Calix, Inc
Calix, Inc. provides application software and managed services for communication experience providers, generating revenue through product sales and subscription-based managed service offerings such as SmartHome and cloud-based operations platforms.
Business. CALIX, Inc. (NYSE: CALX) is a technology company operating in the Software & IT Services sector, specifically within the Application Software industry. The firm utilizes a subscription-based revenue model, with key performance indicators including annual recurring revenue and net revenue retention. As segment and geographic breakdowns are not provided, the company is described at the industry level. CALIX is primarily listed on the New York Stock Exchange under the ticker symbol CALX.
Analyst recommendations
8 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
1Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ2 2026 earnings (expected)2026-07-28 · estimated
- Peers
- EarningsQ2 2026 earnings (expected)2026-07-28 · estimated · ServiceNow (NOW)
- EarningsQ2 2026 earnings (expected)2026-08-28 · estimated · Salesforce (CRM)
- Macro
- Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
CALIX, Inc. (NYSE: CALX) is a technology company operating in the Software & IT Services sector, specifically within the Application Software industry. The firm utilizes a subscription-based revenue model, with key performance indicators including annual recurring revenue and net revenue retention. As segment and geographic breakdowns are not provided, the company is described at the industry level. CALIX is primarily listed on the New York Stock Exchange under the ticker symbol CALX.
Calix maintains a conservative capital structure with zero debt and a debt-to-equity ratio of 0.0, supported by a current ratio of 3.29 and total equity of $737.98 million. The company holds $54.60 million in cash and equivalents alongside $188.69 million in marketable securities, providing ample liquidity despite a recent decrease in cash from $143.09 million to $54.60 million during Q1 2026. Operating cash flow stands at $14.63 million, while free cash flow is $6.52 million after $8.12 million in capital expenditures. The balance sheet reflects total assets of $951.41 million against total liabilities of $213.43 million, indicating strong financial flexibility.
Profitability metrics show a gross profit of $159.30 million on revenue of $279.98 million, yielding a gross margin of approximately 56.9%. Operating income is $12.72 million, resulting in a net income of $11.21 million for the quarter. Return on equity is 0.0242 and return on assets is 0.0188, reflecting modest returns on the capital base. The price-to-earnings ratio is 152.41, and the EV/EBITDA is 69.02, indicating high valuation multiples relative to current earnings. The price-to-book ratio is 4.38, and the EV/revenue ratio is 2.67.
Revenue concentration is not explicitly detailed by segment or geography in the provided data, but the company’s activities are centered on application software and managed services for communication experience providers. The business model relies on both product sales and recurring managed service revenues, including SmartHome managed services and cloud-based operations platforms. The lack of specific segment breakdown limits the ability to assess revenue concentration risks, but the diversified nature of software and service offerings suggests a balanced revenue mix.
Growth trajectory is indicated by the Q1 2026 revenue of $279.98 million, with historical data not provided for trend analysis. The company’s ability to ramp sales and achieve market acceptance of new products, including agentic artificial intelligence solutions, is a key driver of future growth. The capital spending patterns of communication experience providers and macro-economic conditions also influence revenue trends. The company’s focus on innovative, value-added services aims to differentiate it from competitors focused solely on speed.
Risk factors include high dilution risk, as indicated by the diluted share count being moderately above the basic share count and source documents mentioning dilution or offering risk. The company faces supply chain constraints, dependence on sole-source suppliers, and potential fluctuations in gross margins. Additionally, the lack of long-term, committed-volume purchase contracts with customers introduces revenue uncertainty. The company must also manage relationships with third-party vendors and maintain effective internal controls.
Recent events include the pre-earnings window for Q2 2026, with a report date of July 21, 2026. Analyst estimates show a mean price target of $63.06, a median of $62.00, a high of $85.00, and a low of $52.00. The mean recommendation is 2.12, with one strong buy, five buy, and two hold ratings. These indicators suggest positive analyst sentiment, although the high valuation multiples warrant caution.
- Calix maintains a strong balance sheet with zero debt, a current ratio of 3.29, and significant cash and marketable securities.
- High valuation multiples, including a P/E of 152.41 and EV/EBITDA of 69.02, reflect growth expectations but also introduce valuation risk.
- Dilution risk is high, with a diluted share count exceeding the basic share count and potential for future offerings.
- The company’s focus on managed services and AI-driven solutions positions it for growth in the communication experience provider market.
- Supply chain dependencies and lack of long-term customer contracts pose operational and revenue risks.
- Analyst sentiment is positive, with a mean price target of $63.06 and a mean recommendation of 2.12.
Bull / Bear case
Generated · model-assistedCalix generated $115.5 million in free cash flow for FY2025, demonstrating strong cash generation capabilities despite revenue fluctuations.
The company maintains a low leverage band with a debt-to-equity ratio of 0.232, indicating a conservative capital structure.
Calix's cash conversion metric of 7.55 ranks as best-in-class compared to the software cohort median of 0.94.
The firm holds a strong liquidity position with a current ratio of 4.24 as of the end of 2025.
Gross profit increased to $568.3 million in FY2025, suggesting potential for improved top-line efficiency despite net income volatility.
Calix faces high dilution risk, which could significantly erode shareholder value and reduce earnings per share over time.
Calix's operating margin of 2.1% and net margin of 1.8% both fall below the software cohort medians.
In focus — financials by report
Revenue $280.0M; Operating income $12.7M.
- ▍Revenue $280.0M
- ▍Operating income $12.7M
- ▍Net margin 4.0%
Revenue $727.6M; Operating income $11.7M.
- ▍Revenue $727.6M
- ▍Operating income $11.7M
- ▍Net margin 1.5%
Revenue $462.1M; Operating income -$5.7M.
- ▍Revenue $462.1M
- ▍Operating income -$5.7M
- ▍Net margin -1.1%
Revenue $1.00B; Operating income $21.0M.
- ▍Revenue $1.00B
- ▍Operating income $21.0M
- ▍Net margin 1.8%
Revenue $831.5M; Operating income -$43.0M.
- ▍Revenue $831.5M
- ▍Operating income -$43.0M
- ▍Net margin -3.6%
Revenue $831.5M; Operating income -$43.0M.
- ▍Revenue $831.5M
- ▍Operating income -$43.0M
- ▍Net margin -3.6%
Revenue $1.04B; Operating income $25.6M.
- ▍Revenue $1.04B
- ▍Operating income $25.6M
- ▍Net margin 2.8%
Revenue $1.04B; Operating income $25.6M.
- ▍Revenue $1.04B
- ▍Operating income $25.6M
- ▍Net margin 2.8%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Diluted share count is moderately above the basic share count.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director, 10% owner · Stock Options (right to buy) → Common StockAcquired 15 999 @ $36,05grant · 2026-06-29
- Director, 10% owner · Stock Options (right to buy) → Common StockAcquired 11 753 @ $49,40grant · 2026-03-30
- Director, 10% owner · Stock Option (right to buy) → Common StockDisposed 10 000 @ $12,63exercise · 2026-02-25
- Director, President & CEO · Stock Option (right to buy) → Common StockAcquired 217 500 @ $39,68grant · 2026-02-12
- Chief Financial Officer · Stock Option (right to buy) → Common StockAcquired 170 000 @ $39,68grant · 2026-02-12
- Chief Product Officer · Stock Option → Common StockAcquired 195 000 @ $39,68grant · 2026-02-12
- COO · Stock Option (right to buy) → Common StockAcquired 195 000 @ $39,68grant · 2026-02-12
- Chief Financial Officer · Stock Option (right to buy) → Common StockDisposed 27 000 @ $5,05exercise · 2026-02-02
- Director, 10% owner · Stock Option (right to buy) → Common StockDisposed 10 000 @ $12,63exercise · 2026-01-07
- Director, 10% owner · Employee Stock Options (right to buy) → Common StockAcquired 11 663 @ $53,59grant · 2026-01-02
- Director, 10% owner · Stock Option (right to buy) → Common StockDisposed 10 000 @ $12,63exercise · 2025-11-24
- Director, 10% owner · Stock Option (right to buy) → Common StockDisposed 10 000 @ $12,63exercise · 2025-11-17
- Chief Product Officer · Stock Option (right to buy) → Common StockDisposed 24 000 @ $8,03exercise · 2025-11-10
- Chief Financial Officer · Stock Option (right to buy) → Common StockDisposed 50 000 @ $5,05exercise · 2025-11-06
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Price To Tangible Bookmarket_price / (tangible_book_value / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- CALIX, INC company facts · 2026-07-21
- CALIX, INC 10-Q 2026-04-22 · 2026-07-21
- CALIX, INC 10-K 2026-02-20 · 2026-07-21
- CALIX, INC 10-Q 2025-10-30 · 2026-07-21
- CALIX, INC 10-Q 2025-07-22 · 2026-07-21
- pre_earnings_window (pre_earnings_window) on CALX · 2026-07-21
- Calix Inc Market data — analyst estimates · 2026-07-21
- Calix Inc Market data — ESG · 2026-07-21
- CALIX, INC HA canonical relationships · 2026-07-21
Ownership & reference
Top holders
- Institutional Investor · as of 2026-03-310,00 %$0M
Leadership
- Michael WeeningPresident, Chief Executive Officer, Director
Insider activity
- Director · Common StockOther 4 967 · 2026-05-14
- Director · Common StockOther 4 967 · 2026-05-14
- Director · Common StockOther 4 967 · 2026-05-14
- Director · Common StockOther 4 967 · 2026-05-14
- Director · Common StockOther 4 967 · 2026-05-14
- Director · Common StockOther 4 967 · 2026-05-14
- Director, 10% owner · Common StockOther 4 967 · 2026-05-14
- Director · Common StockOther 4 967 · 2026-05-14
- Director, 10% owner · Common StockSold 20 909 @ $43,17$903K · 2026-04-27
- Director, 10% owner · Common StockSold 4 091 @ $43,75$179K · 2026-04-27
- Director, 10% owner · Common StockOther 40 000 · 2026-04-08
- Director, 10% owner · Common StockOther 10 000 @ $12,63$126K · 2026-02-25
- Director, President & CEO · Common StockOther 439 @ $45,32$20K · 2026-02-14
- COO · Common StockOther 439 @ $45,32$20K · 2026-02-14
- Chief Financial Officer · Common StockOther 439 @ $45,32$20K · 2026-02-14
- Director, 10% owner · Common StockSold 13 477 @ $46,93$633K · 2026-02-03
- Director, 10% owner · Common StockSold 11 523 @ $47,66$549K · 2026-02-03
- Chief Financial Officer · Common StockOther 27 000 @ $5,05$136K · 2026-02-02
- Director, 10% owner · Common StockOther 10 000 @ $12,63$126K · 2026-01-07
- Director, 10% owner · Common StockOther 10 000 @ $12,63$126K · 2025-11-24
- Director, 10% owner · Common StockOther 10 000 @ $12,63$126K · 2025-11-17
- Chief Product Officer · Common StockOther 24 000 @ $8,03$193K · 2025-11-10
- Chief Product Officer · Common StockSold 24 000 @ $64,14$1,5M · 2025-11-10
- Chief Financial Officer · Common StockOther 50 000 @ $5,05$252K · 2025-11-06
- Chief Financial Officer · Common StockSold 50 000 @ $65,30$3,3M · 2025-11-06
Short positioning
Geographic breakdown
Intel & risk
no material change vs prior analysis (walked 17 fields; 4 schema-expansion field(s) excluded)
- Narrative— → —medium
- Conclusion— → —medium
- Key takeaways— → —medium
- Company share pct— → —medium