Calix, Inc

Consumer Discretionary
Telecommunications Equipment
www.calix.com

Earnings Score
Moat Score

Market Cap $2.55B
PE -86
Debt -
Cash $43.16M
EV -
FCF $50.35M

Earnings

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Sales & Net Margins

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Earnings	-$29.75M
EBIT	-$31.65M
ROE	-4%
ROA	-3%
FCF	$50.35M
Equity	$780.94M
Growth Stability	-29%
PE	-85.77
PEG	4.65
PB	3.27
P/FCF	50.68
P/S	3.07
Price/Cash	0.02
Net Margins	-4%
Gross Margins	55%
Op. Margins	-4%
Earnings CAGR	-3%
Sales Growth YoY	-22%
Sales Growth QoQ	3%
Sales CAGR	11%
FCF CAGR	8%
Equity CAGR	19%
Earnings Stability	0.01
Earnings Growth YoY	172%

Earnings Growth QoQ	352%
Earnings CAGR 5Y	-18%
Sales CAGR 5Y	19%
FCF CAGR 5Y	17%
Equity CAGR 5Y	38%
Earnings CAGR 3Y	9%
Sales CAGR 3Y	9%
FCF CAGR 3Y	40%
Equity CAGR 3Y	10%
Market Cap	$2.55B
Revenue	$831.52M
Assets	$939.27M
Cash	$43.16M
Shares Outstanding	65.88M
Earnings Score	6%
Moat Score	11%
Working Capital	453.59M
Current Ratio	4.46
Gross Profit	$453.59M
Shares Growth 3y	1%
Equity Growth QoQ	0%
Equity Growth YoY	9%

Assets & ROA

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Stockholders Equity & ROE

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Calix cloud and software platforms enable service providers of all types and sizes to innovate and transform. The company's customers utilize the real-time data and insights from Calix platforms to simplify their business and deliver experiences that excite their subscribers. The resulting growth in subscriber acquisition, loyalty and revenue creates more value for their businesses and communities. This is the Calix mission; to enable communications service providers of all sizes to simplify, excite and grow.

SEC Filings

Direct access to Calix, Inc (CALX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 28
- 10-Q Jun 29
- 10-Q Mar 30
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01
2022
- 10-K Dec 31
- 10-Q Oct 01
- 10-Q Jul 02
- 10-Q Apr 02

Sector Comparison

How does Calix, Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Calix, Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -3%

Stability 1%

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Calix, Inc Discounted Cash Flow

Fully customizable DCF calculator online for Calix, Inc.

Years

Calculation mode

= $888M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$50M	$54M	$59M	$64M	$69M	$75M	$81M	$87M	$95M	$102M	$111M	$1.1B
DCF		$50M	$49M	$48M	$47M	$46M	$46M	$45M	$44M	$43M	$43M	$427M
Value	$888M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-6%	-6%	-16%	-4%	-4%	6%	35%	5%	3%	-4%	-4%
ROA	-	-7%	-28%	-6%	-5%	9%	10%	6%	4%	-3%	-3%
ROE	-	-13%	-57%	-13%	-11%	12%	42%	6%	4%	-4%	-4%

Bad Net Margins (-3.58%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	-	-	-	-	48%	28%	-29%	-29%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-29%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	13%	11%	-14%	-4%	28%	26%	28%	20%	-20%	19%
Earnings YoY growth	-	4%	203%	-77%	-8%	-289%	612%	-83%	-28%	-201%	-18%
Equity YoY growth	-	-10%	-32%	5%	1%	82%	103%	20%	6%	9%	38%
FCF YoY growth	-	-216%	-586%	-90%	27%	-601%	6%	-72%	193%	31%	17%