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Calix, Inc

CALX Technology Software Infrastructure

Calix, Inc’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 20.3% from fiscal 2024.

Revenue
+13.7%
EPS
−32.2%
Free cash flow
−87.2%

Quarter to September 2026, against a year earlier

31.98 1.87 −5.52%
Market cap
$2.0B
P/E
44.9×
Fwd P/E
41.4×
Dividend yield
—
F-score
7/9
Altman Z
11.64
Beneish M
−2.84
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 4.98
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — 1 — — 1 — — — —
Insider Ownership 9.23%

Capital & Financial Ratios $m

Size
Market Cap 1,970.00
Revenue ttm 1,147.47
Net income ttm 45.75
Free cash flow ttm 62.16
Net debt Q (154.76)
Valuation
P/E 44.87 (above 35: high)
Forward P/E 41.40 (above 35: high)
Price / sales 1.75
Forward P/S Powerpack
Price / FCF 32.29
Price / book 2.88
Financial health
Current ratio Q 3.04 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 5.99
Growth
Revenue growth Q +13.67% (above 0%: growing)
Operating income growth Q −4.90% (below 0%: shrinking)
EPS, this year +31.94% (at or above 15%: strong)
EPS, next year A +38.16% (at or above 15%: strong)
Revenue, next year A +19.20% (at or above 10%: strong)
EPS, past 5 yrs −13.60% (below 0%: weak)
EPS, next 5 yrs A +35.65% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 2.1×; over the ten years it ranged from 0.4× in 2017 to 7.2× in 2021.
P/E against its own 10 years 30.27%
10-year low 10-year high
P/S against its own 10 years 40.74%
10-year low 10-year high
P/B against its own 10 years 35.09%
10-year low 10-year high
EV/Sales against its own 10 years 40.85%
10-year low 10-year high
EV/FCF against its own 10 years 14.40%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 220 297 388 155
Receivables 126 79 99 127
Inventory 133 103 134 188
Other — — — —
598 585 692 561
2023 2024 2025 Q'26
Payables 35 20 42 63
ST’ Debt — — — —
Other — — — —
188 131 163 184

Compound Annual Growth %

10y 5y 3y
Sales 9.39% 13.06% 4.84%
Cash Flow 0.00% 21.29% 70.59%
Earnings 0.00% (11.79%) (24.17%)
Book Value 13.80% 25.11% 8.13%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.42 Actual 0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.38 0.39 Beat by 0.01
Q1 FY26 0.38 0.40 Beat by 0.02
Q2 FY26 0.40 0.47 Beat by 0.07
Q3 FY26 0.42 0.44 Beat by 0.02
Q4 FY26 0.46 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.16 0.26 0.16 — —
’25 (0.07) 0.00 0.22 0.10 0.26
’24 0.00 (0.12) (0.06) (0.27) (0.45)
’23 0.14 0.13 0.24 (0.09) 0.42
’22 0.12 0.11 0.19 0.17 0.60
’21 0.31 0.30 2.61 0.29 3.51
’20 (0.12) (0.07) 0.32 0.37 0.54
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 280 293 302 — —
’25 220 242 265 272 1,000
’24 226 198 201 206 832
’23 250 261 264 265 1,040
’22 185 202 236 245 868
’21 162 169 172 176 679
’20 102 119 151 170 541
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 15 17 6 — —
’25 17 39 32 46 135
’24 15 22 16 15 68
’23 8 17 16 15 56
’22 7 7 7 6 27
’21 10 23 11 13 57
’20 1 3 17 30 51
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 7 12 3 — —
’25 13 36 27 40 116
’24 11 16 13 10 50
’23 3 12 12 11 38
’22 4 4 3 1 13
’21 8 22 7 9 46
’20 0 0 16 28 44
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 459 510 441 424 541 679 868 1,040 832 1,000 1,147 +9.0% 1,192 1,378 1,597 +16.9%
Gross margin, % 43.86 33.88 44.73 44.29 49.33 52.49 50.17 49.86 54.55 56.83 55.56 +13.0 pt
EBT (27) (82) (19) (17) 34 73 54 35 (32) 34 70 n/m
EBT margin, % (5.90) (16.03) (4.25) (3.90) 6.33 10.69 6.23 3.34 (3.81) 3.42 6.13 +9.3 pt
Net income (27) (83) (19) (18) 33 238 41 29 (30) 18 46 n/m
Per share, $
Per share, $ Revenue 9.41 10.18 8.39 7.72 9.16 10.74 13.34 15.76 12.62 15.14 18.29 +5.4%
Earnings (0.56) (1.66) (0.37) (0.32) 0.57 3.77 0.63 0.48 (0.45) 0.27 0.71 n/m
Cash flow 0.50 (1.25) 0.07 0.08 0.87 0.90 0.42 0.85 1.04 2.04 1.33 +16.9%
Capex (0.20) (0.16) (0.20) (0.24) (0.13) (0.17) (0.22) (0.27) (0.27) (0.29) (0.34) +4.3%
Free cash flow 0.30 (1.41) (0.13) (0.16) 0.74 0.73 0.20 0.58 0.76 1.75 0.99 +21.7%
Book value 4.37 2.89 2.89 2.80 4.75 8.98 10.45 10.90 11.85 13.01 11.12 +12.9%
Shares, m 49 50 53 55 59 63 65 66 66 66 64 +3.4%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 55.11 21.33 106.64 97.26 0.00 191.15 44.87 47.1
P/S 0.81 0.57 1.16 1.04 3.25 7.45 5.12 2.79 2.76 3.50 1.75 2.8
P/B 1.74 2.01 3.38 2.86 6.27 8.90 6.53 4.03 2.94 4.07 2.88 4.3
EV/Sales 0.64 0.55 1.12 1.04 3.08 7.21 4.89 2.62 2.46 3.15 1.65 2.7
EV/FCF 20.04 (3.97) (71.75) (50.67) 38.28 105.77 323.48 70.94 40.61 27.28 30.51 50.0
Cash, $m
Cash, $m Operating cash flow 24 (63) 4 5 51 57 27 56 68 135 83 +20.9%
Capex (10) (8) (10) (13) (8) (10) (14) (18) (18) (19) (21) +7.9%
Free cash flow 15 (71) (7) (9) 44 46 13 38 50 116 62 +25.9%
Balance, $m
Balance, $m Working capital 98 34 31 28 166 281 382 410 454 528 376 +20.6%
Net debt (78) (10) (20) (17) (134) (204) (242) (220) (297) (388) (155) +19.5%
Shareholders’ equity 213 145 152 154 280 568 680 719 781 859 698 +16.8%
Returns, %
Returns, % ROA (8.07) (25.53) (6.30) (5.58) 9.00 40.77 5.04 3.21 (3.16) 1.79 4.83 +9.9 pt
ROIC (13.03) (37.70) (8.79) (7.05) 15.72 12.69 7.51 3.21 (5.56) 2.78 6.95 +15.8 pt
ROE (12.21) (46.40) (13.00) (11.57) 15.42 56.17 6.57 4.19 (3.97) 2.18 6.02 +14.4 pt
People
People Employees 1,109 1,031 802 763 785 954 1,426 1,760 1,820 1,921 — +6.3%
Revenue/emp, $m 0.41 0.50 0.55 0.56 0.69 0.71 0.61 0.59 0.46 0.52 — +2.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Calix, Inc vs peers in Software Infrastructure (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PAYO Payoneer Global Inc. $2.4B 50.2× 48.1× +2.25% (above 0%: growing) 0.00% +32.83% (above 0%: growing) 100.00% 9.06% Compare
GCT GigaCloud Technology Inc. $2.3B 13.5× 12.7× +27.33% (above 0%: growing) +42.42% (above 0%: growing) −27.55% (below 0%: shrinking) 24.85% 13.94% Compare
PAGS PagSeguro Digital Ltd. $2.1B 5.3× 5.3× +12.61% (above 0%: growing) +21.88% (above 0%: growing) −67.14% (below 0%: shrinking) 53.43% 38.71% Compare
EVTC Evertec, Inc. $2.0B 21.8× 19.4× +23.80% (above 0%: growing) +3.80% (above 0%: growing) +29.34% (above 0%: growing) 53.70% 17.89% Compare
CALX Calix, Inc $2.0B 44.9× 41.4× +13.67% (above 0%: growing) −32.17% (below 0%: shrinking) −87.16% (below 0%: shrinking) 53.29% 5.49%
MQ Marqeta, Inc. $1.9B 14.6× 66.4× +7.88% (above 0%: growing) n/m −77.59% (below 0%: shrinking) 69.30% 3.56% Compare
AI C3.ai, Inc. $1.8B — (loss-making) — (loss-making) −25.46% (below 0%: shrinking) n/m +106.02% (above 0%: growing) 31.83% (187.62%) Compare
STNE StoneCo Ltd. $1.8B 3.0× 3.0× +14.89% (above 0%: growing) −2.63% (below 0%: shrinking) +2,108.82% (above 0%: growing) 68.05% 43.79% Compare
INFQ Infleqtion, Inc. $1.7B — (loss-making) — — n/m +914.79% (above 0%: growing) 16.01% (220.55%) Compare
Median of peers $2.0B 14.1× 16.0× +12.61% +3.80% +31.08% 53.57% 11.50%

All 183 Software Infrastructure stocks →

Pay and ownership Proxy statement filed 27 March 2026

Ownership

Directors and executive officers, together 17.44%
BlackRock, Inc.50 Hudson YardsNew York, NY 14.97%
Carl E. Russo 10.16%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Calix, Inc (CALX) Latest News

5 Nov

Impact 3 · · Simply Wall St.

4 Nov

Impact 3 · · GuruFocus.com

3 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · Simply Wall St.
Impact 3 · · MarketBeat

29 Oct

Impact 4 · · Business Wire

27 Oct

Impact 4 · · Business Wire

20 Oct

Impact 4 · · MarketBeat
Impact 4 · · Business Wire
Impact 4 · · Business Wire

19 Oct

Impact 4 · · MarketBeat
Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 4 · · Business Wire

12 Oct

Impact 4 · · Business Wire

8 Oct

Impact 3 · · Business Wire

7 Oct

Impact 4 · · Business Wire

6 Oct

Impact 4 · · Simply Wall St.

2 Oct

Impact 4 · · Zacks

29 Sep

Impact 4 · · Business Wire

24 Sep

Impact 3 · · Business Wire

17 Sep

Impact 3 ·

29 Aug

Impact 3 ·

27 Aug

Impact 3 ·

13 Aug

Impact 4 ·

12 Aug

Impact 3 ·

5 Aug

Impact 3 ·

23 Jul

Impact 4 ·
Impact 3 ·
Impact 3 ·

CALX metrics, ten years each

stockrow.com/CALX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com