Stocks · Technology · Communication Equipment
Calix, Inc. CALX
$34.81 -0.26% Close, Oct 2, 2026 · NYSE · Market cap $2.19B
Weak trendLow risk
Next earnings report: Nov 2, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Earnings beat analyst estimates in each of the last 14 quarters (average surprise over the last four: +13.4%).
- Operating margin widened to 5.5% from -4.1% a year earlier.
- Revenue over the last four quarters was $1.11B, up 27.8% from a year earlier.
PromtFinance scores
Each score is a percentile within the Technology sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 20%
- FCF growth (TTM, YoY)Top 48%
- Revenue growth, 3-year CAGRBottom 46%
- Revenue growth accelerationBottom 36%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 43%
- Gross marginTop 44%
- Operating marginTop 47%
- Cash conversion (OCF / net income)Top 36%
- Accruals (lower is better)Bottom 48%
- Net debt / EBITDA (lower is better)Top 32%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 37%
- Free-cash-flow yieldTop 42%
- EBITDA / enterprise valueTop 41%
- Sales / enterprise valueTop 27%
- P/E vs own 5-year history (lower is better)Top 34%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 16%
- 6-month returnBottom 9%
- 1-year return vs S&P 500Bottom 15%
- Distance from 52-week highBottom 21%
- Trend checklist (0–4)Bottom 26%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 38%
- Consecutive EPS beatsTop 9%
- Share of analysts rating BuyTop 40%
- Upside to consensus price targetTop 21%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 7%
- Maximum drawdown, 3 yearsTop 30%
- Beta vs S&P 500 (lower is better)Top 33%
- Net debt / EBITDA (lower is better)Top 32%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 28.4% | 27.8% | ↓ |
| Gross margin | 55.5% | 56.6% | ↑ |
| Operating margin | -4.1% | 5.5% | ↑ |
| FCF margin | 8.2% | 7.7% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 27.8% | 28.4% | ↓ | Top 20% |
| Gross margin | 56.6% | 55.5% | ↑ | Top 44% |
| Operating margin | 5.5% | -4.1% | ↑ | Top 47% |
| Net margin | 4.6% | -3.1% | ↑ | — |
| Free-cash-flow margin | 7.7% | 8.2% | ↓ | — |
| Return on invested capital | 5.8% | — | Top 43% | |
| Revenue growth, 3-year CAGR | 4.8% | — | Bottom 46% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 2.14×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -6.1%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 7.2%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +88.4 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- -0.62×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- 9.48%
- Shareholder yield
- 9.48%
- Share count change, 1 year
- +1.5%
- Share count change, 3-year CAGR
- -2.0%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 27, 2026 (filed Jul 21, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 14
- Beats in the last 8 reports
- 8 of 8
- Average EPS surprise, last 4
- +13.4%
- Average 2-day reaction, last 8
- -1.2%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $57.00
- Target vs current price
- +63.7%
- Analysts with a rating
- 21
- Share rating Buy or Strong Buy
- 71%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 20, 2026 | +16.1% | -2.0% | -8.0% | +1.0% | — |
| Apr 21, 2026 | +5.3% | -3.8% | -17.3% | -22.0% | -25.1% |
| Jan 28, 2026 | +2.6% | -5.4% | -14.0% | -8.8% | -23.7% |
| Oct 29, 2025 | +29.4% | +0.7% | +6.0% | -9.5% | -9.9% |
| Jul 21, 2025 | +65.0% | +0.1% | +3.0% | +6.1% | +9.2% |
| Apr 21, 2025 | +46.2% | -1.7% | +17.1% | +34.2% | +51.7% |
| Jan 29, 2025 | +14.3% | -1.0% | +9.4% | +2.5% | +4.8% |
| Oct 28, 2024 | +44.4% | +3.8% | -6.6% | -12.6% | +2.8% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 20, 2026 | $0.47 | $0.40 | +16.1% | $293.3M |
| Apr 21, 2026 | $0.40 | $0.38 | +5.3% | $280.0M |
| Jan 28, 2026 | $0.39 | $0.38 | +2.6% | $272.4M |
| Oct 29, 2025 | $0.44 | $0.34 | +29.4% | $265.4M |
| Jul 21, 2025 | $0.33 | $0.20 | +65.0% | $241.9M |
| Apr 21, 2025 | $0.19 | $0.13 | +46.2% | $220.2M |
| Jan 29, 2025 | $0.08 | $0.07 | +14.3% | $206.1M |
| Oct 28, 2024 | $0.13 | $0.09 | +44.4% | $200.9M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 45.2× | 75.6× | 31th | Top 37% |
| P/E (forward) | 20.2× | — | — | — |
| EV / EBITDA | 24.1× | — | — | Top 41% |
| EV / Sales | 1.92× | — | — | Top 27% |
| Free-cash-flow yield | 3.90% | — | — | Top 42% |
| Earnings yield | 2.21% | — | — | Top 37% |
P/E over the past five years
Range 11.5× – 210.3× since Jul 3, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✗ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -3.3%
- 200-day average slope (20 days)
- -4.4%
- Distance from 50-day average
- -5.5%
- Distance from 200-day average
- -21.4%
- RSI (14)
- 45.0
- Relative volume
- 0.99×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 32.2%
- Volatility vs own 5-year history
- 11th percentile · Low for this stock
- Beta vs S&P 500 (2 years, weekly)
- 1.16
- Correlation with S&P 500
- 0.40
- Current drawdown from 1-year high
- -49.1%
- Maximum drawdown, 3 years
- -51.6%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Dec 31, 2021 | Apr 30, 2024 | -65.3% | 584 days | Not yet recovered |
| Mar 17, 2021 | Mar 29, 2021 | -32.7% | 8 days | 63 days (Jun 28, 2021) |
| Nov 9, 2021 | Dec 20, 2021 | -20.2% | 28 days | 6 days (Dec 29, 2021) |
| Nov 5, 2020 | Nov 10, 2020 | -16.5% | 3 days | 23 days (Dec 14, 2020) |
| Jan 26, 2021 | Jan 29, 2021 | -16.1% | 3 days | 9 days (Feb 11, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $2.19B
- P/E (TTM)
- 45.2
- EPS, diluted (TTM)
- $0.77
- Revenue (TTM)
- $1.11B
- 52-week range
- $32.35 – $71.22
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $679.4M | $867.8M | $1.04B | $831.5M | $1.00B |
| Gross profit | $356.6M | $435.4M | $518.3M | $453.6M | $568.3M |
| Operating income | $73.9M | $52.6M | $25.6M | -$43.0M | $21.0M |
| Net income | $238.4M | $41.0M | $29.3M | -$29.7M | $17.9M |
| EPS (diluted) | $3.51 | $0.60 | $0.42 | -$0.45 | $0.26 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $200.9M | $206.1M | $220.2M | $241.9M | $265.4M | $272.4M | $280.0M | $293.3M |
| Net income | -$4.0M | -$17.9M | -$4.8M | -$199,000 | $15.7M | $7.2M | $11.2M | $17.1M |
| EPS (diluted) | -$0.06 | -$0.27 | -$0.07 | -$0.00 | $0.24 | $0.10 | $0.17 | $0.26 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $56.8M | $27.2M | $56.3M | $68.4M | $135.0M |
| Capital expenditure | -$10.5M | -$14.1M | -$17.9M | -$18.1M | -$19.4M |
| Free cash flow | $46.3M | $13.1M | $38.4M | $50.3M | $115.5M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $25.6M | $27.5M | -$54.2M | -$10.7M | -$28.4M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $194.3M
- Total assets
- $954.4M
- Total liabilities
- $244.4M
- Total debt
- $14.0M
- Net debt
- -$54.9M
- Shareholders’ equity
- $710.0M
As of Jun 27, 2026 (filed Jul 21, 2026).
Short interest
- Shares sold short
- 5,580,340
- Days to cover
- 5.57
- Change vs previous report
- +19.7%
FINRA short interest, settlement date Sep 15, 2026.