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Sells broadband access hardware and cloud software that let smaller telecom/cable operators run and monetize fiber networks.
Sells broadband access hardware and cloud software that let smaller telecom/cable operators run and monetize fiber networks.
Sells access equipment once, then adds software and managed services on a subscription or usage basis, such as cloud analytics and marketing tools that help telcos sign up subscribers, so each customer can yield more over time. Orders from smaller telcos arrive in waves tied to network builds funded by subsidy programmes.
Moat: narrow (switching costs, installed base). Bundled hardware+software locks in operators, but Nokia/Adtran/Ciena compete hard on price and scale.
Headquarters: San Jose, California · Founded: 1999 · Employees: 1,921
Size Calix (CALX) is a United States Information Technology company (Telecommunications Equipment) with a market value of $1.89B, the 1835th largest of 3,117 United States companies the cockpit tracks. Shares closed at $30.60 on 6 Nov 2026.
Performance Over six months the shares fell 29.2%, against -25.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 19 in its peer set.
Growth Revenue grew 22.9% over the last twelve months (peer median +10.9%); the operating margin is 5.3% (peer median 3.8%).
Valuation It trades at 13.9× forward earnings against a peer median of 20.5× (4th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.3 points below its cost of capital (10.8% WACC).
Backlog Backlog (remaining performance obligations) was $396M at 26 Sep 2026, up 12% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 8.1% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.15B | $1.00B | $832M | $1.04B | $868M |
| Revenue growth | — | +20% | -20% | +20% | — |
| Gross profit | $637M | $568M | $456M | $515M | $433M |
| EBITDA | $78.0M | $38.7M | -$23.5M | $48.7M | $70.9M |
| Net income | $45.8M | $17.9M | -$29.7M | $29.3M | $41.0M |
| Free cash flow | $62.2M | $116M | $50.3M | $38.4M | $13.1M |
| Capital expenditure | $21.3M | $19.4M | $18.1M | $17.9M | $14.1M |
| Total debt | $17.6M | $15.6M | $8.02M | $11.6M | $19.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Calix CALX | $1.89B | -29% | +23% | 5% | 13.9× | 23.1% |
| ADTRAN ADTN | $329M | -73% | +10% | 0% | 12.9× | n/a |
| NOK NOK | $47.0B | -40% | +10% | 14% | 16.6× | 13.5% |
| Ciena CIEN | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% |
| Cisco CSCO | $369B | -3% | +12% | 25% | 18.4× | 15.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CALX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.2% | -9.4% | 9th lowest of 21 |
| 6-month return | -29.2% | -25.2% | 9th lowest of 19 |
| Distance from 52-week high | -54.9% | -50.1% | 9th lowest of 21 |
| Revenue growth (TTM) | +22.9% | +10.9% | 6th highest of 21 |
| Operating margin | 5.3% | 3.8% | 10th highest of 21 |
| Forward P/E | 13.9× | 20.5× | 4th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 23.1% | 9.3% | most demanding of 7 |
| Growth delivered (Del g) | +13.1% | +11.6% | 3rd highest of 7 |
| Hurdle (Req g minus delivered) | +10.0 pp | -3.3 pp | 2nd most demanding of 7 |
| ROIC minus cost of capital | -2.3 pp | -2.6 pp | 11th highest of 21 |
| EV / EBITDA | 22.5× | 15.8× | 2nd most expensive of 5 |
| Net debt / EBITDA | -1.8× | -0.5× | 3rd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Calix CALX | United States | $1.89B | -29% | +23% | 5% | 13.9× | 23.1% | +13.1% |
| Fibocom Wireless 0638.HK | Hong Kong | $1.89B | -48% | +9% | 2% | 16.3× | n/a | n/a |
| MeiG Smart Technology 002881.SZ | China | $1.92B | +8% | +24% | 7% | 49.5× | n/a | n/a |
| Skyworth Digital 000810.SZ | China | $1.85B | -15% | +28% | 1% | 23.0× | n/a | n/a |
| Wuhan Yangtze Communication Industry 600345.SS | China | $1.85B | -23% | +13% | -8% | n/a | n/a | n/a |
| Shanghai Longcheer Technology 9611.HK | Hong Kong | $1.97B | -14% | +7% | 0% | 12.7× | n/a | n/a |
| Beijing Tricolor Technology 603516.SS | China | $1.72B | -60% | -11% | -20% | 57.4× | n/a | n/a |
| Eastern Communications 600776.SS | China | $1.72B | -33% | +7% | -5% | n/a | n/a | n/a |
| Shenzhen KTC Technology 001308.SZ | China | $2.09B | +3% | 0% | 3% | 20.3× | n/a | n/a |
| Tongyu Communication 002792.SZ | China | $2.12B | -38% | +2% | -4% | 299.2× | n/a | n/a |
| Hytera Communications 002583.SZ | China | $2.17B | -20% | +4% | 7% | 19.4× | n/a | n/a |
| FS.COM 3355.HK | Hong Kong | $1.63B | -27% | +14% | 23% | n/a | -11.0% | +19.4% |
| Shenzhen SDMC Technology 0901.HK | Hong Kong | $1.61B | n/a | +33% | 10% | n/a | n/a | n/a |
| Wingtech Technology 600745.SS | China | $2.26B | -59% | -93% | -30% | n/a | n/a | n/a |
| Jushri Technologies 300762.SZ | China | $2.31B | -45% | -17% | -91% | n/a | n/a | n/a |
| Wuhan Changjin Photonics Technology 688635.SS | China | $2.39B | n/a | +28% | 39% | n/a | n/a | n/a |
| Digi International DGII | United States | $2.40B | -4% | +20% | 15% | 20.6× | 20.5% | +9.0% |
| WNC 6285.TW | Taiwan | $2.41B | -29% | +30% | 5% | 10.8× | -0.5% | +12.0% |
| Shanghai HuaCe Navigation Technology 300627.SZ | China | $2.44B | -35% | 0% | 13% | 21.0× | 18.6% | +21.3% |
| CITIC Guoan Information Industry 000839.SZ | China | $1.45B | -17% | +14% | 7% | n/a | 11.3% | +7.0% |
| Furuno Electric 6814.T | Japan | $1.42B | -1% | +14% | 13% | 13.0× | 7.4% | +11.3% |
Calix reported $396M of remaining performance obligations at 26 Sep 2026, up 12% from a year earlier and up 2% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.03.