Calix (NYSE:CALX) - Share price, News & Analysis

CALX fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	1/6
Past Performance	5/6
Financial Health	6/6
Dividends	0/6

CALX Stock Overview

Calix, Inc., together with its subsidiaries, provides cloud and software platforms, and systems and services in the United States, the Middle East, Canada, Europe, the Caribbean, and internationally.

Rewards

Trading at 74.7% below our estimate of its fair value

Revenue is forecast to grow 10.31% per year

Earnings grew by 2036.6% over the past year

Risk Analysis

High level of non-cash earnings

Significant insider selling over the past 3 months

Shareholders have been diluted in the past year

Calix Competitors

Arista Networks

NYSE:ANET

US$36.5b

Ubiquiti

NYSE:UI

US$17.7b

Juniper Networks

NYSE:JNPR

US$10.7b

Ciena

NYSE:CIEN

US$10.1b

Price History & Performance

Summary of all time highs, changes and price drops for Calix
Historical stock prices
Current Share Price	US$43.39
52 Week High	US$80.95
52 Week Low	US$29.12
Beta	1.49
1 Month Change	-33.68%
3 Month Change	-19.39%
1 Year Change	24.97%
3 Year Change	290.55%
5 Year Change	506.85%
Change since IPO	187.35%

Recent News & Updates

Jan 14

Is It Time To Consider Buying Calix, Inc. (NYSE:CALX)?

Calix, Inc. ( NYSE:CALX ), is not the largest company out there, but it saw significant share price movement during...

Shareholder Returns

	CALX	US Communications	US Market
7D	-20.7%	-6.0%	-4.0%
1Y	25.0%	24.6%	6.6%

Return vs Industry: CALX matched the US Communications industry which returned 24.6% over the past year.

Return vs Market: CALX exceeded the US Market which returned 6.6% over the past year.

Price Volatility

Is CALX's price volatile compared to industry and market?
CALX volatility
CALX Average Weekly Movement	9.6%
Communications Industry Average Movement	7.8%
Market Average Movement	6.6%
10% most volatile stocks in US Market	15.7%
10% least volatile stocks in US Market	2.4%

Stable Share Price: CALX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: CALX's weekly volatility (10%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1999	785	Carl Russo	https://www.calix.com

Calix, Inc., together with its subsidiaries, provides cloud and software platforms, and systems and services in the United States, the Middle East, Canada, Europe, the Caribbean, and internationally. The company’s cloud and software platforms, and systems and services enable communication service providers (CSPs) to provide a range of services. It provides Calix Cloud platform, a role-based analytics platform comprising Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud, which are configurable to display role-based insights and enable CSPs to anticipate and target new revenue-generating services and applications through mobile application.

Calix Fundamentals Summary

How do Calix's earnings and revenue compare to its market cap?
CALX fundamental statistics
Market Cap	US$2.77b
Earnings (TTM)	US$242.60m
Revenue (TTM)	US$673.00m

11.4x

P/E Ratio

4.1x

P/S Ratio

Is CALX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CALX income statement (TTM)
Revenue	US$673.00m
Cost of Revenue	US$316.83m
Gross Profit	US$356.17m
Expenses	US$113.57m
Earnings	US$242.60m

Last Reported Earnings

Oct 02, 2021

Next Earnings Date

Jan 26, 2022

Earnings per share (EPS)	3.81
Gross Margin	52.92%
Net Profit Margin	36.05%
Debt/Equity Ratio	0%

How did CALX perform over the long term?

See historical performance and comparison

Valuation

Is Calix undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: CALX ($43.39) is trading below our estimate of fair value ($171.71)

Significantly Below Fair Value: CALX is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: CALX is good value based on its PE Ratio (11.4x) compared to the US Communications industry average (26.3x).

PE vs Market: CALX is good value based on its PE Ratio (11.4x) compared to the US market (16.7x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CALX's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: CALX is overvalued based on its PB Ratio (5.2x) compared to the US Communications industry average (1.8x).

Future Growth

How is Calix forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

10.3%

Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if CALX's forecast earnings growth is above the savings rate (2%).

Earnings vs Market: Insufficient data to determine if CALX's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CALX's revenue (10.3% per year) is forecast to grow faster than the US market (9.2% per year).

High Growth Revenue: CALX's revenue (10.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if CALX's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Calix performed over the past 5 years?

68.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CALX has a high level of non-cash earnings.

Growing Profit Margin: CALX's current net profit margins (36%) are higher than last year (2.3%).

Past Earnings Growth Analysis

Earnings Trend: CALX has become profitable over the past 5 years, growing earnings by 68.6% per year.

Accelerating Growth: CALX's earnings growth over the past year (2036.6%) exceeds its 5-year average (68.6% per year).

Earnings vs Industry: CALX earnings growth over the past year (2036.6%) exceeded the Communications industry 35%.

Return on Equity

High ROE: CALX's Return on Equity (45.3%) is considered outstanding.

Financial Health

How is Calix's financial position?

Financial Position Analysis

Short Term Liabilities: CALX's short term assets ($374.8M) exceed its short term liabilities ($117.0M).

Long Term Liabilities: CALX's short term assets ($374.8M) exceed its long term liabilities ($43.1M).

Debt to Equity History and Analysis

Debt Level: CALX is debt free.

Reducing Debt: CALX had no debt 5 years ago.

Debt Coverage: CALX has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: CALX has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

Dividend

What is Calix current dividend yield, its reliability and sustainability?

Dividend Yield vs Market

Notable Dividend: Unable to evaluate CALX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate CALX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if CALX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if CALX's dividend payments have been increasing.

Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of CALX's dividend in 3 years as they are not forecast to pay a notable one for the US market.

Next Steps

Explore strong dividend paying companies in the Tech industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

4.0yrs

Average management tenure

CEO

Carl Russo (65 yo)

19.08yrs

Tenure

US$6,894,750

Compensation

Mr. Carl E. Russo has been the Chief Executive Officer of Calix Inc. (alternative name, Calix Networks, Inc) since December 2002 and also serves as its Chairman of the Board since July 2021. He served as P...

CEO Compensation Analysis

Compensation vs Market: Carl's total compensation ($USD6.89M) is above average for companies of similar size in the US market ($USD5.23M).

Compensation vs Earnings: Carl's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: CALX's management team is considered experienced (4 years average tenure).

Board Members

Experienced Board: CALX's board of directors are considered experienced (8.4 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: CALX insiders have sold more shares than they have bought in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 3.2%.

Data	Last Updated (UTC time)
Company Analysis	2022/01/21 23:40
End of Day Share Price	2022/01/21 00:00
Earnings	2021/10/02
Annual Earnings	2020/12/31