A10 Networks, Inc. (ATEN) vs Calix, Inc (CALX)

A10 Networks, Inc. and Calix, Inc are both Software Infrastructure companies. A10 Networks, Inc. and Calix, Inc are of similar size ($2.1B and $2.0B). A10 Networks, Inc. trades at the lower P/E: 42.7× against 45.8×. Calix, Inc grew revenue faster over the last twelve months: 22.9% against 15.0%. A10 Networks, Inc. has the higher net margin (14.7% vs 3.99%) and the higher return on invested capital (37.5% vs 6.95%). Across the 22 metrics below, A10 Networks, Inc. leads on 13 and Calix, Inc on 9.

Valuation

Metric ATEN CALX Software Infrastructure median
P/E 42.70 45.78 26.41
P/S 6.33 1.78 2.84
P/B 8.90 2.93 2.93
Price to free cash flow 28.17 32.94 18.71
EV/EBITDA 29.62 24.82 14.36
EV/Sales 6.58 1.69 2.90
Earnings yield 2.34% 2.18% 0.00%
Free cash flow yield 3.55% 3.04% 0.34%

Profitability

Metric ATEN CALX Software Infrastructure median
Gross margin 79.02% 55.56% 57.91%
Operating margin 16.93% 5.26% 0.00%
Net margin 14.66% 3.99% 0.00%
Free cash flow margin 22.49% 5.42% 0.00%
Return on equity 21.84% 6.02% 0.30%
Return on assets 7.47% 4.83% 0.00%
Return on invested capital 37.48% 6.95% 0.00%

Growth

Metric ATEN CALX Software Infrastructure median
Revenue growth (TTM) 14.99% 22.90% 14.80%
EPS growth (last fiscal year) (14.93%) 157.78% 17.35%
Revenue growth, 5-year CAGR 5.20% 13.06% 16.15%
Net income growth, 5-year CAGR 18.79% (11.79%) 0.00%

Health

Metric ATEN CALX Software Infrastructure median
Debt to equity 0.94 0.00 0.02
Current ratio 3.46 3.04 1.53
Net debt to EBITDA (2.57) (10.03) 0.05

Dividend

Metric ATEN CALX Software Infrastructure median
Dividend yield 0.84% — 1.08%
Payout ratio 0.36 — 0.29

Size

Metric ATEN CALX Software Infrastructure median
Market cap 2.07b 2.01b 652.33m

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