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CALIX, INC (CALX) USD

Supplies cloud software platforms and access systems for broadband service providers.

At a glance: strengths & risks
✓Revenue growing (+21% y/y, Q2 2026)✓Turned profitable (Q2 2026)✓Margins improving (2%→9%, Q2 2026)✓Net cash balance sheet✓Cheaper than own history (EV/EBITDA 29.9 vs avg 81.0)

Sector: United States — large cap (SEC filings)

US_CALX

Price chart

36.82 USDDay -3.89%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
36.82 USD · -3.89%
Market cap
2.6 bn USD

Growth

Δ revenue y/y
21.3%
Δ EBITDA y/y
456.7%

Multiples

P/E (LTM)
49.8x
3y avg: 154.2x
P/B (FY)
3.0x
P/E (ann.)
37.3x
EV/EBITDA (LTM)
29.9x
3y avg: 81.0x
EV/EBITDA (ann.)
22.5x

Cash return

Dividend yield
—
FCF yield (LTM)
3.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+20.4%
↓ details

Liquidity

Daily turnover (US listing)
31.4 mln USD

Shares: yahoo_fundamentals_timeseries/CALX

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-27Q2 2026 (3M)PARTIAL293.3
y/y 21.3%
21.8
y/y 5488.0%
4.5
y/y 3.6%
26.3
y/y 456.7%
17.1
y/y —
16.5-4.6954.4
y/y 3.6%
710.0
y/y -8.1%
9.5%-179.6SEC EDGAR
2026-03-28Q1 2026 (3M)OK280.0
y/y 27.1%
12.7
y/y —
4.4
y/y 2.5%
17.1
y/y —
11.2
y/y —
14.6-8.1951.4
y/y 3.7%
738.0
y/y -3.8%
5.6%-39.9Link
2025-12-31Q4 2025 (3M)OK272.4
y/y 32.2%
9.3
y/y 149.5%
4.4
y/y -7.3%
13.7
y/y 197.6%
7.2
y/y 140.3%
46.0-5.81058.5
y/y 12.7%
859.2
y/y 10.0%
2.1%-127.5Link
2025-09-27Q3 2025 (3M)OK265.4
y/y 32.1%
17.4
y/y —
4.7
y/y -2.5%
22.1
y/y —
15.7
y/y —
32.3-5.6976.4
y/y 4.1%
822.5
y/y 5.6%
7.9%-83.7Link
2025-06-28Q2 2025 (3M)OK241.9
y/y 22.1%
0.4
y/y —
4.3
y/y -15.2%
4.7
y/y —
-0.2
y/y —
39.4-3.7921.4
y/y 0.4%
772.7
y/y 2.4%
-0.1%-70.6Link
2025-03-29Q1 2025 (3M)OK220.2
y/y -2.7%
-6.1
y/y —
4.3
y/y -12.2%
-1.8
y/y -163.8%
-4.8
y/y -4747.6%
17.2-4.3917.1
y/y -0.6%
767.2
y/y 3.3%
-2.5%-35.3Link
2024-12-31Q4 2024 (3M)OK206.1
y/y -22.1%
-18.8
y/y -55.1%
4.7
y/y 6.6%
-14.0
y/y -83.3%
-17.9
y/y -171.3%
15.4-5.1939.3
y/y -0.3%
780.9
y/y 8.6%
-3.8%-35.1Link
2024-09-28Q3 2024 (3M)OK200.9
y/y -23.8%
-10.9
y/y -168.4%
4.8
y/y 12.9%
-6.1
y/y -130.1%
-4.0
y/y -123.4%
16.0-3.2937.5
y/y 1.2%
778.7
y/y 3.7%
-2.1%-53.2Link
2024-06-29Q2 2024 (3M)OK198.1
y/y -24.1%
-11.4
y/y -196.1%
5.1
y/y 22.2%
-6.2
y/y -139.0%
-8.0
y/y -184.9%
22.3-6.0917.9
y/y -2.5%
754.2
y/y 1.7%
-4.3%-74.3Link
2024-03-30Q1 2024 (3M)OK226.3
y/y -9.5%
-2.0
y/y -120.5%
4.9
y/y 30.7%
2.8
y/y -79.2%
0.1
y/y -98.9%
14.7-3.7922.8
y/y 0.9%
742.7
y/y 3.5%
0.1%-77.3Link
2023-12-31Q4 2023 (3M)OK264.7
y/y —
-12.1
y/y —
4.5
y/y —
-7.6
y/y —
-6.6
y/y —
14.9-4.0941.9
y/y —
719.0
y/y —
4.0%-51.8Link
2023-09-30Q3 2023 (3M)OK263.8
y/y —
15.9
y/y —
4.3
y/y —
20.2
y/y —
17.0
y/y —
15.8-3.8926.7
y/y —
750.9
y/y —
9.1%-123.2Link
2023-07-01Q3 2023 (3M)OK261.0
y/y —
11.8
y/y —
4.2
y/y —
16.0
y/y —
9.4
y/y —
17.5-5.5941.8
y/y —
741.8
y/y —
5.1%-76.8Link
2023-04-01Q2 2023 (3M)OK250.0
y/y —
9.9
y/y —
3.7
y/y —
13.7
y/y —
9.6
y/y —
8.1-4.6914.8
y/y —
717.8
y/y —
—-81.2Link

Net debt structure (leases included, IFRS 16) 2026-06-27

Short-term debt (incl. ST leases)3
Long-term debt (incl. LT leases)12
− Cash & equivalents69
Net debt-54

Net debt / LTM EBITDA: -0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%0%200%400%600%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-50-2502550751002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-200-150-100-5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.29x of reported net profit; after capex, 0.81x. Loss years (2024) are left out of the ratio.
year20212022202320242025
cash flow / profit0.24x0.66x1.92x—7.55x
accruals, % of assets24.5%1.6%-2.9%-10.4%-11.1%
Last twelve months (to 2026-06-27): 2.14x of profit came back as operating cash flow.
net debt / EBITDA -3.3x · capex 1.0x of depreciation · share count +0.5% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +20.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X
= —
19
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 552 + -180) ÷ 58
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -2 + 0 + 225 − 0
222
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 3.9% × 2 552
−98
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (19 × 21.0 + 222 − 98) ÷ 2 552
+20.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • LTM EBITDA = FY2025 + Q12026 - Q12025 (cumulative-YTD reporter); ΔEBITDA vs prior full year
  • cash flow = net-debt reduction + dividends + buybacks (balance method)
  • share-count dilution 3.9%/yr (valued at market: -98)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +20% vs -20% the year before — a +40.3 pp move. 3-year CAGR +5%.
revenue growth by year: 2023 +20% · 2024 -20% · 2025 +20%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 30.0x · 3-year 75th pct 245.2x

EV/EBITDA3-year 75th pct

Peer comparison

Group: technology (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS1067.99.5x
ORACLE CORPUS422.016.3x
INTERNATIONAL BUSINESS MACHINES CORPUS245.019.2x
Dell Technologies Inc.US309.919.3x
MICROSOFT CORPUS3951.119.7x
NVIDIA CORPUS5192.825.9x
TEXAS INSTRUMENTS INCUS285.727.2x
CISCO SYSTEMS, INC.US428.527.6x
Apple Inc.US5154.530.2x
Broadcom Inc.US1674.330.7x
INTEL CORPUS459.840.2x
Arista Networks, Inc.US235.050.2x
Group median26.6x
Group average26.3x
This companyUS2.729.9x

Group median 26.6x; this company 29.9x — a 13% premium.

Group average 26.3x; against the average this company is at a 14% premium.

At the adjusted group median the market cap would be -11% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.1x, Russia 3.8x, South Africa 5.5x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-30; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of CALIX, INC (CALX) — from primary filings.

Frequently asked questions

What is CALIX, INC (CALX)'s P/E ratio?
CALIX, INC (CALX) trades at a P/E of 49.8x (price to trailing 12-month earnings).
What is CALIX, INC (CALX)'s EV/EBITDA?
CALIX, INC (CALX) trades at 29.9x EV/EBITDA.
What is CALIX, INC (CALX)'s P/B ratio?
CALIX, INC (CALX) trades at a P/B of 3.0x.
What is CALIX, INC (CALX)'s return on equity (ROE)?
CALIX, INC (CALX)'s ROE is 9.5%.
What is CALIX, INC (CALX)'s market capitalization?
CALIX, INC (CALX)'s market cap is 2.6 bn USD.

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