Calix, Inc. (CALX) Stock

Calix, Inc. (CALX) is a Communication Services stock trading at $40.35 (as of 2026-08-20), with a market capitalization of $2.54B and a trailing P/E of 49.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Calix provides cloud and software platforms, along with systems and services for broadband service providers. Its offerings include the Calix Cloud analytics platform and EXOS, a premises operating system integrated with GigaSpire systems, as well as AXOS for accessing edge-of-network capabilities for residential and business subscriber experiences.

Understand Calix, Inc.: how it makes money

Calix provides cloud and software platforms, plus systems and services, that help broadband service providers offer and manage a range of services, and it makes money through selling these platform and service offerings to broadband providers.

The profit engine is repeatable platform revenue conversion, it is reflected in Current Remaining Performance Obligations (backlog) being turned into ongoing deployments and customer starts, including New Calix Cloud Deployments.

Business quality (Mixed): Strong visibility into platform demand is suggested by Current Remaining Performance Obligations and multiple deployment/customer KPIs, but the provided facts do not include a complete official segment breakdown.

Valuation: At 78× earnings, CALX trades 343% above the Communication average (18×). Note: one-time items can distort reported P/E.

Bull case

  • Backlog visibility for platform delivery: Current Remaining Performance Obligations are listed at USD_B 0.16, which can indicate future work tied to contracted obligations.
  • Cloud deployment momentum: New Calix Cloud Deployments are reported at 19.0, alongside 23.0 Additional Customers Beginning Managed Service Deployment.
  • Customer engagement signal: Net Promoter Score is reported at 94.0.

Bear case

  • Edge-related revenue pressure: Intelligent Access EDGE Revenue Decrease is reported at -16.0 percent.
  • Operating profitability is modest: Operating margin is reported at 4.5 percent, leaving less cushion if demand or costs shift.
  • Collection timing may be a watch item: Days Sales Outstanding is reported at 35.0.
Valuation — source: SEC EDGAR (first-party)
Price$40.35
Market Cap$2.54B
P/E Ratio49.6
EV / EBITDA31.2
Price / Book3.58
Price / Sales2.29
FCF Yield3.4%
DCF Value (model)$19.19
DCF Upside vs Price-52.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.00B
Net Margin1.8%
Revenue Growth (YoY)21.3%
FCF Growth (YoY)-66.5%
Financial Health — source: SEC EDGAR
Altman Z-Score9.09 (safe)
Valuation vs Sector & Industry
Stock P/E49.6
Sector P/E (Communication Services)24.4
Industry P/E (Communication)17.9
vs Sector103.6%
vs Industry176.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($546.41M)
Institutional Holders Tracked10
Congressional Trades (recent)7
Company
SectorCommunication Services
IndustryCommunication
CEOMichael Weening
Employees1,820
CountryUS
IPO Date2010-03-24

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CALX earnings history · CALX institutional & insider holders · CALX KPIs & operating metrics · CALX financials · CALX investor presentations & press releases · CALX SEC filings · CALX peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.