CALXCALIX, INC

Communications Services, NEC

Revenue: $1.0B; 20% YoY
Operating margin: 2.1%; 141% YoY
EBITDA: $39M; 265% YoY
Market cap: $2.3B
Employees: 1,921; $521K revenue each
Net debt / EBITDA: —
AI in 10-K: 10.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
755% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
69% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$521K · 48th pct
Bottom quartile of its SIC industry
Quiet on AINo
10.6 per 10K words · 93rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$45M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$679M	$868M	$1.0B	$832M	$1.0B	20%
Operating income	$74M	$53M	$26M	−$43M	$21M	149%
Net income	$238M	$41M	$29M	−$30M	$18M	160%
Operating cash flow	$57M	$27M	$56M	$68M	$135M	97%
Capex	$10M	$14M	$18M	$18M	$19M	7.6%
Stock-based comp	$24M	$45M	$63M	$71M	$88M	24%
Buybacks	$0	$0	$86M	$11M	$94M	775%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $45M · 13
Net: −$45M

Pay vs performance

No pay-versus-performance disclosure yet.