CALXNYSECommunications Services, NECFiscal year ends December 31
CALIX, INC
Financials through Q2 FY2026, quarter ended Jun 27, 2026Last filing: 10-Q on Jul 21, 2026
$35.64−0.86 (-2.36%)
Close on Oct 19, 2026
- Market cap
- $2.33B
- P/E (TTM)
- 48.2
- Dividend yield
- 0.00%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
56.8%+7.5 pts over 5 years
Operating margin
2.1%−4.7 pts over 5 years
Net margin
1.8%−4.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +20.3% | +4.8% | +13.1% | +9.4% | |
| Gross profit | +25.3% | +9.3% | +16.3% | +11.6% | |
| Operating income | – | -26.4% | -10.6% | – | |
| Net income | – | -24.2% | -11.8% | – | |
| EPS, diluted | – | -24.3% | -13.6% | – | |
| Free cash flow | +129.4% | +106.5% | +21.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 15.4% | 2.2% | |
| Return on assets | – | 9.0% | 1.8% | |
| Current ratio | 1.81 | 2.64 | 4.24 | |
| Inventory turnover | 5.6× | 5.9× | 3.7× | |
| Capex to revenue | 2.1% | 1.4% | 1.9% | |
| Diluted shares | 49M | 62M | 69M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Calix generated $343.58M from operations and spent $270.60M on capital expenditure, dividends and share buybacks. 30% of that went back into the business.
Generated
$343.58M
Used
$270.60M
Capital expenditure$79.87M30%Dividends$00%Share buybacks$190.72M70%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin1.8%
×Asset turnover1.00×
×Equity multiplier1.22×
=Return on equity, FY20252.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 1.8% | 1.00× | 1.22× | 2.2% |
| FY2024 | -3.6% | 0.88× | 1.25× | -4.0% |
| FY2023 | 2.8% | 1.14× | 1.31× | 4.2% |
| FY2022 | 4.7% | 1.07× | 1.30× | 6.6% |
| FY2021 | 35.1% | 1.16× | 1.38× | 56.2% |
| FY2020 | 6.2% | 1.45× | 1.71× | 15.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$17.88M
- Cash generatingOperating cash flow above zero$134.95M
- Return on assets improvedROA up on the prior year-3.2% → 1.9%
- Earnings backed by cashOperating cash flow above net income$134.95M vs $17.88M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.46 → 4.24
- No dilutionShare count did not rise66M → 69M
- Gross margin improvedGross margin up on the prior year54.55% → 56.83%
- More efficientAsset turnover rose0.88 → 1.06