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Calix, Inc.

Rank #50HypergrowthWatchlistCompare with other stocks

CALX · NYSE · Technology

Calix, Inc. (CALX) — Rank #50 by gross profitability (GP/assets 0.60) · ROE 2.5% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · 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

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,921

Industry

Software - Infrastructure

Exchange

NYSE

11/12

Flags passed

CALX passes 11/12 quality flags

1 caution to review

  • CAUTION
    Dilution above 2%

    Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

  • PASS
    Gross margin holding
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Revenue not declining
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Deferred revenue growing · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.60
Return on equity
2.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.34
Current ratio
2.83×
Net cash
$194.30M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
8.8%

Growth

1/2 pass
Revenue growth
20.3%
Piotroski F-Score
6 / 9
Share dilution
5.2%

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Does it make money well?

No warning flags · GP/assets 0.60

Gross profitability (GP / assets)

0.60

Primary signal (Novy-Marx).

Return on equity

2.5%

Gross margin

56.8%

Revenue growth (YoY)

20.3%

RPO growth (YoY)

18.2%

Remaining performance obligations growth — RPO > revenue = forward demand building.

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

4.8%

Revenue CAGR (5Y)

13.1%

Earnings CAGR (3Y)

-24.2%

FCF CAGR (3Y)

106.5%

Cash Flow Health

Is the cash real?

No warning flags · FCF 546% above net income

Free cash flow

$115.52M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

545.9%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

8.8%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

Caution: Dilution above 2% · net cash $194.30M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.34

Current ratio

2.83×

Quick ratio

1.57×

Net cash

$194.30M

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

No warning flags

Capital allocation quality

Composite score

2.7 / 5

Fair
Share count trend
5.2%0/5 Weak
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
9.4%5/5 Strong

Lifecycle Phase History

20202025
Hypergrowth
Op. Leverage
Decline

Price History

CALX-24.1% · -5.4% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports