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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

Operating cash flow growth 3 yrs

31.98 1.87 −5.52%

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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

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

Show all line items

Columns are period end dates · fundamentals updated 5 Nov 2026

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