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.

Risk Analysis

Earnings have declined by -3.33% per year over past 5 years

Currently unprofitable and not forecast to become profitable over the next 3 years

Highly volatile share price over past 3 months

Shareholders have been diluted in the past year



Snowflake Analysis

Excellent balance sheet with weak fundamentals.


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

Stable Share Price: CALX's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

10.6%

CALX

-1.1%

US Communications

1.8%

US Market


1 Year Return

24.6%

CALX

-5.1%

US Communications

20.1%

US Market

Return vs Industry: CALX exceeded the US Communications industry which returned -5.1% over the past year.

Return vs Market: CALX exceeded the US Market which returned 20.1% over the past year.


Shareholder returns

CALXIndustryMarket
7 Day10.6%-1.1%1.8%
30 Day19.1%-4.1%1.4%
90 Day33.4%3.1%8.8%
1 Year24.6%24.6%-2.9%-5.1%22.7%20.1%
3 Year50.3%50.3%30.7%22.4%50.1%40.4%
5 Year24.5%24.5%54.0%36.4%72.9%53.9%

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?

3.7x

Price to Book (PB) ratio


Share Price vs. Fair Value

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

Significantly Below Fair Value: 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

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 (3.7x) compared to the US Communications industry average (1.8x).


Next Steps

Future Growth

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

7.2%

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 (1.7%).

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 (7.2% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: CALX's revenue (7.2% 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


Next Steps

Past Performance

How has Calix performed over the past 5 years?

-3.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CALX is currently unprofitable.

Growing Profit Margin: CALX is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CALX is unprofitable, and losses have increased over the past 5 years at a rate of -3.3% 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 (-25.2%).


Return on Equity

High ROE: CALX has a negative Return on Equity (-11.49%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Calix's financial position?


Financial Position Analysis

Short Term Liabilities: CALX's short term assets ($143.8M) exceed its short term liabilities ($115.5M).

Long Term Liabilities: CALX's short term assets ($143.8M) exceed its long term liabilities ($47.3M).


Debt to Equity History and Analysis

Debt Level: CALX's debt to equity ratio (17.8%) 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 5.2x 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 3 years 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 -46.8% each year


Next Steps

Dividend

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


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage3.0%forecastin3Yearsn/a

Current dividend yield vs market & industry

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.


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

Management

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

2.6yrs

Average management tenure


CEO

Carl Russo (63yo)

17.2yrs

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 ($USD500.00K) is below average for companies of similar size in the US market ($USD1.69M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Carl Russo
CEO, President & Director17.2yrsUS$500.00k10.03% $56.9m
Cory Sindelar
CFO & Chief Accounting Officer2.3yrsUS$813.45k0.11% $643.9k
Michael Weening
Executive Vice President of Global Operations1.5yrsUS$1.21m0.019% $106.0k
Thomas Dinges
Director of Investor Relations0yrsno datano data
Suzanne Tom
Senior VP4.5yrsno datano data
Matt Collins
Chief Marketing Officer2.6yrsno datano data
Diane Sheldahl
Senior Vice President of Talent & Culture0yrsno datano data
Mark Dressler
Senior Vice President of Global Sales2.1yrsno datano data
Todd Ortberg
Senior Vice President of Strategic Development0yrsno datano data
Mehdi Bradaran
Senior Vice President of Product Operations5.6yrsUS$1.11mno data

2.6yrs

Average Tenure

55.5yo

Average Age

Experienced Management: CALX's management team is considered experienced (2.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Carl Russo
CEO, President & Director17.2yrsUS$500.00k10.03% $56.9m
Donald Listwin
Independent Chairman12.6yrsUS$221.00k1.67% $9.5m
Kevin DeNuccio
Independent Director7.4yrsUS$170.62k0.52% $2.9m
Michael Matthews
Independent Director9.2yrsUS$175.00k0.071% $401.2k
Christopher Bowick
Independent Director5.6yrsUS$175.30k0.14% $771.2k
Kira Makagon
Independent Director2.6yrsUS$165.00k0.055% $313.3k
Kathleen Crusco
Independent Director2.4yrsUS$173.16k0.082% $462.5k
J. Plants
Independent Director1.9yrsUS$235.26k0.050% $281.9k
Michael Everett
Independent Director12.5yrsUS$195.00k0.23% $1.3m
Kevin Peters
Independent Director5.3yrsUS$175.00k0.17% $944.3k

6.5yrs

Average Tenure

60yo

Average Age

Experienced Board: CALX's board of directors are considered experienced (6.5 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: CALX insiders have bought more shares than they have sold 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 4.5%.


Top Shareholders

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$567.102m
  • Shares outstanding: 55.49m
  • 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, and services enable communication service providers (CSP) to provide a range of services, from basic voice and data to advanced broadband services, over legacy and next-generation access networks. Its premises systems allow CSPs to master the complexity of the smart home and business, and offer services to their device-enabled subscribers. The company offers Calix Cloud, an analytics platform that leverages network data and subscriber behavioral data to deliver intelligence to communications professionals via role specific dashboards; Calix Marketing Cloud that enables marketers to move away from a one-size-fits-all approach to marketing and deliver personalized campaigns; Calix Support Cloud; EXOS, a carrier class premises operating system and software platform that supports residential, business, and mobile subscribers; and AXOS, a software platform built for the specific needs of the access network. The company markets its products in the United States, the Middle East, Canada, Europe, the Caribbean, and internationally through its direct sales force and resellers. Calix, Inc. was founded in 1999 and is headquartered in San Jose, California. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 02:01
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.