Calix, Inc.
Rank #53HypergrowthCALX · NYSE · Technology
Calix, Inc. (CALX) — Rank #53 by gross profitability (GP/assets 0.60) · ROE 2.5% · Piotroski F-Score 6 / 9.
As-of 2026-09-15 · CIK 0001406666 · all metrics point-in-time as of the filing date.
About
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.
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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.
- Industry
- Software - Infrastructure
- Sector
- Technology
- Filer Category
- Large accelerated filer
- Fiscal Year End
- December 31
- Website
- calix.com
Price History
Company Snapshot
P/S is the primary valuation lens — earnings are reinvested, not available for P/E.
Market Cap
$2.24B
P/E (annual)
136.7
P/S (annual)
2.2
P/B
3.2
P/OCF (annual)
16.6
Shareholder Yield
-40.3%
Employees
1,921
Industry
Software - Infrastructure
Exchange
NYSE
Signal Flags
Quality Profile
Profitability
1/1 passSafety
1/1 passCash Flow
3/3 passGrowth
1/2 passTerry Smith quality gate
Passes 2/5 Terry Smith thresholds1 of 5 threshold not computable from filed data.
What Growth Is Priced In
Implied revenue growth (10Y)
8.6%
The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).
Dilution drag: 40.3% — per-share value needs a total required return of 48.9% once share-count change is priced in.
vs. own 6-year median revenue growth: 8.1%
within its own historyCost-of-equity sensitivity (implied growth at different discount rates)
r = 8%
4.2%
r = 10% (base)
8.6%
r = 12%
12.4%
Net debt / market cap: -7.9%
Valuation History
Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.
P / S
Price / revenue per share
P / B
Price / book value per share
P / GP
Price / gross profit per share
P / FCF
Price / free cash flow per share
Disclosure regression check
A previously-disclosed line item is no longer reported. Worth checking the filing for why.
Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.
Profitability
Gross profitability (GP / assets)
0.60
Primary signal (Novy-Marx).
Return on equity
2.5%
Gross margin
56.8%
Revenue growth (YoY)
118.0%
Gross margin improving
Margin trend vs prior year.
Operating Leverage
| 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|
| Revenue vs COGS | ||||
| Revenue vs OpEx | ||||
| Op. Income vs Revenue |
Growth
Revenue CAGR (3Y)
—
Revenue CAGR (5Y)
—
Earnings CAGR (3Y)
-24.2%
FCF CAGR (3Y)
—
Anti-fragile safety
Balance-sheet safety
Composite anti-fragile check.
Debt / equity
0.34
Current ratio
2.83×
Quick ratio
1.57×
Net cash
$194.30M
Cash & equivalents minus total debt.
Cash-flow health
Free cash flow
$115.52M
Operating cash flow minus capex.
Positive free cash flow
FCF / net income
5.46
Cash-backing of earnings.
FCF/NI divergence
Unfavorable divergence (yellow flag).
Accruals healthy
Cash-backed earnings.
SBC / revenue
8.8%
Stock-based comp intensity.
Piotroski F-Score
F-Score
6 / 9
Fundamental-strength score (0-9).
Lifecycle Phase History
Lynch sell alert: Turnaround stalled
Classified startup for 2 consecutive fiscal years (2016-12-31, 2017-12-31) with no recovery to a healthier phase -- Lynch's turnaround rule: if it hasn't turned around by now, assume it isn't going to.