CommVault Systems vs Qualys
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KIRA’s take AI analyst
I put CommVault Systems and Qualys side by side, using each one’s latest annual report. Here is what stands out:
- CommVault Systems is the larger business, with $1.2B of revenue in fiscal 2026 against $669M for Qualys, about 1.8 times as much.
- CommVault Systems grew revenue faster (18.9%, against 10.1%).
- Qualys kept more of each dollar of sales as operating profit (33.2% operating margin, against 6.3%).
- Qualys turned more of its sales into free cash flow (45.5% FCF margin, against 20.0%).
- Investors pay more for each dollar of CommVault Systems’s earnings: a P/E of 107.9x against 37.5x for Qualys.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
CommVault Systems
CVLT
2/10
Revenue growthReturn on equity
Qualys
QLYS
7/10
5-year growthGross marginOperating marginNet marginFCF marginNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CVLT FY26 | QLYS FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.1B | $7.6B |
| Revenue | $1.2B | $669M |
| Free cash flow | $237M | $304M |
| Net income | $70.7M | $198M |
| Growth | ||
| Revenue growth | 18.9% | 10.1% |
| 5-year growth | 10.4% | 13.0% |
| Share count change | −1.2% | −2.4% |
| Profitability | ||
| Gross margin | 81.2% | 82.9% |
| Operating margin | 6.3% | 33.2% |
| Net margin | 6.0% | 29.6% |
| FCF margin | 20.0% | 45.5% |
| Return on capital | — | 169.1% |
| Return on equity | 42.5% | 38.2% |
| Balance sheet | ||
| Net debt | −$19.1M | −$446M |
| Net debt / EBITDA | −0.2x | −1.9x |
| Dividends and buybacks | $446M | $183M |
| Valuation & quality | ||
| P/E | 107.9x | 37.5x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.