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Held by 274 of 6,047 reporting institutions (93th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $93.6M buybacks = $93.6M returned on $115.5M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 2%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2016 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 17 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GSAT | $10.7B | — | 114.9× | 39.2× | 9.0% | — | -3.2% | -2.4% | -1.0% | 0.4× | 314 |
| VSAT | $9.2B | — | 6.6× | 2.0× | 2.7% | — | -0.7% | -0.7% | -0.7% | -1.5× | 480 |
| SIRI | $9.0B | 11.9× | 9.8× | 1.1× | -1.6% | 52.4% | 9.4% | 7.0% | 3.8% | 5.1× | 597 |
| LUMN | $5.1B | — | 2.1× | 0.4× | -5.4% | 46.5% | -14.0% | 156% | 156% | -0.5× | 613 |
| IRDM | $5.0B | 44.1× | 14.8× | 5.7× | 4.9% | — | 13.1% | 24.7% | 5.1% | 3.7× | 472 |
| NXST | $4.9B | 53.5× | 8.3× | 1.0× | -8.5% | — | 2.2% | 5.3% | 1.3% | 4.6× | 473 |
| TDS | $4.0B | — | 15.7× | 3.3× | -5.3% | — | -0.5% | -0.1% | -0.1% | -3.7× | 340 |
| LBTYA | $2.9B | — | — | 0.6× | 12.4% | 65.8% | -146% | -73.3% | -39.0% | — | — |
| AD | $2.9B | 60.0× | — | 17.8× | 58.3% | 51.2% | 29.9% | 1.9% | 1.9% | — | 140 |
| ADEA | $2.6B | 23.4× | 16.4× | 5.8× | 17.9% | — | 25.1% | 23.1% | 12.4% | 1.9× | 290 |
| CALX | $2.3B | 139.7× | 55.4× | 2.3× | 20.3% | 56.8% | 1.8% | 2.1% | 2.1% | -3.7× | 274 |
| IDT | $2.1B | 27.5× | 15.2× | 1.7× | 2.1% | 36.2% | 6.2% | 24.9% | 24.9% | -1.9× | 195 |
| ZD | $2.0B | 50.3× | 5.5× | 1.4× | 3.5% | 85.8% | 3.3% | 2.7% | 1.8% | 0.7× | 258 |
| LILA | $1.6B | — | 9.4× | 0.4× | -0.1% | 78.0% | -13.8% | -110% | -6.6% | 7.8× | — |
| UNIT | $1.6B | 1.4× | 14.1× | 0.7× | 91.5% | — | 58.4% | 343% | 13.2% | 12.1× | 276 |
| NMAX | $1.3B | — | — | 6.9× | 10.7% | 39.3% | -52.6% | -93.8% | -93.8% | — | 232 |
| SBGI | $916M | — | 10.5× | 0.3× | -10.7% | — | -3.5% | -25.3% | -2.3% | 8.3× | 178 |
| EVC | $600M | — | — | 1.3× | 22.6% | 58.9% | -17.7% | -143% | -35.6% | — | 144 |
Peers = companies sharing CALX's sector (Communications Services, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
The same 3 years as the 3-yr average, with the stock compensation of those years charged as a cost. Shares issued to employees are real dilution, so this asks what the business generates for existing holders.
On the SBC-adjusted basis free cash flow is -$5.7M — there is nothing left to discount once stock compensation is charged, so no growth rate can be solved for. The 3-yr avg basis gives $68.1M over those same years — the whole difference is the stock compensation.
mean -49.6% · volatility σ 279%
Central path = implied —/yr growth; shaded band = ±1σ (279%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.00B 100.0% | $831.5M 100.0% | $1.04B 100.0% | $867.8M 100.0% | $679.4M 100.0% | $541.2M 100.0% | $424.3M 100.0% | $441.3M 100.0% | $510.4M 100.0% | $458.8M 100.0% |
| Cost of Revenue | $431.7M 43.2% | $377.9M 45.4% | $521.3M 50.1% | $432.4M 49.8% | $322.8M 47.5% | $274.2M 50.7% | $236.4M 55.7% | $243.9M 55.3% | $337.5M 66.1% | $257.6M 56.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $236.1M 46.3% | $229.0M 49.9% |
| Cost of Services | — | — | — | — | — | — | — | — | $101.3M 19.9% | $28.6M 6.2% |
| Gross Profit | $568.3M 56.8% | $453.6M 54.6% | $518.3M 49.9% | $435.4M 50.2% | $356.6M 52.5% | $267.0M 49.3% | $187.9M 44.3% | $197.4M 44.7% | $172.9M 33.9% | $201.2M 43.9% |
| Research & Development | $190.4M 19.0% | $179.9M 21.6% | $177.8M 17.1% | $132.0M 15.2% | $101.7M 15.0% | $85.3M 15.8% | $81.2M 19.1% | $90.0M 20.4% | $127.5M 25.0% | $106.9M 23.3% |
| Selling, General & Admin | $108.3M 10.8% | $98.9M 11.9% | $100.4M 9.7% | $76.3M 8.8% | $55.8M 8.2% | $44.4M 8.2% | $37.1M 8.7% | $40.5M 9.2% | $39.9M 7.8% | $41.6M 9.1% |
| Total Operating Expenses | $547.3M 54.7% | $496.6M 59.7% | $492.7M 47.4% | $382.8M 44.1% | $282.6M 41.6% | $230.2M 42.5% | $203.3M 47.9% | $215.9M 48.9% | $254.4M 49.9% | $229.3M 50.0% |
| Operating Income | $21.0M 2.1% | -$43.0M -5.2% | $25.6M 2.5% | $52.6M 6.1% | $73.9M 10.9% | $36.8M 6.8% | -$15.4M -3.6% | -$18.5M -4.2% | -$81.6M -16.0% | -$28.1M -6.1% |
| Interest Expense | — | — | — | — | — | — | — | — | — | $585K 0.1% |
| Interest & Investment Income | — | — | — | — | — | — | — | — | — | $737K 0.2% |
| Other Income (Expense), net | $13.2M 1.3% | $11.4M 1.4% | $9.2M 0.9% | $1.4M 0.2% | -$1.3M -0.2% | -$2.6M -0.5% | -$1.1M -0.3% | -$254K -0.1% | -$233K -0.0% | $1.1M 0.2% |
| Pretax Income | $34.2M 3.4% | -$31.6M -3.8% | $34.8M 3.3% | $54.0M 6.2% | $72.7M 10.7% | $34.3M 6.3% | -$16.5M -3.9% | -$18.8M -4.3% | -$81.8M -16.0% | -$27.1M -5.9% |
| Income Tax Expense | $16.3M 1.6% | -$1.9M -0.2% | $5.4M 0.5% | $13.0M 1.5% | -$165.7M -24.4% | $800K 0.1% | $1.2M 0.3% | $530K 0.1% | $1.2M 0.2% | $347K 0.1% |
| Net Income | $17.9M 1.8% | -$29.7M -3.6% | $29.3M 2.8% | $41.0M 4.7% | $238.4M 35.1% | $33.5M 6.2% | -$17.7M -4.2% | -$19.3M -4.4% | -$83.0M -16.3% | -$27.4M -6.0% |
| Per Share | ||||||||||
| EPS (Basic) | $0.27 | -$0.45 | $0.44 | $0.63 | $3.77 | $0.57 | -$0.32 | -$0.37 | — | — |
| EPS (Diluted) | $0.26 | -$0.45 | $0.42 | $0.60 | $3.51 | $0.54 | -$0.32 | -$0.37 | — | — |
| Weighted Avg Shares (Basic) | 66.0M | 65.9M | 66.0M | 65.1M | 63.3M | 59.1M | 55.0M | 52.6M | — | — |
| Weighted Avg Shares (Diluted) | 69.3M | 65.9M | 69.3M | 68.9M | 67.9M | 62.0M | 55.0M | 52.6M | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 55th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 2% against ROIC 2% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 55.3 | 55.7 | 50.7 | 47.5 | 49.8 | 50.1 | 45.4 | 43.2 |
| Gross Profit | 44.7 | 44.3 | 49.3 | 52.5 | 50.2 | 49.9 | 54.6 | 56.8 |
| R&D | 20.4 | 19.1 | 15.8 | 15.0 | 15.2 | 17.1 | 21.6 | 19.0 |
| SG&A | 9.2 | 8.7 | 8.2 | 8.2 | 8.8 | 9.7 | 11.9 | 10.8 |
| Operating Income | -4.2 | -3.6 | 6.8 | 10.9 | 6.1 | 2.5 | -5.2 | 2.1 |
| Income Tax | 0.1 | 0.3 | 0.1 | -24.4 | 1.5 | 0.5 | -0.2 | 1.6 |
| Net Income | -4.4 | -4.2 | 6.2 | 35.1 | 4.7 | 2.8 | -3.6 | 1.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CALX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns -8.61pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | -8.2% | 10.7% (today's — no rate published for this year) | -18.9pts |
| FY2020 | 11.5% | 10.7% (today's — no rate published for this year) | 0.9pts |
| FY2021 | 9.6% | 10.7% (today's — no rate published for this year) | -1.1pts |
| FY2022 | 5.9% | 10.7% (today's — no rate published for this year) | -4.7pts |
| FY2023 | 2.6% | 10.7% (today's — no rate published for this year) | -8.0pts |
| FY2024 | -4.0% | 10.7% (today's — no rate published for this year) | -14.7pts |
| FY2025 | 2.0% | 10.7% (today's — no rate published for this year) | -8.7pts |
| Now | 2.1% | 10.7% | -8.6pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 43.9% | -6.1% | -6.0% |
| FY2017 | 33.9% | -16.0% | -16.3% |
| FY2018 | 44.7% | -4.2% | -4.4% |
| FY2019 | 44.3% | -3.6% | -4.2% |
| FY2020 | 49.3% | 6.8% | 6.2% |
| FY2021 | 52.5% | 10.9% | 35.1% |
| FY2022 | 50.2% | 6.1% | 4.7% |
| FY2023 | 49.9% | 2.5% | 2.8% |
| FY2024 | 54.6% | -5.2% | -3.6% |
| FY2025 | 56.8% | 2.1% | 1.8% |
Return on equity (2%) and return on invested capital (2%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$116M of goodwill — 16% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
Net margin is 178.84% against 472.56% 3 years ago — a step down the business has not recovered, whatever the spread says today.
Converts 1.92x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $116M; after share-based compensation it is $28M. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
Once stock compensation is charged, free cash flow averages -$6M over the last 3 years — there is nothing left to discount, so no growth rate can be solved for. Before the charge it averages $68M.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: positive_free_cash_flow.
| Step | Amount | Running total |
|---|---|---|
| Net income | $18M | $18M |
| Share-based comp | $88M | $106M |
| Other non-cash & working capital | $29M | $135M |
| Operating cash flow | $135M | $135M |
| Capex | −$19M | $116M |
| Free cash flow | $116M | $116M |
| FCF after SBC | $28M | $28M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 27.6% | 49.3% | 21.7 points |
| FY2021 | 25.5% | 22.8% | -2.8 points |
| FY2022 | 27.7% | 10.1% | -17.7 points |
| FY2023 | 19.8% | 34.4% | 14.6 points |
| FY2024 | -20.0% | -37.1% | -17.0 points |
| FY2025 | 20.3% | 25.3% | 5.0 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 40 days | 62 days | 16.7 days | 85.3 days |
| FY2020 | 46.8 days | 69.6 days | 17.5 days | 98.9 days |
| FY2021 | 45.8 days | 100.5 days | 32.9 days | 113.4 days |
| FY2022 | 39.5 days | 125.9 days | 35 days | 130.4 days |
| FY2023 | 44.2 days | 93.1 days | 24.3 days | 113 days |
| FY2024 | 34.8 days | 99.2 days | 19.5 days | 114.5 days |
| FY2025 | 36.3 days | 113.1 days | 35.1 days | 114.2 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.0 percent |
| FY2020 | -4.2 percent |
| FY2021 | 24.5 percent |
| FY2022 | 1.6 percent |
| FY2023 | -2.9 percent |
| FY2024 | -10.4 percent |
| FY2025 | -11.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.