Calix
CALX on NYSE. Calix sells software, cloud services, and appliances to communication service providers. Market value $2.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.84 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 63 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$35.29 a share, 9% above its 1-year low
Over the past year the price has ranged from $32.35 to $71.22.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $679m | $868m | $1.0bn | $832m | $1.0bn |
| Operating margin | |||||
| Operating margin | 10.9% | 6.1% | 2.5% | -5.2% | 2.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn | 0.07bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 13.1% a year
- Buying back its own sharesYes, 4% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $293 million last quarter, up 21% on a year ago.
- Profit: $17 million, after a loss of $199,000 a year ago.
- It keeps 6 cents of each $1 of sales as operating profit, after losing 4 cents a year earlier.
- Spare cash over the past 12 months: $85 million, up from $72 million.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $201m |
| December 2024 | $206m |
| March 2025 | $220m |
| June 2025 | $242m |
| September 2025 | $265m |
| December 2025 | $272m |
| March 2026 | $280m |
| June 2026 | $293m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$4m |
| December 2024 | -$18m |
| March 2025 | -$5m |
| June 2025 | -$199,000 |
| September 2025 | $16m |
| December 2025 | $7m |
| March 2026 | $11m |
| June 2026 | $17m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 February 2026
- Next quarterly (estimated, 10-Q)
- 20 October 2026
Who owns it
None of the long-term investors we follow own it. 287 funds in all.
Sold out this quarter
Largest holders overall
- BlackRock$439mAdded
- Vanguard Portfolio Management$209m
- Alliancebernstein L.P.$159m
- State Street$109mAdded
- Vanguard Capital Management$97mCut
- Geode Capital Management$55mAdded
- Westfield Capital Management CO LP$49mCut
- Dimensional Fund Advisors LP$49mAdded
- Acadian Asset Management$46mAdded
- Citadel Advisors$45mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor16.2%+1.3 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor8.6%Since 31 March 2026
- AllianceBernstein L.P.Passive investor5.0%+1.6 ptsSince 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 16.2%+1.3 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 8.6% | 31 March 2026 | |
AllianceBernstein L.P. Passive investor | 5.0%+1.6 pts | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $59m, $51m of it under preset trading plans.
- Russo CarlDirectorSoldunder a preset trading plan
- Date
- 27 July 2026
- Shares
- 75,000
- Price
- $36.20
- Value
- $3m
- Russo CarlDirectorSoldunder a preset trading plan
- Date
- 27 April 2026
- Shares
- 25,000
- Price
- $43.26
- Value
- $1m
- Russo CarlDirectorSoldunder a preset trading plan
- Date
- 3 February 2026
- Shares
- 25,000
- Price
- $47.27
- Value
- $1m
- Eleniak Shane Todd MarshallChief Product OfficerSold
- Date
- 10 November 2025
- Shares
- 24,000
- Price
- $64.14
- Value
- $2m
- SINDELAR CORYChief Financial OfficerSold
- Date
- 6 November 2025
- Shares
- 50,000
- Price
- $65.30
- Value
- $3m
- Eleniak Shane Todd MarshallChief Product OfficerSold
- Date
- 4 November 2025
- Shares
- 50,000
- Price
- $65.34
- Value
- $3m
- Russo CarlDirectorSoldunder a preset trading plan
- Date
- 4 November 2025
- Shares
- 420,000
- Price
- $64.09
- Value
- $27m
- Weening MichaelPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 3 November 2025
- Shares
- 74,000
- Price
- $67.42
- Value
- $5m
- SINDELAR CORYChief Financial OfficerSoldunder a preset trading plan
- Date
- 31 October 2025
- Shares
- 10,000
- Price
- $70.00
- Value
- $700,000
- Weening MichaelPresident & CEO, DirectorSoldunder a preset trading plan
- Date
- 30 October 2025
- Shares
- 200,000
- Price
- $65.36
- Value
- $13m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 27 July 2026 | Russo Carl Director | Sold under a preset trading plan | 75,000 | $36.20 | $3m |
| 27 April 2026 | Russo Carl Director | Sold under a preset trading plan | 25,000 | $43.26 | $1m |
| 3 February 2026 | Russo Carl Director | Sold under a preset trading plan | 25,000 | $47.27 | $1m |
| 10 November 2025 | Eleniak Shane Todd Marshall Chief Product Officer | Sold | 24,000 | $64.14 | $2m |
| 6 November 2025 | SINDELAR CORY Chief Financial Officer | Sold | 50,000 | $65.30 | $3m |
| 4 November 2025 | Eleniak Shane Todd Marshall Chief Product Officer | Sold | 50,000 | $65.34 | $3m |
| 4 November 2025 | Russo Carl Director | Sold under a preset trading plan | 420,000 | $64.09 | $27m |
| 3 November 2025 | Weening Michael President & CEO, Director | Sold under a preset trading plan | 74,000 | $67.42 | $5m |
| 31 October 2025 | SINDELAR CORY Chief Financial Officer | Sold under a preset trading plan | 10,000 | $70.00 | $700,000 |
| 30 October 2025 | Weening Michael President & CEO, Director | Sold under a preset trading plan | 200,000 | $65.36 | $13m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Feb 2026, plus the 10-Q filed 21 Jul 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.