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.
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Calix, Inc (CALX) Altman Z-score
Calix, Inc's Altman Z-score for fiscal 2025 is 11.64, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 11.64 | 2.20 |
| FY2024 | 9.44 | 0.50 |
| FY2023 | 8.94 | (5.15) |
| FY2022 | 14.09 | (4.28) |
| FY2021 | 18.38 | 11.38 |
| FY2020 | 7.00 | 7.20 |
| FY2019 | −0.20 | (0.35) |
| FY2018 | 0.16 | 1.17 |
| FY2017 | −1.02 | (1.66) |
| FY2016 | 0.64 | (1.13) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.50 | — | 0.60 | |
| Retained earnings / total assets | (0.35) | — | −0.49 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 17.54 | — | 10.52 | |
| Sales / total assets | 0.94 | — | 0.94 | |
| Altman Z-score | Safe zone | 11.64 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.79 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CALX Calix, Inc | 11.6× |
| RAMP LiveRamp Holdings, Inc. compare | 5.9× |
| GCT GigaCloud Technology Inc. compare | 3.5× |
| FLYW Flywire Corporation compare | 3.0× |
| EEFT Euronet Worldwide, Inc. compare | 1.9× |
| FIVN Five9, Inc. compare | 1.8× |
| MQ Marqeta, Inc. compare | 1.7× |
| PAYO Payoneer Global Inc. compare | 0.3× |
| INFQ Infleqtion, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets