Calix (CALX)
Market Price (9/10/2026): $34.425 | Market Cap: $2.2 BilSector: Information Technology | Industry: Application Software
Calix (CALX)
Market Price (9/10/2026): $34.425Market Cap: $2.2 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Network Equipment, Telecom Infrastructure, Show more. | Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -96% | Key risksCALX key risks include [1] its dependency on cyclical and uncommitted capital spending by broadband service providers and [2] the execution risk of its pivotal transition to a software and platform business, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 28% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -35% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Network Equipment, Telecom Infrastructure, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -96% |
| Key risksCALX key risks include [1] its dependency on cyclical and uncommitted capital spending by broadband service providers and [2] the execution risk of its pivotal transition to a software and platform business, Show more. |
Qualitative Assessment
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Updated on 9/8/2026
Calix (CALX) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Margin Compression in Fiscal Q2 2026. Despite exceeding analyst expectations for both adjusted earnings per share (EPS) at $0.47 (versus $0.40 consensus) and revenue at $293.3 million (versus $289.96 million consensus) for fiscal Q2 2026, which ended in June 2026, Calix experienced a significant stock decline. The primary concern for investors was a notable sequential and year-over-year decrease in non-GAAP appliance gross margin, which fell by 460 basis points sequentially and 170 basis points year-over-year to 52.9%. This margin pressure was attributed to rising memory and component costs related to increased demand for AI infrastructure, forcing the company to implement surcharges that compressed near-term profitability. This led to a 10.35% drop in the stock price in after-hours trading on July 21, 2026.
2. Negative Investor Reaction to Near-Term Outlook. The market's focus on the margin pressure and the company's "near-term guidance" following the fiscal Q2 2026 earnings report on July 20, 2026, outweighed the positive headline numbers. Investors appeared to interpret the compressed margins and outlook as a challenge to future profitability, contributing to the sell-off despite the overall strong Q2 performance.
Show more
Calix (CALX) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Margin Compression in Fiscal Q2 2026. Despite exceeding analyst expectations for both adjusted earnings per share (EPS) at $0.47 (versus $0.40 consensus) and revenue at $293.3 million (versus $289.96 million consensus) for fiscal Q2 2026, which ended in June 2026, Calix experienced a significant stock decline. The primary concern for investors was a notable sequential and year-over-year decrease in non-GAAP appliance gross margin, which fell by 460 basis points sequentially and 170 basis points year-over-year to 52.9%. This margin pressure was attributed to rising memory and component costs related to increased demand for AI infrastructure, forcing the company to implement surcharges that compressed near-term profitability. This led to a 10.35% drop in the stock price in after-hours trading on July 21, 2026.
2. Negative Investor Reaction to Near-Term Outlook. The market's focus on the margin pressure and the company's "near-term guidance" following the fiscal Q2 2026 earnings report on July 20, 2026, outweighed the positive headline numbers. Investors appeared to interpret the compressed margins and outlook as a challenge to future profitability, contributing to the sell-off despite the overall strong Q2 performance.
Show more
Updated on 9/8/2026
Calix (CALX) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Margin Compression in Fiscal Q2 2026. Despite exceeding analyst expectations for both adjusted earnings per share (EPS) at $0.47 (versus $0.40 consensus) and revenue at $293.3 million (versus $289.96 million consensus) for fiscal Q2 2026, which ended in June 2026, Calix experienced a significant stock decline. The primary concern for investors was a notable sequential and year-over-year decrease in non-GAAP appliance gross margin, which fell by 460 basis points sequentially and 170 basis points year-over-year to 52.9%. This margin pressure was attributed to rising memory and component costs related to increased demand for AI infrastructure, forcing the company to implement surcharges that compressed near-term profitability. This led to a 10.35% drop in the stock price in after-hours trading on July 21, 2026.
2. Negative Investor Reaction to Near-Term Outlook. The market's focus on the margin pressure and the company's "near-term guidance" following the fiscal Q2 2026 earnings report on July 20, 2026, outweighed the positive headline numbers. Investors appeared to interpret the compressed margins and outlook as a challenge to future profitability, contributing to the sell-off despite the overall strong Q2 performance.
3. Analyst Price Target Reductions. Following the fiscal Q2 2026 results, several Wall Street analysts, while largely maintaining "Buy" ratings, lowered their price targets for Calix. For example, Rosenblatt Securities adjusted its price target to $55 from $70, and J.P. Morgan revised its target to $58 from $65. These adjustments reflected a more cautious near-term valuation due to the concerns about margin compression, despite a long-term "Moderate Buy" consensus and a significantly higher average price target of $63.86 (as of September 8, 2026).
4. Shareholder Investigation Announcement. On August 18, 2026, Bernstein Liebhard LLP announced an investigation into potential breaches of fiduciary duty by certain directors and officers of Calix. This announcement of a shareholder investigation can introduce uncertainty and apprehension among investors, potentially contributing to downward pressure on the stock price.
Show less
Calix (CALX) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Margin Compression in Fiscal Q2 2026. Despite exceeding analyst expectations for both adjusted earnings per share (EPS) at $0.47 (versus $0.40 consensus) and revenue at $293.3 million (versus $289.96 million consensus) for fiscal Q2 2026, which ended in June 2026, Calix experienced a significant stock decline. The primary concern for investors was a notable sequential and year-over-year decrease in non-GAAP appliance gross margin, which fell by 460 basis points sequentially and 170 basis points year-over-year to 52.9%. This margin pressure was attributed to rising memory and component costs related to increased demand for AI infrastructure, forcing the company to implement surcharges that compressed near-term profitability. This led to a 10.35% drop in the stock price in after-hours trading on July 21, 2026.
2. Negative Investor Reaction to Near-Term Outlook. The market's focus on the margin pressure and the company's "near-term guidance" following the fiscal Q2 2026 earnings report on July 20, 2026, outweighed the positive headline numbers. Investors appeared to interpret the compressed margins and outlook as a challenge to future profitability, contributing to the sell-off despite the overall strong Q2 performance.
3. Analyst Price Target Reductions. Following the fiscal Q2 2026 results, several Wall Street analysts, while largely maintaining "Buy" ratings, lowered their price targets for Calix. For example, Rosenblatt Securities adjusted its price target to $55 from $70, and J.P. Morgan revised its target to $58 from $65. These adjustments reflected a more cautious near-term valuation due to the concerns about margin compression, despite a long-term "Moderate Buy" consensus and a significantly higher average price target of $63.86 (as of September 8, 2026).
4. Shareholder Investigation Announcement. On August 18, 2026, Bernstein Liebhard LLP announced an investigation into potential breaches of fiduciary duty by certain directors and officers of Calix. This announcement of a shareholder investigation can introduce uncertainty and apprehension among investors, potentially contributing to downward pressure on the stock price.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -13.4% change in CALX stock from 5/31/2026 to 9/9/2026 was primarily driven by a -44.6% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.75 | 34.44 | -13.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,060 | 1,111 | 4.9% |
| Net Income Margin (%) | 3.2% | 4.6% | 44.1% |
| P/E Multiple | 77.1 | 42.7 | -44.6% |
| Shares Outstanding (Mil) | 66 | 64 | 3.4% |
| Cumulative Contribution | -13.4% |
Market Drivers
5/31/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CALX | -13.4% | |
| Market (SPY) | 0.8% | 40.0% |
| Sector (XLK) | -1.6% | 21.1% |
Fundamental Drivers
The -33.5% change in CALX stock from 2/28/2026 to 9/9/2026 was primarily driven by a -77.9% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.77 | 34.44 | -33.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,000 | 1,111 | 11.1% |
| Net Income Margin (%) | 1.8% | 4.6% | 157.6% |
| P/E Multiple | 193.5 | 42.7 | -77.9% |
| Shares Outstanding (Mil) | 67 | 64 | 5.3% |
| Cumulative Contribution | -33.5% |
Market Drivers
2/28/2026 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CALX | -33.5% | |
| Market (SPY) | 11.4% | 27.8% |
| Sector (XLK) | 35.6% | 16.2% |
Fundamental Drivers
The -42.1% change in CALX stock from 8/31/2025 to 9/9/2026 was primarily driven by a -55.4% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.45 | 34.44 | -42.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 869 | 1,111 | 27.8% |
| P/S Multiple | 4.4 | 2.0 | -55.4% |
| Shares Outstanding (Mil) | 65 | 64 | 1.6% |
| Cumulative Contribution | -42.1% |
Market Drivers
8/31/2025 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CALX | -42.1% | |
| Market (SPY) | 19.2% | 29.2% |
| Sector (XLK) | 43.7% | 23.7% |
Fundamental Drivers
The -26.0% change in CALX stock from 8/31/2023 to 9/9/2026 was primarily driven by a -38.5% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9092026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.51 | 34.44 | -26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 992 | 1,111 | 12.0% |
| Net Income Margin (%) | 4.5% | 4.6% | 3.0% |
| P/E Multiple | 69.5 | 42.7 | -38.5% |
| Shares Outstanding (Mil) | 66 | 64 | 4.3% |
| Cumulative Contribution | -26.0% |
Market Drivers
8/31/2023 to 9/9/2026| Return | Correlation | |
|---|---|---|
| CALX | -26.0% | |
| Market (SPY) | 75.3% | 40.8% |
| Sector (XLK) | 117.9% | 35.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CALX Return | 169% | -14% | -36% | -20% | 52% | -33% | 19% |
| Peers Return | 34% | -19% | -12% | 34% | 32% | 13% | 90% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| CALX Win Rate | 75% | 42% | 50% | 42% | 67% | 22% | |
| Peers Win Rate | 58% | 37% | 48% | 63% | 62% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CALX Max Drawdown | -33% | -60% | -53% | -38% | -30% | -40% | |
| Peers Max Drawdown | -26% | -42% | -45% | -29% | -38% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADTN, CIEN, CSCO, HLIT, RBBN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/9/2026 (YTD)
How Low Can It Go
| Event | CALX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.4% | -18.8% |
| % Gain to Breakeven | 35.9% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.3% | -9.5% |
| % Gain to Breakeven | 45.5% | 10.5% |
| Time to Breakeven | 588 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.1% | -6.7% |
| % Gain to Breakeven | 23.6% | 7.1% |
| Time to Breakeven | 35 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.9% | -33.7% |
| % Gain to Breakeven | 75.0% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.1% | -19.2% |
| % Gain to Breakeven | 11.2% | 23.8% |
| Time to Breakeven | 13 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -17.3% | -3.7% |
| % Gain to Breakeven | 21.0% | 3.9% |
| Time to Breakeven | 11 days | 6 days |
In The Past
Calix's stock fell -26.4% during the 2025 US Tariff Shock. Such a loss loss requires a 35.9% gain to breakeven.
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| Event | CALX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -26.4% | -18.8% |
| % Gain to Breakeven | 35.9% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.3% | -9.5% |
| % Gain to Breakeven | 45.5% | 10.5% |
| Time to Breakeven | 588 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.9% | -33.7% |
| % Gain to Breakeven | 75.0% | 50.9% |
| Time to Breakeven | 37 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.6% | -12.2% |
| % Gain to Breakeven | 38.1% | 13.9% |
| Time to Breakeven | 159 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -43.7% | -6.8% |
| % Gain to Breakeven | 77.7% | 7.3% |
| Time to Breakeven | 1007 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -67.2% | -17.9% |
| % Gain to Breakeven | 205.3% | 21.8% |
| Time to Breakeven | 3194 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -23.5% | -15.4% |
| % Gain to Breakeven | 30.8% | 18.2% |
| Time to Breakeven | 126 days | 125 days |
In The Past
Calix's stock fell -26.4% during the 2025 US Tariff Shock. Such a loss loss requires a 35.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Calix (CALX)
Calix (CALX) provides essential cloud and software platforms, systems, and services primarily to broadband service providers (BSPs) across the globe. The company's mission is to equip these BSPs with the tools they need to efficiently deliver a diverse range of services, enhance operational capabilities, and significantly improve the experiences for their residential and business subscribers.
Calix's core offerings include the **Calix Cloud platform**, a sophisticated, role-based analytics solution comprising Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud, which helps BSPs identify and target new revenue streams. Additionally, the company provides **EXOS**, a carrier-class premises operating system integrated with its GigaSpire systems for comprehensive subscriber experience solutions, and **AXOS**, a software platform designed to optimize the network's access edge. These products are distributed to broadband service providers throughout the United States, the rest of the Americas, Europe, the Middle East, Africa, and the Asia Pacific region.
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Cisco for internet service providers (ISPs)
Salesforce for internet service providers (ISPs)
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Major Products and Services of Calix (CALX):
- Calix Cloud platform: A role-based analytics platform comprising Calix Marketing Cloud, Calix Support Cloud, and Calix Operations Cloud, which helps broadband service providers anticipate and target new revenue-generating services.
- EXOS: A carrier-class premises operating system integrated with the GigaSpire family of systems, designed to provide complete subscriber experience solutions for residential and business customers.
- AXOS: A software platform engineered to access the edge of the network through its architecture and operations.
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Calix, Inc. (CALX) primarily sells its cloud and software platforms, systems, and services to other companies, specifically Broadband Service Providers (BSPs).
The provided background information does not list the specific names of these customer companies.
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- Flex Ltd. (FLEX)
- Pegatron Corporation (4938.TW)
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Michael Weening, President and Chief Executive Officer
Michael Weening has an extensive background in software, cloud, and telecom, with over 20 years of experience in growth, strategy, and transformation. He joined Calix in June 2016 and was promoted to President and CEO in October 2022. Prior to Calix, he held senior leadership roles at Salesforce, including senior vice president of global customer success and senior vice president of customer success, services, and alliances for Japan and Asia-Pacific. Earlier in his career, he held sales leadership positions at Microsoft in both Canada and the United Kingdom, and was vice president of business and consumer sales at Bell Mobility in Canada. Weening has been instrumental in Calix's transformation from a hardware-centric business to a company focused on software, cloud, and appliances.
Cory Sindelar, Chief Financial Officer
Cory Sindelar joined Calix as Chief Financial Officer in May 2017, bringing more than 25 years of experience as a senior financial leader in the technology sector. Prior to Calix, he served as Chief Financial Officer at Violin Memory, where he helped transition the company from a privately held entity to a public, multi-national technology leader. He also previously held the CFO role at Ikanos Communications, where he led several strategic transactions. Earlier in his career, Sindelar held various finance positions at EMC Corporation and was vice president, corporate controller, and principal accounting officer at Legato Systems, Inc., which was later acquired by EMC.
Mark Dressler, Chief Revenue Officer
Mark Dressler is the Chief Revenue Officer for Calix, with 30 years of experience in the communications service provider industry.
John Durocher, Chief Operations Officer
John Durocher leads the Calix Customer Success organization as Chief Operations Officer.
Shane Eleniak, Chief Product Officer
Shane Eleniak is the Chief Product Officer at Calix, responsible for all of Calix's products, including access solutions.
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Key Risks to Calix (CALX)
- Intense Competition: Calix operates in a highly competitive market characterized by rapid technological advancements and evolving customer demands. The company faces the constant threat of competitors with greater resources or more aggressive pricing strategies, which could lead to reduced market share and financial results if Calix cannot maintain its innovative edge and meet the changing needs of broadband service providers.
- Supply Chain Dependencies: Calix relies significantly on third-party vendors and contract manufacturers for sourcing components, producing its products, and managing global logistics. This dependence introduces vulnerabilities, as any significant interruption in the supply chain, such as component shortages or disruptions in delivery, could adversely affect Calix's ability to fulfill customer orders, potentially leading to lost revenue, increased costs, and negative impacts on gross margins and operating results.
- Macroeconomic Conditions and Customer Capital Expenditure: Calix's revenue is heavily influenced by the capital expenditure (CapEx) decisions of its broadband service provider customers, particularly smaller, rural, and municipal providers. Adverse macroeconomic conditions, such as sustained high interest rates, can increase borrowing costs for these customers, potentially forcing them to defer or scale back network buildouts, which directly impacts Calix's sales and revenue.
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Calix (CALX) operates within the global broadband services and cloud computing markets, providing cloud and software platforms, systems, and services to broadband service providers (BSPs).
Addressable Markets for Calix's Main Products or Services
- Calix Cloud Platform: The global cloud communication platform market, which includes solutions like the Calix Cloud platform, was valued at approximately USD 23.47 billion in 2026 and is projected to reach USD 45.63 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 14.22%. More broadly, the global cloud computing market, which encompasses Calix's cloud offerings, was estimated at USD 752.44 billion in 2024 and is projected to reach USD 2.39 trillion by 2030, demonstrating a CAGR of 20.4% from 2025 to 2030.
- EXOS and AXOS Platforms: These platforms support broadband access and network infrastructure for service providers. The global broadband services market, which these platforms enable, was valued at approximately USD 565.40 billion in 2025. It is projected to grow from USD 608.70 billion in 2026 to USD 1,151.43 billion by 2034, exhibiting a CAGR of 8.3% during this forecast period.
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Expected Drivers of Future Revenue Growth for Calix (CALX)
Over the next 2-3 years, Calix (CALX) is expected to drive revenue growth through several key initiatives:
- Increasing Adoption of Cloud and Managed Services: Calix's strategy focuses on the continued migration of broadband service providers (BSPs) to its higher-value cloud and managed services offerings. The company's record Remaining Performance Obligations (RPOs) demonstrate strong demand and contracted business, with existing customers increasingly adopting more of Calix's platform, cloud, and managed services. The recent launch of the third-generation Calix platform and its evolution for agentic AI on Google Cloud are anticipated to further accelerate this adoption.
- Customer Acquisition and Subscriber Growth: Calix is actively expanding its customer base by onboarding new broadband service providers. Furthermore, the company's solutions enable existing customers to attract and retain new subscribers, which directly contributes to Calix's revenue growth.
- Leveraging the Broadband Equity, Access, and Deployment (BEAD) Program: Calix anticipates a substantial revenue opportunity from the BEAD program, estimated to be between $1 billion and $1.5 billion. The company expects appliance deliveries related to this program to ramp up in late 2026 and significantly into 2027 and beyond, providing a considerable tailwind to its growth.
- Strategic Investment in AI and New AI-Driven Services: Calix has made significant investments in evolving its broadband platform to incorporate agentic AI capabilities on Google Cloud. These AI-driven advancements are designed to empower BSPs to automate workflows, deliver personalized subscriber experiences, and unlock new revenue streams, thereby fueling future growth.
- International Expansion and Targeting Larger Customers: The partnership with Google Cloud is enabling Calix to deploy its platform globally and effectively target larger customers with private cloud solutions. Management has indicated confidence in expanding into new accounts and international markets as a key growth strategy.
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Share Repurchases
- In January 2026, Calix's board of directors authorized an additional $125 million for its existing stock repurchase program. This increased the total available repurchase funds to $234.3 million, combining the new authorization with the $109.3 million remaining at the end of the fourth quarter of 2025.
- In the fourth quarter of 2025, Calix deployed $17 million to purchase 300,000 shares of its common stock.
- For the full fiscal year 2025, Calix spent $93.6 million on share buybacks, following expenditures of $10.7 million in 2024 and $86.4 million in 2023.
Share Issuance
- Calix's common stock issuances primarily related to employee benefit plans, with proceeds totaling $65.2 million in 2025.
- Proceeds from common stock issuances for employee benefit plans were $31.6 million in 2024.
- In 2023, the company generated $32.1 million from common stock issuances related to employee benefit plans.
Capital Expenditures
- In the fourth quarter of 2025, Calix invested $5.8 million in capital expenditures.
- Annual capital expenditures were $19.4 million in 2025, $18.1 million in 2024, and $17.9 million in 2023.
- Capital expenditures are primarily focused on funding long-term assets and infrastructure, with anticipated increases in operating expenses for Q1 2026 driven by investments in AI functionality and capabilities across its platform, cloud, and managed services.
Peer Outperformance in Application Software
CALX has outperformed 68% of its 121 Application Software peers over 5Y. Among the peers that beat it are BOX, SSNC and DBX. Application Software ranks 11th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Application Software constituents that CALX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
32%
of 152 industry peers · -44.2% return
3Y
46%
of 139 industry peers · -25.6% return
5Y
68%
of 121 industry peers · -24.5% return
Application Software peers with revenue growth within 4pp of CALX's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CALX | Calix | 5.0% | 42.7x | -44.2% | -25.6% | -24.5% | — |
| BOX | Box | 6.6% | 36.3x | 2.8% | 33.5% | 51.0% | +75pp |
| SSNC | SS&C Technologies | 6.8% | 21.9x | -9.3% | 48.5% | 18.3% | +43pp |
| DBX | Dropbox | 1.5% | 17.6x | 10.9% | 24.1% | 9.7% | +34pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Application Software is CALX's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 62.0% | 191.8% | 304.2% | TTMI 816% · FLEX 745% · SANM 424% |
| Semiconductor Materials & Equipment | 27 | 129.2% | 82.9% | 106.7% | AEHR 845% · AXTI 647% · LRCX 456% |
| Technology Distributors | 9 | 31.8% | 69.9% | 87.2% | CLMB 337% · AVT 168% · SNX 133% |
| Communications Equipment | 35 | 21.0% | 92.3% | 74.4% | AAOI 1353% · LITE 1052% · ANET 780% |
| Electronic Components | 26 | 39.3% | 59.6% | 64.6% | CLS 3713% · BELFA 1314% · COHR 394% |
| Semiconductors | 55 | 23.0% | 26.0% | 27.9% | POET 1864% · MU 1334% · NVDA 897% |
| Technology Hardware, Storage & Peripherals | 21 | 30.2% | 79.4% | 23.5% | DELL 1128% · STX 1125% · WDC 1018% |
| Internet Services & Infrastructure | 6 | 19.5% | 33.5% | 13.9% | DOCN 89% · VRSN 32% · GDDY 24% |
| Electronic Equipment & Instruments | 27 | -13.0% | 6.7% | -10.7% | PI 210% · OSIS 108% · NSSC 97% |
| IT Consulting & Other Services | 28 | -27.5% | -14.5% | -31.2% | CHRN 478321% · APLD 1264% · TSSI 657% |
| Application Software ← | 122 | -28.4% | -15.9% | -46.0% | VIDA 205355% · INLX 4774% · PLTR 545% |
| Systems Software | 67 | -15.1% | -1.0% | -57.2% | QNC 469% · ZETA 340% · PANW 328% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Calix Stock In Shambles: Down 13% With 7-Day Losing Streak | 04/03/2026 | |
| Calix Stock In Shambles: Down 12% With 6-Day Losing Streak | 04/02/2026 | |
| Calix Earnings Notes | 12/29/2026 | |
| How Low Can Calix Stock Really Go? | 10/17/2025 | |
| How Does Calix Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Why Calix Stock Moved: CALX Stock Has Gained 57% Since 2024 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| CALX Dip Buy Analysis | 07/10/2025 | |
| Calix (CALX) Valuation Ratios Comparison | 05/15/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 05/21/2026 | |
| 7-Day Sell-Off Sends Calix Stock Down -13% | 04/03/2026 | |
| Small Cap Stocks Trading At 52-Week High | 09/11/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.12 |
| Mkt Cap | 1.7 |
| Rev LTM | 1,125 |
| Op Inc LTM | 53 |
| FCF LTM | 70 |
| FCF 3Y Avg | 65 |
| CFO LTM | 101 |
| CFO 3Y Avg | 88 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.8% |
| Rev Chg 3Y Avg | 1.2% |
| Rev Chg Q | 19.4% |
| QoQ Delta Rev Chg LTM | 4.6% |
| Op Inc Chg LTM | 62.6% |
| Op Inc Chg 3Y Avg | 49.8% |
| Op Mgn LTM | 9.3% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | 13.7% |
| CFO/Rev 3Y Avg | 11.8% |
| FCF/Rev LTM | 10.6% |
| FCF/Rev 3Y Avg | 9.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.7 |
| P/S | 2.8 |
| P/Op Inc | 27.6 |
| P/EBIT | 33.2 |
| P/E | 27.5 |
| P/CFO | 20.3 |
| Total Yield | 1.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.1% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Price Behavior
Price Behavior
| Market Price | $34.44 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 03/24/2010 | |
| Distance from 52W High | -49.7% | |
| 50 Days | 200 Days | |
| DMA Price | $38.52 | $46.02 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -10.6% | -25.2% |
| 3M | 1YR | |
| Volatility | 34.9% | 40.7% |
| Downside Capture | 169.39 | 173.86 |
| Upside Capture | 78.00 | 71.93 |
| Correlation (SPY) | 38.4% | 28.4% |
CALX Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.90 | 1.36 | 1.04 | 0.78 | 0.93 | 1.15 |
| Up Beta | 3.62 | 1.63 | 1.23 | 0.37 | 0.43 | 0.97 |
| Down Beta | -0.35 | 0.87 | 1.08 | 1.13 | 0.63 | 0.92 |
| Up Capture | 139% | 136% | 81% | 32% | 72% | 179% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 18 | 26 | 53 | 114 | 378 |
| Down Capture | 74% | 140% | 109% | 125% | 137% | 109% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 12 | 24 | 38 | 74 | 136 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALX | |
|---|---|---|---|---|
| CALX | -43.8% | 40.6% | -1.31 | - |
| Sector ETF (XLK) | 42.7% | 26.2% | 1.32 | 23.7% |
| Equity (SPY) | 18.6% | 12.8% | 1.06 | 28.8% |
| Gold (GLD) | 20.6% | 29.2% | 0.64 | 13.3% |
| Commodities (DBC) | 46.3% | 20.4% | 1.76 | -14.7% |
| Real Estate (VNQ) | 7.3% | 13.6% | 0.27 | 17.8% |
| Bitcoin (BTCUSD) | -29.8% | 43.8% | -0.68 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALX | |
|---|---|---|---|---|
| CALX | -6.0% | 48.9% | 0.04 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 46.2% |
| Equity (SPY) | 12.5% | 17.2% | 0.55 | 49.2% |
| Gold (GLD) | 18.9% | 18.8% | 0.82 | 8.5% |
| Commodities (DBC) | 11.1% | 19.5% | 0.44 | 5.9% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.04 | 38.7% |
| Bitcoin (BTCUSD) | 10.8% | 52.6% | 0.39 | 26.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CALX | |
|---|---|---|---|---|
| CALX | 16.3% | 51.3% | 0.50 | - |
| Sector ETF (XLK) | 24.3% | 25.0% | 0.88 | 42.5% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 44.2% |
| Gold (GLD) | 12.3% | 16.3% | 0.62 | 8.3% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 11.8% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 33.7% |
| Bitcoin (BTCUSD) | 63.6% | 66.2% | 1.03 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/20/2026 | -2.3% | -3.9% | 2.1% |
| 4/21/2026 | -14.0% | -15.2% | -22.6% |
| 1/28/2026 | -11.9% | -5.0% | -2.2% |
| 10/29/2025 | 9.3% | 8.0% | -12.1% |
| 7/21/2025 | 3.1% | 5.1% | 5.0% |
| 4/21/2025 | 13.1% | 20.5% | 40.9% |
| 1/29/2025 | 9.0% | 14.4% | 0.4% |
| 10/28/2024 | -4.4% | -11.0% | -18.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 12 |
| # Negative | 16 | 13 | 12 |
| Median Positive | 11.2% | 17.6% | 13.2% |
| Median Negative | -5.0% | -6.6% | -12.2% |
| Max Positive | 20.5% | 30.3% | 40.9% |
| Max Negative | -25.7% | -22.8% | -22.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/20/2026 | -2.3% | -3.9% | 2.1% |
| 4/21/2026 | -14.0% | -15.2% | -22.6% |
| 1/28/2026 | -11.9% | -5.0% | -2.2% |
| 10/29/2025 | 9.3% | 8.0% | -12.1% |
| 7/21/2025 | 3.1% | 5.1% | 5.0% |
| 4/21/2025 | 13.1% | 20.5% | 40.9% |
| 1/29/2025 | 9.0% | 14.4% | 0.4% |
| 10/28/2024 | -4.4% | -11.0% | -18.2% |
| 7/22/2024 | -6.3% | 6.4% | 0.7% |
| 4/22/2024 | -5.2% | -5.1% | 6.3% |
| 1/29/2024 | -25.7% | -22.8% | -21.4% |
| 10/23/2023 | -18.3% | -22.6% | -11.1% |
| 7/19/2023 | -2.9% | -4.2% | -18.1% |
| 4/19/2023 | -2.6% | -7.8% | -3.1% |
| 1/25/2023 | -2.5% | -7.2% | -12.3% |
| 10/24/2022 | 18.3% | 22.0% | 11.7% |
| 7/25/2022 | 13.7% | 30.3% | 28.1% |
| 4/25/2022 | -3.9% | 5.0% | -15.9% |
| 1/26/2022 | -1.5% | 22.8% | 31.6% |
| 10/25/2021 | 8.5% | 22.7% | 31.6% |
| 7/26/2021 | -7.5% | -5.0% | -2.1% |
| 4/27/2021 | -4.8% | -3.6% | -2.5% |
| 1/27/2021 | -5.4% | -6.6% | 14.9% |
| 10/20/2020 | 20.5% | 17.6% | 14.8% |
| SUMMARY STATS | |||
| # Positive | 8 | 11 | 12 |
| # Negative | 16 | 13 | 12 |
| Median Positive | 11.2% | 17.6% | 13.2% |
| Median Negative | -5.0% | -6.6% | -12.2% |
| Max Positive | 20.5% | 30.3% | 40.9% |
| Max Negative | -25.7% | -22.8% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/22/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/21/2026 | 10-Q |
| 03/31/2026 | 04/22/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/22/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 07/24/2023 | 10-Q |
| 03/31/2023 | 04/24/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/25/2022 | 10-Q |
| 06/30/2022 | 07/26/2022 | 10-Q |
| 03/31/2022 | 04/26/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/27/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 10/20/2020 | 10-Q |
| 06/30/2020 | 07/21/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Insider Activity
Updated 7/28/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Russo, Carl | See Footnote | Sell | 7282026 | 36.20 | 75,000 | 2,714,805 | 56,800,526 | Form | |
| 2 | Russo, Carl | See Footnote | Sell | 4282026 | 43.26 | 25,000 | 1,081,601 | 71,134,189 | Form | |
| 3 | Russo, Carl | See Footnote | Sell | 2042026 | 47.27 | 25,000 | 1,181,690 | 78,898,508 | Form | |
| 4 | Eleniak, Shane Todd Marshall | Chief Product Officer | Direct | Sell | 11122025 | 64.14 | 24,000 | Form | ||
| 5 | Sindelar, Cory | Chief Financial Officer | Direct | Sell | 11102025 | 65.30 | 50,000 | 3,264,935 | 4,998,942 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Russo, Carl | See Footnote | Sell | 7282026 | 36.20 | 75,000 | 2,714,805 | 56,800,526 | Form | |
| 2 | Russo, Carl | See Footnote | Sell | 4282026 | 43.26 | 25,000 | 1,081,601 | 71,134,189 | Form | |
| 3 | Russo, Carl | See Footnote | Sell | 2042026 | 47.27 | 25,000 | 1,181,690 | 78,898,508 | Form | |
| 4 | Eleniak, Shane Todd Marshall | Chief Product Officer | Direct | Sell | 11122025 | 64.14 | 24,000 | Form | ||
| 5 | Sindelar, Cory | Chief Financial Officer | Direct | Sell | 11102025 | 65.30 | 50,000 | 3,264,935 | 4,998,942 | Form |
| 6 | Eleniak, Shane Todd Marshall | Chief Product Officer | Direct | Sell | 11062025 | 65.34 | 50,000 | Form | ||
| 7 | Russo, Carl | See Footnote | Sell | 11062025 | 64.09 | 420,000 | 26,919,367 | 108,586,829 | Form | |
| 8 | Weening, Michael | President & CEO | Direct | Sell | 11032025 | 67.42 | 74,000 | 4,989,102 | 1,086,613 | Form |
| 9 | Sindelar, Cory | Chief Financial Officer | Direct | Sell | 11032025 | 70.00 | 10,000 | 700,000 | 5,358,850 | Form |
| 10 | Weening, Michael | President & CEO | Direct | Sell | 11032025 | 65.36 | 200,000 | 13,071,480 | 1,053,365 | Form |
| 11 | Sindelar, Cory | Chief Financial Officer | Direct | Sell | 11032025 | 65.00 | 10,000 | 650,000 | 4,976,075 | Form |
| 12 | Weening, Michael | President & CEO | Direct | Sell | 9112025 | 63.00 | 18,010 | 1,134,630 | 1,015,371 | Form |
| 13 | Weening, Michael | President & CEO | Direct | Sell | 9112025 | 62.05 | 157,990 | 9,803,370 | 1,000,069 | Form |
| 14 | Weening, Michael | President & CEO | Direct | Sell | 9082025 | 60.00 | 24,000 | 1,440,000 | 967,020 | Form |
| 15 | Weening, Michael | President & CEO | Direct | Sell | 9022025 | 60.00 | 126,000 | 7,560,000 | 967,020 | Form |
| 16 | Sindelar, Cory | Chief Financial Officer | Direct | Sell | 8292025 | 60.00 | 10,000 | 600,000 | 4,593,300 | Form |
| 17 | Weening, Michael | President & CEO | Direct | Sell | 8052025 | 57.00 | 74,000 | 4,218,000 | 901,284 | Form |
| 18 | Russo, Carl | See Footnote | Sell | 7292025 | 55.40 | 25,000 | 1,384,925 | 117,119,673 | Form | |
| 19 | Sindelar, Cory | Chief Financial Officer | Direct | Sell | 7242025 | 56.00 | 10,000 | 560,000 | 4,271,960 | Form |
| 20 | Weening, Michael | President & CEO | Direct | Sell | 7242025 | 56.15 | 108,000 | 6,064,000 | 887,815 | Form |
| 21 | Weening, Michael | President & CEO | Direct | Sell | 7242025 | 55.00 | 92,000 | 5,060,000 | 869,660 | Form |
| 22 | Sindelar, Cory | Chief Financial Officer | Direct | Sell | 7012025 | 52.00 | 10,000 | 520,000 | 3,966,820 | Form |
Investor Activity (13F)
Updated Sep 10, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Calix — Investor Video Playlist
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Leadership
Michael Weening, president and CEO of Calix, shares the opening keynote at ConneXions 2023
Industry Resources
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External Quote Links
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| SeekingAlpha | ValueLine |
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/9/2026