Calix, Inc. (CALX)
Juste valeurFondamental
66
Prix
$34.84
Capitalisation boursière
$2.09B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Calix sells the equipment, software and cloud platform that internet, phone and cable companies use to deliver broadband to homes and businesses. Roughly 1,600 mostly small and mid-sized providers use its systems to run their networks and its software to sell and support subscriber services such as security and Wi-Fi management. The U.S. and Canada, boosted by government broadband subsidy programs, account for the large majority of sales.
Comment l'entreprise gagne de l'argent
Revenue comes mostly from selling network appliances — the physical boxes that carry broadband into homes — recognized when shipped, plus a smaller but faster-growing stream of software and platform subscriptions billed over time. The appliance business still funds most of the company today, but management is steering providers toward the subscription software, which carries higher margins and recurs, rather than being a one-time equipment sale.
Chiffre d'affaires par segment
Physical broadband access equipment installed in the network and at the customer premises, sold upfront when shipped.
Cloud platform subscriptions, managed Wi-Fi and subscriber-facing apps billed over time — the smaller, faster-growing part of the business.
Ce qui stimule la demande
Modérément cycliquePurchases are tied to broadband providers' own capital spending plans, which follow both their subscriber growth ambitions and the availability of government funding programs for rural and underserved areas. A change in public subsidy timing can move orders forward or back independent of underlying demand for internet access.
Principaux risques
- Reliance on third-party manufacturing — Calix depends on outside manufacturers and sole- or limited-source suppliers, many concentrated in Asia, to build its equipment. A disruption at one of these partners can delay shipments the company cannot quickly replace.
- Competition on price and functionality — The company competes in a broadband equipment and software market where rivals with greater financial resources can undercut it on price, and it expects at least two fiber providers to be competing for subscribers in most markets.
- Dependence on public broadband funding — A meaningful part of demand rides on public and private funding programs for broadband buildout in underserved areas; changes in the size, timing or rules of those programs can delay or reduce customer orders.
Concentration des clients
The company states that no single customer accounted for more than 10% of revenue in the periods it reports, spreading demand across roughly 1,600 broadband providers rather than a handful of large accounts.
Les arguments en faveur
Buyers argue that broadband providers are steadily adopting Calix's cloud platform on top of its equipment, that no single customer concentration risk exists across roughly 1,600 accounts, and that government-funded rural buildout gives the appliance business years of visible demand.
Les arguments contre
Sellers fear that the appliance business still drives most revenue and remains exposed to lumpy capital spending by small providers, that larger competitors can undercut Calix on price, and that a slowdown or redesign of public broadband subsidy programs would remove a meaningful source of near-term demand.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Adtran sells the same fiber access equipment, XGS-PON and GPON systems plus subscriber devices, to the same North American regional and rural broadband providers Calix depends on.
Nokia's fixed network division competes for the same fiber-to-the-home build-outs, offering PON line cards, optical network terminals and home Wi-Fi gateways to telecom operators worldwide.
Harmonic's broadband access platform targets the same cable operators and fiber providers, selling virtualized DOCSIS and PON access as the alternative to Calix's access edge systems.
CommScope supplies broadband operators with competing PON access nodes and residential gateways, bidding for the same network-upgrade budgets as Calix.
Plume competes directly with Calix Cloud and SmartLife by selling service providers the cloud software that manages home Wi-Fi and the subscriber experience.
Bilan & Liquidités
Chiffre d'affaires
$1.11B
12 derniers mois (au 27/06/2026)
Résultat net
$51M
12 derniers mois (au 27/06/2026)
Flux de trésorerie libre
$116M
Capitaux propres totaux
$859M
Passif total
$199M
Ratio de liquidité général
2.83
Couverture des intérêts
-
Dette/EBITDA
0.36
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$30.74
Prix actuel
$34.84
Marge de sécurité
-13.3%
Fourchette de juste valeur
$19.98 - $41.49
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
45.81
ROE
2.1%
Ratio P/B
3.05
P/FCF
25.33
Marge brute
56.6%
ROIC
6.5%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
6.5%
WACC
11.1%
ROIC − WACC
-4.6 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (17)
- EPS shows upward trend
- Price CAGR 16.20%
- ROIC 6.5%
- Gross Margin 56.6%
- P/FCF 25.33
- Debt/Equity ratio
- Operating Margin 5.5%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 13.1%
- Analyst Consensus 86% Buy
- Earnings Surprise avg 10.2%
- Earnings Quality (OCF/NI) 2.14
- Net Margin Trend 4.6% vs -3.1%
- Piotroski F-Score 6/9
Échoué (7)
- P/B Ratio 3.05
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 6.5%
- Share Dilution 4.1%
Indisponible (3)
- Dividend Payout NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Émission de nouvelles actions, diluant la participation
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Michael Weening | CEO, President & Director | 56 |
| Mr. Cory J. Sindelar CPA | Chief Financial Officer | 56 |
| Mr. John Durocher | Chief Operations Officer | 58 |
| Mr. Shane Todd-Marshall Eleniak | Chief Product Officer | 57 |
| Ms. Nancy Fazioli | Vice President of Investor Relations | - |
| Mr. Douglas W. McNitt | Executive VP, General Counsel & Corporate Secretary | 60 |
| Mr. Juergen Lindner | Chief Marketing Officer | - |
| Mr. Mark Dressler | Chief Revenue Officer | - |
| Ms. Martha Galley | Chief Sustainability Officer | - |
| Ms. Parul Kapoor | Chief Talent & Culture Officer | - |
Risque d'audit
2
Risque du conseil
6
Risque de rémunération
5
Risque droits des actionnaires
7
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-20
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-21
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-07-20
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for CALX, sourced from Markets Gazette.
- 4/21/2026NEUTRALCalix Q1 2026 Earnings Call Transcript
Calix Inc. held its Q1 2026 Earnings Call on April 21, 2026. While the transcript is available, no specific financial figures, forward-looking statements, or significant market-moving announcements were detailed in the provided summary. The call likely covered operational updates, segment performance, and strategic initiatives. Investors would typically look for revenue growth, profitability metrics, and guidance for future quarters. Without these details, the immediate market impact remains neutral, pending further analysis of the full transcript for any subtle shifts in performance or outlook.
- 3/4/2026POSITIVEFund Discloses New $6 Million Bet on Calix Amid 55% Stock Surge
An investment fund has disclosed a new $6 million long bet on Calix Inc. (CALX), a move that comes as the company's stock has already surged 55%. Calix, which delivers cloud-based platforms and analytics to broadband service providers across U.S. and international markets, appears to be benefiting from renewed investor interest. This significant fund investment suggests strong conviction in the company's future growth potential, despite the recent rally. For investors, this could signal further capital appreciation opportunities.
via Markets Gazette