CALIX, Inc. (CALX) intrinsic value & 10-year financials
CALIX, Inc. (CALX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 9.0% a year to $1.0B, with an average return on invested capital of -4.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $36.50
- Market cap
- $2.5B
- Revenue (FY2025)
- $1.0B
- Revenue growth (10-yr CAGR)
- 9.0%
- ROIC (10-yr avg)
- -4.3%
- Free cash flow (FY2025)
- $115.5M
CALX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.0B | $17.9M | $0.26 | $115.5M | 2.1% | 1.5% |
| FY2024 | $831.5M | -$29.7M | -$0.45 | $50.3M | -5.2% | -5.8% |
| FY2023 | $1.0B | $29.3M | $0.42 | $38.4M | 2.5% | 3.4% |
| FY2022 | $867.8M | $41.0M | $0.60 | $13.1M | 6.1% | 7.0% |
| FY2021 | $679.4M | $238.4M | $3.51 | $46.3M | 10.9% | 19.9% |
| FY2020 | $541.2M | $33.5M | $0.54 | $43.6M | 6.8% | 21.5% |
| FY2019 | $424.3M | -$17.7M | -$0.32 | -$8.7M | -3.6% | -13.8% |
| FY2018 | $441.3M | -$19.3M | -$0.37 | -$6.9M | -4.2% | -18.1% |
| FY2017 | $510.4M | -$83.0M | — | -$70.8M | -16.0% | -45.6% |
| FY2016 | $458.8M | -$27.4M | — | $14.6M | -6.1% | -13.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CALIX, INC is a consistent compounder, expanding top-line revenue at 9.0% annually over the past decade.
CALIX, INC has historically struggled to out-earn its cost of capital, averaging just 2.0% ROIC.
CALIX, INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CALIX, INC is modeled at -13.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-4.19 per share.