Calix (CALX) AI Stock Analysis

• Market Cap: $3.71B
• Dividend Yield: N/A
• Average Volume (3M): 773.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.21
• Revenue Growth: -8.80%
• EPS Growth: -657.91%
• Country: US
• Employees: 1,820
• Sector: Technology
• Sector Strength: 94
• Industry: Software - Application
• EPS (TTM): 0.33
• Shares Outstanding: 65,303,990
• 10 Day Avg. Volume: 669,327
• 30 Day Avg. Volume: 773,519
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.81
• Enterprise Value/Revenue: 3.47
• Enterprise Value/Gross Profit: 6.25
• Enterprise Value/Ebitda: -163.38
• 1Y Price Target: $64.00
• Price Target Upside: 12.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8

• Rating: 65 Neutral
• Price Target: $60.00 ▲(5.67% Upside)

Calix's overall stock score is driven by strong technical momentum and positive earnings call highlights, despite operational and valuation challenges. While the financial performance shows potential for recovery, the recent corporate event may pose short-term risks.

Positive Factors

Earnings

CALX delivered well ahead of consensus on results and guidance.

Market Position

CALX is actively converting former DZS customers, reducing competitive concerns.

Revenue Growth

Calix's revenue growth in 2Q25 exceeded investor expectations, driven by shipments to a medium-sized European customer.

Negative Factors

Competitive Environment

Recent wins from PE-backed Tier 2 operators demonstrate an important trend driving share expansion up-market and revenue upside.

International Sales

Soft international sales were impacted by strong shipments in the previous quarter to CityFibre in the UK.

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 primarily through the sale of its software and hardware products, along with subscription services associated with its cloud platform. Key revenue streams include the sale of access hardware, such as optical network terminals and routers, and ongoing subscription fees for software solutions that help service providers manage their networks and optimize service delivery. Additionally, Calix earns revenue from professional services that assist CSPs in deploying and managing their broadband networks. Significant partnerships with various telecommunications companies further enhance its market reach and contribute to its earnings.

Calix Financial Statement Overview

Summary

Calix's financial performance is mixed. The balance sheet is strong with no debt and a high equity ratio. However, the income statement shows declining revenue and negative profit margins, indicating operational challenges.

Income Statement

Calix's income statement reveals some concerning trends with declining revenue and profitability. The Gross Profit Margin for TTM is approximately 54.96%, which is relatively stable. However, the Net Profit Margin has turned negative to -4.2%, indicating losses in the current period. Revenue has been declining, with a TTM revenue of $825.45M compared to $831.52M in the previous annual report, reflecting a decrease of approximately 0.73%. EBIT and EBITDA margins are negative, showing operational challenges. The company needs to address its declining revenue and negative profit margins to improve its financial health.

Balance Sheet

Calix has a strong balance sheet characterized by no debt and a high equity ratio of 85.83% for TTM. The Debt-to-Equity Ratio is 0, and the Return on Equity (ROE) is approximately -4.51%, indicating a loss-making period. The equity cushion provides stability, but operational losses have impacted the ROE negatively. The company maintains a robust financial position with significant cash reserves, which could support future strategic initiatives or cushion against operational setbacks.

Cash Flow

The cash flow analysis shows a positive trend with operating cash flow improving to $70.92M in TTM, up from $68.4M in the previous annual report. The Free Cash Flow has grown to $52.27M, reflecting a growth of approximately 3.82% from the prior period. The Operating Cash Flow to Net Income ratio is positive, indicating effective cash generation relative to reported net losses. However, the Free Cash Flow to Net Income ratio is skewed due to the negative net income, highlighting the need to improve profitability.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	831.52M	1.04B	867.83M	679.39M	541.24M
Gross Profit	453.59M	518.32M	435.43M	356.59M	267.02M
EBITDA	-23.48M	42.22M	66.92M	91.17M	52.69M
Net Income	-29.75M	29.32M	41.01M	238.38M	33.48M
Balance Sheet
Total Assets	939.27M	941.87M	884.84M	742.03M	427.35M
Cash, Cash Equivalents and Short-Term Investments	297.09M	220.35M	241.72M	204.34M	133.79M
Total Debt	8.02M	11.56M	12.39M	12.38M	12.95M
Total Liabilities	158.33M	222.88M	205.27M	173.60M	147.03M
Stockholders Equity	780.94M	718.98M	679.57M	568.43M	280.32M
Cash Flow
Free Cash Flow	50.35M	38.40M	13.12M	46.33M	43.59M
Operating Cash Flow	68.40M	56.25M	27.18M	56.79M	51.41M
Investing Cash Flow	-109.53M	-6.25M	-24.08M	-110.66M	-60.80M
Financing Cash Flow	20.90M	-65.93M	25.06M	24.38M	42.15M

Calix Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 56.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CALX, the sentiment is Positive. The current price of 56.78 is above the 20-day moving average (MA) of 56.49, above the 50-day MA of 52.67, and above the 200-day MA of 41.08, indicating a bullish trend. The MACD of 1.43 indicates Positive momentum. The RSI at 58.74 is Neutral, neither overbought nor oversold. The STOCH value of 51.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CALX.

Calix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GTM	72 Outperform	$3.21B	38.48	5.22%	―	-0.54%	626.94%
Sector *	68 Neutral	¥242.18B	15.61	6.62%	2.44%	9.09%	2.46%
CALX	65 Neutral	$3.71B	―	-3.52%	―	-8.80%	-657.91%
BL	64 Neutral	$3.12B	40.52	23.79%	―	7.99%	-28.47%
ASAN	61 Neutral	$3.24B	―	-83.36%	―	9.84%	13.74%
NCNO	58 Neutral	$3.06B	―	-2.75%	―	13.39%	16.12%
BLKB	55 Neutral	$3.03B	78.53	-85.12%	―	0.11%	-817.49%

Calix Corporate Events

Calix Mourns Loss of Chief Operations Officer

Calix announced the passing of its chief commercial operations officer, J. Matthew Collins, on May 7, 2025. Michael Weening, the company’s President and CEO, expressed deep regret and highlighted Collins’ significant impact on the company’s culture and customer relations over the past eight years, extending condolences to his family.

The most recent analyst rating on (CALX) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Calix stock, see the CALX Stock Forecast page.