Commvault Systems Inc (CVLT) stock analysis
Close on Nov 11, 2026Market cap $6.82BP/E 86.4Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed12 of 30 checks passed
Commvault Systems passes 12 of the 30 checks behind our score; 9 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 2/6
- Past performance
- 3/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Return on equity over 15%
Return on equity was 74.2% over the last twelve months and averaged 26.9% over five years.
No debt
Commvault Systems has no borrowings on its latest balance sheet.
Revenue growing 10%+ a year
Revenue grew 14.7% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 15.9 times.
What to watch
Margin of safety under 20%
The price is 97.4% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $166.74 is above our fair value estimate of $84.46.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.27; above 3 is the safe zone and below 1.8 the distress zone.
P/E above the industry
Commvault Systems's P/E of 86.4 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.6.
Valuation2/6
P/E below its 5-year median
Commvault Systems's P/E of 86.4 is below its own 5-year median of 90.1.
P/E above the industry
Commvault Systems's P/E of 86.4 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 27.6.
EV/EBITDA below its 5-year median
Commvault Systems's EV/EBITDA of 58.6 is below its 5-year median of 61.7.
P/B above the industry
Commvault Systems's price-to-book of 544.26 is above the Computer Programming, Data Processing, and Other Computer Related Services median of 3.32.
Trading above fair value
The share price of $166.74 is above our fair value estimate of $84.46.
Margin of safety under 20%
The price is 97.4% above fair value, so there is no margin of safety.
Growth2/6
Revenue growing 10%+ a year
Revenue grew 14.7% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 14.3% over the last twelve months; the Computer Programming, Data Processing, and Other Computer Related Services median is 9.6%.
Guidance lowered
Commvault Systems lowered its full fiscal year 2027 Subscription revenue outlook on Jul 28, 2026.
Gross margin slipping
Gross margin was 81.3% over the last twelve months, against 81.5% a year earlier.
Past performance3/6
Return on equity over 15%
Return on equity was 74.2% over the last twelve months and averaged 26.9% over five years.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Commvault Systems's return on equity of 74.2% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -1.2%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was 6.6% over the last twelve months, against a 5-year average of 6.7%.
Net margin above the industry
Commvault Systems's net margin of 6.6% is above the Computer Programming, Data Processing, and Other Computer Related Services median of -4.8%.
Financial health5/6
No debt
Commvault Systems has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
Operating income covers interest expense 15.9 times.
Short-term assets cover short-term debts
Current assets are 1.94 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 2.27; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Commvault Systems has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$84.46
The share price is 97% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 45.0× | 90.1× | 27.6× | $86.85 | 44% |
| EV/EBITDA | 30.0× | 61.7× | 18.8× | $96.07 | 39% |
| Earnings power | 10.2% cost of equity | – | – | $51.02 | 17% |
| Fair value | $84.46 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 90.1
- Computer Programming, Data Processing, and Other Computer Related Services median 27.6
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $110.75M
- Value traded per 1% price move
- $36.22M
Downside
High risk
- Typical loss in a bad month
- 32.2%
- Volatility (annualized)
- 57%
- Sharpe ratio, 1 year
- 0.42
- Beta to the S&P 500 (5Y)
- 1.07
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +18.9% | +14.7% | +10.3% | +7.1% | |
| Gross profit | +17.6% | +14.0% | +9.4% | +6.5% | |
| Operating income | +0.3% | – | – | +33.5% | |
| Net income | -7.2% | – | – | +45.0% | |
| EPS, diluted | -6.0% | – | – | +44.4% | |
| Free cash flow | +16.5% | +12.4% | +15.4% | +11.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -0.1% | -7.7% | 42.5% | |
| Return on assets | -0.1% | -3.5% | 4.7% | |
| Current ratio | 2.10 | 1.63 | 1.95 | |
| Interest coverage | – | – | 19.5× | |
| Capex to revenue | 1.0% | 1.1% | 0.6% | |
| Diluted shares | 45M | 47M | 45M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Commvault Systems generated $1.00B from operations and spent $1.27B on capital expenditure, dividends and share buybacks. 2% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | 6.0% | 0.79× | 9.03× | 42.5% |
| FY2025 | 7.6% | 0.97× | 3.42× | 25.2% |
| FY2024 | 20.1% | 0.97× | 3.72× | 72.8% |
| FY2023 | -4.6% | 0.98× | 3.62× | -16.2% |
| FY2022 | 4.4% | 0.89× | 2.65× | 10.3% |
| FY2021 | -4.3% | 0.83× | 2.17× | -7.7% |
| FY2020 | -0.8% | 0.80× | 2.08× | -1.4% |
| FY2019 | 0.5% | 0.87× | 2.06× | 0.9% |
| FY2018 | -8.9% | 0.85× | 1.89× | -14.2% |
| FY2017 | -0.1% | 0.84× | 1.74× | -0.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero$70.66M
- Cash generatingOperating cash flow above zero$244.68M
- Return on assets improvedROA up on the prior year8.1% → 6.3%
- Earnings backed by cashOperating cash flow above net income$244.68M vs $70.66M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.14 → 1.95
- No dilutionShare count did not rise45M → 45M
- Gross margin improvedGross margin up on the prior year82.02% → 81.15%
- More efficientAsset turnover rose1.05 → 1.06
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