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The Screen · Technology · Software - Infrastructure
Calix, Inc.
CALX · the NYSE · USD · Market cap $2.3B · 1,921 employees
Calix, Inc., together with its subsidiaries, engages in the provision of cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.04, read 2026-10-25
Ethical passes the values gate
Price36.60 USD
Fair value59.93
Ethical score70.0/100
Our investment reviews on this name
2026-10-11Read Accumulation34.81+5.1% to today ✓Markdown gives way to Accumulation
2026-10-02Read Markdown35.42+3.3% to today Markup gives way to Markdown after a 7% slide in 6 weeks
2026-08-24Read Markup37.98-3.6% to today Distribution gives way to Markup with volume flow in agreement
2026-07-02Read Distribution38.39-4.7% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Calix, Inc. holds its Accumulation at $36.60. The statistical read favours the buyers, held for 3 days.
As held on the ledger · 2026-10-21
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 3 days
Price at the screen
$36.60
Valuation
48.80 trailing · 15.90 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.32
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
1.47%
Below 33%
Interest-bearing debt is just 1.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
23.15%
Below 33%
Cash held in interest-bearing accounts and securities is 23.1% of assets, under the one-third limit.
Pass
Receivables
22.90%
Below 49%
Money owed to the company is 22.9% of assets, under the 49% limit.
Pass
Revenue purity
1.34%
Below 5%
Only 1.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Calix, clears all five screens. Its business is in a permissible area, its debt is near-nil, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-10-25. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when CALX's ethical verdict changes
Today CALX passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
Fair value range in USD, drawn from the 2026-10-21 screen. The gold marker is the market price at the same screen. A 63.7% margin of safety to the base estimate.
Third-party analyst targets: 6 covering, consensus None. The average target sits +64% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Broadband networks need better software but margins stay thin
Every time a rural telco upgrades its fibre lines or a city council rolls out smarter broadband, the back-end software has to keep pace. Calix supplies those cloud platforms and systems across the Americas and beyond. Revenue is rising 27 percent, the shares trade at 16 times forward earnings with a 63 percent gap to stated fair value, and the business clears the ethical screen.
Yet profit margins sit at just 3 percent and return on equity is only 5 percent. The moat remains unknown, so it is unclear whether faster sales will ever turn into durable, high-quality earnings. Low returns on capital often signal either fierce competition or limited pricing power.
Analysts see upside and rate the stock a buy, but the thin profitability and absent competitive edge leave no opportunity worth taking here. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CALX trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Accumulation$36.60-1.6%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it buy, with a mean price target of $66.
2026-10-18Accumulation$37.19+6.8%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 6.8% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it buy, with a mean price target of $66.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it buy, with a mean price target of $66.
2026-10-02Markdown · changed$35.42-6.7%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 6.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it buy, with a mean price target of $66.
2026-08-24Markup · changed$37.98-3.0%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 3.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it buy, with a mean price target of $66.
2026-07-24Distribution$39.14+2.0%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 2.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it buy, with a mean price target of $66.
2026-07-18Distribution$38.39+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 21%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (6 analysts) rates it buy, with a mean price target of $66.
2026-07-03Distribution$38.39+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Distribution$38.39Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
