Calix, Inc.
- Open
- 39.36
- Day high
- 40.16
- Day low
- 38.23
- Prev close
- 39.14
- Volume
- 1.6M
- Mkt cap
- $2.4B
- P/E (TTM)
- 74.2
- EPS (TTM)
- $0.52
- P/B
- 3.3
- P/S
- 2.3
- Yield
- —
- Per share
- —
Calix, Inc. (CALX) is a Technology company listed on NYSE. The stock is down 26% over the past year.
Calix, Inc. (CALX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CALX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 21, 2026 | $0.40 | $0.47 | +17.5% | $293M | +1.2% |
| Apr 21, 2026 | $0.38 | $0.40 | +5.3% | $280M | +0.9% |
| Jan 28, 2026 | $0.38 | $0.39 | +2.6% | $272M | +1.9% |
| Oct 29, 2025 | $0.34 | $0.44 | +29.4% | $265M | +5.7% |
| Jul 21, 2025 | $0.20 | $0.33 | +65.0% | $242M | -1.8% |
| Jan 29, 2025 | $0.07 | $0.08 | +14.3% | $206M | +1.1% |
| Jul 22, 2024 | $0.07 | $0.09 | +28.6% | $198M | -1.3% |
| Jan 29, 2024 | $0.37 | $0.43 | +16.2% | $265M | +0.1% |
| Jul 19, 2023 | $0.31 | $0.36 | +16.1% | $261M | +0.5% |
| Apr 19, 2023 | $0.29 | $0.31 | +6.9% | $250M | +1.8% |
| Jan 25, 2023 | $0.28 | $0.34 | +21.4% | $245M | +1.4% |
| Jul 25, 2022 | $0.19 | $0.22 | +15.8% | $202M | +3.1% |
CALX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Nov 28, 2023 | SINDELAR CORYofficer: Chief Financial Officer | Grant | 100,000 | $37.80 |
| Nov 28, 2023 | Weening Michaeldirector, officer: President & CEO | Grant | 120,000 | $37.80 |
| Oct 30, 2023 | Collins John Matthewofficer: Chief Commercial Ops Officer | Option | 15,000 | $8.03 |
| Oct 30, 2023 | Collins John Matthewofficer: Chief Commercial Ops Officer | Sell | 60,000 | $33.14 |
| Oct 30, 2023 | Collins John Matthewofficer: Chief Commercial Ops Officer | Option | 30,000 | $9.16 |
| Aug 4, 2023 | LISTWIN DONALD Jdirector | Sell | 100,000 | $43.15 |
| Jul 26, 2023 | Collins John Matthewofficer: Chief Commercial Ops Officer | Sell | 10,000 | $47.12 |
| Jul 26, 2023 | Collins John Matthewofficer: Chief Commercial Ops Officer | Option | 5,000 | $8.03 |
| May 19, 2023 | Fields Eleanordirector | Grant | 8,183 | $42.79 |
| May 19, 2023 | CRUSCO KATHLEEN Mdirector | Grant | 8,183 | $42.79 |
| May 19, 2023 | BOWICK CHRISTOPHER Jdirector | Grant | 8,183 | $42.79 |
| May 19, 2023 | Peters Kevin Robertdirector | Grant | 8,183 | $42.79 |
| May 19, 2023 | LISTWIN DONALD Jdirector | Grant | 8,183 | $42.79 |
| May 19, 2023 | Russo Carldirector, 10 percent owner: | Grant | 8,183 | $42.79 |
| May 19, 2023 | Makagon Kiradirector | Grant | 8,183 | $42.79 |
Source: CALX SEC Form 4 filings, latest Nov 28, 2023. For informational purposes only — not investment advice.
See the full CALX insider & 13F page →Calix, Inc. company profile
Overview
Calix, Inc. (NYSE:CALX) is a cloud and software platform company founded in 1999 and headquartered in San Jose, California. The company went public in March 2010 and has evolved from a traditional telecommunications equipment manufacturer into a comprehensive platform provider for broadband service providers. Calix specializes in helping internet service providers transform from basic network operators into full-service "broadband experience providers" through its integrated cloud platforms, software solutions, and managed services.
Business
Calix operates in the broadband telecommunications infrastructure industry, providing comprehensive platforms and systems that enable internet service providers to deliver enhanced broadband experiences to their customers. The company's core offering centers around three main product categories that work together as an integrated ecosystem. The Calix Cloud platform serves as the central nervous system of the company's offerings, comprising three role-based analytics platforms: Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud. These cloud services provide broadband service providers with data analytics, customer insights, and operational intelligence to help them better understand and serve their subscribers. The platform enables providers to anticipate customer needs, reduce churn, and identify new revenue opportunities through targeted marketing and service delivery. EXOS represents Calix's carrier-class premises operating system, which is fully integrated with the company's GigaSpire family of systems. EXOS functions as the software brain that powers customer premises equipment, enabling advanced features like home networking optimization, security services, and application management. This system allows broadband providers to offer differentiated services beyond basic internet connectivity, such as home security, parental controls, and network optimization. AXOS is Calix's software platform that operates at the network access edge, providing the foundational architecture for managing and operating broadband networks. This platform enables service providers to efficiently manage their network infrastructure while supporting advanced services and applications. The company also offers managed services that complement its technology platforms, helping broadband service providers implement and operate these solutions without requiring extensive in-house technical expertise. Recent product launches include SmartBiz for small business solutions and SmartMDU for multi-dwelling unit deployments, expanding the platform's applicability across different customer segments. Revenue is primarily generated through a combination of hardware systems sales, software licensing, cloud service subscriptions, and managed services contracts. The company's recurring performance obligations, which include ongoing software and service commitments, have grown significantly and represent approximately 40% of total business, indicating a successful transition toward a more predictable revenue model.
Revenue model
Calix generates revenue through multiple complementary streams that reflect its evolution from a hardware-centric to a platform-centric business model. The primary revenue sources include systems sales, software licensing, cloud service subscriptions, and managed services contracts. Systems revenue comes from selling physical broadband infrastructure equipment, including access systems, premises equipment like the GigaSpire family, and related hardware components. These are typically one-time sales to broadband service providers building or upgrading their networks. However, this traditional hardware business has become a smaller portion of overall revenue as the company has strategically shifted focus. Platform, cloud, and managed services revenue represents the company's strategic growth engine and now comprises the majority of new bookings. This includes subscription-based cloud analytics services, software licensing for EXOS and AXOS platforms, and ongoing managed services where Calix operates certain functions on behalf of customers. These revenue streams are largely recurring in nature, creating more predictable cash flows and higher-margin business. The company's customers are primarily broadband service providers (BSPs), ranging from small rural cooperatives and municipal providers to larger regional telecommunications companies. These customers pay Calix both for initial platform deployment and ongoing subscriptions based on the number of subscribers they serve or services they utilize. Several factors influence Calix's profitability margins. Positive margin drivers include the ongoing shift toward higher-margin software and services revenue, economies of scale as the platform serves more subscribers, and the company's ability to help customers generate additional revenue per subscriber through enhanced services. The recurring nature of platform revenue also provides operational leverage as the business scales. Margin pressures can arise from component cost inflation affecting hardware products, competitive pricing dynamics in the broadband equipment market, and the need for continued investment in research and development to maintain platform competitiveness. Additionally, the timing of large government funding programs like BEAD (Broadband Equity, Access, and Deployment) can create quarterly volatility as customers delay purchasing decisions while evaluating funding opportunities. The company has demonstrated disciplined cost management, maintaining relatively flat operating expenses while growing revenue, which has contributed to expanding gross margins that reached record levels above 55% in recent quarters.
Competitive moat
Calix has developed a moderate but growing competitive moat primarily through platform stickiness and switching costs, though the strength of this moat varies across different aspects of its business. The company's strongest defensive position lies in its integrated platform ecosystem. Once broadband service providers implement Calix's cloud platforms, EXOS operating system, and associated hardware, switching to alternative solutions becomes costly and operationally disruptive. The platforms contain extensive subscriber data, analytics, and operational configurations that would be difficult to replicate with competing systems. This creates meaningful switching costs that help retain customers over time. Customer success and domain expertise provide another layer of competitive protection. Calix has built deep relationships with broadband service providers and developed specialized knowledge about their operational challenges and business model transformation needs. The company's managed services approach, where it helps customers implement and operate advanced broadband services, creates additional stickiness through ongoing operational dependencies. However, Calix faces several competitive vulnerabilities. The broadband equipment market remains highly competitive, with established players like Adtran, Nokia, and others offering alternative solutions. While Calix has differentiated itself through its platform approach, competitors are also evolving their offerings to include more software and services components. The company's customer concentration among smaller and mid-sized broadband providers presents both opportunities and risks. While these customers may value Calix's specialized focus and support, they also face their own competitive pressures from larger telecommunications companies and alternative broadband technologies like fixed wireless access from cellular carriers. Technology disruption risks include the potential for cloud hyperscalers or other technology companies to develop competing platforms, as well as evolving broadband technologies that could reduce demand for traditional access infrastructure. The ongoing consolidation in the broadband industry could also reduce the total addressable market over time. Overall, Calix has built a reasonable competitive position through platform integration and customer relationships, but the moat is not exceptionally wide and requires continued innovation and customer success to maintain its effectiveness.
Risks & safety
Calix demonstrates a strong financial position with substantial margin of safety across multiple metrics, though profitability remains inconsistent at the operating level. Liquidity and Solvency: • Cash and short-term investments: $42.3 million as of Q1 2025 • Current ratio: 4.58, indicating very strong short-term liquidity • Quick ratio: 3.75, showing excellent ability to meet immediate obligations • Debt-to-equity ratio: 0.009, representing minimal debt burden • Free cash flow: Positive $12.9 million in Q1 2025, $50.3 million for full year 2024 Operational Metrics: • Gross margins: Record levels above 55%, showing strong pricing power and cost management • Days Sales Outstanding: 36 days, indicating efficient collections • Inventory management: 3.1 turns, improving to over 4 when excluding component inventory • Operating cash flow: Consistently positive at $17.2 million in Q1 2025 Valuation Considerations: • Graham Net-Net ratio: 3.63, suggesting the stock trades well above net current asset value • Price-to-book ratio: 3.02, indicating premium valuation relative to book value • Enterprise value considerations complicated by negative EBITDA, though this reflects investment phase Risk Factors: • Recent quarters show net losses, though improving trend • Heavy dependence on government BEAD funding program timing • Customer concentration in competitive broadband services market • Technology disruption risks in rapidly evolving telecommunications sector The company maintains excellent balance sheet strength with minimal debt and strong working capital, providing substantial downside protection despite current operating losses.
Recent development
Over the past few years, Calix has undergone a significant strategic transformation from a traditional telecommunications equipment manufacturer to a comprehensive broadband experience platform provider. This evolution has been driven by the recognition that broadband service providers need to differentiate themselves beyond simply offering faster internet speeds. The company's most significant strategic pivot has been the shift toward platform, cloud, and managed services, which now represents over 90% of new bookings compared to traditional hardware sales. This transformation includes the development and expansion of the Calix Cloud platform with its three specialized clouds (Marketing, Support, and Operations), providing broadband service providers with analytics and insights to better serve their customers and identify new revenue opportunities. Product innovation has accelerated with the launch of new solutions targeting specific market segments. The recent introduction of SmartBiz for small business customers and SmartMDU for multi-dwelling units demonstrates the company's effort to expand beyond residential broadband into commercial and multi-tenant markets. These platforms help broadband providers offer differentiated services to business customers and property managers. The company has also significantly expanded its managed services capabilities, now offering over 10,000 pieces of marketing content and comprehensive support to help customers transform their business models. This includes helping broadband providers develop new revenue streams beyond basic connectivity, such as home security services, business solutions, and enhanced customer support capabilities. Market positioning has evolved around the concept of helping customers become "broadband experience providers" rather than simple network operators. This strategic messaging reflects the company's belief that the industry is moving beyond speed-based competition toward experience-based differentiation, requiring more sophisticated platforms and services. The company has also been preparing for the BEAD (Broadband Equity, Access, and Deployment) program, a multi-billion dollar government initiative to expand broadband access. Calix expects to capture approximately 8% of this market opportunity, which could provide significant growth over the 2025-2031 timeframe as funding is deployed across all 50 states and territories.
CALX company profile · for informational purposes only — not investment advice.
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