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Commvault Systems Inc (CVLT) stock

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NASDAQ: CVLT Nasdaq Systems Software Next results ~January 26, 2027

C+ Fundamentals grade

Commvault Systems Inc is a US-listed company in the systems software industry. Its financial year ends in March.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$110

Cash-flow model

Base case. Range ~$83–$140 across our lower- and higher-growth cases (10.2%–20.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 30% below it.

Price used: $157.84, November 2, 2026

Commvault Systems Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Commvault Systems files

10-Q filed October 28: Commvault Systems

Model value +1.9%

Revenue for the twelve months to September 2026 was $1.25bn, up 14.3% on a year earlier, slower than the 15.5% growth a quarter earlier. Free-cash-flow margin rose to 20.4% from 19.1% a year earlier. The diluted share count is down 4.9% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from C to C+. Our model value rises from $104 to $106 a share, against a share price of $171. The rating stays Sell. At that price, our model says the market is pricing in about 23.9% a year of cash-flow growth for five years, faster than the 10.2% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Commvault Systems

Commvault Systems generated $1.25bn of revenue in the twelve months to June 2026, up 14.3% on a year earlier but slower than the 15.5% growth seen a quarter earlier. Among the thirteen systems software companies we cover, that growth rate ranks 11th. Free-cash-flow margin, meanwhile, improved to 20.4% from 19.1% a year earlier. A 4.9% reduction in the diluted share count over the same period has lifted the value of each remaining share. Our model value is little changed at $104, well below the current share price of $173, so the rating stays Sell. At that price, the market appears to be pricing in cash-flow growth of about 24.2% a year for five years, far ahead of the 10.2% a year revenue growth Commvault has actually delivered.

10-Q on SEC EDGAR

Where Commvault Systems stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.22bn, up 15.5% on a year earlier, slower than the 18.9% growth a quarter earlier. That puts it 11 of 13 for growth among the systems software companies we cover. Free-cash-flow margin rose to 21.3% from 18.0% a year earlier. The diluted share count is down 3.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 5 financial-health checks. Our cash-flow model value is $104 a share, against a share price of $171. At that price, our model says the market is pricing in about 24.3% a year of cash-flow growth for five years, faster than the 9.6% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Commvault Systems Inc's trailing-twelve-month revenue grew 14.3% year on year, with a free-cash-flow margin of 20.4%. Where it stands out: change in share count of -4.9% ranks 2 of 34 systems software companies we cover. Where it lags: long-term debt as % of assets of 47.1% ranks 23 of 23 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$83–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 22.1% while net income grew 3.0%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 20.4% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Shrinking share count. Diluted shares fell 4.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $157.84 is 30% above our value per share of $110.
  • High earnings multiple. The shares trade at 82 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 57% and a beta of 1.0 against the S&P 500.
  • Insiders selling. 8 insiders sold $18M of stock over the past 365 days and none bought (82% under pre-set trading plans).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 47.1% ranks 23 of 23 systems software companies we cover (median 4.3%).
  • Heavily shorted. 10.6% of the shares available to trade are sold short (6.1 days of average volume to cover).

Latest results: FY2027 Q2

Filed October 28, 2026
Earnings per share
$1.38 against an average estimate of $1.24: beat by 11.5%
Revenue
$312m, up 13.1% on a year earlier
Share reaction
-0.8% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
subscription revenue $293m to $297m (third quarter of fiscal year 2027); non-GAAP EBIT margin 20.5% to 21% (third quarter of fiscal year 2027)
Next report
January 26, 2027; average EPS estimate $1.40

Commvault Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.4%
  • 1 week-5.9%
  • 1 month+5.0%
  • This year+25.9%
  • 1 year+13.4%
  • 5 years+142.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
7.4%
Net margin
6.6%
EPS (TTM, diluted)
$1.92

Growth

Revenue growth
+14.3%
Change in growth rate
−1.2 pts
Share count change
−4.9%

Cash

Free cash flow (TTM)
$256M
FCF margin
20.4%
Stock pay % of revenue
10.6%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Announcement
  4. Results
  5. Guidance
  6. Our research
  7. Announcement
  8. Announcement
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Announcement
  15. Announcement
  16. Leadership
  17. Insider trade
  18. Shareholder vote
  19. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Commvault Systems Inc valuation models and calculator

What the price is pricing in

The share price implies about 21.8% a year of cash-flow growth for five years.That is faster than the 10.2% a year revenue growth Commvault Systems has delivered.

  • Priced in21.8%
  • Last 12 months14.3%
  • 3 years a year16.2%
  • 5 years a year10.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($158.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$110
Price used
$158.00close November 3, 2026
Implied change
▼ 30%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Commvault Systems Inc's free cash flow after stock-based pay with after-tax interest added back ($129M, FY2027 Q2 TTM), growing 11.9% and 13.8% in the next two years (forecasts, guidance and its record), then back to 15.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$83–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Commvault Systems Inc's free cash flow after stock-based pay ( $129M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Commvault Systems Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.2 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$83–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$100 ~$74–$220 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.3 ~$1.7–$3.3 Left out: out of range vs price (0.01x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1.4 ~$1.3–$1.6 Left out: out of range vs price (0.01x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$110 ~$100–$110 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Commvault Systems Inc with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▲ +7%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $46$62$84$112$150$198
8.5% $35$47$63$83$110$144
10% $29$38$50$66$86$112

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$43.17$50.80$57.20$64.74$40.48$64.50$66.35$56.74$101.43$157.76$77.89$157.84
Market value$2.0bn$2.3bn$2.6bn$3.1bn$1.9bn$3.0bn$3.1bn$2.5bn$4.6bn$7.1bn$3.5bn$6.8bn
+ Net debt (− = net cash)−$288m−$329m−$331m−$328m−$288m−$397m−$268m−$288m−$313m−$302m−$19m−$14m
Enterprise value$1.7bn$1.9bn$2.3bn$2.8bn$1.6bn$2.6bn$2.9bn$2.2bn$4.3bn$6.8bn$3.5bn$6.8bn
Multiples
Price / sales 3.4x3.5x3.7x4.3x2.8x4.2x4.1x3.2x5.5x7.2x2.9x5.4x
Price / earnings n/m——n/m——93.2x—27.1x93.7x49.2x82.2x
Price / free cash flow 25.7x24.3x33.6x29.7x21.7x26.0x18.1x15.2x22.9x35.0x14.7x26.6x
EV / EBITDA 112.4xn/mn/m162.3x——54.6x—52.1x82.4x41.0x67.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard Commvault Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 22.0% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 83.1%, moving by 1.7 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.3%; its worst year was -5.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.9% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 9.0% over five years; stock-based pay has been a median 11.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (69 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 26, 2027, before the open. Analysts expect revenue of $339m and EPS of $1.40 (range $1.38 to $1.43) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.56 +28% $1.3bn +10%
Next $6.30 +13% $1.5bn +11%

Next year's EPS estimate has moved +2.4% in 90 days, across 19 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.9% on 90 days ago. In the last 30 days, 18 analysts raised Commvault Systems Inc's forecast and 0 cut it.

Consensus EPS forecast Commvault Systems Inc, last 90 days
$5.00 $5.50 $6.00 $6.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.45 Current fiscal year, 60 days ago: $5.45 Current fiscal year, 30 days ago: $5.46 Current fiscal year, 7 days ago: $5.46 Current fiscal year, Now: $5.56 $5.56 Next fiscal year, 90 days ago: $6.15 Next fiscal year, 60 days ago: $6.20 Next fiscal year, 30 days ago: $6.20 Next fiscal year, 7 days ago: $6.20 Next fiscal year, Now: $6.30 $6.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.45$6.15
60 days ago $5.45$6.20
30 days ago $5.46$6.20
7 days ago $5.46$6.20
Now $5.56$6.30

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.24 $1.38 +11.5%
Jun 2026 $1.16 $1.42 +22.2%
Mar 2026 $1.09 $1.28 +17.7%
Dec 2025 $0.98 $1.17 +19.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Non-GAAP EBIT margin full fiscal year 2027 21% to 21.5% Non-GAAP
    “Non-GAAP EBIT margin is expected to be between 21.0% and 21.5%” source
  • Non-GAAP EBIT margin third quarter of fiscal year 2027 20.5% to 21% Non-GAAP
    “Non-GAAP EBIT margin is expected to be between 20.5% and 21.0%” source
  • Subscription revenue full fiscal year 2027 $1,127m to $1,133m
    “Subscription revenue is expected to be between $1,127 million and $1,133 million” source
  • Subscription ARR full fiscal year 2027 $1,205m to $1,215m
    “Subscription ARR is expected to be between $1,205 million and $1,215 million” source
  • Free cash flow full fiscal year 2027 $255m to $265m Non-GAAP
    “Free cash flow is expected to be between $255 million and $265 million” source
  • Diluted shares outstanding full fiscal year 2027 about 42m
    “Diluted shares outstanding are expected to be approximately 42 million” source
Show 1 more item
  • Subscription revenue third quarter of fiscal year 2027 $293m to $297m
    “Subscription revenue is expected to be between $293 million and $297 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Commvault Systems Inc's revenue by +11.9% next year and +13.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+10.4%, weight 69%) and the company's own record (+15.2%, weight 31%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy1158%
Hold842%
Sell00%

Monthly trend

  1. Oct 202611819
  2. Sep 202611819
  3. Aug 202610818
  4. Jul 202610818

Counts of recommendations published by analysts covering Commvault Systems Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.6%
of tradable shares
Days to cover
6.06
at average volume
Short interest, 1 month
+9%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.9%
of shares
Employees
3,300
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +13.4%

$139.22 on October 31, 2025 to $157.84

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.2bn +15.5%
Net margin 7.7% 5.6% −27.0%
P/E multiple 77.7x 101.2x +30.2%
Share count 45m 44m +3.3%

Biggest factor: net margin.

Last 3 years +134.1%

$67.42 on November 3, 2023 to $157.84

ThenNowEffect
Revenue (last 12 months) $785m $1.2bn +54.9%
P/S multiple 3.8x 5.7x +48.9%
Share count 44m 44m +1.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CVLT+25%−9%+27%+89%−17%+26%
Industry peers (median)+23%−48%+33%+22%+0%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CVLT75%42%50%83%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CVLT−27%−27%−18%−19%−40%−42%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from September 18, 2025 to March 30, 2026. Getting back needed a 160% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$75.18 – $172.55
From 52-week high
−8.5%
vs 50-day average
+6.2%
vs 200-day average
+32.5%
Volatility (1 year)
57%
Beta vs S&P 500
0.98

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±14.1%
After a week
8 up, 3 down
typical move ±14.8%
After a month
8 up, 3 down
typical move ±17.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −0.8% +0.9% — —
July 28, 2026 −19.5% −1.3% −11.6% −10.1%
April 28, 2026 +14.4% −0.5% +16.3% +25.2%
January 27, 2026 −30.5% +0.4% −36.8% −31.5%
October 28, 2025 −19.5% +0.3% −22.0% −29.2%
July 29, 2025 +18.3% −0.4% +12.1% +12.7%
April 29, 2025 +0.7% +0.7% +3.8% +6.9%
January 28, 2025 −7.3% +0.4% +5.7% +6.5%
October 29, 2024 +18.5% −0.1% +16.4% +25.3%
July 30, 2024 +24.1% +1.1% +15.0% +22.1%
April 30, 2024 +3.3% −1.9% +9.6% +9.4%
January 30, 2024 +12.5% −1.7% +14.0% +17.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Commvault Systems Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Commvault Systems Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Commvault Systems Inc
$800M $1B $1.2B $1.4B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $819.4M Revenue (TTM), FY24 Q4: $839.2M Revenue (TTM), FY25 Q1: $865.8M Revenue (TTM), FY25 Q2: $898.1M Revenue (TTM), FY25 Q3: $943.9M Revenue (TTM), FY25 Q4: $995.6M Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $1.1B Revenue (TTM), FY26 Q3: $1.1B Revenue (TTM), FY26 Q4: $1.2B Revenue (TTM), FY27 Q1: $1.2B Revenue (TTM), FY27 Q2: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $819.4M
FY24 Q4 $839.2M
FY25 Q1 $865.8M
FY25 Q2 $898.1M
FY25 Q3 $943.9M
FY25 Q4 $995.6M
FY26 Q1 $1.1B
FY26 Q2 $1.1B
FY26 Q3 $1.1B
FY26 Q4 $1.2B
FY27 Q1 $1.2B
FY27 Q2 $1.3B
Revenue growth, TTM YoY Commvault Systems Inc
0% 10% 20% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 4.1% Revenue growth, TTM YoY, FY24 Q4: 7.0% Revenue growth, TTM YoY, FY25 Q1: 10.3% Revenue growth, TTM YoY, FY25 Q2: 12.6% Revenue growth, TTM YoY, FY25 Q3: 15.2% Revenue growth, TTM YoY, FY25 Q4: 18.6% Revenue growth, TTM YoY, FY26 Q1: 21.6% Revenue growth, TTM YoY, FY26 Q2: 22.0% Revenue growth, TTM YoY, FY26 Q3: 21.5% Revenue growth, TTM YoY, FY26 Q4: 18.9% Revenue growth, TTM YoY, FY27 Q1: 15.5% Revenue growth, TTM YoY, FY27 Q2: 14.3% 14.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 4.1%
FY24 Q4 7.0%
FY25 Q1 10.3%
FY25 Q2 12.6%
FY25 Q3 15.2%
FY25 Q4 18.6%
FY26 Q1 21.6%
FY26 Q2 22.0%
FY26 Q3 21.5%
FY26 Q4 18.9%
FY27 Q1 15.5%
FY27 Q2 14.3%
Operating margin (TTM) Commvault Systems Inc
0% 5% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 2.4% Operating margin (TTM), FY24 Q4: 9.0% Operating margin (TTM), FY25 Q1: 8.7% Operating margin (TTM), FY25 Q2: 8.1% Operating margin (TTM), FY25 Q3: 6.9% Operating margin (TTM), FY25 Q4: 7.4% Operating margin (TTM), FY26 Q1: 7.6% Operating margin (TTM), FY26 Q2: 7.1% Operating margin (TTM), FY26 Q3: 7.3% Operating margin (TTM), FY26 Q4: 6.3% Operating margin (TTM), FY27 Q1: 6.1% Operating margin (TTM), FY27 Q2: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 2.4%
FY24 Q4 9.0%
FY25 Q1 8.7%
FY25 Q2 8.1%
FY25 Q3 6.9%
FY25 Q4 7.4%
FY26 Q1 7.6%
FY26 Q2 7.1%
FY26 Q3 7.3%
FY26 Q4 6.3%
FY27 Q1 6.1%
FY27 Q2 7.4%
FCF margin (TTM) Commvault Systems Inc
15% 20% 25% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 22.9% FCF margin (TTM), FY24 Q4: 23.8% FCF margin (TTM), FY25 Q1: 23.8% FCF margin (TTM), FY25 Q2: 24.4% FCF margin (TTM), FY25 Q3: 21.9% FCF margin (TTM), FY25 Q4: 20.5% FCF margin (TTM), FY26 Q1: 18.0% FCF margin (TTM), FY26 Q2: 19.1% FCF margin (TTM), FY26 Q3: 15.8% FCF margin (TTM), FY26 Q4: 20.0% FCF margin (TTM), FY27 Q1: 21.3% FCF margin (TTM), FY27 Q2: 20.4% 20.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 22.9%
FY24 Q4 23.8%
FY25 Q1 23.8%
FY25 Q2 24.4%
FY25 Q3 21.9%
FY25 Q4 20.5%
FY26 Q1 18.0%
FY26 Q2 19.1%
FY26 Q3 15.8%
FY26 Q4 20.0%
FY27 Q1 21.3%
FY27 Q2 20.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Commvault Systems took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Other income $18.1M · 1.5%
  3. Cost of revenue $223M · 18.8%
  4. Gross profit $961M · 81.2%
  5. Research and development $162M · 13.7%
  6. Selling, general and admin $682M · 57.7%
  7. Other operating costs $42M · 3.5%
  8. Operating income $74M · 6.3%
  9. Income tax $21.5M · 1.8%
  10. Net income $70.7M · 6.0%

Shares of revenue. Source: Commvault Systems's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Mar 2010 2011 Mar 2011 2012 Mar 2012 2013 Mar 2013 2014 Mar 2014 2015 Mar 2015 2016 Mar 2016 2017 Mar 2017 2018 Mar 2018 2019 Mar 2019 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Sept 2026
Income
Revenue 271 315 407 496 586 608 594 645 699 711 671 723 770 785 839 996 1,184 1,252
Gross profit 235 274 353 431 512 525 511 560 601 594 554 614 656 649 688 817 961 1,018
EBITDA 35 40 54 86 107 48 15 9 11 17 −0 −6 53 −6 82 83 84 101
Operating income 32 36 49 81 100 39 4 −1 −1 5 −18 −22 42 −16 75 74 74 93
Net income 18 21 32 53 64 26 2 −1 −62 4 −6 −31 34 −36 169 76 71 83
Diluted EPS $0.41 $0.45 $0.68 $1.10 $1.29 $0.54 $0.04 −$0.01 −$1.37 $0.07 −$0.12 −$0.66 $0.71 −$0.80 $3.75 $1.68 $1.58 $1.92
Growth (year on year)
Revenue +15.6% +16.1% +29.2% +21.9% +18.2% +3.6% −2.3% +8.6% +8.4% +1.7% −5.6% +7.8% +6.4% +1.9% +7.0% +18.6% +18.9% +14.3%
EBITDA +46.6% +11.8% +35.6% +59.6% +24.2% −55.1% −68.0% −41.2% — — −102.6% — — −110.6% — +1.3% +1.8% +14.7%
Operating income +55.3% +12.3% +37.8% +64.1% +24.1% −61.4% −89.4% — — — — — — −138.2% — −2.1% +0.3% +18.7%
Net income +49.3% +14.1% +52.1% +66.6% +20.4% −60.0% −93.3% — — — — — — −206.4% — −54.9% −7.2% +3.0%
Diluted EPS +46.4% +9.8% +51.1% +61.8% +17.3% −58.1% −92.6% — — — — — — −212.7% — −55.2% −6.0% +8.4%
Margins
Gross margin 86.8% 87.0% 86.9% 86.9% 87.3% 86.5% 86.1% 86.8% 86.0% 83.5% 82.5% 84.9% 85.2% 82.7% 81.9% 82.0% 81.2% 81.3%
EBITDA margin 13.1% 12.6% 13.2% 17.3% 18.2% 7.9% 2.6% 1.4% 1.5% 2.4% −0.1% −0.9% 6.8% −0.7% 9.7% 8.3% 7.1% 8.1%
Operating margin 11.8% 11.4% 12.1% 16.3% 17.1% 6.4% 0.7% −0.2% −0.1% 0.7% −2.6% −3.1% 5.4% −2.0% 9.0% 7.4% 6.3% 7.4%
Net margin 6.8% 6.7% 7.9% 10.7% 10.9% 4.2% 0.3% −0.1% −8.9% 0.5% −0.8% −4.3% 4.4% −4.6% 20.1% 7.6% 6.0% 6.6%
Free-cash-flow margin 19.9% 15.4% 23.2% 21.1% 19.5% 19.4% 13.2% 14.5% 11.0% 14.6% 12.7% 16.0% 22.5% 21.3% 23.8% 20.5% 20.0% 20.4%
Cash flow
Cash from operations 57 52 100 113 119 124 84 100 84 110 88 124 177 170 204 207 245 263
Capital spending 3 4 6 8 5 6 6 6 7 7 3 8 4 3 4 4 8 7
Free cash flow 54 49 94 105 114 118 78 94 77 104 85 116 173 167 200 204 237 256
Stock-based pay 15 16 21 30 49 61 64 74 74 80 66 85 105 106 95 113 123 132
Free cash flow after stock pay 39 33 73 75 65 57 14 20 3 23 19 31 68 61 105 90 114 124
Balance sheet
Cash 170 217 297 434 458 338 288 329 331 328 288 397 268 288 313 302 900 897
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 881 883
Net debt (negative = net cash) −170 −217 −297 −434 −458 −338 −288 −329 −331 −328 −288 −397 −268 −288 −313 −302 −19 −14
Diluted shares 45m 46m 47m 48m 50m 47m 46m 45m 45m 48m 46m 47m 47m 45m 45m 45m 45m 43m
Returned to shareholders
Buybacks — 32 46 0 50 155 91 50 112 133 77 95 305 151 184 165 446 418
Total returned — 32 46 0 50 155 91 50 112 133 77 95 305 151 184 165 446 418

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 5 checks passed · September 30, 2026
What it owns · $1.9bn
Short-term assets $1.2bnLonger-term assets $635m
What it owes, and who funded it · $652m
Short-term liabilities $640mShareholders' equity $13m
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $640m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $897m of cash against $883m of debt.
  • Debt below 40% of shareholders' equity Debt is 7045% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $263m of operating cash flow against $883m of debt.
  • Operating profit covers interest at least five times over Operating income of $93m against $6m of interest.

From Commvault Systems Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$418M
Returned to shareholders
163%
of free cash flow
Buybacks, last 3 fiscal years
$795M
Diluted share count
−4.9%
year over year
Total shareholder yield
6.5%
dividends 0.0% + buybacks 6.5% of market value
R&D spending
13.1%
of revenue
Days sales outstanding
82 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated CVLT SAIL S DLO GTLB TENB Median
Revenue, last 12 months $1.3bn $1.2bn $1.1bn $1.1bn $1.1bn $1.0bn $1.1bn
Revenue growth, last 12 months 14.3% 20.1% 21.1% 46.6% 23.0% 9.9% 16.9%
Revenue growth, 3-year average 16.2% — 28.0% — 28.1% 12.0% 16.1%
Revenue growth, latest quarter 13.1% 16.8% 20.6% — 21.3% 8.6% 19.6%
Gross margin 81.3% 66.2% 72.5% 36.8% 85.8% 78.1% 69.6%
Operating margin 7.4% −18.9% −29.5% 20.1% −8.5% 3.6% 3.7%
Operating margin, 3-year average 7.5% — −37.1% — −15.3% −0.9% 4.0%
Net margin 6.6% −16.9% −31.0% 18.0% −5.0% 0.6% 2.4%
Cash from operations / revenue 21.0% 17.2% 5.2% 38.0% 21.2% 25.8% 16.6%
Free-cash-flow margin 20.4% 16.7% 5.1% 37.8% 20.3% 25.3% 15.0%
Free-cash-flow margin, 3-year average 21.3% — 3.8% — 11.5% 23.6% 18.8%
Stock pay / revenue 10.6% 20.4% 29.3% 2.2% 21.8% 17.2% 8.2%
Change in share count −4.9% — 3.4% −1.1% 4.2% −1.9% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 14.3% 16.9% 21 of 37
Change in growth rate Growth -1.2pp -0.3pp 24 of 37
Gross margin Profitability 81.3% 70.4% 5 of 32
Operating margin Profitability 7.4% 3.8% 15 of 34
Net margin Profitability 6.6% 2.4% 17 of 37
Free-cash-flow margin Cash generation 20.4% 17.3% 14 of 34
Stock pay as % of revenue Cash generation 10.6% 8.5% 21 of 36
Long-term debt as % of assets Balance sheet 47.1% 4.3% 23 of 23
Change in share count Balance sheet -4.9% 3.1% 2 of 34
Days sales outstanding Balance sheet 82 days 72 days 18 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Products and services
Line of business Revenue Share YoY
Subscription $768M 64.9% ▲ 30.3%
Term Based Software Licenses $435M 56.7% ▲ 17.5%
Software As A Service $333M 43.3% ▲ 51.9%
Customer Support Service $320M 27.1% ▲ 4.2%
Term Based Software Support $202M 63.1% ▲ 19.5%
Perpetual Support $118M 36.9% ▼ 14.5%
Other services $51.7M 4.4% ▲ 21.1%
Perpetual License $43.2M 3.7% ▼ 22.3%
Geography
Region Revenue YoY
Americas $703M ▲ 15.6%
United States $631M ▲ 18.0%
Outside the US $553M ▲ 19.9%
International $481M ▲ 24.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Commvault Systems Inc's 10-K filed May 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.3B
Institutions reporting
426
Shares held vs prior quarter
▲ 6.7%
Positions opened / closed
103 / 60

Top buyers and sellers, Q2 2026: 255 institutions bought and 180 sold ; the biggest buyer was Ameriprise Financial Inc (+1.7M shares) and the biggest seller Two Sigma Investments, LP (−952K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $855M 6.0M 13.6% ▲ 1.5%
Vanguard Portfolio Management LLC $515M 3.6M 8.2% ▲ 0.7%
Vanguard Capital Management LLC $264M 1.9M 4.2% ▼ 6.1%
AQR Capital Management LLC $260M 1.8M 4.1% ▲ 79.4%
Ameriprise Financial Inc $247M 1.7M 3.9% ▲ 3052.0%
State Street Corp $239M 1.7M 3.8% ▲ 1.2%
Geode Capital Management, LLC $174M 1.2M 2.8% ▲ 2.4%
Acadian Asset Management LLC $173M 1.2M 2.7% ▼ 2.7%
Pictet Asset Management Holding SA $170M 1.2M 2.7% ▼ 3.1%
Jpmorgan Chase & Co $163M 1.1M 2.6% ▲ 105.3%
First Trust Advisors LP $155M 1.1M 2.5% ▲ 9.8%
Victory Capital Management Inc $131M 925K 2.1% ▲ 423.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Commvault Systems Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $18M 47 trades by 8 insiders · 82% under pre-set plans
Net ▼ $18M net selling
Insider Date Trade Shares Price Value
Adamo Nicola Director September 11, 2026 Sell 1,530 $131.66 $201,440
Mirchandani Sanjay President & CEO August 19, 2026 Sell pre-set plan 6,857 $142.80 $979,180
Abrahamsen Danielle Nicole Chief Accounting Officer August 19, 2026 Sell pre-set plan 486 $142.80 $69,401
Merrill Gary Chief Financial Officer August 19, 2026 Sell pre-set plan 1,293 $142.80 $184,640
Mirchandani Sanjay President & CEO August 18, 2026 Sell pre-set plan 4,840 $143.64 $695,218
Abrahamsen Danielle Nicole Chief Accounting Officer August 18, 2026 Sell pre-set plan 391 $143.64 $56,163
Merrill Gary Chief Financial Officer August 18, 2026 Sell pre-set plan 1,854 $143.64 $266,309
Mirchandani Sanjay President & CEO August 17, 2026 Sell pre-set plan 12,437 $143.98 $1.8M
Abrahamsen Danielle Nicole Chief Accounting Officer August 17, 2026 Sell pre-set plan 119 $143.98 $17,134
Lee Vivie Director August 10, 2026 Sell pre-set plan 595 $134.19 $79,843
Sanders A Shane Director August 10, 2026 Sell pre-set plan 476 $134.19 $63,874
Haydon William Geoffrey President of Cust & Field Ops August 10, 2026 Sell 316 $134.78 $42,590

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 1 sale of Commvault Systems Inc shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded December 5, 2025, filed January 14, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 3, 2025, filed November 18, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded October 3, 2025, filed November 18, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 27, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Commvault Systems Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Commvault Systems Inc in brief

What does Commvault Systems Inc do?
Commvault Systems Inc is a US-listed company in the systems software industry. Its financial year ends in March.
What is Commvault Systems Inc's stock ticker?
Commvault Systems Inc trades under the ticker CVLT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Commvault Systems Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Commvault Systems Inc reported revenue of $1.3B, 14.3% higher than a year earlier, according to its SEC filings.
What is Commvault Systems Inc's free cash flow?
Commvault Systems Inc's free-cash-flow margin is 20.4% of revenue over the trailing twelve months, ranking 14 of the 34 systems software companies we cover.
What is Commvault Systems Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Commvault Systems Inc's free cash flow after stock-based pay gives ~$110 per share in the base case, and ~$83–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Commvault Systems Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Commvault Systems Inc buying back stock, and does it pay a dividend?
Commvault Systems Inc spent $418M on share repurchases over the trailing twelve months, and its diluted share count fell 4.9% over the year.
What is Commvault Systems Inc's market cap?
On November 2, 2026, Commvault Systems Inc's market capitalisation was about $6.8B, with a price-to-earnings ratio of 82.2 and net debt of -$14.3M. Market figures come from third-party market data and may be delayed.
How much debt does Commvault Systems Inc have?
Commvault Systems Inc's debt-to-equity ratio is 7044.8%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Commvault Systems Inc's competitors?
In our Systems Software peer group, the companies closest to Commvault Systems Inc are Sailpoint, Inc., Sentinelone, Inc., Dlocal Ltd, Gitlab Inc. and Tenable Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Commvault Systems Inc's.
Are insiders buying or selling Commvault Systems Inc stock?
Over the last 12 months, Commvault Systems Inc's directors and officers reported 0 open-market purchases and 47 sales on Form 4. The insider trading page charts every trade.
When is Commvault Systems Inc's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Commvault Systems Inc announces its own schedule.