source: https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 70300000; cash acquisitions 0; owner earnings 1621400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,43700000],[2020,14300000],[2021,43000000],[2022,14900000],[2023,0],[2024,0],[2025,17600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 31300000 USD.

### Are managers owners

Insiders own 3.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VISN.US SharesStats.PercentInsiders = 3.115 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 13% yearly over ten years; actual growth was 22.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.17395703922921546. Price 5.89; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9275737849965241 → FY2025 7.049565217391304. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $30.55 per share

- 2016-11: $35.98 per share

- 2016-12: $37.20 per share

- 2017-01: $37.82 per share

- 2017-02: $38.05 per share

- 2017-03: $41.71 per share

- 2017-04: $42.04 per share

- 2017-05: $36.99 per share

- 2017-06: $38.03 per share

- 2017-07: $36.78 per share

- 2017-08: $33.06 per share

- 2017-09: $33.21 per share

- 2017-10: $32.14 per share

- 2017-11: $35.99 per share

- 2017-12: $37.83 per share

- 2018-01: $38.63 per share

- 2018-02: $38.71 per share

- 2018-03: $39.97 per share

- 2018-04: $38.22 per share

- 2018-05: $29.32 per share

- 2018-06: $29.21 per share

- 2018-07: $32.11 per share

- 2018-08: $31.69 per share

- 2018-09: $30.76 per share

- 2018-10: $24.06 per share

- 2018-11: $18.10 per share

- 2018-12: $16.39 per share

- 2019-01: $20.91 per share

- 2019-02: $23.31 per share

- 2019-03: $21.73 per share

- 2019-04: $24.78 per share

- 2019-05: $16.15 per share

- 2019-06: $15.73 per share

- 2019-07: $14.28 per share

- 2019-08: $10.74 per share

- 2019-09: $11.76 per share

- 2019-10: $11.20 per share

- 2019-11: $13.60 per share

- 2019-12: $14.19 per share

- 2020-01: $12.19 per share

- 2020-02: $11.01 per share

- 2020-03: $9.11 per share

- 2020-04: $11.01 per share

- 2020-05: $10.31 per share

- 2020-06: $8.33 per share

- 2020-07: $9.28 per share

- 2020-08: $10.30 per share

- 2020-09: $9.00 per share

- 2020-10: $8.90 per share

- 2020-11: $11.85 per share

- 2020-12: $13.40 per share

- 2021-01: $14.69 per share

- 2021-02: $14.59 per share

- 2021-03: $15.36 per share

- 2021-04: $16.45 per share

- 2021-05: $20.31 per share

- 2021-06: $21.31 per share

- 2021-07: $21.16 per share

- 2021-08: $15.80 per share

- 2021-09: $13.59 per share

- 2021-10: $10.71 per share

- 2021-11: $9.96 per share

- 2021-12: $11.04 per share

- 2022-01: $9.39 per share

- 2022-02: $9.54 per share

- 2022-03: $7.88 per share

- 2022-04: $6.03 per share

- 2022-05: $7.51 per share

- 2022-06: $6.12 per share

- 2022-07: $9.03 per share

- 2022-08: $11.30 per share

- 2022-09: $9.21 per share

- 2022-10: $13.24 per share

- 2022-11: $8.88 per share

- 2022-12: $7.35 per share

- 2023-01: $8.40 per share

- 2023-02: $7.24 per share

- 2023-03: $6.37 per share

- 2023-04: $4.93 per share

- 2023-05: $4.16 per share

- 2023-06: $5.63 per share

- 2023-07: $4.50 per share

- 2023-08: $3.34 per share

- 2023-09: $3.36 per share

- 2023-10: $1.48 per share

- 2023-11: $1.67 per share

- 2023-12: $2.82 per share

- 2024-01: $2.32 per share

- 2024-02: $1.17 per share

- 2024-03: $1.31 per share

- 2024-04: $0.89 per share

- 2024-05: $1.44 per share

- 2024-06: $1.23 per share

- 2024-07: $2.59 per share

- 2024-08: $3.86 per share

- 2024-09: $6.11 per share

- 2024-10: $6.73 per share

- 2024-11: $4.77 per share

- 2024-12: $5.21 per share

- 2025-01: $5.05 per share

- 2025-02: $6.35 per share

- 2025-03: $5.31 per share

- 2025-04: $3.74 per share

- 2025-05: $6.04 per share

- 2025-06: $8.28 per share

- 2025-07: $8.20 per share

- 2025-08: $16.04 per share

- 2025-09: $15.48 per share

- 2025-10: $17.30 per share

- 2025-11: $19.74 per share

- 2025-12: $18.13 per share

- 2026-01: $18.00 per share

- 2026-02: $17.57 per share

- 2026-03: $18.20 per share

- 2026-04: $12.80 per share

- 2026-05: $12.48 per share

- 2026-06: $12.78 per share

- 2026-07: $11.74 per share

- 2026-08: $6.31 per share

- 2026-09: $5.98 per share

- 2026-10: $5.89 per share

## Annual estimated value (USD per share)

- FY2016: low $21.44 per share, central $24.17 per share, high $27.80 per share

- FY2017: low $28.38 per share, central $32.03 per share, high $36.90 per share

- FY2018: low $28.66 per share, central $32.35 per share, high $37.27 per share

- FY2019: low $43.25 per share, central $48.91 per share, high $56.44 per share

- FY2020: low $42.62 per share, central $48.24 per share, high $55.74 per share

- FY2021: low $11.25 per share, central $12.67 per share, high $14.57 per share

- FY2022: low $7.12 per share, central $7.96 per share, high $9.07 per share

- FY2024: low $5.18 per share, central $5.58 per share, high $6.12 per share

- FY2025: low $4.37 per share, central $4.54 per share, high $4.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1517228/000119312526072523/visn-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# VISN — Vistance Networks Inc.

Held by 1 investor · USD 435,093 total · 2024 Q3 · reported price USD 6.11 (split-adjusted).
Page: https://gigainvestors.com/s/VISN

## Holders (2024 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Leon Cooperman (https://gigainvestors.com/oa) | USD 435,093 | <0.1% | reduce -73.2% |

## Total held by quarter

- 2014 Q3: USD 19,827,152 · 1 holder · USD 118.77
- 2014 Q4: USD 0 · 0 holders
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 3,878,750 · 1 holder · USD 154.14
- 2016 Q3: USD 9,594,582 · 1 holder · USD 149.57
- 2016 Q4: USD 115,957,124 · 1 holder · USD 184.79
- 2017 Q1: USD 157,403,363 · 1 holder · USD 207.19
- 2017 Q2: USD 162,235,562 · 1 holder · USD 188.91
- 2017 Q3: USD 122,227,446 · 1 holder · USD 164.97
- 2017 Q4: USD 144,491,004 · 1 holder · USD 187.92
- 2018 Q1: USD 85,439,153 · 1 holder · USD 198.55
- 2018 Q2: USD 88,149,252 · 1 holder · USD 145.05
- 2018 Q3: USD 76,286,030 · 1 holder · USD 152.80
- 2018 Q4: USD 48,235,131 · 1 holder · USD 81.42
- 2019 Q1: USD 0 · 0 holders
- 2019 Q2: USD 0 · 0 holders
- 2019 Q3: USD 0 · 0 holders
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 1,692,573 · 1 holder · USD 31.64
- 2023 Q2: USD 1,495,947 · 1 holder · USD 27.97
- 2023 Q3: USD 892,786 · 1 holder · USD 16.69
- 2023 Q4: USD 749,302 · 1 holder · USD 14.01
- 2024 Q1: USD 348,080 · 1 holder · USD 6.51
- 2024 Q2: USD 326,823 · 1 holder · USD 6.11
- 2024 Q3: USD 435,093 · 1 holder · USD 6.11
- 2024 Q4: USD 0 · 0 holders