Calix (CALX) AI Stock Analysis

• Market Cap: $2.96B
• Dividend Yield: N/A
• Average Volume (3M): 871.67K
• Price to Earnings (P/E): 190.2
• Beta (1Y): 1.07
• Revenue Growth: 4.89%
• EPS Growth: 55.80%
• Country: US
• Employees: 1,820
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.39
• Shares Outstanding: 66,276,474
• 10 Day Avg. Volume: 1,335,950
• 30 Day Avg. Volume: 871,672
• PEG Ratio: 0.38
• Price to Book (P/B): 2.94
• Price to Sales (P/S): 2.76
• P/FCF Ratio: 45.63
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 3.02
• Enterprise Value/Gross Profit: 5.37
• Enterprise Value/Ebitda: 201.98
• 1Y Price Target: $75.00
• Price Target Upside: 67.90% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 1.8
• Revenue Forecast (FY): $1.13B

• Rating: 68 Neutral
• Price Target: $58.00 ▲(29.84% Upside)

The score is led by improving fundamentals (revenue and free-cash-flow growth with low leverage) and a strong earnings-call outlook with high backlog/visibility and continued sequential growth guidance. This is moderated by current profitability challenges, weak technical positioning below key moving averages, and limited valuation support due to losses (negative P/E) and no dividend yield.

Positive Factors

Recurring revenue model

Calix’s mix of subscription software and hardware sales creates recurring revenue and higher revenue visibility. This durable model supports predictable cash flow, drives customer stickiness through platform adoption, and underpins multi-year upsell and margin expansion opportunities.

Free cash flow generation

Sustained FCF growth and consecutive quarters of positive cash generation provide financial flexibility to fund R&D, platform rollouts, and international expansion without heavy external financing, reducing dilution risk and supporting execution of strategic initiatives over coming quarters.

Low leverage / solid balance sheet

A low leverage profile and stable equity base lower solvency risk and give management room to invest in product development, pursue partnerships, or absorb cyclical funding shifts. This balance sheet health supports long-term execution in capital-intensive broadband markets.

Negative Factors

Ongoing negative profitability

Despite revenue and cash flow improvements, persistent negative operating and net margins plus negative ROE signal that GAAP profitability remains unresolved. This limits retained-earnings growth and risks continued reliance on cash reserves until margins sustainably convert to profit.

Rising operating expenses from AI/platform investments

Planned ramp in AI and managed-services spending will pressure operating margins for multiple quarters. While strategic, higher opex increases execution risk and extends the timeline to reach the company’s target financial model, requiring disciplined ROI on platform investments.

Reduced BEAD funding shrinks addressable market

A substantial cut to BEAD funding represents a structural reduction in government-driven broadband buildouts, potentially slowing demand for access systems and services in the U.S. This shrinks a key addressable market and could lengthen sales cycles for network deployments.

Calix Business Overview & Revenue Model

Company Description

Calix, Inc., together with its subsidiaries, provides 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's cloud and software platforms, and systems and services enable broadband service providers (BSPs) to provide a range of services. It provides Calix Cloud platform, a role-based analytics platform comprising Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud, which are configurable to display role-based insights and enable BSPs to anticipate and target new revenue-generating services and applications through mobile application. The company also offers EXOS, a carrier class premises operating system and fully integrated with its GigaSpire family of systems to be ready for deployment as a complete subscriber experience solutions for BSP's residential and business subscribers; and AXOS, a software platform to access edge of the network by its architecture and operations. It offers its products through its direct sales force and resellers. Calix, Inc. was incorporated in 1999 and is headquartered in San Jose, California.

How the Company Makes Money

Calix generates revenue through multiple streams primarily centered around its software and hardware products. The company sells access systems, including optical network terminals and fiber management solutions, which are critical for deploying high-speed broadband networks. In addition to hardware sales, Calix offers subscription-based software platforms that help operators manage their networks and enhance customer experience. These software solutions often involve recurring revenue models, providing a steady income stream. Significant partnerships with various telecommunications providers also contribute to its earnings, as these relationships facilitate the adoption of Calix's technology and solutions across a wider customer base, driving overall growth and sustained revenue.

Calix Financial Statement Overview

Summary

Solid underlying health with positive TTM revenue growth and strong free-cash-flow growth, supported by low leverage. The main drag is ongoing profitability weakness (negative net profit/EBIT and negative ROE), which limits the score despite healthy gross margin.

Income Statement

Calix has shown a positive revenue growth rate of 7.42% in the TTM, indicating a recovery from the previous year's decline. However, the company is currently facing profitability challenges, with negative net profit and EBIT margins. The gross profit margin remains healthy at 56.16%, suggesting good cost management. Overall, the income statement reflects growth potential but also highlights profitability concerns.

Balance Sheet

The balance sheet of Calix is relatively strong with a low debt-to-equity ratio, indicating minimal leverage risk. However, the return on equity is negative, reflecting the company's current profitability issues. The equity ratio is stable, suggesting a solid capital structure. Overall, the balance sheet shows financial stability but is impacted by the company's profitability challenges.

Cash Flow

Calix has demonstrated strong free cash flow growth of 19.48% in the TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is robust, suggesting efficient cash management. However, the free cash flow to net income ratio indicates that cash flow is not fully translating into net income. Overall, the cash flow statement reflects strong cash generation but highlights the need for improved profitability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	933.68M	831.52M	1.04B	867.83M	679.39M	541.24M
Gross Profit	524.38M	453.59M	518.32M	435.43M	356.59M	267.02M
EBITDA	13.95M	-23.48M	42.22M	66.92M	88.07M	49.59M
Net Income	-7.25M	-29.75M	29.32M	41.01M	238.38M	33.48M
Balance Sheet
Total Assets	976.37M	939.27M	941.87M	884.84M	742.03M	427.35M
Cash, Cash Equivalents and Short-Term Investments	339.62M	297.09M	220.35M	241.72M	204.34M	133.79M
Total Debt	11.32M	8.02M	11.56M	19.60M	20.70M	18.86M
Total Liabilities	153.86M	158.33M	222.88M	205.27M	173.60M	147.03M
Stockholders Equity	822.51M	780.94M	718.98M	679.57M	568.43M	280.32M
Cash Flow
Free Cash Flow	85.45M	50.35M	38.40M	13.12M	46.33M	43.59M
Operating Cash Flow	104.27M	68.40M	56.25M	27.18M	56.79M	51.41M
Investing Cash Flow	-34.50M	-109.53M	-6.25M	-24.08M	-110.66M	-60.80M
Financing Cash Flow	-36.99M	20.90M	-65.93M	25.06M	24.38M	42.15M

Calix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 44.67
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CALX, the sentiment is Negative. The current price of 44.67 is below the 20-day moving average (MA) of 53.91, below the 50-day MA of 54.29, and below the 200-day MA of 54.05, indicating a bearish trend. The MACD of -1.32 indicates Positive momentum. The RSI at 27.64 is Positive, neither overbought nor oversold. The STOCH value of 6.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CALX.

Calix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BLKB	71 Outperform	$2.57B	-10.06	-78.53%	―	-1.17%	-597.89%
GTM	71 Outperform	$2.51B	24.65	6.51%	―	1.47%	1077.70%
CALX	68 Neutral	$2.96B	190.19	2.18%	―	4.89%	55.80%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BL	61 Neutral	$2.76B	42.93	21.85%	―	7.36%	-40.62%
NCNO	61 Neutral	$2.45B	-110.75	-2.04%	―	12.14%	-19.29%
ASAN	51 Neutral	$2.43B	-10.63	-102.48%	―	9.47%	16.97%

Calix Corporate Events

Calix Expands Share Repurchase Authorization to Support Flexibility

On January 28, 2026, Calix, Inc. announced that its board of directors had increased the authorization under its stock repurchase program by an additional $125 million, supplementing the $109.3 million that remained authorized as of December 31, 2025, and bringing total potential repurchases to $425 million. The company said buybacks may be executed periodically through open market purchases, privately negotiated deals or other methods, subject to SEC rules, market conditions, and its capital allocation strategy, while emphasizing that it is not obligated to repurchase a specific amount of shares and may suspend or terminate the program at its discretion, underscoring flexible balance-sheet management and potential support for shareholder value.

The most recent analyst rating on (CALX) stock is a Buy with a $66.00 price target. To see the full list of analyst forecasts on Calix stock, see the CALX Stock Forecast page.

Calix Appoints John Durocher as Chief Operating Officer

On November 13, 2025, Calix, Inc. appointed John Durocher as Chief Operating Officer, effective November 16, 2025. Durocher, who joined Calix in 2023 as Chief Customer Officer, has a strong background in customer success and operational excellence from his previous roles at Salesforce and Accenture. His appointment is aimed at advancing Calix’s operational strategies and enhancing its position in the rapidly evolving broadband industry. Jonathan Lindsell will succeed Durocher as Chief Customer Officer, continuing to report to him. This leadership transition is expected to strengthen Calix’s mission of enabling customers to simplify their business and innovate, thereby growing value for stakeholders.

The most recent analyst rating on (CALX) stock is a Hold with a $63.00 price target. To see the full list of analyst forecasts on Calix stock, see the CALX Stock Forecast page.