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JNPR, Juniper Networks

Communications Equipment consumer brand

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Latest annual: FY2024 10-K

JNPR · Juniper Networks

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2024

$5.1B

−8.8% YoY · 3% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $5.2B 5-yr avg $5.0B

Gross margin 59% 5-yr avg 58%

Operating margin 7.6% 5-yr avg 8.0%

ROIC 6% 5-yr avg 7%

Owner-earnings margin 13% 5-yr avg 10%

Free cash flow margin 13% 5-yr avg 10%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 59% and operating margin about 10% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from 5.8% to 18% — on a steadier 59% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself.
Is it a good business?: Return on capital has sat near the cost of capital (median 9%). By owner earnings: roughly 13% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2024

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMMar 2025
										Income statement
$5.0B	$5.0B	$4.6B	$4.4B	$4.4B	$4.7B	$5.3B	$5.6B	$5.1B	$5.2B	RevenueRevenue
62%	61%	59%	59%	58%	58%	56%	58%	59%	59%	Gross marginGross mgn
5%	5%	5%	5%	6%	5%	5%	5%	5%	5%	SG&A / revenueSG&A/rev
20%	20%	22%	21%	22%	21%	20%	21%	23%	22%	R&D / revenueR&D/rev
$890M	$848M	$572M	$442M	$353M	$388M	$519M	$470M	$292M	$395M	Operating incomeOp. inc.
17.8%	16.9%	12.3%	9.9%	7.9%	8.2%	9.8%	8.4%	5.8%	7.6%	Operating marginOp. mgn
$593M	$306M	$567M	$345M	$258M	$253M	$471M	$310M	$288M	$353M	Net incomeNet inc.
28%	—	-6%	17%	3%	19%	11%	9%	0%	12%	Effective tax rateTax rate
										Cash flow & returns
$1.1B	$1.3B	$861M	$529M	$612M	$690M	$98M	$873M	$788M	$780M	Operating cash flowOp. cash
$207M	$226M	$211M	$210M	$212M	$237M	$218M	$195M	$157M	$149M	DepreciationDeprec.
$103M	$540M	($133M)	($229M)	($48M)	($23M)	($800M)	$89M	$53M	$4M	Working capital & otherWC & other
$215M	$151M	$147M	$110M	$100M	$100M	$105M	$159M	$116M	$105M	CapexCapex
4.3%	3.0%	3.2%	2.5%	2.3%	2.1%	2.0%	2.9%	2.3%	2.0%	Capex / revenueCapex/rev
$912M	$1.1B	$714M	$419M	$512M	$590M	($8M)	$713M	$673M	$675M	Owner earningsOwner earn.
18.3%	22.0%	15.4%	9.4%	11.5%	12.5%	−0.1%	12.8%	13.3%	13.0%	Owner earnings marginOE mgn
$912M	$1.1B	$714M	$419M	$512M	$590M	($8M)	$713M	$673M	$675M	Free cash flowFCF
18.3%	22.0%	15.4%	9.4%	11.5%	12.5%	−0.1%	12.8%	13.3%	13.0%	Free cash flow marginFCF mgn
$113M	$27M	$16M	$271M	—	—	—	—	—	$271M	AcquisitionsAcquis.
$153M	$150M	$249M	$260M	$264M	$259M	$270M	$281M	$289M	$291M	Dividends paidDiv. paid
$325M	$726M	$757M	$555M	$381M	$444M	$300M	$385M	$0	—	BuybacksBuybacks
12%	9%	13%	7%	6%	6%	9%	9%	6%	6%	ROICROIC
12%	7%	12%	7%	6%	6%	11%	7%	6%	7%	Return on equityROE
9%	3%	7%	2%	−0%	−0%	4%	1%	−0%	1%	Retained to equityRetained/eq
										Balance sheet
$2.6B	$3.0B	$3.6B	$2.0B	$1.8B	$1.2B	$1.1B	$1.2B	$1.4B	$1.6B	Cash & investmentsCash+inv
$1.1B	$852M	$755M	$880M	$964M	$994M	$1.2B	$1.0B	$1.2B	$918M	ReceivablesReceiv.
$96M	$98M	$82M	$94M	$210M	$273M	$619M	$952M	$830M	$825M	InventoryInvent.
$221M	$218M	$209M	$220M	$277M	$274M	$347M	$295M	$257M	$219M	Accounts payablePayables
$929M	$732M	$628M	$754M	$897M	$993M	$1.5B	$1.7B	$1.7B	$1.5B	Operating working capitalOper. WC
$4.0B	$4.2B	$4.6B	$3.2B	$3.3B	$3.0B	$3.6B	$3.8B	$3.8B	$3.7B	Current assetsCur. assets
$1.7B	$1.7B	$1.8B	$1.5B	$2.2B	$1.9B	$2.1B	$2.1B	$2.6B	$2.5B	Current liabilitiesCur. liab.
2.3×	2.4×	2.5×	2.1×	1.5×	1.6×	1.7×	1.8×	1.5×	1.5×	Current ratioCurr. ratio
$3.1B	$3.1B	$3.1B	$3.3B	$3.7B	$3.8B	$3.7B	$3.7B	$3.7B	$3.7B	GoodwillGoodwill
$9.7B	$9.8B	$9.4B	$8.8B	$9.4B	$8.9B	$9.3B	$9.5B	$10.0B	$10.1B	Total assetsAssets
$2.1B	$2.1B	$2.1B	$1.7B	$2.1B	$1.7B	$1.6B	$1.6B	$1.2B	$2.1B	Total debtDebt
($452M)	($896M)	($1.4B)	($270M)	$353M	$449M	$511M	$409M	($169M)	$574M	Net debt / (cash)Net debt
9.1×	8.4×	5.5×	5.0×	4.6×	7.6×	8.9×	5.9×	3.6×	5.0×	Interest coverageInt. cov.
$5.0B	$4.7B	$4.8B	$4.6B	$4.5B	$4.3B	$4.5B	$4.5B	$4.8B	$4.8B	Shareholders’ equityEquity
4.5%	3.7%	4.7%	4.5%	4.3%	4.7%	3.9%	5.0%	5.7%	5.3%	Stock comp / revenueSBC/rev
										Per share
388M	384M	354M	348M	335M	332M	330M	326M	335M	339M	Shares out (diluted)Shares
$12.87	$13.08	$13.11	$12.77	$13.26	$14.28	$16.09	$17.07	$15.16	$15.34	Revenue / shareRev/sh
$1.53	$0.80	$1.60	$0.99	$0.77	$0.76	$1.43	$0.95	$0.86	$1.04	EPS (diluted)EPS
$2.35	$2.88	$2.01	$1.20	$1.53	$1.78	$-0.02	$2.19	$2.01	$1.99	Owner earnings / shareOE/sh
$2.35	$2.88	$2.01	$1.20	$1.53	$1.78	$-0.02	$2.19	$2.01	$1.99	Free cash flow / shareFCF/sh
$0.39	$0.39	$0.70	$0.75	$0.79	$0.78	$0.82	$0.86	$0.86	$0.86	Dividends / shareDiv/sh
$0.55	$0.39	$0.42	$0.31	$0.30	$0.30	$0.32	$0.49	$0.35	$0.31	Cap. spending / shareCapex/sh
$12.80	$12.18	$13.61	$13.24	$13.55	$13.02	$13.58	$13.79	$14.30	$14.24	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+2.1%/yr	+3.5%/yr
Owner earnings / share	−1.9%/yr	+10.8%/yr
EPS	−6.9%/yr	−2.8%/yr
Dividends / share	+10.3%/yr	+2.9%/yr
Capital spending / share	−5.7%/yr	+1.9%/yr
Book value / share	+1.4%/yr	+1.5%/yr

The record, charted

FY2016–2024

Each measure over its full record; the current point and the worst year marked.

Share count

335Mpeak FY2016

ROIC

6%low FY2024

Gross margin

59%low FY2022

Net debt ÷ owner earnings

-0.3×peak FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$673Mowner earningsvs.$288Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned $288M of profit into $673M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$288M

Owner earnings$673M · 13% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	$288M	$310M	$471M	$253M	$258M
Depreciation & amortizationnon-cash charge added back	+$157M	+$195M	+$218M	+$237M	+$212M
Stock-based compensationreal costnon-cash, but a real cost	+$291M	+$279M	+$209M	+$223M	+$190M
Working capital & othertiming of cash in and out, other non-cash items	+$53M	+$89M	−$800M	−$23M	−$48M
Cash from operations	$788M	$873M	$98M	$690M	$612M
Capital expenditurecash put back in to keep running and to grow	−$116M	−$159M	−$105M	−$100M	−$100M
Owner earnings	$673M	$713M	($8M)	$590M	$512M
Owner-earnings marginowner earnings ÷ revenue	13%	13%	0%	12%	12%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $291M), owner earnings is nearer $382M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 3.6×

Adequate

Operating income $292M ÷ interest expense $81M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $564M · 1.9× operating profit

Modest net debt

Cash $1.2B + ST investments $160M − debt $1.9B

What this means
Netting $1.4B of cash and short-term investments against $1.9B of debt leaves $564M owed, about 1.9× a year's operating profit (6.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 184d

Long (60+ days)

DSO 84 + DIO 145 − DPO 45 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 9%

Solid through the cycle

9-yr median, range 6%–13%; 5% latest = NOPAT $291M ÷ invested capital $5.5B

Industry peers: median 29%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 5% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 13%

Solid through the cycle

9-yr median margin, range -0%–22%; latest $673M = operating cash $788M − maintenance capex $116M

Industry peers: median 20%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 13% median across 9 years. Treating stock comp as the real expense it is (less $291M of SBC) leaves $382M.
Are earnings backed by cash? 2.74×

Cash-backed

Cash from ops $788M ÷ net income $288M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 43%

Returns about half

Dividends + buybacks $289M ÷ Owner Earnings $673M

What this means
Of $673M Owner Earnings, $289M (43%) went back to shareholders, $289M dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.74×

Harvesting

Capex $116M ÷ depreciation $157M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $5.1B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.46×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $1.9B vs $1.2B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (9-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (9)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −27%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.07/share (latest year $0.86), the averaged base the calculator's gate runs on, and book value is $14.31/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 9

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 0 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 16% → 8% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 16% early to 8% lately, median 10% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −5%/yr

What this means
Owner earnings shrank about 5% a year over the record.
Worst year 2024 · 5.8% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −1.8%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$3.7B

Cash & short-term investments$1.6B
Receivables$918M
Inventory$825M
Other current assets$436M

Current liabilities$2.5B

Accounts payable$219M
Other current liabilities$2.3B

Current ratio1.49×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.16×stricter: inventory excluded

Cash ratio0.62×strictest: cash alone against what's due

Working capital$1.2Bthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+11.4%the freshest read on whether the business is still growing

Current ratio, recent quarters1.7× → 1.5×

Deeper floors

Tangible book value$1.1Bequity stripped of goodwill & intangibles

Net current asset value($1.5B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$1.5B$311M of it operating leases

Deferred revenue$2.3Bcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2024

Over the record, the business generated $6.8B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$1.2B · 18%
Dividends$2.2B · 32%
Buybacks$3.9B · 57%

Returned to owners$6.0B
107% of the owner earnings the business produced over the span, $2.2B as dividends and $3.9B as buybacks.
Source of funding−$414M
Reinvestment and shareholder returns ran $414M beyond the operating cash the business generated, so the gap was financed off the balance sheet: cash and short-term investments drew down $1.0B.
Average price paid for buybacks—
Buybacks ran $3.9B over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count−12.5%
The diluted count fell from 388M to 339M, so the buybacks outran the stock issued to staff.
Dividend record$0.86/sh
Paid in 9 of the years on record, the per-share dividend growing about 10% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$3.8B38% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity78%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$427Mover 9 years buying other businesses, against $1.2B of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2020	Mr. Rahim	$11.4M	$8.2M	$512M
2021	Mr. Rahim	$11.9M	$26.6M	$590M
2022	Mr. Rahim	$16.6M	$14.4M	($8M)
2023	Mr. Rahim	$13.6M	$8.4M	$713M
2024	Mr. Rahim	$12.7M	$20.2M	$673M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$291M
The slice of the business handed to employees in shares this year, 6% of revenue, equal to 100% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Juniper Networks is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2024.

2 of the 6 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?8.6% vs 18.6%
The owner-earnings margin averaged 18.6% early in the record and 8.6% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid receivables and inventory outpace sales?23% → 33% of sales
Receivables and inventory grew from $1.1B to $1.7B while revenue grew 4%: working capital is climbing faster than sales (23% of revenue then, 33% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Communications Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ANETArista Networks Inc.	$9.0B	64%	32.4%	33%	33%
NTAPNetApp Inc.	$6.9B	67%	18.8%	70%	20%
FTNTFortinet Inc.	$6.8B	77%	20.5%	—	36%
JNPRJuniper Networks	$5.1B	59%	9.8%	9%	13%
LOGILogitech International S.A.	$4.8B	71%	11.9%	63%	12%
NATLNCR Atleos Corporation	$4.4B	—	7.0%	10%	6%
DBDDiebold Nixdorf Incorporated	$3.8B	24%	-0.6%	-4%	7%
FFIVF5 Inc.	$3.1B	81%	23.1%	26%	27%
Group median	—	67%	15.4%	26%	16%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Juniper Networks has delivered.

Today’s price $

Through the cycle, Juniper Networks earns about $650M on its 12.8% median owner-earnings margin. This year’s 13.3% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($650M) Net of stock comp (−$274M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’24+6%/yr

Owner-earnings growth · ’16→’24−5%/yr

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $675M on 334M shares outstanding, per the 10-Q cover, as of 2025-05-07; net debt $574M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh JNPR against another business →

The owners of JNPR: the meeting and the votes →

Cite: Owner Scorecard, "Juniper Networks (JNPR), the owner's record," https://ownerscorecard.com/c/JNPR, data as of 2026-07-09.

Manual order: ← JNJ its page in the Manual JOBY →

Industry order: ← HLIT the Communications Equipment chapter LITE →