(CALX) Calix - NYSE
Sector: Technology | Industry: Software - Infrastructure | Exchange: NYSE (USA) | Market Cap: 2.459m USD | Total Return: -18.7% in 12m
Avg Turnover: 33.3M
EPS Trend: -25.5%
Qual. Beats: 0
Rev. Trend: -21.3%
Qual. Beats: 0
Warnings
P/E ratio 78.7
Fakeout Below Avwap Earnings
Tailwinds
No distinct edge detected
Calix, Inc. (NYSE: CALX) provides cloud platforms, software, and systems designed for broadband service providers (BSPs). The company’s core architecture includes the Calix Cloud-comprising Engagement, Operations, and Service modules-alongside Intelligent Access and Unlimited Subscriber solutions. These tools enable BSPs to manage network operations and deploy consumer-facing applications like CommandIQ and CommandWorx.
The business model centers on the transition from hardware-centric networking to Software-as-a-Service (SaaS) and managed services. Calix offers specialized portfolios such as SmartHome, SmartTown, and SmartBiz, which allow providers to monetize Wi-Fi security, community connectivity, and small business networking. This platform-based approach reflects a broader industry shift toward high-margin recurring revenue models within the communications equipment sector.
A deeper look at ValueRay can help you evaluate how these software transitions impact long-term valuation.
Headquartered in San Jose, California, Calix distributes its GigaSpire and GigaPro hardware and integrated software through a direct sales force and global resellers. The company operates across the Americas, Europe, the Middle East, Africa, and the Asia Pacific, positioning itself as a critical infrastructure partner for regional and municipal broadband expansion.
- Transition to high-margin software and cloud platform subscriptions drives recurring revenue growth
- BEAD program funding timeline impacts broadband service provider capital expenditure cycles
- Managed services adoption rates influence average revenue per user for service providers
- Supply chain normalization stabilizes hardware inventory levels and improves consolidated gross margins
- Small and medium business segment expansion diversifies revenue beyond traditional rural carriers
| Net Income: 33.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA 5.77 > 1.0 |
| NWC/Revenue: 38.57% < 20% (prev 53.20%; Δ -14.64% < -1%) |
| CFO/TA 0.14 > 3% & CFO 132.4m > Net Income 33.9m |
| Net Debt (-216.7m) to EBITDA (57.6m): -3.76 < 3 |
| Current Ratio: 3.29 > 1.5 & < 3 |
| Outstanding Shares: last quarter (65.6m) vs 12m ago -0.66% < -2% |
| Gross Margin: 57.08% > 18% (prev 54.97%; Δ 2.11% > 0.5%) |
| Asset Turnover: 113.4% > 50% (prev 90.00%; Δ 23.43% > 0%) |
| Interest Coverage Ratio: error (cannot be calculated; needs correct EBIT TTM and Interest Expense TTM) |
| A: 0.43 (Total Current Assets 587.2m - Total Current Liabilities 178.5m) / Total Assets 951.4m |
| B: -0.38 (Retained Earnings -361.0m / Total Assets 951.4m) |
| C: 0.04 (EBIT TTM 39.8m / Avg Total Assets 934.3m) |
| D: 3.46 (Book Value of Equity 738.0m / Total Liabilities 213.4m) |
| Altman-Z'' = 5.50 = AAA |
| DSRI: 1.20 (Receivables 116.8m/75.5m, Revenue 1.06b/825.5m) |
| GMI: 0.96 (GM 54.97% / 57.08%) |
| AQI: 0.94 (AQ_t 0.33 / AQ_t-1 0.35) |
| SGI: 1.28 (Revenue 1.06b / 825.5m) |
| TATA: -0.10 (NI 33.9m - CFO 132.4m) / TA 951.4m) |
| Beneish M = -2.73 (Cap -4..+1) = A |
As of June 15, 2026, the stock is trading at USD 38.39 with a total of 603,538 shares traded.
Over the past week, the price has changed by +3.01%,
over one month by -4.98%,
over three months by -24.09% and
over the past year by -18.73%.
Calix has received a consensus analysts rating of 4.33. Therefore, it is recommended to buy CALX.
- StrongBuy: 3
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 66 | 71.9% |
P/E Trailing = 78.6939
P/E Forward = 21.7865
P/S = 2.3208
P/B = 3.3353
P/EG = 3.3374
Revenue TTM = 1.06b USD
EBIT TTM = 39.8m USD
EBITDA TTM = 57.6m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 26.6m USD (from shortLongTermDebtTotal, last quarter) + Leases 14.7m
Net Debt = -216.7m USD (calculated: Debt 26.6m - CCE 243.3m)
Enterprise Value = 2.24b USD (2.46b + Debt 26.6m - CCE 243.3m)
Interest Coverage Ratio = unknown (Ebit TTM 39.8m / Interest Expense TTM 0.0)
EV/FCF = 20.55x (Enterprise Value 2.24b / FCF TTM 109.1m)
FCF Yield = 4.87% (FCF TTM 109.1m / Enterprise Value 2.24b)
FCF Margin = 10.30% (FCF TTM 109.1m / Revenue TTM 1.06b)
Net Margin = 3.20% (Net Income TTM 33.9m / Revenue TTM 1.06b)
Gross Margin = 57.08% ((Revenue TTM 1.06b - Cost of Revenue TTM 454.8m) / Revenue TTM)
Gross Margin QoQ = 56.89% (prev 57.74%)
Tobins Q-Ratio = 2.36 (Enterprise Value 2.24b / Total Assets 951.4m)
Interest Expense / Debt = 0.0% (Interest Expense 0.0 / Debt 26.6m)
Taxrate = 35.33% (18.5m / 52.4m)
NOPAT = 25.7m (EBIT 39.8m * (1 - 35.33%))
Current Ratio = 3.29 (Total Current Assets 587.2m / Total Current Liabilities 178.5m)
Debt / Equity = 0.04 (Debt 26.6m / totalStockholderEquity, last quarter 738.0m)
Debt / EBITDA = -3.76 (Net Debt -216.7m / EBITDA 57.6m)
Debt / FCF = -1.99 (Net Debt -216.7m / FCF TTM 109.1m)
Total Stockholder Equity = 798.1m (last 4 quarters mean from totalStockholderEquity)
RoA = 3.63% (Net Income 33.9m / Total Assets 951.4m)
RoE = 4.25% (Net Income TTM 33.9m / Total Stockholder Equity 798.1m)
RoCE = 5.15% (EBIT 39.8m / Capital Employed (Total Assets 951.4m - Current Liab 178.5m))
RoIC = 3.57% (NOPAT 25.7m / Invested Capital 719.9m)
WACC = 10.20% (E(2.46b)/V(2.49b) * Re(10.31%) + D(26.6m)/V(2.49b) * Rd(0.0%) * (1-Tc(0.35)))
Discount Rate = 10.31% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -8.99 | Cagr: 0.18%
[DCF] Terminal Value 72.23% ; FCFF base≈86.4m ; Y1≈99.0m ; Y5≈145.7m
[DCF] Fair Price = 29.31 (EV 1.65b - Net Debt -216.7m = Equity 1.87b / Shares 63.8m; r=10.20% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -25.54 | EPS CAGR: -11.21% | SUE: 0.70 | # QB: 0
Revenue Correlation: -21.29 | Revenue CAGR: -2.04% | SUE: 0.28 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.41 | Chg30d=-2.37% | Revisions=-20% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.46 | Chg30d=+1.96% | Revisions=+25% | Analysts=7
EPS current Year (2026-12-31): EPS=1.78 | Chg30d=+3.92% | Revisions=+50% | GrowthEPS=+31.6% | GrowthRev=+18.3%
EPS next Year (2027-12-31): EPS=2.50 | Chg30d=+2.30% | Revisions=+0% | GrowthEPS=+40.9% | GrowthRev=+16.3%
[Analyst] Revisions Ratio: +50%