CVLT Nasdaq Systems Software Financials FY2017βFY2026
CommVault Systems had $1.2B of revenue in fiscal 2026, up 18.9% on the year before. Over five years, revenue changed +10.4% a year on average.
Hi! I read CommVault Systemsβs latest annual report (fiscal 2026). Here is what stands out:
Good So-so Weak
Are sales growing?
+18.9%
Yes. Sales grew 18.9% last year.
Does it make a profit?
6.0%
A little. It keeps 6.0% of every sale as profit.
Does profit turn into cash?
20.0%
Yes. 20.0% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
107.9x
One share costs 107.9 times its yearly profit per share. Typical for its sector: 33.0x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Commvault had no borrowings until its convertible notes of fiscal 2026 (its balance sheets had no debt line), so debt is zero in earlier years.
Is it selling more, and how much does it keep?
KIRA Β· CommVault Systems had $1.2B of revenue in fiscal 2026, up 18.9% on the year before. Over five years, revenue changed +10.4% a year on average. Its operating margin was 6.3%, down 1.2Β pts: of every 100 in sales, about 6 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· CommVault Systems made $70.7M of net profit in fiscal 2026.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $237M in fiscal 2026, 20.0% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· CommVault Systems returned $446M to shareholders in fiscal 2026, 188% of free cash flow. The diluted share count fell 1.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $18.0M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$18.0M
8 insiders
Of sales under plans
82%
$14.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 11, 2026 | Nicola AdamoDirector | Sold | 1,530 | $131.66 | $0.2M | Form 4 |
| Aug 19, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 6,857 | $142.80 | $1.0M | Form 4 |
| Aug 19, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 486 | $142.80 | $0.1M | Form 4 |
| Aug 19, 2026 | Gary MerrillChief Financial Officer | Sold plan | 1,293 | $142.80 | $0.2M | Form 4 |
| Aug 18, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 4,840 | $143.64 | $0.7M | Form 4 |
| Aug 18, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 391 | $143.64 | $0.1M | Form 4 |
| Aug 18, 2026 | Gary MerrillChief Financial Officer | Sold plan | 1,854 | $143.64 | $0.3M | Form 4 |
| Aug 17, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 12,437 | $143.98 | $1.8M | Form 4 |
| Aug 17, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 119 | $143.98 | $0.0M | Form 4 |
| Aug 10, 2026 | William Geoffrey HaydonPresident of Cust & Field Ops | Sold | 316 | $134.78 | $0.0M | Form 4 |
| Aug 10, 2026 | Vivie LeeDirector | Sold plan | 595 | $134.19 | $0.1M | Form 4 |
| Aug 10, 2026 | A Shane SandersDirector | Sold plan | 476 | $134.19 | $0.1M | Form 4 |
| Jul 2, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 254 | $150.00 | $0.0M | Form 4 |
| May 26, 2026 | Gary MerrillChief Financial Officer | Sold plan | 4,554 | $106.70 | $0.5M | Form 4 |
| May 26, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 277 | $106.70 | $0.0M | Form 4 |
| May 22, 2026 | Gary MerrillChief Financial Officer | Sold plan | 3,777 | $107.39 | $0.4M | Form 4 |
| May 22, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 101 | $107.39 | $0.0M | Form 4 |
| May 22, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold | 9,701 | $107.39 | $1.0M | Form 4 |
| May 20, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 365 | $99.13 | $0.0M | Form 4 |
| May 20, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 8,450 | $99.13 | $0.8M | Form 4 |
| May 19, 2026 | Gary MerrillChief Financial Officer | Sold plan | 4,560 | $105.10 | $0.5M | Form 4 |
| May 19, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 1,065 | $105.84 | $0.1M | Form 4 |
| May 19, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 19,396 | $105.49 | $2.0M | Form 4 |
| May 18, 2026 | Gary MerrillChief Financial Officer | Sold | 3,098 | $104.54 | $0.3M | Form 4 |
| May 18, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold plan | 925 | $104.52 | $0.1M | Form 4 |
| May 18, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold | 8,457 | $104.54 | $0.9M | Form 4 |
| Mar 17, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 10,052 | $80.09 | $0.8M | Form 4 |
| Mar 16, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 10,338 | $78.96 | $0.8M | Form 4 |
| Feb 19, 2026 | Gary MerrillChief Commercial Officer | Sold plan | 1,892 | $91.28 | $0.2M | Form 4 |
| Feb 18, 2026 | Danielle Nicole AbrahamsenChief Accounting Officer | Sold | 218 | $90.28 | $0.0M | Form 4 |
| Feb 18, 2026 | Sanjay MirchandaniPresident & CEO, Director | Sold | 6,480 | $90.28 | $0.6M | Form 4 |
| Feb 18, 2026 | Gary MerrillChief Commercial Officer | Sold plan | 2,593 | $90.28 | $0.2M | Form 4 |
| Nov 19, 2025 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 13,109 | $121.15 | $1.6M | Form 4 |
| Nov 19, 2025 | Gary MerrillChief Commercial Officer | Sold plan | 1,845 | $122.40 | $0.2M | Form 4 |
| Nov 18, 2025 | Sanjay MirchandaniPresident & CEO, Director | Sold plan | 14,653 | $123.65 | $1.8M | Form 4 |
| Nov 18, 2025 | Jennifer Leigh DiRicoChief Financial Officer | Sold | 830 | $123.58 | $0.1M | Form 4 |
| Nov 18, 2025 | Gary MerrillChief Commercial Officer | Sold plan | 2,674 | $123.58 | $0.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· CommVault Systems has $19.1M more cash than debt.
Cash, debt and the ratios that show how comfortably CommVault Systems can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $268M | $288M | $313M | $302M | $900M |
| Debt incl. finance leases | $0.0M | $0.0M | $0.0M | $0.0M | $881M |
| Net debt / EBITDA | β5.1x | β | β3.8x | β3.7x | β0.2x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | β |
| Interest coverage | 381.3x | β33.7x | 181.6x | 177.3x | 19.5x |
| Current ratio | 1.2x | 1.3x | 1.2x | 1.1x | 2.0x |
| Quick ratio | 1.2x | 1.3x | 1.2x | 1.1x | 2.0x |
| Total assets | $816M | $783M | $944M | $1.1B | $1.9B |
| Total liabilities | $560M | $597M | $666M | $793M | $1.9B |
| Shareholders' equity | $256M | $186M | $278M | $325M | $7.5M |
| Net debt (β = net cash) | β$268M | β$288M | β$313M | β$302M | β$19.1M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· CommVault Systems passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 5 / 9 | 4 / 9 | 6 / 9 |
| Accruals ratio | β4.0% | β12.7% | β11.6% |
| Altman Z'' | β1.91 | β1.96 | β0.09 |
What does the share cost, and how does it compare?
KIRA Β· At $169.37 a share, the company is worth $7.1B: 107.9 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $19.1M and divides by 44.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 107.9x Β· peers 37.5x Β· sector 33.0x.
KIRA Β· CommVault Systems grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 3 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| CommVault Systems CVLT | $7.1B | 18.9% | 6.3% | 20.0% | β | 107.9x | 6 | |
| Rubrik RBRK | $26.5B | 48.5% | β26.2% | 19.2% | β | β | 5 | Compare β |
| UiPath PATH | $7.4B | 12.7% | 3.5% | 21.9% | 13.7% | 21.1x | 7 | Compare β |
| Qualys QLYS | $7.6B | 10.1% | 33.2% | 45.5% | 169.1% | 37.5x | 6 | Compare β |
| BlackBerry BB | $5.8B | 2.7% | 8.8% | 8.5% | 7.5% | 74.3x | 6 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $645M | $699M | $711M | $671M | $724M | $770M | $785M | $839M | $996M | $1.2B |
| Gross profit | $560M | $601M | $594M | $554M | $614M | $656M | $649M | $688M | $817M | $961M |
| Research and development | $79.6M | $91.0M | $92.6M | $110M | $133M | $154M | $142M | $132M | $146M | $162M |
| Operating income | β$1.2M | β$0.9M | $4.9M | β$17.5M | β$22.3M | $41.6M | β$15.9M | $75.4M | $73.7M | $74.0M |
| Interest expense | $1.0M | $1.2M | $0.0M | $0.0M | $0.0M | $0.1M | $0.5M | $0.4M | $0.4M | $3.8M |
| Pretax income | β$2.0M | β$3.5M | $10.4M | β$12.5M | β$21.2M | $43.4M | β$15.4M | $83.6M | $81.1M | $92.1M |
| Income tax | β$1.5M | $58.4M | $6.9M | β$6.9M | $9.7M | $9.8M | $20.4M | β$85.3M | $4.9M | $21.5M |
| Net income | β$0.5M | β$61.9M | $3.6M | β$5.6M | β$31.0M | $33.6M | β$35.8M | $169M | $76.1M | $70.7M |
| Diluted EPS | β$0.01 | β$1.37 | $0.07 | β$0.12 | β$0.66 | $0.71 | β$0.80 | $3.75 | $1.68 | $1.58 |
| Diluted shares | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.04B | 0.05B | 0.05B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | $100M | $84.2M | $110M | $88.5M | $124M | $177M | $170M | $204M | $207M | $245M |
| Capital expenditure | $6.4M | $7.0M | $6.6M | $3.2M | $8.2M | $3.9M | $3.2M | $4.1M | $3.8M | $7.5M |
| Free cash flow | $93.6M | $77.1M | $104M | $85.3M | $116M | $173M | $167M | $200M | $204M | $237M |
| Depreciation and amortization | $10.2M | $11.8M | $12.1M | $17.1M | $15.9M | $10.9M | $10.3M | $6.4M | $9.1M | $10.3M |
| Stock-based compensation | $73.9M | $74.1M | $80.5M | $65.9M | $84.8M | $105M | $106M | $94.6M | $113M | $123M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $158M | $0.0M | $16.9M | $0.0M | $0.0M | $65.3M | $25.8M |
| Share buybacks | $50.0M | $112M | $133M | $77.2M | $95.3M | $305M | $151M | $184M | $165M | $446M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $50.0M | $112M | $133M | $77.2M | $95.3M | $305M | $151M | $184M | $165M | $446M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $450M | $462M | $458M | $332M | $397M | $268M | $288M | $313M | $302M | $900M |
| Total debt | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $881M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $606M | $647M | $655M | $514M | $608M | $484M | $551M | $595M | $635M | $1.3B |
| Current liabilities | $288M | $324M | $326M | $329M | $373M | $394M | $410M | $485M | $555M | $658M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $132M | $129M | $123M | $115M | $113M | $107M | $8.3M | $8.0M | $8.3M | $9.8M |
| Total assets | $830M | $819M | $823M | $845M | $904M | $816M | $783M | $944M | $1.1B | $1.9B |
| Total liabilities | $363M | $415M | $431M | $433M | $510M | $560M | $597M | $666M | $793M | $1.9B |
| Shareholders' equity | $467M | $404M | $391M | $412M | $394M | $256M | $186M | $278M | $325M | $7.5M |
| Margins | ||||||||||
| Gross margin | 86.8% | 86.0% | 83.5% | 82.6% | 84.9% | 85.2% | 82.7% | 81.9% | 82.0% | 81.2% |
| Operating margin | β0.2% | β0.1% | 0.7% | β2.6% | β3.1% | 5.4% | β2.0% | 9.0% | 7.4% | 6.3% |
| EBITDA margin | 1.4% | 1.6% | 2.4% | β0.1% | β0.9% | 6.8% | β0.7% | 9.7% | 8.3% | 7.1% |
| Net margin | β0.1% | β8.9% | 0.5% | β0.8% | β4.3% | 4.4% | β4.6% | 20.1% | 7.6% | 6.0% |
| FCF margin | 14.5% | 11.0% | 14.6% | 12.7% | 16.0% | 22.5% | 21.3% | 23.8% | 20.5% | 20.0% |
| Returns | ||||||||||
| Return on capital employed | β0.3% | β0.2% | 1.0% | β3.5% | β4.3% | 8.7% | β4.0% | 18.1% | 14.4% | 8.3% |
| Return on equity | β0.1% | β14.2% | 0.9% | β1.4% | β7.7% | 10.4% | β16.2% | 72.8% | 25.2% | 42.5% |
| Return on assets | β0.1% | β7.5% | 0.4% | β0.7% | β3.5% | 3.9% | β4.5% | 19.6% | 7.4% | 4.7% |
| Growth | ||||||||||
| Revenue growth | 8.6% | 8.4% | 1.7% | β5.6% | 7.8% | 6.4% | 2.0% | 7.0% | 18.6% | 18.9% |
| Net income growth | β129.5% | β | β | β258.5% | β | β | β206.4% | β | β54.9% | β7.2% |
| EPS growth | β125.0% | β | β | β271.4% | β | β | β212.7% | β | β55.2% | β6.0% |
| FCF growth | 19.8% | β17.6% | 34.4% | β17.7% | 35.8% | 49.7% | β3.6% | 19.6% | 2.0% | 16.5% |
| Share count change | β3.9% | 1.2% | 5.2% | β3.8% | 1.9% | 1.2% | β5.4% | 1.0% | 0.2% | β1.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | β50.1x | β42.7x | β27.0x | β | β | β5.1x | β | β3.8x | β3.7x | β0.2x |
| Debt / equity | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x | β |
| Interest coverage | β1.3x | β0.8x | β | β | β | 381.3x | β33.7x | 181.6x | 177.3x | 19.5x |
| Current ratio | 2.1x | 2.0x | 2.0x | 1.6x | 1.6x | 1.2x | 1.3x | 1.2x | 1.1x | 2.0x |
| Quick ratio | 2.1x | 2.0x | 2.0x | 1.6x | 1.6x | 1.2x | 1.3x | 1.2x | 1.1x | 2.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.0% | 1.0% | 0.9% | 0.5% | 1.1% | 0.5% | 0.4% | 0.5% | 0.4% | 0.6% |
| Stock comp / revenue | 11.5% | 10.6% | 11.3% | 9.8% | 11.7% | 13.7% | 13.5% | 11.3% | 11.4% | 10.4% |
| Payouts / FCF | 53.4% | 145.5% | 128.1% | 90.5% | 82.3% | 176.2% | 90.4% | 92.1% | 81.0% | 188.1% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 2.0 | 6.0 | 3.0 | 5.0 | 5.0 | 5.0 | 5.0 | 4.0 | 6.0 |
| Altman Z'' | 3.0 | 2.1 | 1.7 | 0.2 | β0.1 | β2.0 | β3.1 | β1.9 | β2.0 | β0.1 |
| Accruals ratio | β13.0% | β17.7% | β13.0% | β11.3% | β17.7% | β16.7% | β25.8% | β4.0% | β12.7% | β11.6% |
Source: SEC EDGAR XBRL filings (CIK 0001169561). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
