Latest Ratios: P/E Ratio 136.2x · EV/EBITDA 54.6x · ROE 2.2%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.2B | $3.7B | $2.3B | $3.0B | $4.7B | $5.4B | $1.8B | $440M | $513M | $298M | $375M |
| Enterprise Value | $2.1B | $3.6B | $2.3B | $3.0B | $4.7B | $5.4B | $1.8B | $440M | $493M | $289M | $325M |
| P/E Ratio → | 136.23 | 203.58 | — | 104.02 | 114.05 | 22.78 | 55.11 | — | — | — | — |
| P/S Ratio | 2.23 | 3.73 | 2.76 | 2.91 | 5.43 | 7.99 | 3.41 | 1.04 | 1.16 | 0.58 | 0.82 |
| P/B Ratio | 2.90 | 4.34 | 2.94 | 4.21 | 6.94 | 9.55 | 6.58 | 2.86 | 3.38 | 2.06 | 1.76 |
| P/FCF | 19.31 | 32.27 | 45.63 | 78.88 | 359.53 | 117.13 | 42.33 | — | — | — | 25.74 |
| P/OCF | 16.53 | 27.62 | 33.58 | 53.84 | 173.48 | 95.55 | 35.89 | 94.53 | 144.08 | — | 15.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.61 | 2.72 | 2.86 | 5.37 | 7.94 | 3.29 | 1.04 | 1.12 | 0.57 | 0.71 |
| EV / EBITDA | 54.59 | 93.28 | — | 70.51 | 69.57 | 60.66 | 35.26 | — | — | — | — |
| EV / EBIT | 100.65 | 105.66 | — | 85.64 | 86.16 | 73.86 | 49.71 | — | — | — | — |
| EV / FCF | — | 31.25 | 44.93 | 77.53 | 354.99 | 116.46 | 40.91 | — | — | — | 22.28 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.8% | 56.8% | 54.6% | 49.9% | 50.2% | 52.5% | 49.3% | 44.3% | 44.7% | 33.9% | 43.9% |
| Operating Margin | 2.1% | 2.1% | -5.2% | 2.5% | 6.1% | 10.9% | 6.8% | -3.6% | -4.2% | -16.0% | -6.1% |
| Net Profit Margin | 1.8% | 1.8% | -3.6% | 2.8% | 4.7% | 35.1% | 6.2% | -4.2% | -4.4% | -16.3% | -6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.2% | 2.2% | -4.0% | 4.2% | 6.6% | 56.2% | 15.4% | -11.6% | -13.0% | -46.4% | -12.2% |
| ROA | 1.8% | 1.8% | -3.2% | 3.2% | 5.0% | 40.8% | 9.0% | -5.6% | -6.3% | -25.5% | -8.1% |
| ROIC | 2.1% | 2.1% | -4.6% | 3.0% | 6.8% | 14.7% | 14.8% | -8.1% | -10.4% | -41.1% | -11.3% |
| ROCE | 2.5% | 2.5% | -5.5% | 3.5% | 7.9% | 15.7% | 14.0% | -8.2% | -10.9% | -40.7% | -11.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.01 | 0.02 | 0.03 | 0.04 | 0.07 | 0.31 | 0.20 | 0.21 | — |
| Debt / EBITDA | 0.66 | 0.66 | — | 0.27 | 0.29 | 0.23 | 0.37 | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.04 | -0.07 | -0.09 | -0.05 | -0.22 | 0.00 | -0.13 | -0.07 | -0.24 |
| Net Debt / EBITDA | -3.04 | -3.04 | — | -1.23 | -0.89 | -0.34 | -1.23 | — | — | — | — |
| Debt / FCF | — | -1.02 | -0.70 | -1.35 | -4.53 | -0.66 | -1.42 | — | — | — | -3.45 |
| Interest Coverage | — | — | — | — | — | 181.73 | 22.63 | -16.26 | -28.70 | -483.17 | -55.76 |
Net cash position: cash ($143M) exceeds total debt ($26M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.24 | 4.24 | 4.46 | 3.19 | 3.31 | 3.19 | 2.64 | 1.25 | 1.22 | 1.27 | 1.81 |
| Quick Ratio | 3.42 | 3.42 | 3.68 | 2.48 | 2.41 | 2.50 | 2.12 | 0.90 | 0.87 | 1.02 | 1.44 |
| Cash Ratio | 2.38 | 2.38 | 2.27 | 1.17 | 1.46 | 1.59 | 1.32 | 0.41 | 0.35 | 0.31 | 0.64 |
| Asset Turnover | — | 0.94 | 0.89 | 1.10 | 0.98 | 0.92 | 1.27 | 1.34 | 1.39 | 1.73 | 1.29 |
| Inventory Turnover | 3.23 | 3.23 | 3.68 | 3.92 | 2.90 | 3.63 | 5.25 | 5.89 | 4.86 | 10.70 | 5.78 |
| Days Sales Outstanding | — | 36.27 | 34.82 | 44.25 | 39.45 | 45.78 | 46.81 | 40.01 | 55.43 | 57.49 | 40.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 0.5% | — | 1.0% | 0.9% | 4.4% | 1.8% | — | — | — | — |
| FCF Yield | 5.2% | 3.1% | 2.2% | 1.3% | 0.3% | 0.9% | 2.4% | — | — | — | 3.9% |
| Buyback Yield | 4.2% | 2.5% | 0.5% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 3.4% |
| Total Shareholder Yield | 4.2% | 2.5% | 0.5% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 3.4% |
| Shares Outstanding | — | $70M | $66M | $69M | $69M | $68M | $62M | $55M | $53M | $50M | $49M |
Includes 30+ ratios · 19 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CALX stock.
Calix, Inc.'s current P/E ratio is 136.2x. The historical average is 74.0x. This places it at the 100th percentile of its historical range.
Calix, Inc.'s current EV/EBITDA is 54.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 61.3x.
Calix, Inc.'s return on equity (ROE) is 2.2%. The historical average is -5.1%.
Based on historical data, Calix, Inc. is trading at a P/E of 136.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Calix, Inc. has 56.8% gross margin and 2.1% operating margin.
Calix, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
SBC dilution and margin sustainability
Metrics are mathematically derived from official filings.
Margin Recovery Nears Cyclical Peak
Gross margin expanded from 54.2% in 2024Q1 to 57.7% in 2025Q4 before easing to 54.6% in 2026Q2, as per quarterly statements, while operating margin swung from -9.1% to 7.4%.
The sequential decline in gross margin from 57.7% to 54.6% over two quarters suggests the peak may be behind, possibly reflecting product mix shifts or pricing pressure. Operating margin improvement to 7.4% in 2026Q2 demonstrates strong operating leverage, but the sustainability of this level is questionable given the gross margin erosion. Investors should monitor whether the gross margin can stabilize above 55% as revenue growth continues.
ROIC Inflects from Negative to Positive
ROIC turned positive in 2025Q2 and reached 2.4% by 2026Q2, up from -1.9% in 2024Q4, according to reported figures, indicating a clear inflection in capital efficiency.
The improvement in ROIC from -1.9% to 2.4% over six quarters reflects both margin recovery and efficient use of a relatively stable asset base. However, the absolute level remains low, suggesting that while the company is no longer destroying value, it is not yet generating returns that significantly exceed its cost of capital. The asset-light model with low capital intensity supports the potential for further ROIC expansion if margins hold.
Working Capital Drag Eases but DIO Remains High
Cash conversion cycle improved from 144 days in 2024Q2 to 98 days in 2026Q2, as per financial statements, driven by faster collections and extended payables, though inventory days remain elevated at 114.
The 46-day reduction in CCC is a positive sign of working capital discipline, with DSO falling from 45 to 39 days and DPO rising from 15 to 55 days. However, DIO at 114 days is notably high, suggesting potential overstocking or slow-moving inventory, which could tie up cash if demand softens. The improvement in DPO indicates increased supplier leverage, but the sustainability of extended payment terms warrants monitoring.
Minimal Debt Masks Off-Balance-Sheet Risks
Debt-to-equity stands at 0.02 with D/EBITDA at 0.51, as reported in the latest quarter, indicating negligible financial leverage and ample interest coverage, though interest coverage data is unavailable.
The balance sheet is conservatively capitalized with total debt of only $11.2M against $710M equity, providing substantial flexibility for strategic initiatives. However, the heavy use of stock-based compensation, averaging $20M per quarter, effectively acts as a non-cash financing cost that dilutes shareholders. While leverage is not a concern, the dilution from SBC is a recurring drag on per-share metrics.
Liquidity Buffer Thins from Peak Levels
Current ratio declined from 4.24 in 2025Q4 to 2.83 in 2026Q2, while quick ratio fell to 1.97, as per balance sheet data, still comfortable but signaling reduced cushion.
The decline in liquidity ratios is partly due to working capital investments and share repurchases, which totaled $341.7M over ten quarters, exceeding cumulative FCF. Despite the thinning, the current ratio remains above 2, indicating adequate short-term solvency. However, if revenue growth stalls, the high inventory levels could pressure liquidity further, so monitoring the trajectory of DIO is essential.
P/E Misleads on Cyclical Recovery
The trailing P/E of 152.08 is distorted by depressed earnings, while forward P/E of 22.97 better reflects normalized profitability, as per valuation data, making the latter more relevant for this cyclical recovery.
The trailing P/E is artificially high because TTM earnings include recent loss quarters, making it an unreliable gauge of value. The forward P/E of 22.97, based on expected earnings recovery, is more indicative of the market's pricing, but it still embeds assumptions of sustained margin expansion. Investors should use EV/EBITDA (61.29 trailing, 33.72 forward) or P/FCF (21.55) to cross-check, as these are less distorted by non-cash charges and working capital swings.