Calix, Inc (CALX) vs GigaCloud Technology Inc. (GCT)

Calix, Inc and GigaCloud Technology Inc. are both Software Infrastructure companies. Calix, Inc is the larger, with a market value of $2.1B against $1.9B — 1.1× the size. GigaCloud Technology Inc. trades at the lower P/E: 12.7× against 41.9×. Calix, Inc grew revenue faster over the last twelve months: 27.8% against 22.9%. GigaCloud Technology Inc. has the higher net margin (10.7% vs 4.61%) and the higher return on invested capital (68.3% vs 7.42%). Across the 22 metrics below, GigaCloud Technology Inc. leads on 15 and Calix, Inc on 7.

Valuation

Metric CALX GCT Software Infrastructure median
P/E 41.95 12.75 28.02
P/S 1.89 1.34 3.07
P/B 2.96 3.69 3.36
Price to free cash flow 24.64 12.48 17.12
EV/EBITDA 24.36 8.88 14.91
EV/Sales 1.73 1.09 3.03
Earnings yield 2.38% 7.84% 0.13%
Free cash flow yield 4.06% 8.01% 1.15%

Profitability

Metric CALX GCT Software Infrastructure median
Gross margin 56.58% 23.96% 61.23%
Operating margin 5.51% 11.65% 0.00%
Net margin 4.61% 10.65% 0.00%
Free cash flow margin 7.69% 10.76% 1.67%
Return on equity 6.91% 32.34% 0.59%
Return on assets 5.46% 13.25% 0.00%
Return on invested capital 7.42% 68.33% 0.00%

Growth

Metric CALX GCT Software Infrastructure median
Revenue growth (TTM) 27.84% 22.86% 13.41%
EPS growth (last fiscal year) 157.78% 17.70% —
Revenue growth, 5-year CAGR 13.06% 36.17% 15.81%
Net income growth, 5-year CAGR (11.79%) 60.35% 0.00%

Health

Metric CALX GCT Software Infrastructure median
Debt to equity 0.00 0.00 0.06
Current ratio 2.83 2.09 1.55
Net debt to EBITDA (10.03) (2.71) 0.08

Dividend

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

Size

Metric CALX GCT Software Infrastructure median
Market cap 2.09b 1.89b 835.96m

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