# Commvault Systems, Inc. (CVLT)

> Source: Nexqual · https://nexqual.com/CVLT · data as of 2026-10-23 14:58 UTC · cite as "Nexqual, Commvault Systems, Inc. (CVLT), nexqual.com/CVLT" · informational, not investment advice.

**Price:** USD 169.28 (+0.88% today) · US market open, as of October 23, 2026 at 14:58 UTC; quotes may be delayed. Prev close 167.81 · day 165.76–169.98 · 52w 71.75–175.03 · market cap $7.02B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.22B, net income $68.3M (5.6% margin), free cash flow $258M (SEC filings).
- Valuation: P/E 102.7x (avg 56.7x at the last 3 fiscal year-ends), EV/EBITDA 83.9x, net cash $47.9M.
- 1 of 80 tracked superinvestors hold CVLT (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 17 Form 4 filings, $11.3M; 5 not under a Rule 10b5-1 plan ($2.5M); 0 by opportunistic insiders, 10 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.42 on a 1–5 scale) (19 analysts), mean target USD 164.08 (range 130–200).
- Total return with dividends: 1Y +0.7% vs S&P 500 +14.5%; 5Y +175.3% vs S&P 500 +77.2%.
- Next earnings: 2026-10-27, EPS estimate USD 1.24, revenue estimate $310M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $770M | $785M | $839M | $996M | $1.18B | $1.22B |
| Gross profit | $656M | $649M | $688M | $817M | $961M | — |
| Operating income | $41.6M | -$15.9M | $75.4M | $73.7M | $74.0M | $74.6M |
| Net income | $33.6M | -$35.8M | $169M | $76.1M | $70.7M | $68.3M |
| EPS (diluted) | $0.71 | -$0.80 | $3.75 | $1.68 | $1.58 | — |
| Free cash flow | $173M | $167M | $200M | $204M | $237M | $258M |
| Gross margin | 85.2% | 82.7% | 81.9% | 82.0% | 81.2% | — |
| Operating margin | 5.4% | -2.0% | 9.0% | 7.4% | 6.3% | 6.1% |
| Net margin | 4.4% | -4.6% | 20.1% | 7.6% | 6.0% | 5.6% |
| Revenue growth | +6.4% | +1.9% | +7.0% | +18.6% | +18.9% | — |
| Cash + short-term investments | — | — | $313M | $302M | $900M | — |
| Total debt | — | — | — | $0K | $881M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 102.7x · P/S 5.8x · EV/EBITDA 83.9x · EV/Sales 5.7x · P/FCF 27.1x · P/B 134.8x · FCF yield 3.68% · Earnings yield 0.97% · Buyback yield (TTM) 6.29% · Net cash $47.9M · EV $6.97B
P/E at fiscal year-ends: Mar 2026 49.2x, Mar 2025 93.7x, Mar 2024 27.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CVLT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | <0.01% | $474K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
12 of 17 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Adamo Nicola | Director | 1,530 | $201K | 8% | No | Routine (sold in May each year 2023–2025; this trade is outside those months) |
| 2026-08-18…2026-08-19 | Merrill Gary | Chief Financial Officer | 3,147 | $451K | 4.3% | Yes (adopted November 20, 2024) | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-08-17…2026-08-19 | Abrahamsen Danielle Nicole | Chief Accounting Officer | 996 | $143K | 7.6% | Yes (adopted February 17, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17…2026-08-19 | Mirchandani Sanjay | President & CEO | 24,134 | $3.5M | 8.6% | Yes (adopted December 13, 2025) | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-08-10 | Haydon William Geoffrey | President of Cust & Field Ops | 316 | $43K | 0.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Sanders A Shane | Director | 476 | $64K | 5.2% | Yes (adopted November 21, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-10 | Lee Vivie | Director | 595 | $80K | 3.8% | Yes (adopted February 3, 2026) | Routine (sold in Aug each year 2023–2025) |
| 2026-07-02 | Abrahamsen Danielle Nicole | Chief Accounting Officer | 254 | $38K | 1.9% | Yes (adopted February 17, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22…2026-05-26 | Abrahamsen Danielle Nicole | Chief Accounting Officer | 378 | $40K | 2.8% | Yes (adopted February 17, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22…2026-05-26 | Merrill Gary | Chief Financial Officer | 8,331 | $892K | 10.3% | Yes (adopted June 13, 2025) | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-05-22 | Mirchandani Sanjay | President & CEO | 9,701 | $1.0M | 2.9% | No | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-05-19…2026-05-20 | Abrahamsen Danielle Nicole | Chief Accounting Officer | 1,430 | $149K | 9.8% | Yes (adopted February 17, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-19…2026-05-20 | Mirchandani Sanjay | President & CEO | 27,846 | $2.9M | 8.3% | Yes (adopted December 13, 2025) | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-05-19 | Merrill Gary | Chief Financial Officer | 4,560 | $479K | 5.9% | Yes (adopted June 13, 2025) | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-05-18 | Abrahamsen Danielle Nicole | Chief Accounting Officer | 925 | $97K | 5.9% | Yes (adopted February 17, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Merrill Gary | Chief Financial Officer | 3,098 | $324K | 3.9% | No | Routine (sold in May & Aug & Nov each year 2023–2025) |
| 2026-05-18 | Mirchandani Sanjay | President & CEO | 8,457 | $884K | 2.5% | No | Routine (sold in May & Aug & Nov each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.42 on a 1–5 scale), 19 analysts; mean target USD 164.08 (low 130, high 200).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Mizuho | Target raised | Outperform | $175 → $185 |
| 2026-10-12 | RBC Capital | Target raised | Sector Perform | $150 → $160 |
| 2026-10-05 | Scotiabank | Target raised | Sector Perform | $130 → $160 |
| 2026-07-21 | Truist Securities | Target raised | Buy | $155 → $182 |
| 2026-07-17 | Oppenheimer | Target raised | Outperform | $150 → $175 |
| 2026-07-16 | Keybanc | Target raised | Overweight | $125 → $175 |
| 2026-07-15 | Mizuho | Target raised | Outperform | $140 → $175 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +0.7% | +175.3% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | +0.7% | +22.5% |
| Volatility (annualized) | 63.4% | 41.6% |
| Max drawdown | -56.8% (Oct 2025→Mar 2026) | -60.9% (Sep 2025→Mar 2026) |

## Peers (Software - Application)
RNG (Ringcentral, Inc.) USD 85.4 +7.53% · APPF (AppFolio, Inc.) USD 205.96 -5.23% · DSGX (The Descartes Systems Group Inc) USD 93.93 -0.07% · TTAN (ServiceTitan, Inc.) USD 86.98 +2.09% · IDCC (InterDigital, Inc.) USD 328.65 -1.03% · YMM (Full Truck Alliance Co. Ltd.) USD 8.3 -0.66%

## More
Full page: https://nexqual.com/CVLT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CVLT's own 10-K filed 2026-05-11 (https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Microsoft (MSFT) | "We rely on Microsoft's products and services, including Azure, and other third parties to support certain of our products, services, customers, and business operations." |
| Customer | Amazon (AMZN) | "Commvault's Clumio Backtrack enables customers to revert cloud objects and datasets to a prior point in time, with support for Amazon S3, Amazon DynamoDB, and Google Cloud Storage." |
| Customer | Alphabet (Google) (GOOGL) | "Commvault's Clumio Backtrack enables customers to revert cloud objects and datasets to a prior point in time, with support for Amazon S3, Amazon DynamoDB, and Google Cloud Storage." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total subscription | $267.0M | 85.0% | +16.4% |
| — Term-based software licenses (part of Total subscription) | $110.4M | 35.2% | +1.0% |
| — Software-as-a-service (part of Total subscription) | $100.5M | 32.0% | +38.8% |
| — Term-based support (part of Total subscription) | $56.1M | 17.8% | +17.8% |
| Perpetual support | $25.5M | 8.1% | -19.0% |
| Other services | $12.9M | 4.1% | -6.9% |
| Perpetual license | $8.7M | 2.8% | +18.5% |
| Total revenue | $314.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $186.8M | 59.5% | +9.3% |
| United States | $171.3M | 54.5% | +9.2% |
| Other | $142.9M | 45.5% | +14.2% |
| International | $127.4M | 40.5% | +14.7% |
| Total revenue | $314.1M | 100% | — |
The lines above cover 200% of total revenue.

## Customer concentration

Period ended 2026-06-30: 32%, 11% of revenue from unnamed direct customers (10-Q, filed 2026-07-29).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.24 | $1.15 | +7.5% | $310.3M | 18 |
| Next quarter (ends 2026-12-31) | $1.38 | $1.42 | -2.7% | $338.8M | 18 |
| Current fiscal year (ends 2027-03-31) | $5.46 | $5.22 | +4.7% | $1.31B | 19 |
| Next fiscal year (ends 2028-03-31) | $6.20 | $6.02 | +3.0% | $1.45B | 19 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±14.4%; last 8 reports averaged ±16.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 65.3% | ±14.4% |
| 2026-12-18 | 56 | 54.4% | ±17.1% |
| 2027-01-15 | 84 | 51.7% | ±19.8% |
| 2027-03-19 | 147 | 51.7% | ±26.1% |
| 2027-04-16 | 175 | 50.1% | ±27.5% |
| 2027-06-17 | 237 | 49.7% | ±31.7% |