| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 37 | 47.0x | 17.8x | Bottom tier | |
Growth | 87 | 27.8% | 7.1% | Top tier | |
Quality | 70 | 5.3% | 4.5% | Top tier | |
Safety | 85 | — | 2.6x | Top tier | |
Capital Return | 43 | 0.00% | 2.12% | Around median | |
Momentum | 6 | -34.1% | 2.9% | Bottom tier | |
Sentiment | 83 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Calix serves broadband service providers through the Calix One platform, which combines operations, marketing, support, and subscriber experience functions, while expanding its capabilities through Calix Agent Workforce Cloud. The revenue model relies on the sale of equipment for subscriber premises and access networks, alongside platform-related software and services revenue; management believes that subscriber additions by its customers increase the use of both equipment and cloud services.
In fiscal Q2 2026, Calix reported GAAP revenue of $293.3 million and gross profit of $160.1 million, equivalent to a calculated gross margin of approximately 54.6%. Net income was $17.1 million and earnings per share were $0.26, compared with revenue of $280.0 million and net income of $11.2 million in fiscal Q1 2026.
According to the non-GAAP figures presented by management, equipment revenue reached a record $243 million, or approximately 83% of total revenue, while software and services reached a record $50 million, or approximately 17%. Equipment revenue grew 23% year over year, and software and services grew 16%, but equipment margin declined to 52.9% due to higher memory costs, while software and services margin improved by 810 basis points sequentially after customers were moved onto a single cloud infrastructure.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $57, within a range of $52 to $62, and the stock carries a consensus “Buy” rating; the average target is approximately 20% below the 52-week range high of $71.22, while the range low is $34.26. No price-to-earnings multiple is available in the data, so the stock's valuation rests on the realization of Calix One growth, RPO, and improved software margins, balanced against pressure from memory costs and an expected gross margin of 52% in fiscal Q3 2026.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
GAAP revenue was $293.3 million, gross profit was $160.1 million, and net income was $17.1 million. According to management's non-GAAP presentation, revenue grew 21% year over year, with equipment reaching $243 million and software and services reaching $50 million. The results coincided with the first full quarter of Calix One operations and a tripling of Calix Agent Workforce Cloud contracts.
Calix One combines operations, marketing, support, and subscriber experience functions and adds agent-powered workflows through Agent Workforce Cloud. In fiscal Q2 2026, software and services generated $50 million and grew 16% year over year, while their margin improved by 810 basis points sequentially. Calix aims to increase the platform's value when its customers add subscribers, increase revenue per subscriber, or reduce churn and costs, but customer return-on-investment measurements were still in progress as of July 21, 2026.
Total RPO reached a record $386 million in fiscal Q2 2026, up 3% sequentially and 11% year over year. The current portion totaled $162 million, up 3% sequentially and 21% year over year, which management said isolates the effect of shrinking tails from older contracts. Management expects RPO to accelerate in the second half of fiscal 2026 as contracts renew early and more customers transition to Calix One, although this remains forward-looking guidance.
Non-GAAP equipment margin declined to 52.9% in fiscal Q2 2026 due to higher memory costs, despite the application of partial surcharges. The company expects a gross margin of 52% at the midpoint in fiscal Q3 2026, with equipment margin bottoming in that quarter according to management's estimate. Calix did not raise surcharges a second time on some backlog orders in order to preserve pricing certainty for customers, but it moved to adjusting surcharges on new orders monthly with the goal of approaching full cost recovery.
The company expects revenue of between $301 million and $307 million in fiscal Q3 2026, an increase of approximately 4% at the midpoint from the previous quarter. It also expects fiscal 2026 revenue growth at the high end of the 15% to 20% range. Management reaffirmed its target of 15% growth in fiscal 2027 and 2028, based on accelerating software growth, subscriber additions, and the impact of the BEAD program, while acknowledging that BEAD timing has extended in some regions.
Equipment represented approximately 83% of fiscal Q2 2026 revenue, so rising memory costs remain a direct risk to the mix and margin. One customer also contributed 12% of quarterly revenue, although management expects it not to remain a 10% customer for the full fiscal year. Additional risks include a potential decline in customer spending on access equipment due to construction cost inflation, competition from other fiber networks and services such as Starlink and Amazon, and the fact that measurement of the actual returns from Agent Workforce Cloud workflows had not been completed as of July 21, 2026.
