Calix, Inc. (CALX) 10-Year Financial Performance & Capital Metrics

CALX •

TechnologyApplication SoftwareData platforms, analytics and business intelligence

AboutCalix, 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, and systems and services enable broadband service providers (BSPs) to provide a range of services. It provides Calix Cloud platform, a role-based analytics platform comprising Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud, which are configurable to display role-based insights and enable BSPs to anticipate and target new revenue-generating services and applications through mobile application. The company also offers EXOS, a carrier class premises operating system and fully integrated with its GigaSpire family of systems to be ready for deployment as a complete subscriber experience solutions for BSP's residential and business subscribers; and AXOS, a software platform to access edge of the network by its architecture and operations. It offers its products through its direct sales force and resellers. Calix, Inc. was incorporated in 1999 and is headquartered in San Jose, California.Show more

Revenue $1B +20.3%
EBITDA $39M +264.8%
Net Income $18M +160.1%
EPS (Diluted) 0.26 +157.8%
Gross Margin 56.83% +4.2%
EBITDA Margin 3.87% +237.0%
Operating Margin 2.1% +140.6%
Net Margin 1.79% +150.0%
ROE 2.18% +155.0%
ROIC 2.12% +146.3%
Debt/Equity 0.03 +189.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.1%

✗Weaknesses

✗Weak 3Y average ROE of 0.8%
✗Profits declining 11.8% over 5 years

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.39%

5Y13.06%

3Y4.84%

TTM20.26%

Profit (Net Income) CAGR

10Y-

5Y-11.79%

3Y-24.17%

TTM160.12%

EPS CAGR

10Y-

5Y-13.6%

3Y-24.33%

TTM158.94%

ROCE

10Y Avg-3.32%

5Y Avg4.81%

3Y Avg0.14%

Latest2.46%

Peer Comparison

Data platforms, analytics and business intelligence

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CALXCalix, Inc.	3.43B	51.77	199.12	20.26%	1.79%	2.08%	3.37%	0.03
DOMODomo, Inc.	138.34M	3.59	-1.69	-0.61%	-21.71%
DGNXDiginex Limited	132.92M	0.63	-9.56	57.03%	-255.46%	-114.37%		0.05
AMPLAmplitude, Inc.	216.32M	7.30	-10.90	14.68%	-25.8%	-36.09%	13.04%	0.03
KCKingsoft Cloud Holdings Limited	49.71B	13.48	-11.42	10.47%	-10.76%	-13.72%		0.94
STRKMicroStrategy Incorporated		78.34	-12.93	-6.61%	16.67%	13.62%		0.40
STRFMicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock		98.56	-16.26	-6.61%	16.67%	13.62%		0.40
STRCMicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	3.39B	100.00	-16.50	-6.61%	16.67%	13.62%		0.40

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	458.79M	510.37M	441.32M	424.33M	541.24M	679.39M	867.83M	1.04B	831.52M	1B
Revenue Growth %	12.6%	11.24%	-13.53%	-3.85%	27.55%	25.53%	27.74%	19.79%	-20.02%	20.26%
Cost of Goods Sold+	257.57M	337.48M	243.94M	236.41M	274.22M	322.81M	432.4M	521.28M	377.92M	431.69M
COGS % of Revenue	56.14%	66.12%	55.27%	55.71%	50.67%	47.51%	49.83%	50.14%	45.45%	43.17%
Gross Profit+	201.22M	172.89M	197.38M	187.93M	267.02M	356.59M	435.43M	518.32M	453.59M	568.32M
Gross Margin %	43.86%	33.88%	44.73%	44.29%	49.33%	52.49%	50.17%	49.86%	54.55%	56.83%
Gross Profit Growth %	5.67%	-14.08%	14.17%	-4.79%	42.09%	33.54%	22.11%	19.04%	-12.49%	25.29%
Operating Expenses+	229.34M	254.45M	215.9M	203.33M	230.17M	282.65M	382.82M	492.73M	496.63M	547.33M
OpEx % of Revenue	49.99%	49.86%	48.92%	47.92%	42.53%	41.6%	44.11%	47.4%	59.73%	54.73%
Selling, General & Admin	125.27M	122.66M	126.93M	119.67M	138.63M	181.69M	250.82M	314.96M	316.76M	356.97M
SG&A % of Revenue	27.3%	24.03%	28.76%	28.2%	25.61%	26.74%	28.9%	30.3%	38.09%	35.7%
Research & Development	106.87M	127.54M	89.96M	81.18M	85.26M	101.75M	131.99M	177.77M	179.87M	190.36M
R&D % of Revenue	23.29%	24.99%	20.39%	19.13%	15.75%	14.98%	15.21%	17.1%	21.63%	19.04%
Other Operating Expenses	-2.8M	4.25M	-999K	2.47M	6.29M	-786K	0	0	0	0
Operating Income+	-28.12M	-81.56M	-18.51M	-15.4M	36.85M	73.94M	52.61M	25.59M	-43.03M	20.99M
Operating Margin %	-6.13%	-15.98%	-4.2%	-3.63%	6.81%	10.88%	6.06%	2.46%	-5.18%	2.1%
Operating Income Growth %	-6.07%	-190.04%	77.3%	16.81%	339.24%	100.67%	-28.85%	-51.37%	-268.2%	148.78%
EBITDA+	-13.99M	-70.56M	-9.33M	-5.08M	50.56M	88.95M	66.92M	42.22M	-23.48M	38.7M
EBITDA Margin %	-3.05%	-13.83%	-2.11%	-1.2%	9.34%	13.09%	7.71%	4.06%	-2.82%	3.87%
EBITDA Growth %	-705.06%	-404.22%	86.78%	45.48%	1094.38%	75.92%	-24.76%	-36.92%	-155.63%	264.79%
D&A (Non-Cash Add-back)	14.12M	10.99M	9.19M	10.32M	13.72M	15.01M	14.31M	16.63M	19.55M	17.71M
EBIT	-32.62M	-77.31M	-18.14M	-15.57M	35.87M	73.06M	52.61M	25.59M	-43.03M	34.17M
Net Interest Income+	152K	-160K	-632K	-958K	-1.58M	-402K	2.01M	9.7M	12.34M	13.43M
Interest Income	737K	0	0	0	0	0	2.01M	9.7M	12.34M	13.43M
Interest Expense	585K	160K	632K	958K	1.58M	402K	0	0	0	0
Other Income/Expense	1.06M	-233K	-254K	-1.13M	-2.56M	-1.28M	1.43M	9.17M	11.39M	13.18M
Pretax Income+	-27.05M	-81.79M	-18.77M	-16.53M	34.28M	72.65M	54.04M	34.76M	-31.65M	34.17M
Pretax Margin %	-5.9%	-16.03%	-4.25%	-3.9%	6.33%	10.69%	6.23%	3.34%	-3.81%	3.42%
Income Tax+	347K	1.24M	530K	1.16M	800K	-165.72M	13.03M	5.43M	-1.9M	16.28M
Effective Tax Rate %	101.28%	101.52%	102.82%	107.03%	97.67%	328.1%	75.89%	84.37%	94%	52.34%
Net Income+	-27.4M	-83.03M	-19.3M	-17.69M	33.48M	238.38M	41.01M	29.32M	-29.75M	17.88M
Net Margin %	-5.97%	-16.27%	-4.37%	-4.17%	6.19%	35.09%	4.73%	2.82%	-3.58%	1.79%
Net Income Growth %	-4.06%	-203.01%	76.76%	8.31%	289.24%	611.92%	-82.8%	-28.49%	-201.44%	160.12%
Net Income (Continuing)	-27.4M	-83.03M	-19.3M	-17.69M	33.48M	238.38M	41.01M	29.32M	-29.75M	17.88M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.56	-1.66	-0.37	-0.32	0.54	3.51	0.60	0.42	-0.45	0.26
EPS Growth %	-9.8%	-196.43%	77.71%	13.51%	268.75%	550%	-82.91%	-30%	-207.14%	157.78%
EPS (Basic)	-0.56	-1.66	-0.37	-0.32	0.57	3.77	0.63	0.44	-0.45	0.27
Diluted Shares Outstanding	48.73M	50.16M	52.61M	54.99M	62M	67.86M	68.91M	69.32M	65.88M	70.43M
Basic Shares Outstanding	48.73M	50.16M	52.16M	54.99M	59.07M	63.28M	65.06M	65.98M	65.88M	66.81M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	219.32M	162.46M	174.76M	143.82M	266.89M	409.25M	547.37M	597.96M	584.74M	691.55M
Cash & Short-Term Investments	78.11M	39.77M	49.65M	46.83M	133.79M	204.34M	241.72M	220.35M	297.09M	388.1M
Cash Only	50.36M	39.77M	49.65M	46.83M	80.81M	51.33M	79.07M	63.41M	43.16M	143.09M
Short-Term Investments	27.75M	0	0	0	52.98M	153M	162.64M	156.94M	253.93M	245.02M
Accounts Receivable	51.34M	80.39M	67.03M	46.51M	69.42M	85.22M	93.8M	126.03M	79.32M	99.37M
Days Sales Outstanding	40.84	57.49	55.43	40.01	46.81	45.78	39.45	44.25	34.82	36.27
Inventory	44.55M	31.53M	50.15M	40.15M	52.27M	88.88M	149.16M	132.99M	102.73M	133.74M
Days Inventory Outstanding	63.12	34.1	75.04	61.99	69.57	100.5	125.91	93.12	99.21	113.08
Other Current Assets	34.76M	0	628K	628K	0	0	62.69M	78.13M	105.6M	70.34M
Total Non-Current Assets+	136.15M	132.62M	142.32M	173.01M	160.46M	332.79M	337.46M	343.91M	354.53M	366.97M
Property, Plant & Equipment	17.98M	15.68M	24.95M	37.39M	32.12M	33.97M	35.12M	38.72M	37.37M	52.48M
Fixed Asset Turnover	25.51x	32.55x	17.69x	11.35x	16.85x	20.00x	24.71x	26.85x	22.25x	19.06x
Goodwill	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M
Intangible Assets	813K	0	0	12.15M	9.52M	6.88M	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.18M	759K	1.2M	7.29M	2.65M	6.8M	19.14M	21.32M	23.39M	32.68M
Total Assets+	355.48M	295.07M	317.08M	316.82M	427.35M	742.03M	884.84M	941.87M	939.27M	1.06B
Asset Turnover	1.29x	1.73x	1.39x	1.34x	1.27x	0.92x	0.98x	1.10x	0.89x	0.94x
Asset Growth %	9.75%	-16.99%	7.46%	-0.08%	34.89%	73.63%	19.24%	6.45%	-0.28%	12.7%
Total Current Liabilities+	121.4M	128.33M	143.68M	115.49M	101.04M	128.14M	165.42M	187.64M	131.14M	163.25M
Accounts Payable	23.83M	35.98M	40.21M	10.79M	13.12M	29.06M	41.41M	34.75M	20.23M	41.52M
Days Payables Outstanding	33.77	38.91	60.16	16.66	17.46	32.86	34.95	24.33	19.53	35.11
Short-Term Debt	0	30M	30M	30M	2.92M	4.73M	11.16M	0	0	0
Deferred Revenue (Current)	27.85M	13.08M	15.6M	24.41M	27.56M	32.22M	33.54M	36.67M	26.75M	30.39M
Other Current Liabilities	49.94M	33.72M	38.06M	19.01M	20.82M	18.43M	51.5M	75.34M	43.86M	91.34M
Current Ratio	1.81x	1.27x	1.22x	1.25x	2.64x	3.19x	3.31x	3.19x	4.46x	4.24x
Quick Ratio	1.44x	1.02x	0.87x	0.90x	2.12x	2.50x	2.41x	2.48x	3.68x	3.42x
Cash Conversion Cycle	70.2	52.68	70.31	85.34	98.93	113.42	130.41	113.04	114.5	114.24
Total Non-Current Liabilities+	21.11M	21.77M	21.47M	47.3M	45.99M	45.47M	39.85M	35.24M	27.18M	36.05M
Long-Term Debt	0	0	0	0	0	0	0	0	0	12.76M
Capital Lease Obligations	0	0	0	14.34M	12.95M	12.38M	8.44M	7.42M	3.72M	12.76M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	878K	1.13M	3.97M	14.63M	13.14M	11.08M	6.33M	2.96M	2.58M	-9.35M
Total Liabilities	142.51M	150.11M	165.15M	162.79M	147.03M	173.6M	205.27M	222.88M	158.33M	199.3M
Total Debt+	0	30M	30M	47M	18.86M	20.7M	19.6M	11.56M	8.02M	25.51M
Net Debt	-50.36M	-9.78M	-19.65M	171K	-61.94M	-30.63M	-59.47M	-51.85M	-35.14M	-117.57M
Debt / Equity	-	0.21x	0.20x	0.31x	0.07x	0.04x	0.03x	0.02x	0.01x	0.03x
Debt / EBITDA	-	-	-	-	0.37x	0.23x	0.29x	0.27x	-	0.66x
Net Debt / EBITDA	-	-	-	-	-1.23x	-0.34x	-0.89x	-1.23x	-	-3.04x
Interest Coverage	-48.07x	-509.73x	-29.29x	-16.08x	23.25x	183.93x	-	-	-	-
Total Equity+	212.96M	144.96M	151.93M	154.03M	280.32M	568.43M	679.57M	718.98M	780.94M	859.22M
Equity Growth %	-9.68%	-31.93%	4.81%	1.38%	82%	102.77%	19.55%	5.8%	8.62%	10.02%
Book Value per Share	4.37	2.89	2.89	2.80	4.52	8.38	9.86	10.37	11.85	12.20
Total Shareholders' Equity	212.96M	144.96M	151.93M	154.03M	280.32M	568.43M	679.57M	718.98M	780.94M	859.22M
Common Stock	1.37M	1.42M	1.48M	1.54M	1.55M	1.61M	1.64M	1.63M	1.66M	1.68M
Retained Earnings	-584.33M	-667.36M	-684.88M	-702.58M	-669.09M	-430.71M	-389.7M	-360.38M	-390.13M	-372.24M
Treasury Stock	-39.99M	-39.99M	-39.99M	-39.99M	0	0	0	0	0	0
Accumulated OCI	-656K	-169K	-753K	-854K	-191K	-320K	-2.47M	-659K	-612K	-408K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	24.42M	-62.77M	3.56M	4.65M	51.41M	56.79M	27.18M	56.25M	68.4M	134.95M
Operating CF Margin %	5.32%	-12.3%	0.81%	1.1%	9.5%	8.36%	3.13%	5.41%	8.23%	13.5%
Operating CF Growth %	557.2%	-357.06%	105.67%	30.73%	1004.62%	10.47%	-52.14%	106.93%	21.6%	97.3%
Net Income	-27.4M	-83.03M	-19.3M	-17.69M	33.48M	238.38M	41.01M	29.32M	-29.75M	17.88M
Depreciation & Amortization	14.12M	10.99M	9.19M	10.32M	13.72M	15.01M	14.31M	16.63M	19.55M	17.71M
Stock-Based Compensation	14.29M	12.37M	17.47M	11.18M	13.96M	24.23M	44.83M	62.77M	70.76M	87.93M
Deferred Taxes	0	0	0	0	0	-168.43M	1.93M	-660K	-9.97M	11.85M
Other Non-Cash Items	382K	280K	-6.38M	2.64M	3.91M	0	-1.15M	-4.2M	-5.29M	-3.7M
Working Capital Changes	23.03M	-3.37M	2.58M	-1.78M	-13.67M	-52.4M	-73.75M	-47.62M	23.09M	3.27M
Change in Receivables	-4.18M	-29.06M	13.86M	20.52M	-22.91M	-15.8M	-8.59M	-32.22M	46.71M	-20.05M
Change in Inventory	3.12M	13.02M	-20.64M	10M	-12.12M	-36.61M	-60.28M	16.18M	30.26M	-31.01M
Change in Payables	4.24M	11.76M	4.6M	-29.44M	2.19M	16.02M	12.11M	-6.37M	-15.14M	21.51M
Cash from Investing+	12.08M	19.73M	-76K	-13.35M	-60.8M	-110.66M	-24.08M	-6.25M	-109.53M	-6.37M
Capital Expenditures	-9.84M	-8.03M	-10.43M	-13.35M	-7.82M	-10.46M	-14.07M	-17.86M	-18.05M	-19.43M
CapEx % of Revenue	2.14%	1.57%	2.36%	3.15%	1.44%	1.54%	1.62%	1.72%	2.17%	1.94%
Acquisitions	0	0	10.35M	0	52.98M	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	21.92M	27.76M	10.35M	0	-52.98M	0	0	0	0	0
Cash from Financing+	-9.24M	31.99M	7.49M	5.97M	42.15M	24.38M	25.06M	-65.93M	20.9M	-28.43M
Debt Issued (Net)	0	30M	0	0	-5.76M	-1.24M	-2.39M	0	0	0
Equity Issued (Net)	-1000K	0	0	0	1000K	1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-12.81M	-2.76M	-74K	0	0	0	0	-86.4M	-10.7M	-93.63M
Other Financing	5.67M	1.99M	7.49M	5.97M	-12.16M	0	0	20.47M	31.59M	0
Net Change in Cash	26.73M	-10.58M	10.5M	-2.82M	33.35M	-29.47M	27.74M	-15.66M	-20.25M	99.92M
Free Cash Flow+	14.58M	-70.8M	-6.87M	-8.7M	43.59M	46.33M	13.12M	38.4M	50.35M	115.52M
FCF Margin %	3.18%	-13.87%	-1.56%	-2.05%	8.05%	6.82%	1.51%	3.69%	6.05%	11.55%
FCF Growth %	215.54%	-585.58%	90.3%	-26.7%	601.09%	6.29%	-71.69%	192.74%	31.12%	129.45%
FCF per Share	0.30	-1.41	-0.13	-0.16	0.70	0.68	0.19	0.55	0.76	1.64
FCF Conversion (FCF/Net Income)	-0.89x	0.76x	-0.18x	-0.26x	1.54x	0.24x	0.66x	1.92x	-2.30x	7.55x
Interest Paid	127K	313K	649K	1.12M	1.69M	0	0	253K	0	0
Taxes Paid	965K	915K	561K	403K	751K	0	0	11.87M	5.88M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-12.21%	-46.4%	-13%	-11.57%	15.42%	56.17%	6.57%	4.19%	-3.97%	2.18%
Return on Invested Capital (ROIC)	-11.25%	-41.08%	-10.38%	-8.06%	14.83%	14.67%	6.82%	2.98%	-4.57%	2.12%
Gross Margin	43.86%	33.88%	44.73%	44.29%	49.33%	52.49%	50.17%	49.86%	54.55%	56.83%
Net Margin	-5.97%	-16.27%	-4.37%	-4.17%	6.19%	35.09%	4.73%	2.82%	-3.58%	1.79%
Debt / Equity	-	0.21x	0.20x	0.31x	0.07x	0.04x	0.03x	0.02x	0.01x	0.03x
Interest Coverage	-48.07x	-509.73x	-29.29x	-16.08x	23.25x	183.93x	-	-	-	-
FCF Conversion	-0.89x	0.76x	-0.18x	-0.26x	1.54x	0.24x	0.66x	1.92x	-2.30x	7.55x
Revenue Growth	12.6%	11.24%	-13.53%	-3.85%	27.55%	25.53%	27.74%	19.79%	-20.02%	20.26%

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Calix, Inc. (CALX) 10-Year Financial Performance & Capital Metrics

CALX •

TechnologyApplication SoftwareData platforms, analytics and business intelligence

Revenue $1B +20.3%
EBITDA $39M +264.8%
Net Income $18M +160.1%
EPS (Diluted) 0.26 +157.8%
Gross Margin 56.83% +4.2%
EBITDA Margin 3.87% +237.0%
Operating Margin 2.1% +140.6%
Net Margin 1.79% +150.0%
ROE 2.18% +155.0%
ROIC 2.12% +146.3%
Debt/Equity 0.03 +189.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.1%

✗Weaknesses

✗Weak 3Y average ROE of 0.8%
✗Profits declining 11.8% over 5 years

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.39%

5Y13.06%

3Y4.84%

TTM20.26%

Profit (Net Income) CAGR

10Y-

5Y-11.79%

3Y-24.17%

TTM160.12%

EPS CAGR

10Y-

5Y-13.6%

3Y-24.33%

TTM158.94%

ROCE

10Y Avg-3.32%

5Y Avg4.81%

3Y Avg0.14%

Latest2.46%

Peer Comparison

Data platforms, analytics and business intelligence

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CALXCalix, Inc.	3.43B	51.77	199.12	20.26%	1.79%	2.08%	3.37%	0.03
DOMODomo, Inc.	138.34M	3.59	-1.69	-0.61%	-21.71%
DGNXDiginex Limited	132.92M	0.63	-9.56	57.03%	-255.46%	-114.37%		0.05
AMPLAmplitude, Inc.	216.32M	7.30	-10.90	14.68%	-25.8%	-36.09%	13.04%	0.03
KCKingsoft Cloud Holdings Limited	49.71B	13.48	-11.42	10.47%	-10.76%	-13.72%		0.94
STRKMicroStrategy Incorporated		78.34	-12.93	-6.61%	16.67%	13.62%		0.40
STRFMicroStrategy Incorporated 10.00% Series A Perpetual Strife Preferred Stock		98.56	-16.26	-6.61%	16.67%	13.62%		0.40
STRCMicroStrategy Incorporated Variable Rate Series A Perpetual Stretch Preferred Stock	3.39B	100.00	-16.50	-6.61%	16.67%	13.62%		0.40

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	458.79M	510.37M	441.32M	424.33M	541.24M	679.39M	867.83M	1.04B	831.52M	1B
Revenue Growth %	12.6%	11.24%	-13.53%	-3.85%	27.55%	25.53%	27.74%	19.79%	-20.02%	20.26%
Cost of Goods Sold+	257.57M	337.48M	243.94M	236.41M	274.22M	322.81M	432.4M	521.28M	377.92M	431.69M
COGS % of Revenue	56.14%	66.12%	55.27%	55.71%	50.67%	47.51%	49.83%	50.14%	45.45%	43.17%
Gross Profit+	201.22M	172.89M	197.38M	187.93M	267.02M	356.59M	435.43M	518.32M	453.59M	568.32M
Gross Margin %	43.86%	33.88%	44.73%	44.29%	49.33%	52.49%	50.17%	49.86%	54.55%	56.83%
Gross Profit Growth %	5.67%	-14.08%	14.17%	-4.79%	42.09%	33.54%	22.11%	19.04%	-12.49%	25.29%
Operating Expenses+	229.34M	254.45M	215.9M	203.33M	230.17M	282.65M	382.82M	492.73M	496.63M	547.33M
OpEx % of Revenue	49.99%	49.86%	48.92%	47.92%	42.53%	41.6%	44.11%	47.4%	59.73%	54.73%
Selling, General & Admin	125.27M	122.66M	126.93M	119.67M	138.63M	181.69M	250.82M	314.96M	316.76M	356.97M
SG&A % of Revenue	27.3%	24.03%	28.76%	28.2%	25.61%	26.74%	28.9%	30.3%	38.09%	35.7%
Research & Development	106.87M	127.54M	89.96M	81.18M	85.26M	101.75M	131.99M	177.77M	179.87M	190.36M
R&D % of Revenue	23.29%	24.99%	20.39%	19.13%	15.75%	14.98%	15.21%	17.1%	21.63%	19.04%
Other Operating Expenses	-2.8M	4.25M	-999K	2.47M	6.29M	-786K	0	0	0	0
Operating Income+	-28.12M	-81.56M	-18.51M	-15.4M	36.85M	73.94M	52.61M	25.59M	-43.03M	20.99M
Operating Margin %	-6.13%	-15.98%	-4.2%	-3.63%	6.81%	10.88%	6.06%	2.46%	-5.18%	2.1%
Operating Income Growth %	-6.07%	-190.04%	77.3%	16.81%	339.24%	100.67%	-28.85%	-51.37%	-268.2%	148.78%
EBITDA+	-13.99M	-70.56M	-9.33M	-5.08M	50.56M	88.95M	66.92M	42.22M	-23.48M	38.7M
EBITDA Margin %	-3.05%	-13.83%	-2.11%	-1.2%	9.34%	13.09%	7.71%	4.06%	-2.82%	3.87%
EBITDA Growth %	-705.06%	-404.22%	86.78%	45.48%	1094.38%	75.92%	-24.76%	-36.92%	-155.63%	264.79%
D&A (Non-Cash Add-back)	14.12M	10.99M	9.19M	10.32M	13.72M	15.01M	14.31M	16.63M	19.55M	17.71M
EBIT	-32.62M	-77.31M	-18.14M	-15.57M	35.87M	73.06M	52.61M	25.59M	-43.03M	34.17M
Net Interest Income+	152K	-160K	-632K	-958K	-1.58M	-402K	2.01M	9.7M	12.34M	13.43M
Interest Income	737K	0	0	0	0	0	2.01M	9.7M	12.34M	13.43M
Interest Expense	585K	160K	632K	958K	1.58M	402K	0	0	0	0
Other Income/Expense	1.06M	-233K	-254K	-1.13M	-2.56M	-1.28M	1.43M	9.17M	11.39M	13.18M
Pretax Income+	-27.05M	-81.79M	-18.77M	-16.53M	34.28M	72.65M	54.04M	34.76M	-31.65M	34.17M
Pretax Margin %	-5.9%	-16.03%	-4.25%	-3.9%	6.33%	10.69%	6.23%	3.34%	-3.81%	3.42%
Income Tax+	347K	1.24M	530K	1.16M	800K	-165.72M	13.03M	5.43M	-1.9M	16.28M
Effective Tax Rate %	101.28%	101.52%	102.82%	107.03%	97.67%	328.1%	75.89%	84.37%	94%	52.34%
Net Income+	-27.4M	-83.03M	-19.3M	-17.69M	33.48M	238.38M	41.01M	29.32M	-29.75M	17.88M
Net Margin %	-5.97%	-16.27%	-4.37%	-4.17%	6.19%	35.09%	4.73%	2.82%	-3.58%	1.79%
Net Income Growth %	-4.06%	-203.01%	76.76%	8.31%	289.24%	611.92%	-82.8%	-28.49%	-201.44%	160.12%
Net Income (Continuing)	-27.4M	-83.03M	-19.3M	-17.69M	33.48M	238.38M	41.01M	29.32M	-29.75M	17.88M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.56	-1.66	-0.37	-0.32	0.54	3.51	0.60	0.42	-0.45	0.26
EPS Growth %	-9.8%	-196.43%	77.71%	13.51%	268.75%	550%	-82.91%	-30%	-207.14%	157.78%
EPS (Basic)	-0.56	-1.66	-0.37	-0.32	0.57	3.77	0.63	0.44	-0.45	0.27
Diluted Shares Outstanding	48.73M	50.16M	52.61M	54.99M	62M	67.86M	68.91M	69.32M	65.88M	70.43M
Basic Shares Outstanding	48.73M	50.16M	52.16M	54.99M	59.07M	63.28M	65.06M	65.98M	65.88M	66.81M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	219.32M	162.46M	174.76M	143.82M	266.89M	409.25M	547.37M	597.96M	584.74M	691.55M
Cash & Short-Term Investments	78.11M	39.77M	49.65M	46.83M	133.79M	204.34M	241.72M	220.35M	297.09M	388.1M
Cash Only	50.36M	39.77M	49.65M	46.83M	80.81M	51.33M	79.07M	63.41M	43.16M	143.09M
Short-Term Investments	27.75M	0	0	0	52.98M	153M	162.64M	156.94M	253.93M	245.02M
Accounts Receivable	51.34M	80.39M	67.03M	46.51M	69.42M	85.22M	93.8M	126.03M	79.32M	99.37M
Days Sales Outstanding	40.84	57.49	55.43	40.01	46.81	45.78	39.45	44.25	34.82	36.27
Inventory	44.55M	31.53M	50.15M	40.15M	52.27M	88.88M	149.16M	132.99M	102.73M	133.74M
Days Inventory Outstanding	63.12	34.1	75.04	61.99	69.57	100.5	125.91	93.12	99.21	113.08
Other Current Assets	34.76M	0	628K	628K	0	0	62.69M	78.13M	105.6M	70.34M
Total Non-Current Assets+	136.15M	132.62M	142.32M	173.01M	160.46M	332.79M	337.46M	343.91M	354.53M	366.97M
Property, Plant & Equipment	17.98M	15.68M	24.95M	37.39M	32.12M	33.97M	35.12M	38.72M	37.37M	52.48M
Fixed Asset Turnover	25.51x	32.55x	17.69x	11.35x	16.85x	20.00x	24.71x	26.85x	22.25x	19.06x
Goodwill	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M	116.17M
Intangible Assets	813K	0	0	12.15M	9.52M	6.88M	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.18M	759K	1.2M	7.29M	2.65M	6.8M	19.14M	21.32M	23.39M	32.68M
Total Assets+	355.48M	295.07M	317.08M	316.82M	427.35M	742.03M	884.84M	941.87M	939.27M	1.06B
Asset Turnover	1.29x	1.73x	1.39x	1.34x	1.27x	0.92x	0.98x	1.10x	0.89x	0.94x
Asset Growth %	9.75%	-16.99%	7.46%	-0.08%	34.89%	73.63%	19.24%	6.45%	-0.28%	12.7%
Total Current Liabilities+	121.4M	128.33M	143.68M	115.49M	101.04M	128.14M	165.42M	187.64M	131.14M	163.25M
Accounts Payable	23.83M	35.98M	40.21M	10.79M	13.12M	29.06M	41.41M	34.75M	20.23M	41.52M
Days Payables Outstanding	33.77	38.91	60.16	16.66	17.46	32.86	34.95	24.33	19.53	35.11
Short-Term Debt	0	30M	30M	30M	2.92M	4.73M	11.16M	0	0	0
Deferred Revenue (Current)	27.85M	13.08M	15.6M	24.41M	27.56M	32.22M	33.54M	36.67M	26.75M	30.39M
Other Current Liabilities	49.94M	33.72M	38.06M	19.01M	20.82M	18.43M	51.5M	75.34M	43.86M	91.34M
Current Ratio	1.81x	1.27x	1.22x	1.25x	2.64x	3.19x	3.31x	3.19x	4.46x	4.24x
Quick Ratio	1.44x	1.02x	0.87x	0.90x	2.12x	2.50x	2.41x	2.48x	3.68x	3.42x
Cash Conversion Cycle	70.2	52.68	70.31	85.34	98.93	113.42	130.41	113.04	114.5	114.24
Total Non-Current Liabilities+	21.11M	21.77M	21.47M	47.3M	45.99M	45.47M	39.85M	35.24M	27.18M	36.05M
Long-Term Debt	0	0	0	0	0	0	0	0	0	12.76M
Capital Lease Obligations	0	0	0	14.34M	12.95M	12.38M	8.44M	7.42M	3.72M	12.76M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	878K	1.13M	3.97M	14.63M	13.14M	11.08M	6.33M	2.96M	2.58M	-9.35M
Total Liabilities	142.51M	150.11M	165.15M	162.79M	147.03M	173.6M	205.27M	222.88M	158.33M	199.3M
Total Debt+	0	30M	30M	47M	18.86M	20.7M	19.6M	11.56M	8.02M	25.51M
Net Debt	-50.36M	-9.78M	-19.65M	171K	-61.94M	-30.63M	-59.47M	-51.85M	-35.14M	-117.57M
Debt / Equity	-	0.21x	0.20x	0.31x	0.07x	0.04x	0.03x	0.02x	0.01x	0.03x
Debt / EBITDA	-	-	-	-	0.37x	0.23x	0.29x	0.27x	-	0.66x
Net Debt / EBITDA	-	-	-	-	-1.23x	-0.34x	-0.89x	-1.23x	-	-3.04x
Interest Coverage	-48.07x	-509.73x	-29.29x	-16.08x	23.25x	183.93x	-	-	-	-
Total Equity+	212.96M	144.96M	151.93M	154.03M	280.32M	568.43M	679.57M	718.98M	780.94M	859.22M
Equity Growth %	-9.68%	-31.93%	4.81%	1.38%	82%	102.77%	19.55%	5.8%	8.62%	10.02%
Book Value per Share	4.37	2.89	2.89	2.80	4.52	8.38	9.86	10.37	11.85	12.20
Total Shareholders' Equity	212.96M	144.96M	151.93M	154.03M	280.32M	568.43M	679.57M	718.98M	780.94M	859.22M
Common Stock	1.37M	1.42M	1.48M	1.54M	1.55M	1.61M	1.64M	1.63M	1.66M	1.68M
Retained Earnings	-584.33M	-667.36M	-684.88M	-702.58M	-669.09M	-430.71M	-389.7M	-360.38M	-390.13M	-372.24M
Treasury Stock	-39.99M	-39.99M	-39.99M	-39.99M	0	0	0	0	0	0
Accumulated OCI	-656K	-169K	-753K	-854K	-191K	-320K	-2.47M	-659K	-612K	-408K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	24.42M	-62.77M	3.56M	4.65M	51.41M	56.79M	27.18M	56.25M	68.4M	134.95M
Operating CF Margin %	5.32%	-12.3%	0.81%	1.1%	9.5%	8.36%	3.13%	5.41%	8.23%	13.5%
Operating CF Growth %	557.2%	-357.06%	105.67%	30.73%	1004.62%	10.47%	-52.14%	106.93%	21.6%	97.3%
Net Income	-27.4M	-83.03M	-19.3M	-17.69M	33.48M	238.38M	41.01M	29.32M	-29.75M	17.88M
Depreciation & Amortization	14.12M	10.99M	9.19M	10.32M	13.72M	15.01M	14.31M	16.63M	19.55M	17.71M
Stock-Based Compensation	14.29M	12.37M	17.47M	11.18M	13.96M	24.23M	44.83M	62.77M	70.76M	87.93M
Deferred Taxes	0	0	0	0	0	-168.43M	1.93M	-660K	-9.97M	11.85M
Other Non-Cash Items	382K	280K	-6.38M	2.64M	3.91M	0	-1.15M	-4.2M	-5.29M	-3.7M
Working Capital Changes	23.03M	-3.37M	2.58M	-1.78M	-13.67M	-52.4M	-73.75M	-47.62M	23.09M	3.27M
Change in Receivables	-4.18M	-29.06M	13.86M	20.52M	-22.91M	-15.8M	-8.59M	-32.22M	46.71M	-20.05M
Change in Inventory	3.12M	13.02M	-20.64M	10M	-12.12M	-36.61M	-60.28M	16.18M	30.26M	-31.01M
Change in Payables	4.24M	11.76M	4.6M	-29.44M	2.19M	16.02M	12.11M	-6.37M	-15.14M	21.51M
Cash from Investing+	12.08M	19.73M	-76K	-13.35M	-60.8M	-110.66M	-24.08M	-6.25M	-109.53M	-6.37M
Capital Expenditures	-9.84M	-8.03M	-10.43M	-13.35M	-7.82M	-10.46M	-14.07M	-17.86M	-18.05M	-19.43M
CapEx % of Revenue	2.14%	1.57%	2.36%	3.15%	1.44%	1.54%	1.62%	1.72%	2.17%	1.94%
Acquisitions	0	0	10.35M	0	52.98M	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	21.92M	27.76M	10.35M	0	-52.98M	0	0	0	0	0
Cash from Financing+	-9.24M	31.99M	7.49M	5.97M	42.15M	24.38M	25.06M	-65.93M	20.9M	-28.43M
Debt Issued (Net)	0	30M	0	0	-5.76M	-1.24M	-2.39M	0	0	0
Equity Issued (Net)	-1000K	0	0	0	1000K	1000K	1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-12.81M	-2.76M	-74K	0	0	0	0	-86.4M	-10.7M	-93.63M
Other Financing	5.67M	1.99M	7.49M	5.97M	-12.16M	0	0	20.47M	31.59M	0
Net Change in Cash	26.73M	-10.58M	10.5M	-2.82M	33.35M	-29.47M	27.74M	-15.66M	-20.25M	99.92M
Free Cash Flow+	14.58M	-70.8M	-6.87M	-8.7M	43.59M	46.33M	13.12M	38.4M	50.35M	115.52M
FCF Margin %	3.18%	-13.87%	-1.56%	-2.05%	8.05%	6.82%	1.51%	3.69%	6.05%	11.55%
FCF Growth %	215.54%	-585.58%	90.3%	-26.7%	601.09%	6.29%	-71.69%	192.74%	31.12%	129.45%
FCF per Share	0.30	-1.41	-0.13	-0.16	0.70	0.68	0.19	0.55	0.76	1.64
FCF Conversion (FCF/Net Income)	-0.89x	0.76x	-0.18x	-0.26x	1.54x	0.24x	0.66x	1.92x	-2.30x	7.55x
Interest Paid	127K	313K	649K	1.12M	1.69M	0	0	253K	0	0
Taxes Paid	965K	915K	561K	403K	751K	0	0	11.87M	5.88M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-12.21%	-46.4%	-13%	-11.57%	15.42%	56.17%	6.57%	4.19%	-3.97%	2.18%
Return on Invested Capital (ROIC)	-11.25%	-41.08%	-10.38%	-8.06%	14.83%	14.67%	6.82%	2.98%	-4.57%	2.12%
Gross Margin	43.86%	33.88%	44.73%	44.29%	49.33%	52.49%	50.17%	49.86%	54.55%	56.83%
Net Margin	-5.97%	-16.27%	-4.37%	-4.17%	6.19%	35.09%	4.73%	2.82%	-3.58%	1.79%
Debt / Equity	-	0.21x	0.20x	0.31x	0.07x	0.04x	0.03x	0.02x	0.01x	0.03x
Interest Coverage	-48.07x	-509.73x	-29.29x	-16.08x	23.25x	183.93x	-	-	-	-
FCF Conversion	-0.89x	0.76x	-0.18x	-0.26x	1.54x	0.24x	0.66x	1.92x	-2.30x	7.55x
Revenue Growth	12.6%	11.24%	-13.53%	-3.85%	27.55%	25.53%	27.74%	19.79%	-20.02%	20.26%

Calix, Inc. (CALX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare CALX vs Peers

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Profit & Loss

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Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

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Dividend History

Earnings History

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Revenue History

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Calix, Inc. (CALX) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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vs SNOW

vs KC

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Profit & Loss

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Deep Dive Analysis

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Dividend History

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Revenue History

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