Calix, Inc. (CALX)
適正価値ファンダメンタル
66
株価
$34.62
時価総額
$2.09B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
需要を左右する要因
中程度の景気循環性Purchases 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.
主なリスク
- 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.
顧客集中度
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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$1.11B
直近12か月（2026/6/27まで）
純利益
$51M
直近12か月（2026/6/27まで）
フリーキャッシュフロー
$116M
自己資本合計
$859M
負債合計
$199M
流動比率
2.83
利払い倍率
-
負債/EBITDA
0.36
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$30.74
現在株価
$34.62
安全マージン
-12.6%
適正価値レンジ
$19.98 - $41.49
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
45.81
ROE
2.1%
P/B レシオ
3.05
P/FCF
25.33
粗利益率
56.6%
ROIC
6.5%
収益性レーダー
価値創造（経済的モート）
ROIC
6.5%
WACC
11.1%
ROIC − WACC
-4.6 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（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
不合格（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%
データなし（3）
- Dividend Payout NaN%
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
新株を発行しており、所有権を希薄化している
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
2
取締役会リスク
6
報酬リスク
5
株主権利リスク
7
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
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