Latest Ratios: P/E Ratio 147.7x · EV/EBITDA 60.3x · ROE 2.2%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.4B | $3.7B | $2.3B | $3.0B | $4.7B | $5.4B | $1.8B | $440M | $513M | $298M | $375M |
| Enterprise Value | $2.3B | $3.6B | $2.3B | $3.0B | $4.7B | $5.4B | $1.8B | $440M | $493M | $289M | $325M |
| P/E Ratio → | 147.73 | 203.58 | — | 104.02 | 114.05 | 22.78 | 55.11 | — | — | — | — |
| P/S Ratio | 2.45 | 3.73 | 2.76 | 2.91 | 5.43 | 7.99 | 3.41 | 1.04 | 1.16 | 0.58 | 0.82 |
| P/B Ratio | 3.15 | 4.34 | 2.94 | 4.21 | 6.94 | 9.55 | 6.58 | 2.86 | 3.38 | 2.06 | 1.76 |
| P/FCF | 21.21 | 32.27 | 45.63 | 78.88 | 359.53 | 117.13 | 42.33 | — | — | — | 25.74 |
| P/OCF | 18.15 | 27.62 | 33.58 | 53.84 | 173.48 | 95.55 | 35.89 | 94.53 | 144.08 | — | 15.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.61 | 2.72 | 2.86 | 5.37 | 7.94 | 3.29 | 1.04 | 1.12 | 0.57 | 0.71 |
| EV / EBITDA | 60.27 | 93.28 | — | 70.51 | 69.57 | 60.66 | 35.26 | — | — | — | — |
| EV / EBIT | 111.11 | 105.66 | — | 85.64 | 86.16 | 73.86 | 49.71 | — | — | — | — |
| EV / FCF | — | 31.25 | 44.93 | 77.53 | 354.99 | 116.46 | 40.91 | — | — | — | 22.28 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.8% | 56.8% | 54.6% | 49.9% | 50.2% | 52.5% | 49.3% | 44.3% | 44.7% | 33.9% | 43.9% |
| Operating Margin | 2.1% | 2.1% | -5.2% | 2.5% | 6.1% | 10.9% | 6.8% | -3.6% | -4.2% | -16.0% | -6.1% |
| Net Profit Margin | 1.8% | 1.8% | -3.6% | 2.8% | 4.7% | 35.1% | 6.2% | -4.2% | -4.4% | -16.3% | -6.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.2% | 2.2% | -4.0% | 4.2% | 6.6% | 56.2% | 15.4% | -11.6% | -13.0% | -46.4% | -12.2% |
| ROA | 1.8% | 1.8% | -3.2% | 3.2% | 5.0% | 40.8% | 9.0% | -5.6% | -6.3% | -25.5% | -8.1% |
| ROIC | 2.1% | 2.1% | -4.6% | 3.0% | 6.8% | 14.7% | 14.8% | -8.1% | -10.4% | -41.1% | -11.3% |
| ROCE | 2.5% | 2.5% | -5.5% | 3.5% | 7.9% | 15.7% | 14.0% | -8.2% | -10.9% | -40.7% | -11.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.01 | 0.02 | 0.03 | 0.04 | 0.07 | 0.31 | 0.20 | 0.21 | — |
| Debt / EBITDA | 0.66 | 0.66 | — | 0.27 | 0.29 | 0.23 | 0.37 | — | — | — | — |
| Net Debt / Equity | — | -0.14 | -0.04 | -0.07 | -0.09 | -0.05 | -0.22 | 0.00 | -0.13 | -0.07 | -0.24 |
| Net Debt / EBITDA | -3.04 | -3.04 | — | -1.23 | -0.89 | -0.34 | -1.23 | — | — | — | — |
| Debt / FCF | — | -1.02 | -0.70 | -1.35 | -4.53 | -0.66 | -1.42 | — | — | — | -3.45 |
| Interest Coverage | — | — | — | — | — | 181.73 | 22.63 | -16.26 | -28.70 | -483.17 | -55.76 |
Net cash position: cash ($143M) exceeds total debt ($26M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.24 | 4.24 | 4.46 | 3.19 | 3.31 | 3.19 | 2.64 | 1.25 | 1.22 | 1.27 | 1.81 |
| Quick Ratio | 3.42 | 3.42 | 3.68 | 2.48 | 2.41 | 2.50 | 2.12 | 0.90 | 0.87 | 1.02 | 1.44 |
| Cash Ratio | 2.38 | 2.38 | 2.27 | 1.17 | 1.46 | 1.59 | 1.32 | 0.41 | 0.35 | 0.31 | 0.64 |
| Asset Turnover | — | 0.94 | 0.89 | 1.10 | 0.98 | 0.92 | 1.27 | 1.34 | 1.39 | 1.73 | 1.29 |
| Inventory Turnover | 3.23 | 3.23 | 3.68 | 3.92 | 2.90 | 3.63 | 5.25 | 5.89 | 4.86 | 10.70 | 5.78 |
| Days Sales Outstanding | — | 36.27 | 34.82 | 44.25 | 39.45 | 45.78 | 46.81 | 40.01 | 55.43 | 57.49 | 40.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 0.5% | — | 1.0% | 0.9% | 4.4% | 1.8% | — | — | — | — |
| FCF Yield | 4.7% | 3.1% | 2.2% | 1.3% | 0.3% | 0.9% | 2.4% | — | — | — | 3.9% |
| Buyback Yield | 3.8% | 2.5% | 0.5% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 3.4% |
| Total Shareholder Yield | 3.8% | 2.5% | 0.5% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 3.4% |
| Shares Outstanding | — | $70M | $66M | $69M | $69M | $68M | $62M | $55M | $53M | $50M | $49M |
Federal funding policy uncertainty
According to recent market data, Calix trades at a forward P/E of 20.01, which suggests that investors are pricing the company as a high-growth software platform rather than a cyclical hardware manufacturer, despite the significant volatility in its trailing twelve-month earnings multiple of 136.81.
The divergence between trailing and forward multiples implies that the market anticipates a substantial expansion in earnings as the software-defined platform gains scale. Investors should monitor whether this valuation premium is justified by sustained software adoption or if it remains vulnerable to cyclical downturns in broadband infrastructure spending.
Based on reported figures, Calix's ROIC has struggled to maintain positive territory, hovering at 1.3% in 2026Q1, which indicates that the company is currently failing to generate returns on invested capital that exceed the typical cost of equity for a technology firm of this profile.
The persistent low ROIC suggests that the heavy reinvestment in R&D and sales infrastructure is not yet yielding the expected compounding effect on capital. This trend warrants further investigation into whether the current capital allocation strategy is effectively driving long-term value or merely subsidizing customer acquisition costs.
As reported in financial statements, the company's cash conversion cycle reached 98 days in 2026Q1, a figure that reflects the inherent friction of managing a hybrid hardware-software business model where inventory turnover remains constrained by the complexities of the broadband equipment supply chain.
The elevated days inventory outstanding, which stood at 104 days in the most recent quarter, suggests that the company is carrying significant hardware stockpiles that could pose obsolescence risks. Improving this efficiency is critical for the company to transition toward a more cash-generative, software-centric operational profile.
According to quarterly filings, Calix maintains a strong liquidity position with a current ratio of 3.29 as of 2026Q1, providing a substantial buffer against potential operational shocks or delays in federal funding disbursements that could otherwise impact short-term working capital requirements for the company's hybrid model.
This liquidity profile appears adequate to support ongoing R&D investments and potential market volatility without the need for external debt financing. However, investors should remain cautious, as the high current ratio is partially supported by inventory levels that may not be easily liquidated in a stressed environment.
The most commonly misapplied metric for Calix is the EV/EBITDA ratio, which obscures the company's underlying transition toward a recurring revenue model by treating software-driven platform value as if it were a cyclical, low-margin hardware business subject to standard manufacturing depreciation and amortization cycles.
Using EV/EBITDA for Calix fails to account for the high R&D intensity required to build its software-defined network operating system, which is an investment in future growth rather than a maintenance expense. Analysts should instead focus on metrics like RPO growth and software-specific gross margins to better capture the true earning power of the platform.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying CALX stock.
Calix, Inc.'s current P/E ratio is 147.7x. The historical average is 74.0x. This places it at the 100th percentile of its historical range.
Calix, Inc.'s current EV/EBITDA is 60.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 61.3x.
Calix, Inc.'s return on equity (ROE) is 2.2%. The historical average is -5.1%.
Based on historical data, Calix, Inc. is trading at a P/E of 147.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Calix, Inc. has 56.8% gross margin and 2.1% operating margin.
Calix, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.