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Friday 6 November 2026
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CommVault Systems, Inc.
CVLT Technology Software Application
CommVault Systems, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $1.2 billion, up 18.9% from fiscal 2025.
- Revenue
- +13.1%
- EPS
- +113.8%
- Free cash flow
- −3.69%
- Total debt
- +0.46%
Quarter to September 2026, against a year earlier
158.34
4.10
−2.52%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to March
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 645 | 699 | 711 | 671 | 723 | 770 | 785 | 839 | 996 | 1,184 | 1,252 | +7.0% | 1,307 | 1,455 | 1,610 | +10.8% | |
| Gross margin, % | 86.79 | 85.97 | 83.54 | 82.55 | 84.88 | 85.21 | 82.74 | 81.93 | 82.02 | 81.15 | 81.33 | (5.6) pt | ||||||
| EBT | (2) | (3) | 10 | (13) | (21) | 43 | (15) | 84 | 81 | 92 | 121 | n/m | ||||||
| EBT margin, % | (0.31) | (0.50) | 1.47 | (1.87) | (2.94) | 5.64 | (1.96) | 9.96 | 8.14 | 7.78 | 9.67 | +8.1 pt | ||||||
| Net income | (1) | (62) | 4 | (6) | (31) | 34 | (36) | 169 | 76 | 71 | 83 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 14.43 | 15.46 | 15.51 | 14.65 | 15.51 | 16.94 | 17.57 | 19.12 | 22.71 | 26.92 | 30.34 | +7.2% | |||||
| Earnings | (0.01) | (1.37) | 0.08 | (0.12) | (0.66) | 0.74 | (0.80) | 3.85 | 1.74 | 1.61 | 1.96 | n/m | ||||||
| Cash flow | 2.24 | 1.86 | 2.40 | 1.93 | 2.66 | 3.90 | 3.81 | 4.64 | 4.73 | 5.56 | 6.37 | +10.6% | ||||||
| Capex | (0.14) | (0.16) | (0.14) | (0.07) | (0.18) | (0.09) | (0.07) | (0.09) | (0.09) | (0.17) | (0.17) | +2.0% | ||||||
| Free cash flow | 2.09 | 1.70 | 2.26 | 1.86 | 2.48 | 3.81 | 3.74 | 4.55 | 4.64 | 5.39 | 6.20 | +11.1% | ||||||
| Book value | 10.45 | 8.93 | 8.54 | 8.99 | 8.45 | 5.63 | 4.17 | 6.34 | 7.41 | 0.17 | 0.30 | (36.7%) | ||||||
| Shares, m | 45 | 45 | 46 | 46 | 47 | 45 | 45 | 44 | 44 | 44 | 43 | (0.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 937.43 | 0.00 | 0.00 | 89.66 | 0.00 | 25.95 | 91.19 | 48.68 | 80.97 | 119.3 | |||||
| P/S | 3.52 | 4.10 | 4.23 | 2.76 | 4.16 | 3.92 | 3.23 | 5.25 | 6.95 | 2.89 | 5.22 | 4.1 | ||||||
| P/B | 4.86 | 7.10 | 7.69 | 4.50 | 7.64 | 11.79 | 13.62 | 15.85 | 21.28 | 457.07 | 521.24 | 55.1 | ||||||
| EV/Sales | 2.82 | 3.44 | 3.59 | 2.27 | 3.63 | 3.58 | 2.87 | 4.89 | 6.65 | 2.88 | 5.21 | 3.7 | ||||||
| EV/FCF | 19.45 | 31.20 | 24.60 | 17.86 | 22.69 | 15.92 | 13.50 | 20.55 | 32.53 | 14.36 | 25.49 | 21.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 100 | 84 | 110 | 88 | 124 | 177 | 170 | 204 | 207 | 245 | 263 | +10.4% | |||||
| Capex | (6) | (7) | (7) | (3) | (8) | (4) | (3) | (4) | (4) | (8) | (7) | +1.8% | ||||||
| Free cash flow | 94 | 77 | 104 | 85 | 116 | 173 | 167 | 200 | 204 | 237 | 256 | +10.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 318 | 323 | 329 | 185 | 234 | 90 | 141 | 110 | 80 | 628 | 600 | +7.9% | |||||
| Net debt | (450) | (462) | (458) | (331) | (382) | (256) | (280) | (313) | (302) | (19) | (14) | (29.6%) | ||||||
| Shareholders’ equity | 467 | 404 | 391 | 412 | 394 | 256 | 186 | 278 | 325 | 7 | 13 | (36.8%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (0.07) | (7.51) | 0.43 | (0.68) | (3.54) | 3.91 | (4.48) | 19.57 | 7.38 | 4.70 | 4.36 | +4.8 pt | |||||
| ROIC | (4.63) | 0.00 | 0.00 | (13.51) | (113.90) | 0.00 | 0.00 | 0.00 | 200.21 | 0.00 | 0.00 | +4.6 pt | ||||||
| ROE | (0.12) | (14.21) | 0.90 | (1.41) | (7.68) | 10.35 | (16.19) | 72.78 | 25.23 | 42.49 | 74.16 | +42.6 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 2,656 | 2,839 | 2,559 | 2,533 | 2,671 | 2,848 | 2,779 | 2,882 | 3,300 | 3,300 | — | +2.4% | |||||
| Revenue/emp, $m | 0.24 | 0.25 | 0.28 | 0.26 | 0.27 | 0.27 | 0.28 | 0.29 | 0.30 | 0.36 | — | +4.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Term-based software licenses | 435 | 36.78% |
|---|---|---|
| Software-as-a-service | 333 | 28.13% |
| Term-based support | 202 | 17.08% |
| Perpetual support | 118 | 9.99% |
| Other services | 52 | 4.37% |
| Perpetual license | 43 | 3.65% |
| Gross margin | 81.15% | |
| Operating margin | 6.25% | |
| Pre-tax margin | 7.78% |
CommVault Systems, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DUOL Duolingo, Inc. | $7.6B | 50.7× | 48.1× | +13.73% (above 0%: growing) | −90.88% (below 0%: shrinking) | +15.63% (above 0%: growing) | 72.86% | 7.83% | Compare |
| LYFT Lyft, Inc. | $7.1B | 2.6× | 29.7× | +16.08% (above 0%: growing) | +30.00% (above 0%: growing) | −1.89% (below 0%: shrinking) | 49.75% | 2.58% | Compare |
| NAVN Navan, Inc. | $7.1B | — (loss-making) | — (loss-making) | +35.38% (above 0%: growing) | n/m | +618.65% (above 0%: growing) | 74.09% | (10.98%) | Compare |
| CVLT CommVault Systems, Inc. | $6.7B | 81.0× | 62.1× | +13.11% (above 0%: growing) | +113.79% (above 0%: growing) | −3.69% (below 0%: shrinking) | 81.15% | 9.72% | |
| RNG Ringcentral, Inc. | $6.6B | 9.5× | 10.0× | +5.85% (above 0%: growing) | +3,442.11% (above 0%: growing) | +21.03% (above 0%: growing) | 73.12% | 7.97% | Compare |
| KVYO Klaviyo, Inc. | $6.1B | 1,120× | — (loss-making) | +24.55% (above 0%: growing) | n/m | −14.79% (below 0%: shrinking) | 74.22% | (1.16%) | Compare |
| NIQ NIQ Global Intelligence plc | $6.0B | — (loss-making) | — (loss-making) | +8.01% (above 0%: growing) | n/m | +199.46% (above 0%: growing) | 55.52% | 5.81% | Compare |
| NICE Nice | $5.8B | 13.8× | 15.7× | +7.65% (above 0%: growing) | −53.16% (below 0%: shrinking) | +141.20% (above 0%: growing) | 64.04% | 13.29% | Compare |
| OCTV Octave Intelligence plc | $5.8B | — | — | — | — | — | — | — | Compare |
| Median of peers | $6.3B | 13.8× | 22.7× | +13.73% | −11.58% | +21.03% | 72.86% | 5.81% |
From the latest earnings call
- CEO Sanjay Mirchandani said enterprises were prioritizing cyber resilience, while CFO Gary Merrill pointed to new customers and demand for advanced protection bundles.
- Merrill said subscription ARR growth was supported by identity and data security offerings, and that larger renewal pools could create cross-selling opportunities in the second half.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
107.51%
Held by the ten largest
55.64%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 6.04m | 14.57% | +90.39k |
| Vanguard | 5.87m | 14.18% | −102.73k |
| AQR Capital Management | 1.83m | 4.41% | +809.43k |
| Ameriprise (Columbia Threadneedle) | 1.74m | 4.20% | +1.68m |
| State Street | 1.68m | 4.07% | +19.81k |
| Geode Capital Management | 1.23m | 2.96% | +28.96k |
| ACADIAN ASSET MANAGEMENT LLC | 1.22m | 2.95% | −33.97k |
| Pictet Asset Management | 1.20m | 2.90% | −38.78k |
| JPMorgan Chase | 1.13m | 2.72% | +577.43k |
| AllianceBernstein | 1.12m | 2.69% | +1.03m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 24 June 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 19.91m | (3.62m) | 121.00 |
| 2025 | 18.81m | 42.13m | 245.00 |
| 2024 | 12.11m | 30.29m | 157.00 |
| 2023 | 10.85m | 8.13m | 88.00 |
| 2022 | 10.76m | 11.28m | 103.00 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
CommVault Systems, Inc. (CVLT) Latest News
29 Oct
28 Oct
27 Oct
20 Oct
7 Oct
CVLT metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Commvault helps organizations protect and recover data, applications and identity systems after disruptions such as ransomware attacks, data corruption or infrastructure failures. It serves enterprises, smaller businesses and government agencies. The company was founded in 1996, is headquartered in Tinton Falls and is led by President and Chief Executive Officer Sanjay Mirchandani.
Its main platform, Commvault Cloud, brings together backup, data security and recovery tools. Customers can use it across their own facilities, public clouds and software-as-a-service applications. They can run customer-managed software, use Commvault-hosted services or combine the two.