NYSE:CALX

Stock Analysis Report

Executive Summary

Calix, Inc., together with its subsidiaries, provides cloud and software platforms, systems and services required to deliver the unified access network.

Snowflake

Fundamentals

Excellent balance sheet with concerning outlook.


Similar Companies

Share Price & News

How has Calix's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

6.5%

CALX

2.1%

US Communications

1.8%

US Market


1 Year Return

-5.8%

CALX

1.6%

US Communications

7.3%

US Market

Return vs Industry: CALX underperformed the US Communications industry which returned 1.6% over the past year.

Return vs Market: CALX underperformed the US Market which returned 7.3% over the past year.


Shareholder returns

CALXIndustryMarket
7 Day6.5%2.1%1.8%
30 Day11.3%-3.8%-0.7%
90 Day-2.1%-14.7%0.06%
1 Year-5.8%-5.8%3.9%1.6%9.7%7.3%
3 Year4.2%4.2%52.9%43.4%46.3%36.9%
5 Year-22.2%-22.2%92.3%72.2%64.5%46.5%

Price Volatility Vs. Market

How volatile is Calix's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

2.59x

Price to Book (PB) ratio


Share Price vs. Fair Value

Undervalued: Insufficient data to calculate CALX's fair value to establish if it is undervalued.

Significantly Undervalued: Insufficient data to calculate CALX's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: CALX is unprofitable, so we can't compare its PE Ratio to the Communications industry average.

PE vs Market: CALX is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

Low 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 (2.6x) compared to the US Communications industry average (1.9x).


Next Steps

Future Growth

How is Calix forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

9.7%

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 (2.7%).

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 (9.7% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: CALX's revenue (9.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Next Steps

Past Performance

How has Calix performed over the past 5 years?

-11.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: CALX is unprofitable, and losses have increased over the past 5 years at a rate of -11.7% per year.

Accelerating Growth: Unable to compare CALX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CALX is unprofitable, making it difficult to compare its past year earnings growth to the Communications industry (22.8%).


Return on Equity

High ROE: CALX has a negative Return on Equity (-13.3%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: CALX is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: CALX is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is Calix's financial position?


Financial Position Analysis

Short Term Liabilities: CALX's short term assets ($148.2M) exceeds its short term liabilities ($128.7M)

Long Term Liabilities: CALX's short term assets (148.2M) exceeds its long term liabilities (35.3M)


Debt to Equity History and Analysis

Debt Level: CALX's debt to equity ratio (19.6%) is considered satisfactory

Reducing Debt: Insufficient data to determine if CALX's debt to equity ratio has reduced over the past 5 years.


Balance Sheet

Inventory Level: CALX has a high level of physical assets or inventory.

Debt Coverage by Assets: CALX's debt is covered by short term assets (assets are 5.146180x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CALX has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: CALX has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of -21.6% each year


Next Steps

Dividend

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


Dividend Yield vs Market

companyn/amarketbottom25%1.5%markettop25%3.7%industryaverage2.9%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

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

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

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

Management

What is the CEO of Calix's salary, the management and board of directors tenure and is there insider trading?

3.2yrs

Average management tenure


CEO

Carl Russo (63yo)

16.8yrs

Tenure

US$500,000

Compensation

Mr. Carl E. Russo has been the Chief Executive Officer and President of Calix Inc. (alternative name, Calix Networks, Inc) since December 2002. Before taking an active role with Calix, Mr. Russo served as  ...


CEO Compensation Analysis

Compensation vs. Market: Carl's total compensation ($USD500.00K) is about average for companies of similar size in the US market ($USD1.79M).

Compensation vs Earnings: Carl's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.2yrs

Average Tenure

57yo

Average Age

Experienced Management: CALX's management team is considered experienced (3.2 years average tenure).


Board Age and Tenure

6.2yrs

Average Tenure

60yo

Average Age

Experienced Board: CALX's board of directors are considered experienced (6.2 years average tenure).


Insider Trading

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


Recent Insider Transactions

SellUS$117,27828 Aug 19
Michael Matthews
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares20,000
Max PriceUS$5.86
BuyUS$353,32727 Aug 19
Voce Capital Management, LLC
EntityCompany
Shares60,125
Max PriceUS$5.89
BuyUS$138,28421 Aug 19
Kevin DeNuccio
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares24,000
Max PriceUS$5.79
BuyUS$97,51707 Aug 19
Donald Listwin
EntityIndividual
Role
Chairman of the Board
Independent Chairman
Shares16,352
Max PriceUS$5.96
BuyUS$31,08001 Aug 19
Cory Sindelar
EntityIndividual
Role
Chief Financial Officer
CFO & Chief Accounting Officer
Shares5,000
Max PriceUS$6.22
BuyUS$122,79830 Jul 19
Donald Listwin
EntityIndividual
Role
Chairman of the Board
Independent Chairman
Shares19,180
Max PriceUS$6.40
BuyUS$15,54703 Jun 19
Voce Capital Management, LLC
EntityCompany
Shares2,600
Max PriceUS$5.98
BuyUS$157,27731 May 19
Voce Capital Management, LLC
EntityCompany
Shares25,311
Max PriceUS$6.21
BuyUS$221,80723 May 19
Kevin DeNuccio
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares33,500
Max PriceUS$6.62
BuyUS$178,10720 May 19
Voce Capital Management, LLC
EntityCompany
Shares27,091
Max PriceUS$6.57
BuyUS$334,03017 May 19
Voce Capital Management, LLC
EntityCompany
Shares51,210
Max PriceUS$6.59
BuyUS$100,86914 May 19
Donald Listwin
EntityIndividual
Role
Chairman of the Board
Independent Chairman
Shares15,000
Max PriceUS$6.72
SellUS$92,19013 May 19
Michael Matthews
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares13,000
Max PriceUS$7.09
BuyUS$100,44119 Feb 19
Donald Listwin
EntityIndividual
Role
Chairman of the Board
Independent Chairman
Shares12,500
Max PriceUS$8.04
BuyUS$749,00012 Feb 19
Voce Capital Management, LLC
EntityCompany
Shares100,000
Max PriceUS$7.49
BuyUS$75,25011 Feb 19
Cory Sindelar
EntityIndividual
Role
Chief Financial Officer
CFO & Chief Accounting Officer
Shares10,000
Max PriceUS$7.53
SellUS$114,60004 Dec 18
Kira Makagon
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares12,000
Max PriceUS$9.55
SellUS$162,62829 Nov 18
Michael Matthews
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares22,000
Max PriceUS$9.76
BuyUS$52,50016 Nov 18
Cory Sindelar
EntityIndividual
Role
Chief Financial Officer
CFO & Chief Accounting Officer
Shares5,000
Max PriceUS$10.50
BuyUS$122,50009 Nov 18
Donald Listwin
EntityIndividual
Role
Chairman of the Board
Independent Chairman
Shares12,500
Max PriceUS$9.80

Ownership Breakdown


Management Team

  • Cory Sindelar (50yo)

    CFO & Chief Accounting Officer

    • Tenure: 2yrs
    • Compensation: US$813.45k
  • Carl Russo (63yo)

    CEO, President & Director

    • Tenure: 16.8yrs
    • Compensation: US$500.00k
  • Tom Dinges

    Director of Investor Relations

    • Tenure: 0yrs
  • Mark Dressler

    Senior Vice President of Global Sales

    • Tenure: 1.8yrs
  • Mehdi Bradaran (61yo)

    Senior Vice President of Product Operations

    • Tenure: 5.3yrs
    • Compensation: US$1.11m
  • Michel Langlois (57yo)

    Chief Development Officer

    • Tenure: 5.3yrs
    • Compensation: US$1.74m
  • Diane Sheldahl

    Senior Vice President of Talent & Culture

    • Tenure: 0yrs
  • Suzanne Tom

    VP, General Counsel & Corporate Secretary

    • Tenure: 4.2yrs
  • Michael Weening (50yo)

    Executive Vice President of Field Operations

    • Tenure: 1.2yrs
    • Compensation: US$1.21m
  • Matt Collins

    Chief Marketing Officer

    • Tenure: 2.3yrs

Board Members

  • Don Listwin (60yo)

    Independent Chairman

    • Tenure: 12.3yrs
    • Compensation: US$221.00k
  • Kevin DeNuccio (60yo)

    Independent Director

    • Tenure: 7.1yrs
    • Compensation: US$170.62k
  • Michael Matthews (62yo)

    Independent Director

    • Tenure: 8.8yrs
    • Compensation: US$175.00k
  • Chris Bowick (63yo)

    Independent Director

    • Tenure: 5.3yrs
    • Compensation: US$175.30k
  • Carl Russo (63yo)

    CEO, President & Director

    • Tenure: 16.8yrs
    • Compensation: US$500.00k
  • Kira Makagon (56yo)

    Independent Director

    • Tenure: 2.3yrs
    • Compensation: US$165.00k
  • Kathy Crusco (54yo)

    Independent Director

    • Tenure: 2.1yrs
    • Compensation: US$173.16k
  • Dan Plants (52yo)

    Independent Director

    • Tenure: 1.6yrs
    • Compensation: US$235.26k
  • Mike Everett (70yo)

    Independent Director

    • Tenure: 12.2yrs
    • Compensation: US$195.00k
  • Kevin Peters (55yo)

    Independent Director

    • Tenure: 5yrs
    • Compensation: US$175.00k

Company Information

Calix, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Calix, Inc.
  • Ticker: CALX
  • Exchange: NYSE
  • Founded: 1999
  • Industry: Communications Equipment
  • Sector: Tech
  • Market Cap: US$381.431m
  • Shares outstanding: 55.44m
  • Website: https://www.calix.com

Number of Employees


Location

  • Calix, Inc.
  • 2777 Orchard Parkway
  • San Jose
  • California
  • 95134
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CALXNYSE (New York Stock Exchange)YesCommon StockUSUSDMar 2010
CXADB (Deutsche Boerse AG)YesCommon StockDEEURMar 2010

Biography

Calix, Inc., together with its subsidiaries, provides cloud and software platforms, systems and services required to deliver the unified access network. The company’s cloud and software platforms, systems, ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/18 00:16
End of Day Share Price2019/10/17 00:00
Earnings2019/06/29
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.