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Calix Ltd.
(Sydney:CXL)
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Rating:46Neutral
Price Target:
AU$0.31
▼(-58.13% Downside)
Action:Reiterated
Date:06/26/26
The score is held back primarily by weak financial performance: despite revenue growth and a low-debt balance sheet, the company remains unprofitable with negative operating cash flow. Technicals are mixed (near-term improvement but still below key longer-term moving averages with negative MACD), and valuation offers limited support due to losses and no provided dividend yield.
Positive Factors
Low Leverage / Strong Balance Sheet
A debt-to-equity ratio of ~0.03 indicates very low financial leverage. This conservatism gives Calix flexibility to fund R&D, support subscription growth, and weather service-provider capex cycles without near-term refinancing risk, supporting operational continuity.
Negative Factors
Persistent Unprofitability
Calix remains unprofitable with negative net income and EBIT margins. Persistent losses constrain retained earnings, limit the company’s ability to self-fund expansion or cushion pricing pressure, and require sustained margin improvement or external capital to achieve durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
A debt-to-equity ratio of ~0.03 indicates very low financial leverage. This conservatism gives Calix flexibility to fund R&D, support subscription growth, and weather service-provider capex cycles without near-term refinancing risk, supporting operational continuity.
Read all positive factors
Calix Ltd. (CXL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$69.10M
Dividend YieldN/A
Average Volume (3M)280.66K
Price to Earnings (P/E)―
Beta (1Y)2.19
Revenue Growth21.36%
EPS Growth-70.37%
CountryAU
Employees108
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-0.23
Shares Outstanding215,923,550
10 Day Avg. Volume411,562
30 Day Avg. Volume280,656
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)0.77
Price to Sales (P/S)2.45
P/FCF Ratio-1.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.06
Revenue Forecast (FY)AU$48.40M
Calix Ltd. Business Overview & Revenue Model
Company Description
Calix Limited, an Australian company established in Sydney in 2005, delivers industrial-scale solutions aimed at confronting worldwide sustainability concerns. Operating across Australia, Europe, the United States, and South East Asia, its product...
How the Company Makes Money
Calix makes money primarily by selling a mix of (1) cloud software and services and (2) network systems to communications service providers (e.g., broadband operators). A significant portion of revenue is generated from its cloud/software platform...
Calix Ltd. Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.98M | 27.74M | 24.19M | 18.60M | 18.47M | 19.21M |
| Gross Profit | 2.22M | 10.22M | 10.29M | -2.40M | 1.01M | 1.86M |
| EBITDA | -11.27M | -11.24M | -19.52M | -25.03M | -12.69M | -5.81M |
| Net Income | -49.49M | -19.17M | -25.26M | -23.19M | -16.34M | -9.11M |
Balance Sheet | ||||||
| Total Assets | 72.23M | 110.38M | 112.40M | 127.51M | 61.21M | 51.62M |
| Cash, Cash Equivalents and Short-Term Investments | 11.80M | 22.98M | 42.96M | 74.47M | 24.98M | 15.13M |
| Total Debt | 5.30M | 2.63M | 3.26M | 1.32M | 1.47M | 1.29M |
| Total Liabilities | 26.33M | 22.83M | 28.39M | 22.55M | 16.41M | 13.48M |
| Stockholders Equity | 47.01M | 88.29M | 83.79M | 103.73M | 43.49M | 38.15M |
Cash Flow | ||||||
| Free Cash Flow | -26.22M | -39.59M | -33.13M | -30.29M | -12.76M | -15.06M |
| Operating Cash Flow | -16.91M | -28.67M | -13.68M | -17.26M | -3.74M | -8.12M |
| Investing Cash Flow | -10.53M | -10.64M | -17.55M | -13.03M | 13.83M | -6.94M |
| Financing Cash Flow | 3.41M | 19.33M | -280.00K | 79.77M | -232.33K | 19.11M |
Calix Ltd. Technical Analysis
Negative
0.75
Price Trends
0.44
Negative
0.56
Negative
0.70
Negative
Market Momentum
-0.03
Positive
32.02
Neutral
3.51
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CXL, the sentiment is Negative. The current price of 0.75 is above the 20-day moving average (MA) of 0.39, above the 50-day MA of 0.44, and above the 200-day MA of 0.70, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 32.02 is Neutral, neither overbought nor oversold. The STOCH value of 3.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CXL.
Calix Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | AU$10.64B | 44.25 | 6.34% | 2.28% | 1.79% | 156.48% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
47 Neutral | AU$29.03M | -4.27 | -82.31% | ― | 23.44% | 42.80% | |
46 Neutral | AU$69.10M | -1.37 | -73.16% | ― | 21.36% | -70.37% | |
42 Neutral | AU$337.58M | -9.17 | -99.54% | ― | 13.94% | -84.03% | |
42 Neutral | AU$19.24M | -1.13 | 483.00% | ― | ― | -42.68% | |
42 Neutral | AU$31.44M | 15.71 | -456.53% | ― | ― | 65.79% |
* Basic Materials Sector Average
AU:CXL
Calix Ltd.
0.32
-0.20
-38.46%
AU:ORI
Orica Limited
22.95
2.71
13.39%
AU:TTT
Titomic Ltd
0.21
-0.07
-23.64%
AU:DTZ
Dotz Nano Limited
0.03
-0.02
-41.86%
AU:FGH
Leaf Resources Limited
0.01
0.00
0.00%
AU:CG1
Carbonxt Group Ltd.
0.07
<0.01
3.08%
Calix Ltd. Corporate Events
Calix’s Leilac Wins East Asian Cement Deal and Sharpens Capital-Light Growth Strategy
Jun 29, 2026
Calix’s subsidiary Leilac has secured a paid engineering contract with an unnamed East Asian cement producer to assess a potential commercial-scale retrofit of its CO2-capture technology, capable of capturing about 100,000 tonnes of process ...
Calix’s Leilac strikes capital-light cement decarbonisation deal with Adani’s Ambuja in India
Jun 22, 2026
Calix’s subsidiary Leilac has signed a joint development agreement with Ambuja Cements, part of Adani Group, to deploy its low-carbon cement technology at the Sanghi plant in Gujarat, India. The partners plan to retrofit Leilac’s hybri...
Calix Seeks ASX Quotation for New Batch of Ordinary Shares
Jun 16, 2026
Calix Limited has applied for quotation on the ASX of 138,890 new fully paid ordinary shares under the ticker CXL, with an issue date of June 16, 2026. The additional securities, arising from the exercise or conversion of existing instruments, mod...
Calix Grants Over 2.1 Million Long-Term Incentive Rights to Executive Management
Apr 21, 2026
Calix Limited has issued 2,168,828 unquoted Executive Management Long Term Incentive Performance Rights under its employee incentive scheme, effective 21 April 2026. The move reinforces the company’s focus on aligning executive remuneration ...
Calix Issues Over 681,000 Unquoted Performance Rights to Executives
Apr 21, 2026
Calix Limited has issued 681,286 unquoted Executive Management Short Term Incentive Performance Rights under its employee incentive scheme, effective April 21, 2026. The move reflects the company’s ongoing use of equity-linked rewards to ali...
Calix Grants 160,527 Short-Term Incentive Performance Rights Under Employee Scheme
Apr 21, 2026
Calix Limited has issued 160,527 new Short Term Incentive Performance Rights under its employee incentive scheme, with the securities unquoted and subject to transfer restrictions. The award of these performance rights indicates the company’...
Calix Grants 486,445 Unquoted Performance Rights Under Incentive Plan
Apr 21, 2026
Calix Limited has issued 486,445 unquoted Long Term Incentive Performance Rights under its employee incentive scheme, with an issue date of April 21, 2026. The awards, which are not intended to be quoted on the ASX, underscore the company’s ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.