Calix, Inc (CALX) vs ForgeRock, Inc. (FORG)

Calix, Inc and ForgeRock, Inc. are both Software Infrastructure companies. Calix, Inc and ForgeRock, Inc. are of similar size ($2.1B and $2.0B). ForgeRock, Inc. has negative trailing earnings, so its P/E is not meaningful; Calix, Inc trades at 41.9×. ForgeRock, Inc. grew revenue faster over the last twelve months: 29.4% against 27.8%. Calix, Inc has the higher net margin (4.61% vs −33.6%) and the higher return on invested capital (7.42% vs −761.8%). Across the 17 metrics below, Calix, Inc leads on 14 and ForgeRock, Inc. on 3.

Valuation

Metric CALX FORG Software Infrastructure median
P/E 41.95 n/m 28.02
P/S 1.89 8.47 3.07
P/B 2.96 7.13 3.36
Price to free cash flow 24.64 n/m 17.12
EV/EBITDA 24.36 n/m 14.91
EV/Sales 1.73 7.31 3.03
Earnings yield 2.38% (4.01%) 0.13%
Free cash flow yield 4.06% (1.96%) 1.15%

Profitability

Metric CALX FORG Software Infrastructure median
Gross margin 56.58% 80.91% 61.23%
Operating margin 5.51% (34.48%) 0.00%
Net margin 4.61% (33.58%) 0.00%
Free cash flow margin 7.69% (16.63%) 1.67%
Return on equity 6.91% (27.00%) 0.59%
Return on assets 5.46% (17.76%) 0.00%
Return on invested capital 7.42% (761.80%) 0.00%

Growth

Metric CALX FORG Software Infrastructure median
Revenue growth (TTM) 27.84% 29.41% 13.41%
EPS growth (last fiscal year) 157.78% 31.58% —
Revenue growth, 5-year CAGR 13.06% — 15.81%
Net income growth, 5-year CAGR (11.79%) — 0.00%

Health

Metric CALX FORG Software Infrastructure median
Debt to equity 0.00 0.14 0.06
Current ratio 2.83 3.61 1.55
Net debt to EBITDA (10.03) 6.00 0.08

Dividend

Metric CALX FORG Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric CALX FORG Software Infrastructure median
Market cap 2.09b 1.95b 835.96m

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