Calix, Inc

Consumer Discretionary
Telecommunications Equipment
www.calix.com

Earnings Score
Moat Score

Market Cap $2.30B
PE -125
Debt $NaN
Cash $62.36M
EV $NaN
FCF $51.08M

Earnings

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Sales & Net Margins

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Earnings	-$18.42M
EBIT	-$25.03M
ROE	-2%
ROA	-3%
FCF	$51.08M
Equity	$778.69M
Growth Stability	28%
PE	-124.93
PEG	3.84
PB	2.96
P/FCF	45.05
P/S	2.59
Price/Cash	0.03
Net Margins	-2%
Gross Margins	51%
Op. Margins	-3%
Earnings CAGR	-3%
Sales Growth YoY	-24%
Sales Growth QoQ	1%
Sales CAGR	12%
FCF CAGR	7%
Equity CAGR	18%
Earnings Stability	0.01
Earnings Growth YoY	-123%

Earnings Growth QoQ	-50%
Earnings CAGR 5Y	-33%
Sales CAGR 5Y	22%
FCF CAGR 5Y	15%
Equity CAGR 5Y	44%
Earnings CAGR 3Y	15%
Sales CAGR 3Y	15%
FCF CAGR 3Y	19%
Equity CAGR 3Y	12%
Market Cap	$2.30B
Revenue	$890.13M
Assets	$937.53M
Cash	$62.36M
Shares Outstanding	65.7M
Earnings Score	6%
Moat Score	14%
Working Capital	455.11M
Current Ratio	4.5
Gross Profit	$453.47M
Shares Growth 3y	1%
Equity Growth QoQ	3%
Equity Growth YoY	4%

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-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

= $827M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$51M	$55M	$58M	$63M	$67M	$72M	$77M	$82M	$88M	$94M	$100M	$1B
DCF		$50M	$48M	$47M	$46M	$44M	$43M	$42M	$41M	$40M	$39M	$387M
Value	$827M

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-5%	-6%	-6%	-16%	-4%	-4%	6%	35%	5%	3%	-2%
ROA	-	-8%	-7%	-28%	-6%	-5%	9%	10%	6%	4%	-3%
ROE	-	-11%	-13%	-57%	-13%	-11%	12%	42%	6%	4%	-2%

Bad Net Margins (-1.89%)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	-	-	-	-	-	48%	28%	28%

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 (28%)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	2%	13%	11%	-14%	-4%	28%	26%	28%	20%	22%
Earnings YoY growth	-	27%	4%	203%	-77%	-8%	-289%	612%	-83%	-28%	-33%
Equity YoY growth	-	-14%	-10%	-32%	5%	1%	82%	103%	20%	6%	44%
FCF YoY growth	-	-148%	-216%	-586%	-90%	27%	-601%	6%	-72%	193%	15%