Does Calix, Inc have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Calix, Inc (CALX) 48.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 72, returns on capital 7, balance-sheet safety 100, capital discipline 24.

Is CALX stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.85 per share versus a recent price of $39.14 — 706% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CALX's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 48.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Calix, Inc

CALX · Communications · $2.6B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power72

Median gross margin 49.6% over 10y, stable.

Returns on capital7

Median ROIC -1.4%, above the 9% hurdle in 20% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

706% above value

Owner earnings (normalized): $29.3M
Est. intrinsic value / share: $4.85
Recent price: $39.14
Discount to value: 706% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Calix, Inc booked $1.0B of revenue in FY2025 in the Communications sector and kept 56.8% of it as gross profit — a high-margin business by that measure. After every other cost, 1.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $232.9M (FY2009) to $1.0B (FY2025) — about 9.5% a year compounded over 16 years.

It earned 1.9% on invested capital in FY2025, with a median of −8.7% across 16 filed years. The Returns on Capital filter above scores it 7/100.

CALX's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 73.4% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (7/100), which is how CALX lands at 49/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.0B FY2025

Gross marginRevenue kept after cost of goods56.8% FY2025

Return on invested capitalOperating profit on the capital employed1.9% FY2025

Owner earningsCash an owner could take out$17.9M FY2025

Gaps in a line mean that item isn’t in CALX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CALX has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Communications context

#20 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

#18CXDO Crexendo, Inc.51.2 out of 100, Shallow moatShallow moat
#19AMCX AMC Global Media Inc.50.5 out of 100, Shallow moatShallow moat
#21TDS TELEPHONE AND DATA SYSTEMS, INC.47.6 out of 100, Shallow moatShallow moat
#22RSVR Reservoir Media, Inc.46.9 out of 100, Shallow moatShallow moat

Compare CALX with its nearest peers →All Communications companies on the Index →

Common questions about CALX

Does Calix, Inc have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Calix, Inc (CALX) 48.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 72, returns on capital 7, balance-sheet safety 100, capital discipline 24.
Is CALX stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.85 per share versus a recent price of $39.14 — 706% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CALX's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 48.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CALX. See the disclaimer.