Calix, Inc. (CALX) Key Metrics
CALX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.30B
- Enterprise value
- $1.99B
- P/E (TTM)
- 48.7 10-yr median 103.3
- Forward P/E
- 14.7
- PEG ratio
- 3.34
- Price / sales
- 2.1 10-yr median 2.8
- Price / book
- 3.1 10-yr median 3.8
- EV / EBITDA
- 25.2 10-yr median 59.5
- Dividend yield
- —
- Beta
- 1.32
CALX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCALX valuation Price multiples at each fiscal year-end price.
CALX returns How much profit the business earns on the capital it uses.
CALX per-share figures Results divided by the shares outstanding at year-end.
CALX financial health Debt, liquidity and how easily interest is covered.
CALX efficiency & capital use Working capital cycle and where the cash goes.
CALX valuation history
CALX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CALX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CALX cash returned to shareholders
CALX price vs earnings per share
CALX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.73B | $2.30B | $3.03B | $4.72B | $5.43B | $1.85B | $439.9M | $512.9M | $298.4M | $375.2M |
| Enterprise value | $3.37B | $2.01B | $2.82B | $4.49B | $5.24B | $1.73B | $440.1M | $493.3M | $288.6M | $318.8M |
| P/E ratio | 208.4 | — | 103.3 | 115.0 | 22.8 | 55.1 | — | — | — | — |
| Price / sales | 3.7 | 2.8 | 2.9 | 5.4 | 8.0 | 3.4 | 1.0 | 1.2 | 0.6 | 0.8 |
| Price / book | 4.3 | 2.9 | 4.2 | 6.9 | 9.5 | 6.6 | 2.9 | 3.4 | 2.1 | 1.8 |
| Price / free cash flow | 32.3 | 45.6 | 78.9 | 359.5 | 117.1 | 42.3 | — | — | — | 25.7 |
| Price / operating cash flow | 27.6 | 33.6 | 53.8 | 173.5 | 95.5 | 35.9 | 94.5 | 144.1 | — | 15.4 |
| EV / sales | 3.4 | 2.4 | 2.7 | 5.2 | 7.7 | 3.2 | 1.0 | 1.1 | 0.6 | 0.7 |
| EV / EBITDA | 64.9 | — | 54.9 | 65.7 | 59.5 | 34.9 | — | — | — | — |
| EV / free cash flow | 29.1 | 39.9 | 73.4 | 342.6 | 113.2 | 39.7 | — | — | — | 21.9 |
| Earnings yield | 0.5% | −1.3% | 1.0% | 0.9% | 4.4% | 1.8% | −4.0% | −3.8% | −27.8% | −7.3% |
| Free cash flow yield | 3.1% | 2.2% | 1.3% | 0.3% | 0.9% | 2.4% | −2.0% | −1.3% | −23.7% | 3.9% |
| Dividend yield | — | — | 0.4% | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 2.5% | 0.5% | 3.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 3.4% |
| Share price at fiscal year-end | $52.93 | $34.87 | $43.69 | $68.43 | $79.97 | $29.76 | $8.00 | $9.75 | $5.95 | $7.70 |
| Per share | ||||||||||
| Revenue per share | $14.20 | $12.62 | $15.00 | $12.59 | $10.01 | $8.73 | $7.72 | $8.39 | $10.18 | $9.41 |
| Earnings per share | $0.25 | −$0.45 | $0.42 | $0.60 | $3.51 | $0.54 | −$0.32 | −$0.37 | −$1.66 | −$0.56 |
| Operating cash flow per share | $1.92 | $1.04 | $0.81 | $0.39 | $0.84 | $0.83 | $0.08 | $0.07 | −$1.25 | $0.50 |
| Free cash flow per share | $1.64 | $0.76 | $0.55 | $0.19 | $0.68 | $0.70 | −$0.16 | −$0.13 | −$1.41 | $0.30 |
| Cash per share | $5.51 | $4.51 | $3.18 | $3.51 | $3.01 | $2.16 | $0.85 | $0.94 | $0.79 | $1.60 |
| Book value per share | $12.20 | $11.85 | $10.37 | $9.86 | $8.38 | $4.52 | $2.80 | $2.89 | $2.89 | $4.37 |
| Tangible book value per share | $10.55 | $10.09 | $8.70 | $8.11 | $6.56 | $2.49 | $0.47 | $0.68 | −$1.74 | $1.97 |
| Dividends per share | — | — | $0.17 | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.28 | $0.27 | $0.26 | $0.20 | $0.15 | $0.13 | $0.24 | $0.20 | $0.16 | $0.20 |
| Debt per share | $0.36 | $0.12 | $0.17 | $0.28 | $0.31 | $0.30 | $0.85 | $0.57 | $0.60 | $0.44 |
| Shares outstanding | 70.4M | 65.9M | 69.3M | 68.9M | 67.9M | 62.0M | 55.0M | 52.6M | 50.2M | 48.7M |
| Change in shares outstanding | +6.9% | −5.0% | +0.6% | +1.6% | +9.4% | +12.7% | +4.5% | +4.9% | +2.9% | −5.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.2% | −4.0% | 4.2% | 6.6% | 56.2% | 15.4% | −11.6% | −13.0% | −46.4% | −12.2% |
| Return on invested capital (ROIC) | 2.2% | −6.8% | 4.5% | 9.5% | 26.9% | 22.5% | −8.5% | −10.9% | −44.2% | −13.8% |
| Return on assets (ROA) | 1.8% | −3.2% | 3.2% | 5.0% | 40.8% | 9.0% | −5.6% | −6.3% | −25.5% | −8.1% |
| Return on tangible assets | 1.9% | −3.6% | 3.6% | 5.4% | 38.5% | 11.1% | −9.4% | −9.6% | −132.4% | −11.5% |
| Free cash flow margin | 11.6% | 6.1% | 3.7% | 1.5% | 6.8% | 8.1% | −2.1% | −1.6% | −13.9% | 3.2% |
| Income quality (OCF / net income) | 7.55 | — | 1.92 | 0.66 | 0.24 | 1.54 | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $25.5M | $8.0M | $11.6M | $19.6M | $20.7M | $18.9M | $47.0M | $30.0M | $30.0M | $21.7M |
| Cash & short-term investments | $388.1M | $297.1M | $220.3M | $241.7M | $204.3M | $133.8M | $46.8M | $49.6M | $39.8M | $78.1M |
| Net debt | −$362.6M | −$289.1M | −$208.8M | −$222.1M | −$183.6M | −$114.9M | $171,000 | −$19.6M | −$9.8M | −$56.5M |
| Debt / equity | 0.03 | 0.01 | 0.02 | 0.03 | 0.04 | 0.07 | 0.31 | 0.20 | 0.21 | 0.10 |
| Debt / assets | 0.02 | 0.01 | 0.01 | 0.02 | 0.03 | 0.04 | 0.15 | 0.09 | 0.10 | 0.06 |
| Net debt / EBITDA | −6.99 | — | −4.06 | −3.25 | −2.09 | −2.32 | — | — | — | — |
| Current ratio | 4.24 | 4.46 | 3.19 | 3.31 | 3.19 | 2.64 | 1.25 | 1.22 | 1.27 | 1.81 |
| Quick ratio | 3.42 | 3.68 | 2.48 | 2.41 | 2.50 | 2.12 | 0.90 | 0.87 | 1.02 | 1.44 |
| Interest coverage | — | — | 2.6 | 26.2 | 183.9 | 23.2 | -16.1 | -29.3 | -509.7 | -48.1 |
| Working capital | $528.3M | $453.6M | $410.3M | $381.9M | $281.1M | $165.8M | $28.3M | $31.1M | $34.1M | $97.9M |
| Invested capital | $496.6M | $491.9M | $510.2M | $457.5M | $384.8M | $165.4M | $154.2M | $132.3M | $135.2M | $156.5M |
| Tangible asset value | $743.0M | $664.8M | $602.8M | $559.1M | $445.4M | $154.6M | $25.7M | $35.8M | −$87.4M | $96.0M |
| Net current asset value | $492.2M | $426.4M | $375.1M | $342.1M | $235.6M | $119.9M | −$19.0M | $9.6M | $12.3M | $76.8M |
| Graham number | $8.35 | — | $9.94 | $11.49 | $25.73 | $7.41 | — | — | — | — |
| Graham net-net per share | $4.69 | $3.79 | $2.29 | $2.63 | $2.05 | $1.05 | −$1.11 | −$0.76 | −$0.68 | −$0.07 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | $11.7M | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $93.6M | $10.7M | $86.4M | $0 | $0 | $0 | $0 | $74,000 | $2.8M | $12.8M |
| Dividend payout ratio | — | — | 39.8% | — | — | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 81.1% | 21.2% | 255.4% | 0.0% | 0.0% | 0.0% | — | — | — | 87.9% |
| Capex / revenue | 1.9% | 2.2% | 1.7% | 1.6% | 1.5% | 1.4% | 3.1% | 2.4% | 1.6% | 2.1% |
| Capex / operating cash flow | 14.4% | 26.4% | 31.7% | 51.7% | 18.4% | 15.2% | 286.9% | 292.9% | — | 40.3% |
| Capex / depreciation | 1.10 | 0.92 | 1.07 | 0.98 | 0.70 | 0.57 | 1.29 | 1.13 | 0.73 | 0.70 |
| Stock-based compensation / revenue | 8.8% | 8.5% | 6.0% | 5.2% | 3.6% | 2.6% | 2.6% | 4.0% | 2.4% | 3.1% |
| R&D / revenue | 19.0% | 21.6% | 17.1% | 15.2% | 15.0% | 15.8% | 19.1% | 20.4% | 25.0% | 23.3% |
| SG&A / revenue | 35.7% | 38.1% | 30.3% | 28.9% | 26.7% | 25.6% | 28.2% | 28.8% | 24.0% | 27.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.6 | 45.1 | 38.6 | 37.6 | 41.5 | 39.1 | 48.8 | 61.0 | 47.1 | 39.2 |
| Days of inventory on hand | 100.0 | 113.8 | 98.8 | 100.5 | 79.8 | 61.5 | 69.7 | 61.1 | 41.1 | 65.3 |
| Days payables outstanding | 26.1 | 26.5 | 26.7 | 29.7 | 23.8 | 15.9 | 39.4 | 57.0 | 32.3 | 30.8 |
| Cash conversion cycle (days) | 106.5 | 132.3 | 110.7 | 108.4 | 97.5 | 84.7 | 79.2 | 65.1 | 55.9 | 73.7 |
| Receivables turnover | 11.19 | 8.10 | 9.46 | 9.70 | 8.79 | 9.34 | 7.47 | 5.99 | 7.75 | 9.32 |
| Payables turnover | 13.98 | 13.75 | 13.69 | 12.27 | 15.31 | 22.94 | 9.27 | 6.40 | 11.29 | 11.86 |
| Inventory turnover | 3.65 | 3.21 | 3.70 | 3.63 | 4.57 | 5.93 | 5.24 | 5.97 | 8.87 | 5.59 |
| Asset turnover | 1.00 | 0.88 | 1.14 | 1.07 | 1.16 | 1.45 | 1.34 | 1.44 | 1.57 | 1.35 |
| Average receivables | $89.3M | $102.7M | $109.9M | $89.5M | $77.3M | $58.0M | $56.8M | $73.7M | $65.9M | $49.2M |
| Average payables | $30.9M | $27.5M | $38.1M | $35.2M | $21.1M | $12.0M | $25.5M | $38.1M | $29.9M | $21.7M |
| Average inventory | $118.2M | $117.9M | $141.1M | $119.0M | $70.6M | $46.2M | $45.2M | $40.8M | $38.0M | $46.1M |
| Intangibles / total assets | 11.0% | 12.4% | 12.3% | 13.6% | 16.6% | 29.4% | 40.5% | 36.6% | 78.7% | 32.9% |
Computed from CALX's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CALX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Calix traded at 208.4 times earnings, against a 10-year median of 103.3. Based on the latest twelve months, the trailing P/E is 48.7 and the forward P/E is 14.7. Calix earned a return on equity of 2.2% and a return on invested capital of 2.2% in fiscal 2025. It ended the year with $25.5 million of debt and $388.1 million in cash and short-term investments, a net cash position of $362.6 million. It returned $93.6 million to shareholders: $0 in dividends and $93.6 million in share buybacks, 81% of free cash flow. The share count rose 44.5% from 48.7M to 70.4M over 9 years.
See the CALX income statement, the CALX chart for price history, or the CALX stock overview for the latest quote and news.
CALX key metrics FAQ
What is Calix's P/E ratio?
Calix's trailing P/E ratio is 48.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.7. At the end of fiscal 2025 it was 208.4, compared with a 10-year median of 103.3.
What is Calix's EV/EBITDA?
Calix's enterprise value was 64.9 times EBITDA at the end of fiscal 2025 (enterprise value $3.4 billion, EBITDA $51.9 million); the current EV/EBITDA is 25.2.
What is Calix's return on equity?
Calix's return on equity (ROE) was 2.2% in fiscal 2025: net income of $17.9 million on average shareholders' equity of $820.1 million.
What is Calix's ROIC?
Calix's return on invested capital was 2.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Calix have?
Calix had total debt of $25.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.03 and more cash than debt.
Does Calix buy back its shares?
Yes. Calix spent $93.6 million on net share repurchases in fiscal 2025 Shares outstanding changed +6.9% over the year, to 70.4M..
What is Calix's free cash flow yield?
Calix generated $115.5 million of free cash flow in fiscal 2025, a free cash flow yield of 3.1% on its market value at year-end ($3.7 billion).
What is Calix's current ratio?
Calix's current ratio was 4.24 at the end of fiscal 2025: current assets were 4.24 times current liabilities.