Calix, Inc — Earnings Quality Grade C
CALX · Technology
Some red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 36 days, change +1 days YoY
AR growth 25.3% vs revenue growth 20.3%
Revenue 20.3%, CFFO 97.3%. Cash follows revenue
Expense Quality
Inventory growth 30.2% far exceeds COGS 14.2%, margin rising. Fraud signal
CapEx growth 7.6% vs revenue 20.3%. Normal
SG&A/Gross Profit = 62.8%. Normal
Gross margin 56.8%, change +2.3pp. Stable
Cash Flow Quality
CFFO/NI = 7.55. Profits backed by cash
FCF $0.1B, FCF/NI = 6.46
Accruals ratio = -11.1%. Low accruals
Cash $0.4B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 14% of equity. Manageable
Debt/EBITDA = 0.4x. Healthy
Other assets 39.7% vs revenue 20.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.83 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25