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Nutanix, Inc. (NTNX) stock

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NASDAQ: NTNX Nasdaq Systems Software Next results ~November 25, 2026

B Fundamentals grade

Nutanix provides software for building hybrid cloud and AI infrastructure. Its main product, the Nutanix Cloud Platform, lets organisations run applications, data and AI workloads across data centres, edge sites and public clouds such as AWS, Microsoft Azure and Google Cloud. The firm first developed hyperconverged infrastructure, which pools compute, storage and networking in software, and built its own hypervisor, AHV. The platform spans several products, including Nutanix Cloud Infrastructure, Cloud Manager, the Kubernetes Platform, Unified Storage, Database Service and Enterprise AI.

The company sells on a subscription basis, offering term-based licences and SaaS subscriptions typically running one to five years, with support and upgrades included. Customers span industries from financial services and healthcare to retail, manufacturing and the public sector, alongside service providers; it reported over 32,000 end customers as of 31 July 2026. Most buy through channel partners or hardware makers such as Cisco, Dell, HPE, Fujitsu and Lenovo.

Nutanix runs as a single operating segment and sells worldwide, with research centred on San Jose and India and sites across North America, Europe and Mexico. It does not make hardware itself; its NX servers are built by Supermicro.

Based on Nutanix, Inc.'s 10-K filed September 18, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$58

Cash-flow model

Base case. Range ~$44–$75 across our lower- and higher-growth cases (8.9%–18.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 13% above our base value.

Price used: $65.07, November 3, 2026

Nutanix, 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.

  • Insiders0 buying, 4 selling0 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds314 adding, 255 cuttingOf 64 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Nutanix files

Where Nutanix stands after its latest 10-K

Revenue for the twelve months to July 2026 was $2.85bn, up 12.4% on a year earlier, slower than 13.0% a quarter earlier. Free-cash-flow margin held at 29.5%. Operating margin widened to 9.6% from 6.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $50.66 a share, against a share price of $67.86. At that price, our model says the market is pricing in about 19.6% a year of cash-flow growth for five years, faster than the 15.4% a year revenue growth it has delivered.

Source: 10-K filed September 18, 2026 on SEC EDGAR · Financials · Valuation

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 ~November 25, 2026 (estimated)

Nutanix, Inc.'s trailing-twelve-month revenue grew 12.4% year on year, with a free-cash-flow margin of 29.5%. Where it stands out: gross margin of 86.8% ranks 1 of 32 systems software companies we cover. Where it lags: long-term debt as % of assets of 26.6% ranks 19 of 23 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$58 per share in the base case (~$44–$75 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 12.1% while net income grew 700.0%: a 688pp 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. 29.5% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.3% over 90 days.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 0.8 against the S&P 500.
  • Insiders selling. 4 insiders sold $57M of stock over the past 365 days and none bought (87% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 56% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 26.6% ranks 19 of 23 systems software companies we cover (median 4.3%).

Latest results: FY2026 Q4

Filed September 18, 2026
Earnings per share
$0.60 against an average estimate of $0.49: beat by 23.6%
Revenue
$757m, up 15.9% on a year earlier
Share reaction
+5.1% in the first session after the results on August 26, 2026, against +0.7% for the S&P 500
Guidance given
revenue $755m to $765m (First Quarter Fiscal 2027); non-GAAP Operating Margin 26% to 28% (First Quarter Fiscal 2027)
Next report
November 25, 2026; average EPS estimate $0.60

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

Price chart

  • 1 day+1.0%
  • 1 week-10.5%
  • 1 month-10.0%
  • This year+24.6%
  • 1 year-8.6%
  • 5 years+81.5%
  • 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)
$2.9B
Operating margin
9.6%
Net margin
52.8%
EPS (TTM, diluted)
$5.16

Growth

Revenue growth
+12.4%
Change in growth rate
−0.6 pts
Share count change
−0.6%

Cash

Free cash flow (TTM)
$841M
FCF margin
29.5%
Stock pay % of revenue
12.5%

Earnings

Last results
August 26, 2026
Next results (est.)
November 25, 2026

News & updates

Updated October 31, 2026

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

  1. Announcement
  2. Announcement
  3. Partnership
  4. Announcement
  5. Insider trade
  6. Leadership
  7. Insider trade
  8. Insider trade
  9. Leadership
  10. Insider trade
  11. Deal
  12. Insider trade
  13. Announcement
  14. Announcement
  15. Announcement
  16. Results
  17. Announcement
  18. Guidance
  19. Partnership
  20. Announcement
  21. Restructuring
  22. Announcement

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

Nutanix, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 18.4% a year of cash-flow growth for five years.That is close to the 15.4% a year revenue growth Nutanix has delivered.

  • Priced in18.4%
  • Last 12 months12.4%
  • 3 years a year15.3%
  • 5 years a year15.4%

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 ($65.07, 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
Hold12-month view
12-month price target
~$58
Price used
$65.07close November 3, 2026
Implied change
▼ 11%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Nutanix, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($433M, FY2026 Q4 TTM), growing 13.1% and 13.8% in the next two years (forecasts, guidance and its record), then back to 13.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$44–~$75 ; 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 Nutanix, Inc.'s free cash flow after stock-based pay ( $433M, FY2026 Q4 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 Nutanix, 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. ~$58 ~$44–$75 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. ~$45 ~$31–$95 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.6 ~$5.0–$6.5 Left out: out of range vs price (0.09x)
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. ~$53 ~$45–$58 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nutanix, 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 ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▼ −0%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $25$32$43$56$73$96
8.5% $20$25$33$42$55$71
10% $17$21$27$34$43$56

Valuation multiples over time Market data may be delayed

At fiscal year end 2017201820192020202120222023202420252026
Share price$21.25$48.89$22.70$22.19$36.02$15.13$30.20$50.51$75.17$59.01
Market value$2.7bn$8.0bn$4.1bn$4m$7.4bn$3.3bn$7.0bn$12.4bn$22.1bn$17.2bn
+ Net debt (− = net cash)−$138m$124m$62m$171m$770m$899m$705m−$85m$574m$571m
Enterprise value$2.6bn$8.1bn$4.2bn$176m$8.2bn$4.2bn$7.7bn$12.3bn$22.7bn$17.8bn
Multiples
Price / sales 3.2x6.9x3.3x0.0x5.3x2.1x3.8x5.8x8.7x6.0x
Price / earnings ——————4.7x—117.4x11.4x
Price / free cash flow —n/m———180.5x34.0x20.7x29.5x20.5x
EV / EBITDA ———————152.0x92.5x51.7x

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

43 /100

Weak moat

How hard Nutanix'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 17 / 20

    Cash operating profit has been a median 12.9% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 79.4%, moving by 8.0 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -26.6%; its worst year was -63.4%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.9% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 127.7% over five years; stock-based pay has been a median 19.2% 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 (48 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: November 25, 2026, after the close. Analysts expect revenue of $762m and EPS of $0.60 (range $0.56 to $0.63) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.33 +14% $3.2bn +13%
Next $2.68 +15% $3.7bn +14%

Next year's EPS estimate has moved +5.3% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.1% on 90 days ago. In the last 30 days, 13 analysts raised Nutanix, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Nutanix, Inc., last 90 days
$2.00 $2.20 $2.40 $2.60 $2.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.19 Current fiscal year, 60 days ago: $2.30 Current fiscal year, 30 days ago: $2.31 Current fiscal year, 7 days ago: $2.32 Current fiscal year, Now: $2.33 $2.33 Next fiscal year, 90 days ago: $2.55 Next fiscal year, 60 days ago: $2.65 Next fiscal year, 30 days ago: $2.66 Next fiscal year, 7 days ago: $2.67 Next fiscal year, Now: $2.68 $2.68

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.19$2.55
60 days ago $2.30$2.65
30 days ago $2.31$2.66
7 days ago $2.32$2.67
Now $2.33$2.68

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.49 $0.60 +23.6%
Apr 2026 $0.35 $0.47 +34.1%
Jan 2026 $0.44 $0.56 +28.1%
Oct 2025 $0.41 $0.41 +0.2%

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

Management guidance

Earnings release, August 26, 2026
  • Revenue Fiscal 2027 $3.18bn to $3.23bn
    “Revenue $3.180 - $3.230 billion” source
  • Revenue First Quarter Fiscal 2027 $755m to $765m
    “Revenue $755 - $765 million” source
  • Non-GAAP Operating Margin Fiscal 2027 24% to 25% Non-GAAP
    “Non-GAAP Operating Margin 24% to 25%” source
  • Non-GAAP Operating Margin First Quarter Fiscal 2027 26% to 28% Non-GAAP
    “Non-GAAP Operating Margin 26% to 28%” source
  • Free Cash Flow Fiscal 2027 $850m to $950m Non-GAAP
    “Free Cash Flow $850 - $950 million” source
  • Weighted Average Shares Outstanding (Diluted) First Quarter Fiscal 2027 about 294m Non-GAAP
    “Weighted Average Shares Outstanding (Diluted) 3 Approximately 294 million” source

How earlier guidance turned out

  • Revenue, Fiscal 2026 guided $2.82bn to $2.84bn Above range: $2.853545bn
  • Revenue, Fourth Quarter Fiscal 2026 guided $725m to $745m Above range: $757m

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 Nutanix, Inc.'s revenue by +13.1% 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 (+12.9%, weight 56%) , management guidance (+12.5%, weight 19%) and the company's own record (+13.9%, weight 25%) . How the weights are set.

Analyst recommendations

17 analysts, Nov 2026
Buy1059%
Hold741%
Sell00%

Monthly trend

  1. Nov 202637717
  2. Oct 202636716
  3. Sep 202636817

Counts of recommendations published by analysts covering Nutanix, 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
5.7%
of tradable shares
Days to cover
4.29
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
1.8%
of shares
Employees
8,350
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 −9.6%

$71.24 on October 31, 2025 to $64.43

ThenNowEffect
Revenue (last 12 months) $2.5bn $2.9bn +12.4%
Net margin 7.4% 52.8% +611.5%
P/E multiple 111.2x 12.5x −88.8%
Share count 294m 292m +0.7%

Biggest factor: p/e multiple.

Last 3 years +71.9%

$37.49 on November 3, 2023 to $64.43

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.9bn +53.2%
Net margin 80.9% 52.8% −34.7%
P/E multiple 5.7x 12.5x +118.9%
Share count 229m 292m −21.5%

Biggest factor: p/e multiple.

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
NTNX0%−18%+83%+28%−16%+25%
Industry peers (median)+26%−48%+29%+22%+0%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NTNX42%50%75%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NTNX−32%−57%−21%−37%−44%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 30, 2016: 80% from June 18, 2018 to March 16, 2020. Getting back needed a 410% gain, reached on March 1, 2024, 1446 days after the low.

Price behaviour

52-week range
$34.41 – $74.63
From 52-week high
−13.7%
vs 50-day average
−7.2%
vs 200-day average
+22.7%
Volatility (1 year)
47%
Beta vs S&P 500
0.81

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 ±9.8%
After a week
8 up, 4 down
typical move ±10.8%
After a month
8 up, 4 down
typical move ±9.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 26, 2026 +5.1% +0.7% +0.6% +2.4%
May 27, 2026 +4.9% +0.5% +13.9% +6.8%
February 25, 2026 +5.6% +0.3% +6.5% +4.2%
November 25, 2025 −17.1% +1.6% −18.6% −9.4%
August 27, 2025 −3.0% +0.6% +0.8% +13.3%
May 28, 2025 −4.0% −0.2% −2.4% −4.7%
February 26, 2025 +14.4% −1.5% +15.2% +7.5%
November 26, 2024 −8.4% +0.2% −6.0% −14.1%
August 28, 2024 +18.3% −0.6% +18.1% +12.0%
May 29, 2024 −21.5% −1.4% −25.7% −20.8%
February 28, 2024 +8.5% +0.2% +10.8% +6.0%
November 29, 2023 +6.4% +0.3% +10.5% +17.7%

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 Nutanix, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

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.

NTNX Nutanix, Inc. Grade B $65.15

Own 100 shares, sell the $75.00 call expiring December 18, 2026 (45 days) for $1.80 a share — $180 per contract.

Bid $1.80, ask $2.20, quoted Tue 3 Nov, 14:36 New York time with NTNX at $65.15. Option prices move with the shares: check the live chain at your broker before trading.

  • If NTNX ends below $75.00: you keep your shares and the $180 — 2.8% extra on the position, 22.4% a year at that pace.
  • If it ends above $75.00: your shares are sold at $75.00, a total return of 17.9% including the premium — at or above our value of ~$58.
$1.2k $0 −$1.3k Our value $58.00 Break-even $63.35 Price $65.15
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$180
Annualised
22.4%
Break-even
$63.35
Max gain
$1,165
Chance of selling
~28%

Results are expected around November 25, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $60.00 put and sell the $75.00 call, both expiring December 18, 2026 (45 days).

  • Net cost of $1.20 a share ($120 per contract of 100 shares).
  • Worst case at expiry: -9.7%, if the shares fall below $60.00 (-7.9% from today).
  • Best case at expiry: +13.3%, if the shares rise above $75.00 (+15.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $58.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

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.

Nutanix, Inc. in five measures

Fundamentals grade B
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) Nutanix, Inc.
$1.5B $2B $2.5B $3B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $1.9B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.2B Revenue (TTM), FY25 Q2: $2.3B Revenue (TTM), FY25 Q3: $2.4B Revenue (TTM), FY25 Q4: $2.5B Revenue (TTM), FY26 Q1: $2.6B Revenue (TTM), FY26 Q2: $2.7B Revenue (TTM), FY26 Q3: $2.7B Revenue (TTM), FY26 Q4: $2.9B $2.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $1.9B
FY24 Q2 $2B
FY24 Q3 $2.1B
FY24 Q4 $2.1B
FY25 Q1 $2.2B
FY25 Q2 $2.3B
FY25 Q3 $2.4B
FY25 Q4 $2.5B
FY26 Q1 $2.6B
FY26 Q2 $2.7B
FY26 Q3 $2.7B
FY26 Q4 $2.9B
Revenue growth, TTM YoY Nutanix, Inc.
12% 14% 16% 18% 20% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 18.6% Revenue growth, TTM YoY, FY24 Q2: 18.1% Revenue growth, TTM YoY, FY24 Q3: 19.4% Revenue growth, TTM YoY, FY24 Q4: 15.3% Revenue growth, TTM YoY, FY25 Q1: 14.9% Revenue growth, TTM YoY, FY25 Q2: 14.8% Revenue growth, TTM YoY, FY25 Q3: 16.1% Revenue growth, TTM YoY, FY25 Q4: 18.1% Revenue growth, TTM YoY, FY26 Q1: 17.4% Revenue growth, TTM YoY, FY26 Q2: 15.9% Revenue growth, TTM YoY, FY26 Q3: 13.0% Revenue growth, TTM YoY, FY26 Q4: 12.4% 12.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 18.6%
FY24 Q2 18.1%
FY24 Q3 19.4%
FY24 Q4 15.3%
FY25 Q1 14.9%
FY25 Q2 14.8%
FY25 Q3 16.1%
FY25 Q4 18.1%
FY26 Q1 17.4%
FY26 Q2 15.9%
FY26 Q3 13.0%
FY26 Q4 12.4%
Operating margin (TTM) Nutanix, Inc.
-10% -5% 0% 5% 10% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -6.8% Operating margin (TTM), FY24 Q2: -1.9% Operating margin (TTM), FY24 Q3: 0.4% Operating margin (TTM), FY24 Q4: 0.4% Operating margin (TTM), FY25 Q1: 1.8% Operating margin (TTM), FY25 Q2: 3.0% Operating margin (TTM), FY25 Q3: 5.3% Operating margin (TTM), FY25 Q4: 6.8% Operating margin (TTM), FY26 Q1: 7.4% Operating margin (TTM), FY26 Q2: 7.9% Operating margin (TTM), FY26 Q3: 8.6% Operating margin (TTM), FY26 Q4: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -6.8%
FY24 Q2 -1.9%
FY24 Q3 0.4%
FY24 Q4 0.4%
FY25 Q1 1.8%
FY25 Q2 3.0%
FY25 Q3 5.3%
FY25 Q4 6.8%
FY26 Q1 7.4%
FY26 Q2 7.9%
FY26 Q3 8.6%
FY26 Q4 9.6%
FCF margin (TTM) Nutanix, Inc.
15% 20% 25% 30% 35% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 15.1% FCF margin (TTM), FY24 Q2: 19.5% FCF margin (TTM), FY24 Q3: 20.0% FCF margin (TTM), FY24 Q4: 27.8% FCF margin (TTM), FY25 Q1: 27.7% FCF margin (TTM), FY25 Q2: 27.7% FCF margin (TTM), FY25 Q3: 31.5% FCF margin (TTM), FY25 Q4: 29.6% FCF margin (TTM), FY26 Q1: 29.5% FCF margin (TTM), FY26 Q2: 28.9% FCF margin (TTM), FY26 Q3: 28.0% FCF margin (TTM), FY26 Q4: 29.5% 29.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 15.1%
FY24 Q2 19.5%
FY24 Q3 20.0%
FY24 Q4 27.8%
FY25 Q1 27.7%
FY25 Q2 27.7%
FY25 Q3 31.5%
FY25 Q4 29.6%
FY26 Q1 29.5%
FY26 Q2 28.9%
FY26 Q3 28.0%
FY26 Q4 29.5%

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

Financial statements

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

Fiscal year 2015 Jul 2015 2016 Jul 2016 2017 Jul 2017 2018 Jul 2018 2019 Jul 2019 2020 Jul 2020 2021 Jul 2021 2022 Jul 2022 2023 Jul 2023 2024 Jul 2024 2025 Jul 2025 2026 Jul 2026
Income
Revenue 241 503 846 1,155 1,236 1,308 1,394 1,581 1,863 2,149 2,538 2,854
Gross profit 140 333 519 769 932 1,021 1,102 1,260 1,531 1,825 2,203 2,477
EBITDA −102 −78 −310 −230 −520 −735 −568 −371 −131 81 245 345
Operating income −119 −105 −348 −280 −598 −829 −662 −459 −207 8 173 274
Net income −126 −108 −380 −297 −621 −873 −1,036 −799 1,507 −125 188 1,507
Diluted EPS −$1.04 −$0.82 −$2.96 −$1.81 −$3.43 −$4.48 −$5.02 −$3.62 −$1.09 −$0.51 $0.65 $5.17
Growth (year on year)
Revenue — +108.5% +68.0% +36.6% +7.0% +5.8% +6.6% +13.4% +17.8% +15.3% +18.1% +12.4%
EBITDA — — — — — — — — — — +203.7% +40.5%
Operating income — — — — — — — — — — — +58.8%
Net income — — — — — — — — — −108.3% — +700.0%
Diluted EPS — — — — — — — — — — — +695.4%
Margins
Gross margin 58.2% 66.1% 61.3% 66.6% 75.4% 78.1% 79.1% 79.7% 82.2% 84.9% 86.8% 86.8%
EBITDA margin −42.3% −15.5% −36.6% −19.9% −42.1% −56.2% −40.7% −23.5% −7.0% 3.8% 9.7% 12.1%
Operating margin −49.2% −20.8% −41.2% −24.3% −48.4% −63.4% −47.5% −29.0% −11.1% 0.4% 6.8% 9.6%
Net margin −52.2% −21.5% −44.9% −25.7% −50.3% −66.8% −74.3% −50.5% 80.9% −5.8% 7.4% 52.8%
Free-cash-flow margin −20.3% −7.7% −4.2% 2.6% −6.2% −19.1% −11.4% 1.2% 11.1% 27.8% 29.6% 29.5%
Cash flow
Cash from operations −26 4 15 93 42 −160 −100 68 272 673 821 917
Capital spending 23 42 50 62 118 89 59 49 65 75 71 76
Free cash flow −49 −39 −35 30 −76 −249 −158 18 207 598 750 841
Stock-based pay 17 20 231 178 307 352 359 343 312 334 352 358
Free cash flow after stock pay −66 −59 −267 −148 −383 −601 −517 −325 −105 264 399 483
Balance sheet
Cash 68 99 138 306 397 319 286 403 513 655 770 777
Total debt 0 0 0 430 459 490 1,056 1,302 1,218 570 1,344 1,349
Net debt (negative = net cash) −68 −99 −138 124 62 171 770 899 705 −85 574 571
Diluted shares 122m 132m 128m 164m 181m — 206m 221m 233m 245m 294m 292m
Returned to shareholders
Buybacks — — — — — — 125 59 0 131 308 484
Total returned — — — — — — 125 59 0 131 308 484

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

3 of 5 checks passed · July 31, 2026
What it owns · $5.1bn
Short-term assets $3.0bnLonger-term assets $2.0bn
What it owes, and who funded it · $5.1bn
Short-term liabilities $1.7bnLonger-term liabilities $2.7bnShareholders' equity $703m
  • Short-term assets cover short-term liabilities $3.0bn of assets due within a year against $1.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.0bn short-term assets against $2.7bn of longer-dated liabilities.
  • More cash than debt $777m of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 192% 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 $917m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Nutanix, 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

FY2026 Q4 TTM
Buybacks (TTM)
$484M
Returned to shareholders
58%
of free cash flow
Buybacks, last 3 fiscal years
$923M
Diluted share count
−0.6%
year over year
Total shareholder yield
2.6%
dividends 0.0% + buybacks 2.6% of market value
R&D spending
27.7%
of revenue
Days sales outstanding
37 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated NTNX CHKP OKTA PAYP ZS PAGS Median
Revenue, last 12 months $2.9bn $2.7bn $3.1bn $2.5bn $3.4bn $3.7bn $1.1bn
Revenue growth, last 12 months 12.4% 6.3% 11.2% 28.8% 25.4% 4.3% 16.9%
Revenue growth, 3-year average 15.3% 25.0% 14.2% — 27.5% — 16.1%
Revenue growth, latest quarter 15.9% — 10.6% — 24.9% — 19.6%
Gross margin 86.8% 86.7% 78.1% — 76.8% 49.0% 69.6%
Operating margin 9.6% 30.5% 7.5% 21.0% −4.0% — 3.7%
Operating margin, 3-year average 5.6% 40.7% −0.1% — −4.8% — 4.0%
Net margin 52.8% 38.8% 9.6% 30.2% −1.9% 10.4% 2.4%
Cash from operations / revenue 32.1% 44.0% 32.1% 98.6% 33.7% 37.1% 16.6%
Free-cash-flow margin 29.5% 43.0% 31.9% 96.9% 25.4% 32.0% 15.0%
Free-cash-flow margin, 3-year average 28.9% 52.0% 29.3% — 28.3% 16.3% 18.8%
Stock pay / revenue 12.5% 7.5% 16.4% 0.5% 24.5% 0.5% 8.2%
Change in share count −0.6% −3.1% −1.4% 17.1% 3.8% −6.8% 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 12.4% 16.9% 22 of 37
Change in growth rate Growth -0.6pp -0.3pp 22 of 37
Gross margin Profitability 86.8% 70.4% 1 of 32
Operating margin Profitability 9.6% 3.8% 11 of 34
Net margin Profitability 52.8% 2.4% 1 of 37
Free-cash-flow margin Cash generation 29.5% 17.3% 11 of 34
Stock pay as % of revenue Cash generation 12.5% 8.5% 22 of 36
Long-term debt as % of assets Balance sheet 26.6% 4.3% 19 of 23
Change in share count Balance sheet -0.6% 3.1% 14 of 34
Days sales outstanding Balance sheet 37 days 72 days 3 of 29

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

Where the revenue comes from

Fiscal year to July 31, 2026
Products and services
Line of business Revenue YoY
Subscriptions $2.7B ▲ 12.5%
Products $1.5B ▲ 11.1%
Subscription and Circulation Software Termbased Licenses $1.4B ▲ 11.0%
Services $1.4B ▲ 14.0%
Subscription and Circulation Software Entitlement and Support Subscription $1.3B ▲ 14.2%
Professional Services $141M ▲ 11.1%

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

Geography
Region Revenue Share YoY
United States $1.5B 53.6% ▲ 8.6%
EMEA $831M 29.1% ▲ 21.3%
Asia Pacific $418M 14.6% ▲ 6.4%
Other Americas $73.9M 2.6% ▲ 47.1%

From Nutanix, Inc.'s 10-K filed September 18, 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
$13.5B
Institutions reporting
560
Shares held vs prior quarter
▲ 11.4%
Positions opened / closed
93 / 74

Top buyers and sellers, Q2 2026: 314 institutions bought and 255 sold ; the biggest buyer was Assenagon Asset Management S.A (+6.3M shares) and the biggest seller Pictet Asset Management Holding SA (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $2B 39.6M 14.9% ▼ 0.6%
Blackrock, Inc. $1.4B 27.8M 10.5% ▲ 1.7%
AQR Capital Management LLC $901M 17.8M 6.7% ▲ 17.3%
Vanguard Portfolio Management LLC $683M 13.4M 5.0% ▼ 4.3%
Vanguard Capital Management LLC $587M 11.5M 4.3% ▼ 4.6%
Goldman Sachs Group Inc $486M 9.5M 3.6% ▲ 114.4%
State Street Corp $418M 8.2M 3.1% ▲ 1.3%
Generation Investment Management LLP $342M 6.7M 2.5% ▼ 10.6%
Assenagon Asset Management S.A. $332M 6.5M 2.5% ▲ 3170.4%
Bank Of New York Mellon Corp $290M 5.7M 2.1% ▲ 200.1%
Jericho Capital Asset Management L.P. $289M 5.7M 2.1% ▲ 44.6%
Bain Capital Investors LLC $273M 5.4M 2.0% 0.0%

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 Nutanix, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $57.2M 11 trades by 4 insiders · 87% under pre-set plans
Net ▼ $57.2M net selling
Insider Date Trade Shares Price Value
Sivaraman Rukmini Chief Financial Officer October 12, 2026 Sell pre-set plan 52,589 $75.33 $4M
Sivaraman Rukmini Chief Financial Officer October 12, 2026 Sell pre-set plan 180,123 $74.33 $13.4M
Sheppard Teresa Gayle Director October 9, 2026 Sell pre-set plan 700 $74.14 $51,902
Sheppard Teresa Gayle Director October 9, 2026 Sell pre-set plan 2,800 $73.56 $205,960
Ramaswami Rajiv Chief Executive Officer October 7, 2026 Sell pre-set plan 75,045 $74.00 $5.6M
Ramaswami Rajiv Chief Executive Officer October 6, 2026 Sell pre-set plan 145,465 $73.84 $10.7M
Ramaswami Rajiv Chief Executive Officer October 6, 2026 Sell pre-set plan 179,490 $73.35 $13.2M
Maner Tarkan President and CCO September 24, 2026 Sell 69,778 $68.23 $4.8M
Sivaraman Rukmini Chief Financial Officer September 17, 2026 Sell pre-set plan 38,139 $70.00 $2.7M
Maner Tarkan President and CCO June 1, 2026 Sell 30,606 $55.29 $1.7M
Maner Tarkan President and CCO May 29, 2026 Sell 18,653 $52.24 $974,487

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 10 trades and filings

No trades in Nutanix, Inc. disclosed in the last 12 months; 10 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025
  • Daniel S. Goldman(D-NY 10):Sale (full), $1,001 - $15,000, traded April 10, 2023, filed May 19, 2023
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020

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

Earnings dates and SEC filings

Results announcements

Next expected around November 25, 2026 estimated from the company's past filing pattern, not announced

  • August 26, 2026
  • May 27, 2026
  • February 25, 2026
  • November 25, 2025
  • August 27, 2025
  • May 28, 2025

Recent SEC filings

Data status

When each part of this page on Nutanix, 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.

Nutanix, Inc. in brief

What does Nutanix, Inc. do?
Nutanix, Inc. is a US-listed company in the systems software industry. Its financial year ends in July.
What is Nutanix, Inc.'s stock ticker?
Nutanix, Inc. trades under the ticker NTNX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nutanix, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Nutanix, Inc. reported revenue of $2.9B, 12.4% higher than a year earlier, according to its SEC filings.
What is Nutanix, Inc.'s free cash flow?
Nutanix, Inc.'s free-cash-flow margin is 29.5% of revenue over the trailing twelve months, ranking 11 of the 34 systems software companies we cover.
What is Nutanix, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Nutanix, Inc.'s free cash flow after stock-based pay gives ~$58 per share in the base case, and ~$44–$75 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Nutanix, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Nutanix, Inc. buying back stock, and does it pay a dividend?
Nutanix, Inc. spent $484M on share repurchases over the trailing twelve months, and its diluted share count fell 0.6% over the year.
What is Nutanix, Inc.'s market cap?
On July 31, 2026, Nutanix, Inc.'s market capitalisation was about $17.2B, with a price-to-earnings ratio of 11.4 and net debt of $571M. Market figures come from third-party market data and may be delayed.
How much debt does Nutanix, Inc. have?
Nutanix, Inc.'s debt-to-equity ratio is 192.0%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Nutanix, Inc.'s competitors?
In our Systems Software peer group, the companies closest to Nutanix, Inc. are Check Point Software Technologies LTD, Okta, Inc., Paypay Corp, Zscaler, Inc. and Pagseguro Digital Ltd. The side-by-side comparison below sets their revenue, margins and growth against Nutanix, Inc.'s.
Are insiders buying or selling Nutanix, Inc. stock?
Over the last 12 months, Nutanix, Inc.'s directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is Nutanix, Inc.'s next earnings date?
Around November 25, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Nutanix, Inc. announces its own schedule.