Calix Inc (CALX)
NYSE:CALX
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Calix
(NYSE:CALX)
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Rating:61Neutral
Price Target:
$42.00
▼(-16.25% Downside)
Action:Reiterated
Date:05/16/26
The score is anchored by solid financial footing (low leverage and strong cash generation) and a constructive outlook from raised 2026 revenue guidance. These positives are tempered by weak technical momentum (price below key moving averages with negative MACD) and stretched valuation (high P/E with no dividend), alongside near-term margin pressure highlighted in guidance.
Positive Factors
Conservative balance sheet
Very low debt-to-equity (~0.03 TTM) and sizeable equity give Calix durable financial flexibility. This supports multi-year investments, inventory builds for supply continuity, and sizable buybacks without stressing liquidity, reducing refinancing and solvency risk through business cycles.
Negative Factors
Memory cost inflation
Sustained memory component inflation that management can only partially pass through is a structural margin headwind. A ~200bp drag materially reduces gross profits and free cash flow potential across 2–6 months, constraining reinvestment or buybacks until cost normalization or better pricing takes hold.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low debt-to-equity (~0.03 TTM) and sizeable equity give Calix durable financial flexibility. This supports multi-year investments, inventory builds for supply continuity, and sizable buybacks without stressing liquidity, reducing refinancing and solvency risk through business cycles.
Read all positive factors
Calix (CALX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.45B
Dividend YieldN/A
Average Volume (3M)1.04M
Price to Earnings (P/E)73.6
Beta (1Y)0.99
Revenue Growth28.38%
EPS GrowthN/A
CountryUS
Employees1,820
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.52
Shares Outstanding63,782,300
10 Day Avg. Volume821,938
30 Day Avg. Volume1,037,351
Financial Highlights & Ratios
PEG Ratio-1.24
Price to Book (P/B)4.12
Price to Sales (P/S)3.54
P/FCF Ratio30.61
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue2.32
Enterprise Value/Gross Profit4.07
Enterprise Value/Ebitda40.82
Forecast
1Y Price Target
$64.00Price Target Upside27.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.76
Revenue Forecast (FY)$1.18B
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,...
How the Company Makes Money
Calix makes money primarily by selling broadband access hardware and by charging for software and cloud-based services. A key revenue stream is product revenue from access platforms and related network equipment sold to broadband service providers...
Calix Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 27, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational execution and product milestones (record revenue, platform migration completion, Google Cloud launch, rising current RPOs, and upgraded full-year revenue guidance) that underpin a positive growth outlook. However, material margin headwinds from higher memory costs, a temporary dual-cloud cost penalty, modest free cash flow in the quarter, and limited disclosure on Tier 1 cloud customer traction are near-term risks. Management has concrete mitigation actions (surcharges, inventory investments, and expected margin recovery as dual-cloud costs abate) and reiterated confidence in returning to target expense levels by year-end. On balance, the strategic advances and upgraded revenue guidance materially outweigh the near-term margin and visibility challenges.Positive Updates
Record Revenue
Calix reported record non-GAAP revenue of $280 million in Q1 2026, a sequential increase of 3% driven by strong platform demand.
Negative Updates
Sequential RPO Decline and Near-Term Drag
Remaining performance obligations decreased 2% sequentially (to $376 million), attributed to a robust Q4 comparison and focus on completing the platform migration.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue
Calix reported record non-GAAP revenue of $280 million in Q1 2026, a sequential increase of 3% driven by strong platform demand.
Read all positive updates
Company Guidance
Calix guided Q2 revenue of $287–$293 million (midpoint +4% sequential) and raised full‑year 2026 revenue growth to 15–20% (up from prior 10–15%); Q2 non‑GAAP gross margin is guided to 54.25–57.25% with full‑year non‑GAAP gross margin expected to decline 50–150 basis points, while Q2 non‑GAAP operating expenses are forecast at $128 million at the midpoint (≈$1M sequential increase) and the company expects to return to its target expense model by year‑end; management noted the memory surcharge (effective May) is a partial recovery but will create an estimated ~200 bps headwind to 2026 margin unless adjusted, the dual‑cloud migration hit was roughly $3–$4M in Q1 and is complete, and RPOs (remaining POs $376M, down 2% seq and up 11% YoY; current RPOs $157M, +3% seq and +22% YoY) should reaccelerate in H2; Q1 results included record revenue of $280M (+3% seq), non‑GAAP gross margin 57.2% (‑80 bps seq, +100 bps YoY), DSO 36 days, inventory turns of 3, free cash flow $7M, $171M buybacks for 3.3M shares at an average $51.34 (plus an added $100M authorization), and $243M cash & investments, and management flagged BEAD contribution of “tens of millions” in H2’26 with a larger ramp in 2027 and a potential peak in 2028 (high‑tens of millions annually).Calix Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
82
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.06B | 1.00B | 831.52M | 1.04B | 867.83M | 679.39M |
| Gross Profit | 604.90M | 568.32M | 453.59M | 518.32M | 435.43M | 356.59M |
| EBITDA | 60.25M | 51.88M | -23.48M | 42.22M | 66.92M | 88.07M |
| Net Income | 33.88M | 17.88M | -29.75M | 29.32M | 41.01M | 238.38M |
Balance Sheet | ||||||
| Total Assets | 951.41M | 1.06B | 939.27M | 941.87M | 884.84M | 742.03M |
| Cash, Cash Equivalents and Short-Term Investments | 243.29M | 388.10M | 297.09M | 220.35M | 241.72M | 204.34M |
| Total Debt | 11.86M | 25.51M | 8.02M | 11.56M | 19.60M | 20.70M |
| Total Liabilities | 213.43M | 199.30M | 158.33M | 222.88M | 205.27M | 173.60M |
| Stockholders Equity | 737.98M | 859.22M | 780.94M | 718.98M | 679.57M | 568.43M |
Cash Flow | ||||||
| Free Cash Flow | 109.13M | 115.52M | 50.35M | 38.40M | 13.12M | 46.33M |
| Operating Cash Flow | 132.38M | 134.95M | 68.40M | 56.25M | 27.18M | 56.79M |
| Investing Cash Flow | 30.49M | -6.37M | -109.53M | -6.25M | -24.08M | -110.66M |
| Financing Cash Flow | -150.18M | -28.43M | 20.90M | -65.93M | 25.06M | 24.38M |
Calix Technical Analysis
Negative
50.15
Price Trends
46.45
Negative
49.70
Negative
54.38
Negative
Market Momentum
-2.18
Positive
29.06
Positive
8.16
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 50.15 is above the 20-day moving average (MA) of 41.95, above the 50-day MA of 46.45, and below the 200-day MA of 54.38, indicating a bearish trend. The MACD of -2.18 indicates Positive momentum. The RSI at 29.06 is Positive, neither overbought nor oversold. The STOCH value of 8.16 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CALX.
Calix Risk Analysis
Calix disclosed 42 risk factors in its most recent earnings report. Calix reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Calix Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.36B | 14.12 | 179.00% | ― | -0.66% | ― | |
68 Neutral | $1.72B | 72.83 | 0.49% | ― | 10.01% | ― | |
62 Neutral | $1.08B | 16.46 | 8.36% | ― | 3.64% | 230.24% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $2.45B | 73.55 | 4.25% | ― | 28.38% | ― | |
60 Neutral | $1.70B | 67.66 | 7.70% | ― | 8.12% | -82.54% | |
57 Neutral | $1.62B | ― | -94.12% | ― | 9.25% | 28.34% |
* Technology Sector Average
CALX
Calix
39.23
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Calix Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Calix shareholders approve governance changes and director re-elections
Positive
May 15, 2026
At its annual meeting of stockholders on May 14, 2026, Calix investors re-elected three Class I directors, including CEO Michael Weening and Chairman Carl Russo, to serve until the 2029 annual meeting and backed executive compensation on an adviso...
Stock Buyback
Calix Expands Share Repurchase Authorization by $100 Million
Positive
Apr 21, 2026
On April 21, 2026, San Jose-based Calix, Inc. announced that its board of directors increased the authorization for the company’s common stock repurchase program by an additional $100 million. This new approval lifts the total authorization ...
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.