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