Discounted Cash Flow

Calix, Inc.

CALX · Based on 10 years of SEC filings

DCF estimate unavailable — only_6_profitable_out_of_10

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $458.8m $-29.3m $14.6m -6.4% $-0.56
2017 $510.4m (11.2%) $-85.6m (-192.5%) $-70.8m (-585.6%) -16.8% (-162.9%) $-1.66 (-196.4%)
2018 $441.3m (-13.5%) $-21.0m (75.5%) $-6.9m (90.3%) -4.8% (71.6%) $-0.37 (77.7%)
2019 $424.3m (-3.8%) $15.4m (173.2%) $-8.7m (-26.7%) 3.6% (176.1%) $-0.32 (13.5%)
2020 $541.2m (27.6%) $33.5m (117.9%) $43.6m (601.1%) 6.2% (70.8%) $0.57 (278.1%)
2021 $679.4m (25.5%) $238.4m (611.9%) $46.3m (6.3%) 35.1% (467.1%) $3.77 (561.4%)
2022 $867.8m (27.7%) $41.0m (-82.8%) $13.1m (-71.7%) 4.7% (-86.5%) $0.63 (-83.3%)
2023 $1.0b (19.8%) $29.3m (-28.5%) $38.4m (192.7%) 2.8% (-40.3%) $0.44 (-30.2%)
2024 $831.5m (-20.0%) $-29.7m (-201.4%) $50.3m (31.1%) -3.6% (-226.8%) $-0.45 (-202.3%)
2025 $1.0b (20.3%) $17.9m (160.1%) $115.5m (129.4%) 1.8% (150.0%) $0.27 (160.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

only_6_profitable_out_of_10

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.