Calix, Inc. (CALX) AI Stock Analysis

Calix, Inc. provides cloud platforms, software solutions, and systems to broadband service providers globally. The company's core offering is Calix Cloud, which includes Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud to deliver role-based analytics and mobile applications for subscriber insights and service delivery. Calix also provides EXOS, a carrier-grade premises operating system deployed on its GigaSpire systems for residential and business subscribers, and AXOS, a software platform designed for accessing the network edge. Products and solutions are sold worldwide through a direct sales force and strategic resellers.

Calix expanded its revenue from $679.4M in FY2021 to $1.04B in FY2023, delivering a 5-year compound annual growth rate of 13.1% through FY2025. In FY2024, revenue contracted 20.0% to $831.5M, operating margin dropped to -5.2%, and net income fell to -$29.7M. Performance rebounded in FY2025 as revenue rose 20.3% to $1.00B, gross margin expanded to 56.8%, and net income recovered to $17.9M. For the trailing twelve months, revenue reached $1.11B with an operating margin of 7.4%. In the latest quarter ended June 30, 2026, quarterly revenue grew 21.3% year-over-year, while quarterly earnings declined 98.9%.

As of June 30, 2026, Calix held $194.3M in cash and short-term investments alongside total debt of $14.0M, resulting in net cash of $180.3M. The company reported a current ratio of 2.83 and a debt-to-equity ratio of 0.02. In FY2025, Calix generated $135.0M in operating cash flow and $115.5M in free cash flow. Capital allocation that year included $19.4M in capital expenditures and $93.6M dedicated to share buybacks, which helped reduce share count by 4.7% over 5 years.

At its last close of $36.50 on October 16, 2026, Calix traded at a market capitalization of $2.30B and an enterprise value of $1.99B. Its trailing price-to-earnings ratio of 48.7x is higher than the 28.1x median of its US-listed Technology peers. However, its forward P/E of 14.7x is lower than the peer median of 18.8x, and its price-to-sales multiple of 2.1x compares to a peer median of 2.8x. Over the past year, Calix shares fell 39.5%, trailing the S&P 500 (SPY) gain of 16.8%. Over five years, the stock dropped 36.4% compared to an 83.0% rise for the index.

Calix holds 4 Strong Buy, 2 Buy, and 1 Hold ratings from Wall Street analysts, with no Sell or Strong Sell recommendations. The mean price target is $62.33, which is 70.8% above the last close of $36.50. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $1.19B and EPS of $1.72, implying 27.5% EPS growth. Calix has beaten EPS estimates in each of the last 4 quarters, and its next earnings date is scheduled for November 2, 2026.

This page is an AI-written research summary of Calix, Inc. (CALX). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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