Calix, Inc. (CALX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-85.9%

$5.05

vs $35.85 price

Levered DCF

$20.69

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.08

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	196.04×	-77.49×	99.3×	108.62×	21.21×	52.21×	-25×	-26.35×
P/B	4.12×	2.94×	4.01×	6.55×	8.9×	6.27×	2.86×	3.35×
P/S	3.54×	2.76×	2.77×	5.13×	7.45×	3.25×	1.04×	1.15×
EV / EBITDA	65.9×	-187.01×	55.09×	64.26×	57.11×	34.2×	-83.7×	-54.63×
Gross margin	56.8%	54.6%	49.9%	50.2%	52.5%	49.3%	44.3%	44.7%
Operating margin	2.1%	-5.2%	2.5%	6.1%	10.9%	6.8%	-3.6%	-4.2%
Net margin	1.8%	-3.6%	2.8%	4.7%	35.1%	6.2%	-4.2%	-4.4%
Current ratio	4.24×	4.46×	3.19×	3.31×	3.19×	2.64×	1.25×	1.22×
Debt / equity	0.03×	0.01×	0.02×	0.03×	0.04×	0.07×	0.31×	0.2×
Interest coverage	0×	0×	0×	0×	183.93×	23.25×	-16.08×	-29.29×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.1%	-3.8%	4.1%	6.0%	41.9%	11.9%	-11.5%	-12.7%
Return on invested capital	1.2%	-5.0%	2.8%	5.5%	11.9%	10.8%	-6.6%	-9.0%
Return on assets	1.7%	-3.2%	3.1%	4.6%	32.1%	7.8%	-5.6%	-6.1%
Free cash flow yield	3.3%	2.2%	1.3%	0.3%	0.9%	2.5%	-2.0%	-1.4%
Earnings yield	0.5%	-1.3%	1.0%	0.9%	4.7%	1.9%	-4.0%	-3.8%
Enterprise value	$3.4B	$2.3B	$2.8B	$4.4B	$5B	$1.7B	$440.1M	$488.9M
Net debt / EBITDA	-2.27×	2.91×	-1.01×	-0.87×	-0.35×	-1.25×	-0.03×	2.2×
Cash conversion cycle (days)	114	114	113	130	113	99	85	70