CALIX LIMITED (CXL)
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CXL

CXL - CALIX LIMITED

FNArena Sector : Industrial Sector Contractors & Engineers
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: -0.08
Index: ALL-ORDS

LAST PRICE CHANGE +/- CHANGE % VOLUME

$0.43

27 Aug
2025

0.010

OPEN

$0.42

2.38%

HIGH

$0.44

64,821

LOW

$0.41

TARGET
$1.70 295.3% upside
OTHER COMPANIES IN THE SAME SECTOR
3DA . ALQ . AVD . BOL . BSA . CG1 . CLG . CVL . CWY . DOW . DUR . EGL . FLC . IPG . LBL . MAD . PPK . RWL . SDV . SHA . SND . SSM . SYL . VEE . VNT . VYS .
FNARENA'S MARKET CONSENSUS FORECASTS
CXL: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx - 9.6 - 10.6 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx-9.6
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx28.2 M
Book Value Per Share xxxxxxxxxxxxxxx41.1
Net Operating Cash Flow xxxxxxxxxxxxxxx-28.7 M
Net Profit Margin xxxxxxxxxxxxxxx-68.05 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx-22.28 %
Return on Invested Capital xxxxxxxxxxxxxxx-21.86 %
Return on Assets xxxxxxxxxxxxxxx-17.21 %
Return on Equity xxxxxxxxxxxxxxx-22.28 %
Return on Total Capital xxxxxxxxxxxxxxx-45.40 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-39.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1 M
Long Term Debt xxxxxxxxxxxxxxx2 M
Total Debt xxxxxxxxxxxxxxx3 M
Goodwill - Gross xxxxxxxxxxxxxxx4 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx23 M
Price To Book Value xxxxxxxxxxxxxxx0.83

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx10.9 M
Capex % of Sales xxxxxxxxxxxxxxx38.76 %
Cost of Goods Sold xxxxxxxxxxxxxxx29 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx40 M
Research & Development xxxxxxxxxxxxxxx18 M
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

1
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Shaw and Partners

28/08/2025

1

Buy

$1.70

295.35%

Calix achieved a lower than anticipated loss versus Shaw and Partners' forecast. Revenue grew 16.5% on the prior year, a slight miss on the analyst's forecast. Operating cash flow (including leases) was $29.7m versus Shaw's $24.9m estimate.

Commentary highlights the company achieved some major commercialisation milestones.

For lithium, a $15m grant from the WA government for the Pilbara Minerals ((PLS)) JV; construction of the Midstream demonstration plant is on track for Dec quarter 2025; a $4.9m Arena grant to help fund a Zesty Green Iron Ore demonstration plant and a $15m grant for Project Zeat.

Capex is expected to be lower in FY26, with Calix aiming for ongoing revenue growth with contributions from all divisions.

No change to Buy/High risk rating and $1.70 target price.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -10.60 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -9.80 cents.
Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Canaccord Genuity

29/07/2025

1

Buy

$2.40

458.14%

Canaccord Genuity considers the recent $44.9m grant to Calix for its Zesty green iron project as a material positive catalyst for the stock. The broker believes it is a strong external validation and increases the visibility of the pathway to market.

The company announced it has the resources and balance sheet to progress the project through to the end of FY26 with an intention to finance the remaining investment through equity funding.

Final investment decision is anticipated in FY26, subject to further financing and detailed design and engineering.

Buy. Target unchanged at $2.40.
Access Extra Coverage Research History >

CXL STOCK CHART

FNArena News on CXL

1
FNArena Corporate Results Monitor – 28-08-2025

Aug 28 2025 - Australia
2
Roaring Twenties 2.0: AI & Clean-Energy Transformations Shaping Global Markets

Aug 11 2025 - International
3
Australian Broker Call *Extra* Edition – Jul 29, 2025

Jul 29 2025 - Daily Market Reports
4
Australia’s Minerals Strategy And Supply Chains

Apr 02 2025 - Commodities
5
FNArena Corporate Results Monitor – 27-02-2025

Feb 27 2025 - Australia

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