Latest Ratios: P/E Ratio 43.1x · EV/EBITDA 23.2x · 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 | $1.9B | $3.7B | $2.3B | $3.0B | $4.7B | $5.4B | $1.8B | $440M | $513M | $298M | $375M |
| Enterprise Value | $1.8B | $3.6B | $2.3B | $3.0B | $4.7B | $5.4B | $1.8B | $440M | $493M | $289M | $325M |
| P/E Ratio → | 43.10 | 203.58 | — | 104.02 | 114.05 | 22.78 | 55.11 | — | — | — | — |
| P/S Ratio | 1.68 | 3.73 | 2.76 | 2.91 | 5.43 | 7.99 | 3.41 | 1.04 | 1.16 | 0.58 | 0.82 |
| P/B Ratio | 2.51 | 4.34 | 2.94 | 4.21 | 6.94 | 9.55 | 6.58 | 2.86 | 3.38 | 2.06 | 1.76 |
| P/FCF | 31.00 | 32.27 | 45.63 | 78.88 | 359.53 | 117.13 | 42.33 | — | — | — | 25.74 |
| P/OCF | 14.28 | 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 | 23.18 | 93.28 | — | 70.51 | 69.57 | 60.66 | 35.26 | — | — | — | — |
| EV / EBIT | 86.19 | 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 | 2.3% | 0.5% | — | 1.0% | 0.9% | 4.4% | 1.8% | — | — | — | — |
| FCF Yield | 3.2% | 3.1% | 2.2% | 1.3% | 0.3% | 0.9% | 2.4% | — | — | — | 3.9% |
| Buyback Yield | 4.9% | 2.5% | 0.5% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 3.4% |
| Total Shareholder Yield | 4.9% | 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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Quick answers to the most common questions about buying CALX stock.
Calix, Inc.'s current P/E ratio is 43.1x. The historical average is 74.0x. This places it at the 25th percentile of its historical range.
Calix, Inc.'s current EV/EBITDA is 23.2x. 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 43.1x. This is at the 25th 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
Working capital absorbing cash flow
Metrics are mathematically derived from official filings.
Trailing Multiples Overstate Current Earnings Power
Based on reported figures, CALX trades at 117.7x trailing earnings but only 17.3x forward earnings, a gap that suggests the market is pricing a sharp earnings recovery rather than current profitability. Investors should monitor whether that recovery materializes.
The wide gap between trailing and forward P/E implies depressed trailing earnings, not just a richer share price, drive the elevated headline multiple. Against peer CIEN at 286x trailing P/E and 77x EV/EBITDA, CALX screens cheaper, though VIAV at 190x shows the peer group itself carries elevated multiples. The 16.7x price-to-free-cash-flow multiple is arguably more informative than earnings multiples here, but it rests on a single quarter of thin FCF margin and should be interpreted cautiously.
Gross Margin Strong, Operating Margin Thin
As reported in financial statements, CALX's gross margin held in the mid-50s, peaking at 57.7% in 2025Q4, yet operating margin reached only 5.5% in 2026Q3 and net margin 3.4%. The spread between gross and operating margin points to a heavy operating cost base.
A gross margin above 53% is consistent with a differentiated access-equipment and software mix, but the drop to a single-digit operating margin suggests operating expenses, including stock-based compensation, absorb most of the gross profit. Operating margin improved from negative territory in 2024 to 7.4% in 2026Q2, which indicates genuine operating leverage. The 2026Q3 retreat to 5.5% suggests that improvement is not yet durable, so earning power should be judged on the trend rather than any single quarter.
Returns Recovering from Near-Zero Levels
According to reported figures, CALX's ROIC rose from negative territory in 2024 to 2.4% in 2026Q2 before easing to 1.9% in 2026Q3, while ROE of 1.5% remains far below peer CIEN's 22.8%. Returns are improving but modest in absolute terms.
Returns are recovering, but at a level that barely exceeds a typical cost of capital, so value creation remains unproven. The comparison to CIEN, whose ROE is supported by much higher leverage and a larger earnings base, suggests CALX's low ROE largely reflects a thin net margin rather than balance sheet engineering. Continued margin expansion appears to be the primary path to returns that clearly compound.
Working Capital Lengthening Erodes Cash Conversion
As reported in financial statements, CALX's cash conversion cycle expanded from 96 days in 2025Q3 to 109 days in 2026Q3, driven by DIO rising from 88 to 119 days while DPO fell from 55 days in 2026Q2 to 50 days. Working capital is consuming cash.
Inventory build is the principal driver, with DIO climbing roughly 30 days over three quarters, which may indicate slower sell-through, deliberate inventory positioning, or demand timing that the reported data cannot distinguish. Shorter DPO reduces supplier financing, compounding the cash drag. Investors should monitor whether inventory normalizes, since sustained elevation would pressure free cash flow conversion.
Thin Margins Leave Little Room for Error
Based on reported figures, CALX's 3.4% net margin in 2026Q3 sits only slightly above peer VIAV's 3.2% and well below the level needed to absorb a revenue slowdown without eroding earnings. Stock-based compensation of $21.0M equals roughly twice the quarter's $10.2M net income.
The strongest bear argument is that reported profitability depends heavily on stock-based compensation and a single quarter of operating income, leaving little cushion if revenue growth slows. Because SBC is a material share of reported earnings, the sustainability of net income quality warrants further investigation. Investors should weigh whether the recent margin recovery reflects structural operating leverage or temporary cost timing.