Stock fact sheet · data as of
Calix, Inc. (CALX): fair value, margin of safety and Wheel Score
Ticker symbol CALX · Technology · Communication Equipment · United States · Growth
Is CALX undervalued?
CALX closed at 33.85 on 5 Nov 2026, more than 30% above the GLS average fair value of 24.14. Only 3 of the 8 models that produced a value sit above the price. By our models the shares are priced well beyond what the filed earnings, cash flow and book value support; the "below fair value" Wheel Trade Filter keeps names like this under 70.
The 8 models disagree widely: DCF gives 5.03 while Graham Growth gives 41.70. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, CALX is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 19, growth score 74, out of 100).
Nine valuation models for CALX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 5.03 | -85% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 13.51 | -60% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 41.70 | +23% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 18.23 | -46% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 39.30 | +16% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 29.67 | -12% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 37.58 | +11% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 8.10 | -76% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 7.82 | -77% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 52.00 | +54% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - CALX passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 3.5 out of 10: returns on capital, margins or the balance sheet have not shown a lasting edge yet - often a young company, a thin-margin business or one that has only recently turned profitable.
Returns on capital are thin or negative - ROIC 2.0%, ROE 2.1%, ROA 1.7% - with debt at 0.03 times equity and a free-cash-flow yield of 2.9%.
Calix, Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Appliance 83%, Software And Service 17% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 2.0% |
|---|---|---|---|
| GLS Moat | 3.5 / 10 | ROE | 2.1% |
| Debt / equity | 0.03 | ROA | 1.7% |
| Free-cash-flow yield | 2.9% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 35: Weak
CALX scores 35 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 3, below fair value - trades 40% above our fair value, and the parts are thin too - value weak, premium strong, moat fair, health good, red flags strong, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 44% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 1,350 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.5M shares a day on a market cap of $2.1B, with a beta of 1.22 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 40% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 40% above fair value | |
| Premium | Strong | implied volatility 44% | |
| Moat | Fair | moat 3.5/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Strong | Red Flags score 95/100 | |
| Option trading | Weak | 509 contracts a day, 1,350 open interest | |
| Stability | Fair | beta 1.22, $2.1B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 27 Jan 2027, 83 days away - outside the window of a 30-45-day put sold today.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Communication Equipment
The 12 companies below are the closest to Calix, Inc. by market cap within the Communication Equipment industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| FUNR Funr | 0.2400 | 0.0000 | -726861% | 14No options | $2.4B |
| DGII Digi International Inc. | 72.58 | 44.69 | -62% | 35Weak | $2.8B |
| ARLO Arlo Technologies, Inc. | 15.22 | 9.88 | -54% | 27Weak | $1.6B |
| EXTR Extreme Networks, Inc. | 22.84 | 8.75 | -161% | 39Weak | $3.0B |
| VISN Vistance Networks, Inc. | 6.44 | 51.45 | +87% | 39Weak | $1.5B |
| ONDS Ondas Holdings Inc. | 5.27 | 9.04 | +42% | 32Weak | $3.1B |
| HLIT Harmonic Inc. | 10.21 | 2.03 | -403% | 33Weak | $1.1B |
| BDC Belden Inc. | 105.15 | 87.55 | -20% | 36Weak | $4.1B |
| AAOI Applied Optoelectronics, Inc. | 59.27 | - | - | 12Weak | $5.0B |
| FEIM Frequency Electronics, Inc. | 61.52 | 11.88 | -418% | 23Weak | $694M |
| VIAV Viavi Solutions Inc. | 29.38 | 7.87 | -273% | 34Weak | $7.2B |
| NTGR NETGEAR, Inc. | 22.32 | 10.15 | -120% | 29Weak | $607M |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about CALX
Is CALX undervalued right now?
No: at 33.85 the stock trades 40% above the GLS average fair value of 24.14 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of CALX and what does it mean?
CALX scores 35 out of 100 (Weak) - it fails Wheel Trade Filter 3. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for CALX?
24.14 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Calix, Inc. report earnings next?
The next earnings report is due on 27 Jan 2027, 83 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does CALX have listed options, and how liquid are they?
Yes. The nightly snapshot found 66 listed contracts with 1,350 open interest across all expiries and implied volatility of 44% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.