Estados financieros detallados de Calix, Inc. (CALX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Calix, Inc. registró ingresos de $1.00B en el último ejercicio fiscal, con un CAGR de 5 años del 13.1%. El beneficio neto alcanzó $17.9M, con un CAGR a 5 años del -11.8%.
Márgenes de los últimos 12 meses: margen bruto 56.6%, margen operativo 5.5%, margen neto 4.6%. El flujo de caja libre creció a un CAGR del 21.5% en 5 años.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $458.8M | $510.4M | $441.3M | $424.3M | $541.2M | $679.4M | $867.8M | $1.04B | $831.5M | $1.00B |
| Coste de Ventas | $257.6M | $337.5M | $243.9M | $236.4M | $274.2M | $322.8M | $432.4M | $521.3M | $377.9M | $431.7M |
| Beneficio Bruto | $201.2M | $172.9M | $197.4M | $187.9M | $267.0M | $356.6M | $435.4M | $518.3M | $453.6M | $568.3M |
| I+D | $106.9M | $127.5M | $90.0M | $81.2M | $85.3M | $101.7M | $132.0M | $177.8M | $179.9M | $190.4M |
| Generales y Administrativos | $125.3M | $122.7M | $126.9M | $119.7M | $138.6M | $181.7M | $250.8M | $315.0M | $316.8M | $357.0M |
| Gastos Operativos | $229.3M | $254.4M | $215.9M | $203.3M | $230.2M | $282.6M | $382.8M | $492.7M | $496.6M | $547.3M |
| Beneficio Operativo | -$28.1M | -$81.6M | -$18.5M | -$15.4M | $36.8M | $73.9M | $52.6M | $25.6M | -$43.0M | $21.0M |
| EBITDA | -$18.5M | -$66.3M | -$8.9M | -$5.3M | $49.6M | $88.1M | $68.4M | $51.4M | -$12.1M | $51.9M |
| Gastos por Intereses | $585000 | $160000 | $632000 | $958000 | $1.6M | $402000 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$27.1M | -$81.8M | -$18.8M | -$16.5M | $34.3M | $72.7M | $54.0M | $34.8M | -$31.6M | $34.2M |
| Impuestos | $347000 | $1.2M | $530000 | $1.2M | $800000 | -$165.7M | $13.0M | $5.4M | -$1.9M | $16.3M |
| Beneficio Neto | -$27.4M | -$83.0M | -$19.3M | -$17.7M | $33.5M | $238.4M | $41.0M | $29.3M | -$29.7M | $17.9M |
| BPA | $-0.56 | $-1.66 | $-0.37 | $-0.32 | $0.57 | $3.77 | $0.63 | $0.44 | $-0.45 | $0.27 |
| BPA Diluido | $-0.56 | $-1.66 | $-0.37 | $-0.32 | $0.54 | $3.51 | $0.60 | $0.42 | $-0.45 | $0.26 |
| Acciones en Circulación (Diluidas) | $48.7M | $50.2M | $52.6M | $55.0M | $62.0M | $67.9M | $68.9M | $69.3M | $65.9M | $70.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $265.4M | $272.4M | $280.0M | $293.3M |
| Beneficio Bruto | $152.0M | $157.3M | $159.3M | $160.1M |
| Beneficio Operativo | $17.4M | $9.3M | $12.7M | $21.8M |
| EBITDA | $25.0M | $17.8M | $19.6M | $26.3M |
| Beneficio Neto | $15.7M | $7.2M | $11.2M | $17.1M |
| BPA | $0.24 | $0.11 | $0.17 | $0.27 |
| BPA Diluido | $0.24 | $0.10 | $0.17 | $0.26 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $50.4M | $39.8M | $49.6M | $46.8M | $80.8M | $51.3M | $79.1M | $63.4M | $43.2M | $143.1M |
| Inversiones a Corto | $27.7M | 0 | 0 | 0 | $53.0M | $153.0M | $162.6M | $156.9M | $253.9M | $245.0M |
| Cuentas por Cobrar | $51.3M | $80.4M | $67.0M | $46.5M | $69.4M | $85.2M | $93.8M | $126.0M | $79.3M | $99.4M |
| Inventario | $44.5M | $31.5M | $50.2M | $40.2M | $52.3M | $88.9M | $149.2M | $133.0M | $102.7M | $133.7M |
| Activos Corrientes | $219.3M | $162.5M | $174.8M | $143.8M | $266.9M | $409.2M | $547.4M | $598.0M | $584.7M | $691.6M |
| Inmovilizado Material | $18.0M | $15.7M | $24.9M | $37.4M | $32.1M | $34.0M | $35.1M | $38.7M | $37.4M | $52.5M |
| Fondo de Comercio | $116.2M | $116.2M | $116.2M | $116.2M | $116.2M | $116.2M | $116.2M | $116.2M | $116.2M | $116.2M |
| Activos Intangibles | $813000 | 0 | 0 | $12.1M | $9.5M | $6.9M | 0 | 0 | 0 | 0 |
| Activos Totales | $355.5M | $295.1M | $317.1M | $316.8M | $427.4M | $742.0M | $884.8M | $941.9M | $939.3M | $1.06B |
| Cuentas por Pagar | $23.8M | $36.0M | $40.2M | $10.8M | $13.1M | $29.1M | $41.4M | $34.7M | $20.2M | $41.5M |
| Deuda a Corto | 0 | $30.0M | $30.0M | $30.0M | $2.9M | $4.7M | $11.2M | 0 | 0 | 0 |
| Pasivos Corrientes | $121.4M | $128.3M | $143.7M | $115.5M | $101.0M | $128.1M | $165.4M | $187.6M | $131.1M | $163.2M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $12.8M |
| Pasivos Totales | $142.5M | $150.1M | $165.1M | $162.8M | $147.0M | $173.6M | $205.3M | $222.9M | $158.3M | $199.3M |
| Reservas | -$584.3M | -$667.4M | -$684.9M | -$702.6M | -$669.1M | -$430.7M | -$389.7M | -$360.4M | -$390.1M | -$372.2M |
| Patrimonio Neto | $213.0M | $145.0M | $151.9M | $154.0M | $280.3M | $568.4M | $679.6M | $719.0M | $780.9M | $859.2M |
| Deuda Total | 0 | $30.0M | $30.0M | $47.0M | $18.9M | $20.7M | $19.6M | $11.6M | $8.0M | $25.5M |
| Deuda Neta | -$78.1M | -$9.8M | -$19.6M | $171000 | -$114.9M | -$183.6M | -$222.1M | -$208.8M | -$289.1M | -$362.6M |
| Capital Circulante | $97.9M | $34.1M | $31.1M | $28.3M | $165.8M | $281.1M | $381.9M | $410.3M | $453.6M | $528.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $95.0M | $143.1M | $54.6M | $68.9M |
| Activos Totales | $976.4M | $1.06B | $951.4M | $954.4M |
| Pasivos Totales | $153.9M | $199.3M | $213.4M | $244.4M |
| Patrimonio Neto | $822.5M | $859.2M | $738.0M | $710.0M |
| Deuda Total | $11.3M | $25.5M | $14.7M | $14.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$27.4M | -$83.0M | -$19.3M | -$17.7M | $33.5M | $238.4M | $41.0M | $29.3M | -$29.7M | $17.9M |
| Amortizaciones | $14.1M | $11.0M | $9.2M | $10.3M | $13.7M | $15.0M | $14.3M | $16.6M | $19.6M | $17.7M |
| Compensación en Acciones | $14.3M | $12.4M | $17.5M | $11.2M | $14.0M | $24.2M | $44.8M | $62.8M | $70.8M | $87.9M |
| Cambio en Capital Circulante | $23.0M | -$3.4M | $2.6M | -$1.8M | -$13.7M | -$52.4M | -$73.8M | -$47.6M | $23.1M | $3.3M |
| Flujo de Caja Operativo | $24.4M | -$62.8M | $3.6M | $4.7M | $51.4M | $56.8M | $27.2M | $56.3M | $68.4M | $135.0M |
| Inversiones (CapEx) | -$9.8M | -$8.0M | -$10.4M | -$13.4M | -$7.8M | -$10.5M | -$14.1M | -$17.9M | -$18.1M | -$19.4M |
| Adquisiciones | 0 | 0 | $10.3M | 0 | $53.0M | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$12.8M | -$2.8M | -$74000 | 0 | 0 | 0 | 0 | -$86.4M | -$10.7M | -$93.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $14.6M | -$70.8M | -$6.9M | -$8.7M | $43.6M | $46.3M | $13.1M | $38.4M | $50.3M | $115.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $32.3M | $46.0M | $14.6M | $16.5M |
| Inversiones (CapEx) | -$5.6M | -$5.8M | -$8.1M | -$4.6M |
| Flujo de Caja Libre | $26.7M | $40.3M | $6.5M | $11.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $20.6M | $22.0M | $20.6M | $16.7M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +11.2% | -13.5% | -3.8% | +27.6% | +25.5% | +27.7% | +19.8% | -20.0% | +20.3% |
| Crecimiento Beneficio Neto (anual) | | -203.0% | +76.8% | +8.3% | +289.2% | +611.9% | -82.8% | -28.5% | -201.4% | +160.1% |
| Crecimiento BPA (anual) | | -196.4% | +77.7% | +13.5% | +278.1% | +561.4% | -83.3% | -30.2% | -202.3% | +160.0% |
| Cambio en Acciones (anual) | | +2.9% | +4.9% | +4.5% | +12.7% | +9.4% | +1.6% | +0.6% | -5.0% | +6.9% |
| Crecimiento FCF (anual) | | -585.6% | +90.3% | -26.7% | +601.1% | +6.3% | -71.7% | +192.7% | +31.1% | +129.4% |
| Margen Bruto | 43.9% | 33.9% | 44.7% | 44.3% | 49.3% | 52.5% | 50.2% | 49.9% | 54.6% | 56.8% |
| Margen Operativo | -6.1% | -16.0% | -4.2% | -3.6% | 6.8% | 10.9% | 6.1% | 2.5% | -5.2% | 2.1% |
| Margen EBITDA | -4.0% | -13.0% | -2.0% | -1.2% | 9.2% | 13.0% | 7.9% | 4.9% | -1.5% | 5.2% |
| Margen Neto | -6.0% | -16.3% | -4.4% | -4.2% | 6.2% | 35.1% | 4.7% | 2.8% | -3.6% | 1.8% |
| Margen FCF | 3.2% | -13.9% | -1.6% | -2.1% | 8.1% | 6.8% | 1.5% | 3.7% | 6.1% | 11.6% |
| Tasa Impositiva Efectiva | -1.3% | -1.5% | -2.8% | -7.0% | 2.3% | -228.1% | 24.1% | 15.6% | 6.0% | 47.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.30 | $-1.41 | $-0.13 | $-0.16 | $0.70 | $0.68 | $0.19 | $0.55 | $0.76 | $1.64 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $48.7M | $50.2M | $52.2M | $55.0M | $59.1M | $63.3M | $65.1M | $66.0M | $65.9M | $66.8M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Margen bruto | 56.58% |
| Margen operativo | 5.51% |
| Margen neto | 4.61% |
Salud financiera
| Deuda / Patrimonio | 0.02 |
| Ratio corriente | 2.83 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -13.75 | -3.58 | -26.35 | -25.00 | 52.21 | 21.21 | 108.62 | 99.30 | -77.49 | 196.04 |
| P/VC | 1.76 | 2.06 | 3.35 | 2.86 | 6.27 | 8.90 | 6.55 | 4.01 | 2.94 | 4.12 |
| P/V | 0.82 | 0.58 | 1.15 | 1.04 | 3.25 | 7.45 | 5.13 | 2.77 | 2.76 | 3.54 |
| Margen Bruto | 43.9% | 33.9% | 44.7% | 44.3% | 49.3% | 52.5% | 50.2% | 49.9% | 54.6% | 56.8% |
| Margen Operativo | -6.1% | -16.0% | -4.2% | -3.6% | 6.8% | 10.9% | 6.1% | 2.5% | -5.2% | 2.1% |
| Margen Neto | -6.0% | -16.3% | -4.4% | -4.2% | 6.2% | 35.1% | 4.7% | 2.8% | -3.6% | 1.8% |