Calix, Inc (CALX) vs Infleqtion, Inc. (INFQ)

Calix, Inc and Infleqtion, Inc. are both Software Infrastructure companies. Calix, Inc is the larger, with a market value of $2.0B against $1.7B — 1.2× the size. Infleqtion, Inc. has negative trailing earnings, so its P/E is not meaningful; Calix, Inc trades at 44.9×. Calix, Inc has the higher net margin (3.99% vs −338.6%) and the higher return on invested capital (6.95% vs −26.0%). Across the 15 metrics below, Calix, Inc leads on 14 and Infleqtion, Inc. on 1.

Valuation

Metric CALX INFQ Software Infrastructure median
P/E 44.87 n/m 24.43
P/S 1.75 45.24 2.81
P/B 2.88 2.88 2.88
Price to free cash flow 32.29 n/m 17.94
EV/EBITDA 24.30 n/m 14.51
EV/Sales 1.65 32.20 2.91
Earnings yield 2.23% (22.62%) 0.00%
Free cash flow yield 3.10% (0.62%) 0.49%

Profitability

Metric CALX INFQ Software Infrastructure median
Gross margin 55.56% 22.45% 57.45%
Operating margin 5.26% (147.92%) 0.00%
Net margin 3.99% (338.57%) 0.00%
Free cash flow margin 5.42% (28.13%) 0.00%
Return on equity 6.02% (43.14%) 0.00%
Return on assets 4.83% (23.38%) 0.00%
Return on invested capital 6.95% (26.00%) 0.00%

Growth

Metric CALX INFQ Software Infrastructure median
Revenue growth (TTM) 22.90% — 14.28%
EPS growth (last fiscal year) 157.78% (26,711.59%) 18.26%
Revenue growth, 5-year CAGR 13.06% — 16.15%
Net income growth, 5-year CAGR (11.79%) — 0.00%

Health

Metric CALX INFQ Software Infrastructure median
Debt to equity 0.00 0.00 0.02
Current ratio 3.04 9.34 1.53
Net debt to EBITDA (10.03) 0.09 0.05

Dividend

Metric CALX INFQ Software Infrastructure median
Dividend yield — — 1.06%
Payout ratio — — 0.29

Size

Metric CALX INFQ Software Infrastructure median
Market cap 1.97b 1.68b 661.51m

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