Calix (CALX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Calix

NYSE•Technology•Software - Infrastructure

$35.24+0.10(<0.01%)After hours

Market Cap

$2.24B

P/E

43.7x

P/S

2.0x

P/B

3.2x

Calix, Inc., together with its subsidiaries, engages in the provision of cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company cloud and software platforms, and systems and services enable broadband service providers (BSPs) to provide a range of services. It offers Calix Cloud platform comprising Calix Engagement Cloud, Calix Operations Cloud, and Calix Service Cloud, which are configurable to display role-based insights and enable BEPs to anticipate and target new revenue-generating services and applications through mobile application, such as CommandIQ for residents and CommandWorx for businesses; Calix Intelligent Access, an access network solution for automated and intelligent networks; and Calix Unlimited Subscriber, a solution for subscriber managed services. It also provides SmartLife managed services, including SmartHome managed services and applications to enhance, operate and secure the connected experience of subscribers in their home for Wi-Fi, advanced content control, network security, connected cameras, and social media monitoring; SmartTown managed services that reimagine community Wi-Fi as a ubiquitous, secure, and managed experience across a BEP's footprint; SmartBiz managed services that address the business networking and productivity needs of business owners with an all-in-one managed service; SMARTMDU managed services provide purpose-built, flexible connectivity solutions for multi-family properties of any type. In addition, the company offers Wi-Fi systems under GigaSpire and GigaPro brands to be ready for deployment as a complete subscriber experience solution for BEP's residential and business subscribers. It provides its products through its direct sales force and resellers. Calix, Inc. was incorporated in 1999 and is headquartered in San Jose, California.

How this company scores

GoodMetricSide Score: 76/100

Strongest: Growth (25/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability17/25

Growth25/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality19/25

Strengths

Growing revenueRising free cash flowRising earningsInterest easily covered

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 43.7x5y range 43.7x – 931.2x

Currently below its 12-quarter median.

P/S · 2.0x5y range 2.0x – 7.4x

Currently below its 20-quarter median.

P/B · 3.2x5y range 2.9x – 8.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -22.1x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $2.24B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.11B
Q. Revenue: $293.33M
TTM EBITDA: $79.13M
TTM Op. Income: $61.24M
Q. Op. Income: $21.85M
TTM Net Income: $51.19M
Q. Net Income: $17.11M
EPS: $0.27
Shares Out.: $63.52M

$1.11B in TTM revenue grew 27.8% YoY, reaching $293.33M last quarter. TTM EBITDA of $79.13M and TTM operating income of $61.24M show growth is flowing through to the bottom line. TTM net income of $51.19M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 54.6%
EBITDA Margin: 9.0%
Op. Margin: 7.4%
Net Margin: 5.8%

Op. margin of 7.4% is up 7.3% YoY — cost efficiency is improving. Net margin at 5.8% and gross margin of 54.6% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 43.7x
P/S Ratio: 2.0x
P/B Ratio: 3.2x

At 43.7x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 2.0x and P/B of 3.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 3 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $954.40M
Cash: $68.91M
Long-Term Debt: N/A
Book Value: $710.02M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $16.51M
TTM Free Cash Flow: $85.42M
FCF Margin: 7.7%
FCF / Net Income: 1.7

TTM FCF of $85.42M on $16.51M in operating cash flow. The FCF / Net Income ratio of 1.7x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.