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CALIX Ltd (CXL) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of CALIX Ltd stock A$0.23, price A$0.24, that is 4.4% below the price, quality 29 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Basic Materials AU · ISIN AU0000017840

CL CALIX Ltd logo Thin data Nov 10, 2026

CALIX Ltd

CXL · AU

The stock is already about fairly priced, weak company and falling price: meets none of the 3 rules.

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Low debt 
Revenue last quarter +34% vs. a year ago. 
Fair value A$0.2294 · Fairly valued 
Expensive Growth (revenue 5y +13.4 %/yr in AUD) 
Mixed vs. peers (4/10) 
Quality 29/100 
Falling price (downtrend) 
Loss-making · -141.7% net margin (TTM) 
Negative free cash flow 
Narrow moat 10/100 · thin data
Thin data 
⟳ CyclicalEstimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

A$9.23 A$0.2000 Fair Value A$0.2294 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range A$0.2000 – A$9.23 · fair‑value band A$0.1721 – A$0.2868 · the A$0.2400 price screens above the A$0.2294 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Calix Limited, an environmental technology company, provides industrial solutions to address global decarbonisation and sustainability challenges in Australia, Asia-Pacific, the United States, Europe, the Middle East, and Africa.

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It operates through Magnesia, Leilac, and Sustainable Processing (SusPro) segments.

The company's solutions include ACTI-Mag, a wastewater solution; AQUA-Cal+, a water conditioner for aquaculture farming; BOOSTER-Mag, an agricultural solution for increased yield, fertilizer usage, insect/pest management, and fungal control; and low emissions intensity lime and cement to mitigate carbon dioxide emissions.

It also provides electric calcination for electric age; marine coatings for marine-fouling and corrosion control; and advanced batteries. The company serves cement and lime, iron and steel, lithium and critical minerals, alumina, direct air capture, water, and agriculture industries.

Calix Limited was incorporated in 2005 and is headquartered in Sydney, Australia.

Stock analysis

CALIX Ltd (CXL) currently trades at A$0.2400, while our estimate is A$0.2294, so the stock looks roughly fairly valued today (gap 4.6%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: A$0.1721 (bear) to A$0.2868 (bull), the price of A$0.2400 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 29/100 (below-average quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

CALIX Ltd reported revenue of A$36.0M in FY2026 versus A$18.5M in FY2022, a compound +18.2%/yr. Reported net income was −A$51.0M in FY2026.

Key figures

Market cap A$51.8M (≈ $35.2M) Micro · P/S ratio 1.32 · EPS (TTM) A$−0.2400 · Net margin −142% · Return on equity −82.8% · Return on assets (EBIT) −33.8% (5-year average) · Operating margin −46.3% · Revenue (TTM) A$36.0M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 86% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −42% fair-value upside, at −4%, CXL screens cheaper than that median.

Fair Value

Bear A$0.1721 Fair Value A$0.2294 Bull A$0.2868
Price A$0.2400 · Downside -4.4%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 29/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 11
How much profit the company makes from its sales and capital
Quality Growth 40
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 62
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 37
How calm the share price moves, does not count
Price momentum 5
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 6
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 37/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+29.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.4%
Start year 2021 (pandemic). Over 10 years: +26.4% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−82.0% (2021) → −67.1% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 755 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 29 · Bottom 25%
Fair Value upside −4.4% · Above median
Profitability
Return on assets −83.7% · Bottom 25%
Net margin (12 months) −141.7% · Bottom 25%
Operating margin (12 months) −46.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 34.4% · Top 25%

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/B 1.35× · Cheaper than median
P/S (12 months) 1.44× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)27 · sector 5
FUTURE (revenue growth)100 · sector 65
PAST (return on equity)0 · sector 26
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · sector 30

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Wanhua Chemical Group 600309 ¥68.92 ¥68.03 −1% vs CXL
Linde plc LIN $522.49 $446.62 −15% vs CXL
PPG Industries, Inc PPG $122.35 $77.68 −37% vs CXL
DSM-Firmenich AG DSFIR CHF 97.20 CHF 58.28 −40% vs CXL
Asian Paints Limited ASIANPAINT ₹2,537 ₹1,479 −42% vs CXL
The Sherwin-Williams Company SHW $351.39 $152.59 −57% vs CXL
Givaudan SA GIVN CHF 4,091 CHF 1,629 −60% vs CXL
EMS-CHEMIE HOLDING AG EMSN CHF 848.00 CHF 284.63 −66% vs CXL
Ecolab Inc ECL $304.41 $97.18 −68% vs CXL
Air Products and Chemicals, Inc APD $316.20 $75.33 −76% vs CXL

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CALIX Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "CALIX Ltd Fair Value". https://www.fairvalue-calculator.com/stock/CXL

Frequently asked questions

Is CALIX Ltd (CXL) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is A$0.2294 versus a price of A$0.2400, about 4% lower (fairly valued).
What is the fair value of CXL?
Our estimate for CALIX Ltd is A$0.2294 (as of Nov 10, 2026), built from audited fundamentals. The current price: A$0.2400.
What is the quality score of CXL?
CALIX Ltd has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CALIX Ltd (CXL)?
Our calculated price target is the estimate of A$0.2294 (as of Nov 10, 2026). Cautious scenario A$0.1721, optimistic scenario A$0.2868. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the CALIX Ltd stock forecast for 2026?
Our estimate puts fair value at A$0.2294, about 4% lower versus a price of A$0.2400 (fairly valued). Cautious scenario A$0.1721, optimistic scenario A$0.2868. The calculation is refreshed regularly with new filings.
What is the revenue of CALIX Ltd (CXL)?
CALIX Ltd reported trailing-twelve-month revenue of about A$36.0M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of CALIX Ltd (CXL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CALIX Ltd it is A$0.2294 per share (as of Nov 10, 2026), against a price of A$0.2400.
Is CALIX Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, CXL trades above its calculated fair value: price A$0.2400, fair value A$0.2294, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CXL?
No. The price is what the market pays today (A$0.2400); the fair value is what the company's own numbers justify (A$0.2294). For CALIX Ltd the two are A$0.0106 per share apart. That gap is exactly why we show both numbers side by side.
How much is CALIX Ltd worth?
The market values CALIX Ltd at about A$51.8M (market capitalisation, as of Nov 10, 2026). Per share that is A$0.2400; our models calculate a fair value of A$0.2294 per share.
What do the bullish and bearish scenarios say about CXL?
Our models span a range for CALIX Ltd: cautious scenario A$0.1721, base A$0.2294, optimistic A$0.2868 per share (as of Nov 10, 2026, price A$0.2400). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CALIX Ltd (CXL)?
Balance-sheet figures for CALIX Ltd (as of Nov 10, 2026): return on equity −82.8%. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is CXL from its 52-week high?
CALIX Ltd trades at A$0.2400, about 86% below its 52-week high of A$1.70 and 20% above the low of A$0.2000 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.2294 is for.
Which stocks are comparable to CALIX Ltd?
From the same area (Basic Materials) we also value Linde plc, Ecolab Inc, The Sherwin-Williams Company, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CALIX Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price A$0.2400, calculated fair value A$0.2294 (−4%), Quality Score 29/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. CALIX Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CALIX Ltd (CXL)?
The closing price on Nov 13, 2026 was A$0.2400. Our estimate is A$0.2294, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CALIX Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of CALIX Ltd

How large is the market capitalisation of CALIX Ltd (CXL)?
The market capitalisation of CALIX Ltd is A$51.8M (≈ $35.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CALIX Ltd (CXL)?
The price-to-sales ratio of CALIX Ltd is 1.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CALIX Ltd (CXL)?
Earnings per share at CALIX Ltd are A$−0.2400. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CALIX Ltd (CXL)?
The net margin of CALIX Ltd is −142% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CALIX Ltd (CXL)?
The return on equity (ROE) of CALIX Ltd is −82.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CALIX Ltd (CXL)?
On an EBIT basis the return on assets of CALIX Ltd is −33.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CALIX Ltd (CXL)?
The operating margin of CALIX Ltd is −46.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CALIX Ltd (CXL)?
Revenue at CALIX Ltd is growing +34.4% versus a year earlier (3y avg +24.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does CALIX Ltd (CXL) generate?
The free cash flow of CALIX Ltd is −A$19.7M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does CALIX Ltd (CXL) hold?
CALIX Ltd holds more cash than debt, A$6.4M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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