Saturday 17 October 2026
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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. In the quarter to June 2026, revenue grew 21.3%, EPS grew 8,809.7% and free cash flow fell 66.5%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
36.50
0.69
−1.86%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
5 | 3 | 5 | 5 | 8 | 6 | 4 | 5 | 6 | 7 |
P/E ratio |
0.00 | 0.00 | 0.00 | 0.00 | 55.11 | 21.33 | 106.64 | 97.26 | 0.00 | 191.15 |
Altman Z-Score |
0.64 | (1.02) | 0.16 | (0.20) | 7.00 | 18.38 | 14.09 | 8.94 | 9.44 | 11.64 |
P/S ratio |
0.81 | 0.57 | 1.16 | 1.04 | 3.25 | 7.45 | 5.12 | 2.79 | 2.76 | 3.50 |
P/FCF ratio |
25.40 | 0.00 | 0.00 | 0.00 | 40.33 | 109.22 | 338.53 | 75.52 | 45.63 | 30.26 |
Altman Z″-Score (non-manufacturers) |
(2.51) | (7.46) | (5.82) | (5.98) | 0.02 | 4.70 | 5.27 | 5.18 | 6.69 | 6.79 |
P/Operating CF |
19.33 | (8.52) | (309.00) | 709.59 | 57.69 | 401.04 | 727.31 | 194.31 | 149.53 | 75.91 |
Beneish M-Score |
(3.25) | (2.15) | (3.11) | (2.93) | (2.35) | (0.97) | (2.35) | (2.37) | (3.33) | (2.84) |
P/B ratio |
1.74 | 2.01 | 3.38 | 2.86 | 6.27 | 8.90 | 6.53 | 4.03 | 2.94 | 4.07 |
Price to Tangible BV |
3.83 | 10.10 | 14.34 | 11.62 | 10.71 | 11.19 | 7.88 | 4.81 | 3.46 | 4.70 |
EV/Sales |
0.64 | 0.55 | 1.12 | 1.04 | 3.08 | 7.21 | 4.89 | 2.62 | 2.46 | 3.15 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 33.00 | 55.09 | 63.40 | 64.52 | 0.00 | 81.44 |
EV/Operating CF |
11.97 | (4.48) | 138.39 | 94.70 | 32.46 | 86.28 | 156.08 | 48.42 | 29.89 | 23.35 |
EV/FCF |
20.04 | (3.97) | (71.75) | (50.67) | 38.28 | 105.77 | 323.48 | 70.94 | 40.61 | 27.28 |
Quick Ratio |
1.07 | 0.94 | 0.82 | 0.81 | 2.01 | 2.26 | 2.03 | 1.85 | 2.87 | 2.99 |
Current Ratio |
1.81 | 1.27 | 1.22 | 1.25 | 2.64 | 3.19 | 3.31 | 3.19 | 4.46 | 4.24 |
Net Debt/EBITDA |
5.74 | 0.14 | 2.17 | 3.43 | (2.65) | (2.30) | (3.61) | (5.22) | 12.65 | (10.03) |
Debt/Assets |
0.00% | 10.17% | 9.46% | 9.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.00 | 0.21 | 0.20 | 0.19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
1.35 | 1.57 | 1.44 | 1.34 | 1.45 | 1.16 | 1.07 | 1.14 | 0.88 | 1.00 |
Operating CF/Net income |
(0.89) | 0.76 | (0.18) | (0.26) | 1.54 | 0.24 | 0.66 | 1.92 | (2.30) | 7.55 |
Capex/Depreciation |
(0.68) | (0.73) | (1.13) | (1.29) | (0.57) | (0.70) | (0.98) | (1.07) | (0.92) | (1.10) |
Interest Coverage |
(38.15) | (509.72) | (29.29) | (16.08) | 23.25 | 183.93 | 26.19 | — | — | — |
| (12.21%) | (46.40%) | (13.00%) | (11.57%) | 15.42% | 56.17% | 6.57% | 4.19% | (3.97%) | 2.18% | |
| (8.07%) | (25.53%) | (6.30%) | (5.58%) | 9.00% | 40.77% | 5.04% | 3.21% | (3.16%) | 1.79% | |
ROIC |
(13.03%) | (37.70%) | (8.79%) | (7.05%) | 15.72% | 12.69% | 7.51% | 3.21% | (5.56%) | 2.78% |
Return on Tangible Assets |
(23.64%) | (166.72%) | (34.45%) | (35.49%) | 17.98% | 78.70% | 10.06% | 6.67% | (6.14%) | 3.16% |
Average Days of Receivables |
40.84 | 57.49 | 55.43 | 40.01 | 46.81 | 45.78 | 39.45 | 44.25 | 34.82 | 36.27 |
Research and Development Expense of Revenue |
23.29% | 24.99% | 20.38% | 19.13% | 15.75% | 14.98% | 15.21% | 17.10% | 21.63% | 19.04% |
Selling, General and Administrative Expense of Revenue |
27.30% | 24.03% | 28.76% | 28.20% | 25.61% | 26.74% | 28.90% | 30.30% | 38.09% | 35.70% |
Intangible Assets out of Total Assets |
0.33 | 0.39 | 0.37 | 0.37 | 0.27 | 0.16 | 0.13 | 0.12 | 0.12 | 0.11 |
Share Based Compensation of Revenue |
3.11% | 2.42% | 3.96% | 2.63% | 2.58% | 3.57% | 5.17% | 6.04% | 8.51% | 8.79% |
Graham Net Nets |
0.21 | 0.04 | 0.02 | (0.04) | 0.07 | 0.05 | 0.08 | 0.13 | 0.19 | 0.14 |
Graham Number |
0.00 | 0.00 | 0.00 | 0.00 | 7.59 | 27.53 | 12.26 | 10.53 | 0.00 | 9.00 |
Earnings Yield |
(7.37%) | (28.45%) | (3.74%) | (4.00%) | 1.81% | 4.69% | 0.94% | 1.03% | (1.29%) | 0.52% |
Free Cash Flow Yield |
3.94% | (24.34%) | (1.34%) | (1.98%) | 2.48% | 0.92% | 0.30% | 1.32% | 2.19% | 3.30% |
Revenue per Share |
9.41 | 10.18 | 8.39 | 7.72 | 9.16 | 10.74 | 13.34 | 15.76 | 12.62 | 15.14 |
Operating CF per Share |
0.50 | (1.25) | 0.07 | 0.08 | 0.87 | 0.90 | 0.42 | 0.85 | 1.04 | 2.04 |
Capex per Share |
(0.20) | (0.16) | (0.20) | (0.24) | (0.13) | (0.17) | (0.22) | (0.27) | (0.27) | (0.29) |
Free Cash Flow per Share |
0.30 | (1.41) | (0.13) | (0.16) | 0.74 | 0.73 | 0.20 | 0.58 | 0.76 | 1.75 |
Cash per Share |
1.60 | 0.79 | 0.96 | 0.86 | 2.26 | 3.23 | 3.72 | 3.34 | 4.51 | 5.88 |
Shareholders Equity per Share |
4.37 | 2.89 | 2.89 | 2.80 | 4.75 | 8.98 | 10.45 | 10.90 | 11.85 | 13.01 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
4.37 | 2.89 | 2.89 | 2.80 | 4.75 | 8.98 | 10.45 | 10.90 | 11.85 | 13.01 |
Free Cash Flow |
14.58 | (70.80) | (6.87) | (8.70) | 43.59 | 46.33 | 13.12 | 38.40 | 50.35 | 115.52 |
Working Capital |
97.93 | 34.12 | 31.08 | 28.32 | 165.85 | 281.11 | 381.95 | 410.31 | 453.59 | 528.31 |
Capital Expenditures |
(9.84) | (8.03) | (10.43) | (13.35) | (7.82) | (10.46) | (14.07) | (17.85) | (18.05) | (19.43) |
Net Current Asset Value |
76.81 | 12.35 | 9.61 | (18.98) | 119.86 | 235.64 | 342.10 | 375.07 | 426.41 | 492.25 |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 45.28 | 66.27 | 80.65 | 106.46 | 0.00 | 150.15 |
Capex to Sales |
0.02 | 0.02 | 0.02 | 0.03 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
Price to Operating Income |
0.00 | 0.00 | 0.00 | 0.00 | 47.71 | 68.44 | 84.40 | 113.34 | 0.00 | 166.53 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.81 | 0.70 | 0.37 | 0.48 | 0.67 | 0.69 | 0.55 | 0.56 | 0.63 | 0.47 |
Cash ROIC |
5.01% | (32.97%) | (2.96%) | (3.76%) | 10.53% | 6.00% | 1.42% | 4.09% | 4.67% | 9.26% |
Accounts Receivable Turnover |
9.32 | 7.75 | 5.99 | 7.47 | 9.34 | 8.79 | 9.70 | 9.46 | 8.10 | 11.19 |
Accounts Payable Turnover |
11.86 | 11.29 | 6.40 | 9.27 | 22.94 | 15.31 | 12.27 | 13.69 | 13.75 | 13.98 |
Inventory Turnover |
5.59 | 8.87 | 5.97 | 5.24 | 5.93 | 4.57 | 3.63 | 3.70 | 3.21 | 3.65 |
Average Days of Payables |
33.77 | 38.91 | 60.16 | 16.66 | 17.46 | 32.86 | 34.95 | 24.33 | 19.53 | 35.11 |
Days of Inventory on Hand |
63.12 | 34.10 | 75.04 | 61.99 | 69.57 | 100.50 | 125.91 | 93.12 | 99.21 | 113.08 |
Average Receivables |
49.25 | 65.86 | 73.71 | 56.77 | 57.96 | 77.32 | 89.51 | 109.92 | 102.67 | 89.34 |
Average Payables |
21.72 | 29.90 | 38.09 | 25.50 | 11.95 | 21.09 | 35.23 | 38.08 | 27.49 | 30.87 |
Average Inventory |
46.11 | 38.04 | 40.84 | 45.15 | 46.21 | 70.57 | 119.02 | 141.07 | 117.86 | 118.23 |
Average Assets |
339.68 | 325.27 | 306.08 | 316.95 | 372.09 | 584.69 | 813.43 | 913.35 | 940.57 | 998.89 |
Average Common Equity |
224.37 | 178.96 | 148.45 | 152.98 | 217.18 | 424.38 | 624.00 | 699.27 | 749.96 | 820.08 |
Columns are period end dates