A Business at a Glance
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CALIX, INC
CALX
$2.5B
Mkt Cap
$36.00
+0.64%
CALIX, INC (CALX) has a current P/E ratio of 138.5, compared to its historical median P/E of 38.7. The stock is currently considered Expensive based on its historical valuation range.
CALIX, INC (CALX) has a 5-year average return on invested capital (ROIC) of 13.6%. This indicates solid capital allocation.
CALIX, INC (CALX) has a market capitalization of $2.3B. It is classified as a mid-cap stock.
CALIX, INC (CALX) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 9.68%.
Based on historical P/E analysis, CALIX, INC (CALX) appears expensive. The current P/E of 138.5 is 258% above its historical median of 38.7. The estimated fair value CAGR (P/E method) is -4.0%.
CALIX, INC (CALX) operates in the Communications Services, Nec industry, within the Communication Services sector.
CALIX, INC (CALX) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Company Overview Calix was founded in 1999. We develop, market and sell platform, cloud and managed services, which are powered by agentic AI, that enable communication service providers (“CSPs”) of all types and sizes to innovate and transform their businesses to focus on delivering outstanding subscriber experiences and become CXPs. The platform combines the Calix Agent Workforce™ with intelligent appliances, software, cloud and fully integrated SmartLife™ managed services to enable simplified business models that acquire, retain and grow subscribers and revenue. Calix Customer Success guides service providers through every stage of their transformation journey with expertise across technology, business and market insights. Our partner community extends innovation so customers can grow their businesses across markets at scale.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.0B | 832M | 1.0B | 868M | 679M |
| Net Income | 34M | 18M | -30M | 29M | 41M | 238M |
| EPS | $0.51 | $0.26 | $-0.45 | $0.42 | $0.60 | $3.51 |
| Free Cash Flow | 109M | 116M | 50M | 38M | 13M | 46M |
| ROIC | 3.8% | 1.7% | -4.0% | 4.0% | 10.2% | 56.2% |
| Gross Margin | 57.1% | 56.8% | 54.6% | 49.9% | 50.2% | 52.5% |
| Debt/Equity | 0.00 | 0.02 | 0.01 | 0.02 | 0.02 | 0.03 |
| Dividends/Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Operating Income | 40M | 21M | -43M | 26M | 53M | 74M |
| Operating Margin | 3.8% | 2.1% | -5.2% | 2.5% | 6.1% | 10.9% |
| ROE | 4.6% | 2.2% | -4.0% | 4.2% | 6.6% | 56.2% |
| Shares Outstanding | 64M | 69M | 66M | 70M | 68M | 68M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 401M | 407M | 459M | 510M | 441M | 424M | 541M | 679M | 868M | 1.0B | 832M | 1.0B | 1.1B |
| Gross Margin | 44.3% | 46.7% | 43.9% | 33.9% | 44.7% | 44.3% | 49.3% | 52.5% | 50.2% | 49.9% | 54.6% | 56.8% | 57.1% |
| R&D | 80M | 90M | 107M | 128M | 90M | 81M | 85M | 102M | 132M | 178M | 180M | 190M | 201M |
| SG&A | 31M | 38M | 42M | 40M | 41M | 37M | 44M | 56M | 76M | 100M | 99M | 108M | 110M |
| EBIT | -20M | -27M | -28M | -82M | -19M | -15M | 37M | 74M | 53M | 26M | -43M | 21M | 40M |
| Op. Margin | -5.1% | -6.5% | -6.1% | -16.0% | -4.2% | -3.6% | 6.8% | 10.9% | 6.1% | 2.5% | -5.2% | 2.1% | 3.8% |
| Net Income | -21M | -26M | -27M | -83M | -19M | -18M | 33M | 238M | 41M | 29M | -30M | 18M | 34M |
| Net Margin | -5.2% | -6.5% | -6.0% | -16.3% | -4.4% | -4.2% | 6.2% | 35.1% | 4.7% | 2.8% | -3.6% | 1.8% | 3.2% |
| Non-Recurring | -50K | -24K | 0 | 4.0M | 12M | 0 | 2.4M | 786K | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -7.6% | -10.4% | -12.2% | -46.4% | -12.7% | -11.5% | 26.7% | 56.2% | 10.2% | 4.0% | -4.0% | 1.7% | 3.8% |
| ROE | -7.6% | -10.4% | -12.2% | -46.4% | -12.7% | -11.5% | 15.4% | 56.2% | 6.6% | 4.2% | -4.0% | 2.2% | 4.6% |
| ROA | -5.5% | -7.6% | -8.1% | -25.5% | -6.1% | -5.6% | 9.0% | 40.8% | 5.0% | 3.2% | -3.2% | 1.8% | 3.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 38M | -5.3M | 24M | -63M | 3.6M | 4.7M | 51M | 57M | 27M | 56M | 68M | 135M | 132M |
| Free Cash Flow | 26M | -13M | 15M | -71M | -6.9M | -8.7M | 44M | 46M | 13M | 38M | 50M | 116M | 109M |
| Owner Earnings | -5.8M | -48M | -4.0M | -87M | -23M | -17M | 24M | -8.5M | -32M | -23M | -22M | 29M | 26M |
| CapEx | 12M | 7.3M | 9.8M | 8.0M | 10M | 13M | 7.8M | 10M | 14M | 18M | 18M | 19M | 23M |
| Maint. CapEx | 28M | 29M | 14M | 12M | 9.2M | 10M | 14M | 41M | 14M | 17M | 20M | 18M | 18M |
| Growth CapEx | 0 | 0 | 0 | 0 | 1.2M | 3.0M | 0 | 0 | 0 | 1.2M | 0 | 1.7M | 5.4M |
| D&A | 28M | 29M | 14M | 12M | 9.2M | 10M | 14M | 41M | 14M | 17M | 20M | 18M | 18M |
| CapEx/OCF | 31.4% | N/A | 40.3% | N/A | 292.9% | 286.9% | 15.2% | 18.4% | 51.7% | 31.7% | 26.4% | 14.4% | 17.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 27M | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 86M | 11M | 94M | 225M |
| Buyback Yield | N/A | 6.7% | 3.4% | N/A | N/A | N/A | N/A | N/A | N/A | 2.8% | 0.5% | 2.5% | 9.7% |
| Stock-Based Comp | 16M | 14M | 14M | 12M | 17M | 11M | 14M | 24M | 45M | 63M | 71M | 88M | 89M |
| Debt Repayment | 0 | 138K | 0 | 186K | 115K | 0 | 285K | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | -74M | -78M | N/A | -69M | -2.5M | -118M | -188M | -258M | -52M | -35M | -127M | -55M |
| Cash & Equiv. | 49M | 24M | 50M | 40M | 50M | 47M | 81M | 51M | 79M | 63M | 43M | 143M | 55M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.36 | 0.00 | 0.00 | 1.04 | 0.20 | 0.29 | 0.06 | 0.03 | 0.02 | 0.02 | 0.01 | 0.02 | 0.00 |
| Interest Coverage | -25.3 | -23.2 | -48.1 | -260.6 | -28.5 | -13.7 | 21.9 | 117.2 | 91.2 | 101.1 | N/A | N/A | N/A |
| Equity | 273M | 236M | 213M | 145M | 152M | 154M | 280M | 568M | 680M | 719M | 781M | 859M | 738M |
| Total Assets | 370M | 324M | 355M | 295M | 317M | 317M | 427M | 742M | 885M | 942M | 939M | 1.1B | 951M |
| Total Liabilities | 98M | 88M | 143M | 150M | 165M | 163M | 147M | 174M | 205M | 223M | 158M | 199M | 213M |
| Intangibles | 25M | 6.6M | 813K | N/A | N/A | N/A | 9.5M | 6.9M | 4.3M | N/A | N/A | N/A | N/A |
| Retained Earnings | -531M | -557M | -584M | -667M | -685M | -703M | -669M | -431M | -390M | -360M | -390M | -372M | -361M |
| Working Capital | 132M | 116M | 98M | 34M | 31M | 28M | 166M | 281M | 382M | 410M | 454M | 528M | 409M |
| Current Assets | 207M | 183M | 219M | 162M | 175M | 144M | 267M | 409M | 547M | 598M | 585M | 692M | 587M |
| Current Liabilities | 76M | 67M | 121M | 128M | 144M | 115M | 101M | 128M | 165M | 188M | 131M | 163M | 178M |
| Per Share Data | |||||||||||||
| EPS | -0.41 | -0.51 | -0.56 | -1.66 | -0.37 | -0.32 | 0.54 | 3.51 | 0.60 | 0.42 | -0.45 | 0.26 | 0.51 |
| Owner EPS | -0.11 | -0.93 | -0.08 | -1.74 | -0.44 | -0.30 | 0.38 | -0.12 | -0.47 | -0.33 | -0.33 | 0.43 | 0.40 |
| Book Value | 5.37 | 4.57 | 4.35 | 2.90 | 2.91 | 2.79 | 4.52 | 8.37 | 9.94 | 10.30 | 11.81 | 12.49 | 11.46 |
| Cash Flow/Share | 0.75 | -0.10 | 0.50 | -1.25 | 0.07 | 0.08 | 0.83 | 0.84 | 0.40 | 0.81 | 1.03 | 1.96 | 0.80 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares Out. | 50.8M | 51.6M | 48.9M | 50.0M | 52.2M | 55.3M | 62.0M | 67.9M | 68.3M | 69.8M | 66.1M | 68.8M | 64.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 58.0 | 19.5 | 110.3 | 104.5 | N/A | 208.7 | 69.9 |
| P/FCF | 19.8 | N/A | 26.2 | N/A | N/A | N/A | 44.5 | 100.3 | 344.9 | 79.8 | 45.9 | 32.3 | 21.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 56.9 |
| Price/Book | 1.9 | 1.7 | 1.8 | 2.2 | 3.2 | 2.9 | 6.9 | 8.2 | 6.7 | 4.3 | 3.0 | 4.3 | 3.1 |
| Price/Sales | 1.1 | 1.0 | 0.8 | 0.6 | 0.9 | 1.0 | 1.8 | 4.8 | 4.1 | 3.2 | 2.8 | 3.4 | 2.2 |
| FCF Yield | 5.1% | -3.1% | 3.8% | -22.3% | -1.4% | -2.0% | 2.2% | 1.0% | 0.3% | 1.3% | 2.2% | 3.1% | 4.7% |
| Market Cap | 516M | 403M | 382M | 318M | 485M | 445M | 1.9B | 4.6B | 4.5B | 3.1B | 2.3B | 3.7B | 2.3B |
| Avg. Price | 8.95 | 8.15 | 7.18 | 6.42 | 7.45 | 7.33 | 15.71 | 47.59 | 52.43 | 47.22 | 35.38 | 49.00 | 36.00 |
| Year-End Price | 10.16 | 7.81 | 7.80 | 6.35 | 9.30 | 8.04 | 31.30 | 68.41 | 66.18 | 43.91 | 34.95 | 54.27 | 36.00 |
CALIX, INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
CALIX, INC trades at 138.5x trailing earnings, compared to its 15-year median P/E of 38.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.4x vs a median of 44.5x. The company's 5-year average ROIC is 13.6% with a gross margin of 52.8%. Total shareholder yield (buybacks) is 9.7%. At current prices, the estimated annualized return to fair value is +11.7%.
CALIX, INC (CALX) has a net profit margin of 1.8%. This is a modest margin.
CALIX, INC (CALX) generated $116 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CALIX, INC (CALX) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
CALIX, INC (CALX) reported earnings per share (EPS) of $0.26 in its most recent fiscal year.
CALIX, INC (CALX) has a return on equity (ROE) of 2.2%. This indicates moderate shareholder returns.
CALIX, INC (CALX) has a 5-year average gross margin of 52.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for CALIX, INC (CALX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CALIX, INC (CALX) has a book value per share of $12.49, based on its most recent annual SEC filing.