Calix, Inc
In the published model solve dated 2026-Q2, anchored at $35.96, Calix, Inc (CALX) is priced for today's economics sustained for ~12.8 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Hardware is 83% of revenue and software and services the other 17%, but the growth engine is the second number pulling the first: appliance sales rose because of ⟦"the adoption of our platform, cloud and managed services by new customers as we continue to take footprint from legacy box vendors"⟧. • The gap between the story and the current economics is the whole risk: the trailing operating margin is 2.4%, and the market is capitalizing that thin base at close to 92 times what it produced. • W
Is CALX overvalued? See what's priced in →
296 institutional managers reported holding CALX in 13F filings for the quarter ended 2026-03-31. Together they hold about 87% of the company; the top 10 hold 50%. 37 opened new positions that quarter. Held by BlackRock, Vanguard Group, AllianceBernstein, among others. On the short side, 5.6M shares were sold short as of the 2026-06-15 count, about 8% of shares outstanding (5.2 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CALX's share count grew 4.2% over the past five years even with $361.59M spent on repurchases. It pays no dividend. Cash returned over the past three years: $351.59M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at CALX over the trailing three years: 2023: 1 buy totaling $12k. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CALX's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-25 | -3.5% | -6.4% |
| 2023-10-25 | -19.6% | +30.2% |
| 2024-02-24 | -23.3% | -17.7% |
| 2024-04-24 | -4.3% | +22.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CALX's latest 8-K filings: 2026-07-20 (items 2.02, 9.01); 2026-05-15 (items 5.07); 2026-04-21 (items 2.02, 9.01); 2026-04-21 (items 8.01, 9.01); 2026-01-28 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
Each week boothcheck ranks the stocks whose prices are betting on the most. Read the most stretched bets archive →
boothcheck is also on Android. Get the app on Google Play →
For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.