# Nutanix, Inc. (NTNX)

> Source: Nexqual · https://nexqual.com/NTNX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Nutanix, Inc. (NTNX), nexqual.com/NTNX" · informational, not investment advice.

**Price:** USD 69.55 (-0.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 70.11 · day 68.08–70.49 · 52w 34.01–75.98 · market cap $18.8B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $2.85B, net income $1.51B (52.8% margin), free cash flow $841M (SEC filings).
- Valuation: P/E 12.5x (avg 64.4x at the last 2 fiscal year-ends), EV/EBITDA 51.7x, net cash $1.01B.
- 1 of 80 tracked superinvestors hold NTNX (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $57.2M; 2 not under a Rule 10b5-1 plan ($7.4M); 0 by opportunistic insiders, 3 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.25 on a 1–5 scale) (16 analysts), mean target USD 77.79 (range 63–90).
- Total return with dividends: 1Y -0.3% vs S&P 500 +14.9%; 5Y +93.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-25, EPS estimate USD 0.6, revenue estimate $762M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.58B | $1.86B | $2.15B | $2.54B | $2.85B | $2.85B |
| Gross profit | $1.26B | $1.53B | $1.82B | $2.20B | $2.48B | — |
| Operating income | -$459M | -$207M | $7.6M | $173M | $274M | $274M |
| Net income | -$799M | $1.51B | -$125M | $188M | $1.51B | $1.51B |
| EPS (diluted) | -$3.62 | -$1.09 | -$0.51 | $0.65 | $5.17 | — |
| Free cash flow | $18.5M | $207M | $598M | $750M | $841M | $841M |
| Gross margin | 79.7% | 82.2% | 84.9% | 86.8% | 86.8% | — |
| Operating margin | -29.0% | -11.1% | 0.4% | 6.8% | 9.6% | 9.6% |
| Net margin | -50.5% | 80.9% | -5.8% | 7.4% | 52.8% | 52.8% |
| Revenue growth | +13.4% | +17.8% | +15.3% | +18.1% | +12.4% | — |
| Cash + short-term investments | $1.32B | $1.44B | $994M | $1.99B | $2.36B | — |
| Total debt | $1.16B | $1.22B | $570M | $1.34B | $1.35B | — |
Fiscal years end Jul. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 12.5x · P/S 6.6x · EV/EBITDA 51.7x · EV/Sales 6.2x · P/FCF 22.4x · P/B 26.8x · FCF yield 4.47% · Earnings yield 8.01% · Buyback yield (TTM) 2.57% · Net cash $1.01B · EV $17.8B
P/E at fiscal year-ends: Jul 2026 11.4x, Jul 2025 117.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold NTNX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 0.20% | $27.4M | Reduced -6.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 6 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 |
|---|---|---|---|---|---|---|---|
| 2026-10-12 | Sivaraman Rukmini | Chief Financial Officer | 232,712 | $17.3M | 71.5% | Yes (adopted July 10, 2026) | Routine (sold in Jun & Sep each year 2023–2025; this trade is outside those months) |
| 2026-10-09 | Sheppard Teresa Gayle | Director | 3,500 | $258K | 13% | Yes (adopted July 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-06…2026-10-07 | Ramaswami Rajiv | Chief Executive Officer | 400,000 | $29.5M | 49.1% | Yes (adopted July 7, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-09-24 | Maner Tarkan | President and CCO | 69,778 | $4.8M | 67.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-17 | Sivaraman Rukmini | Chief Financial Officer | 38,139 | $2.7M | 10.5% | Yes (adopted July 9, 2025) | Routine (sold in Jun & Sep each year 2023–2025) |
| 2026-05-29…2026-06-01 | Maner Tarkan | President and CCO | 49,259 | $2.7M | 47.2% | No | Too little history (no open-market trades in 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 2.25 on a 1–5 scale), 16 analysts; mean target USD 77.79 (low 63, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-28 | Needham | Target raised | Buy | $85 → $90 |
| 2026-08-28 | Barclays | Target raised | Equal-Weight | $53 → $75 |
| 2026-08-27 | Piper Sandler | Target raised | Overweight | $60 → $75 |
| 2026-08-27 | RBC Capital | Target raised | Outperform | $84 → $90 |
| 2026-08-27 | Oppenheimer | Target raised | Outperform | $80 → $85 |
| 2026-08-27 | Wells Fargo | Target raised | Equal-Weight | $55 → $65 |
| 2026-08-27 | Morgan Stanley | Target raised | Equal-Weight | $55 → $63 |
| 2026-08-27 | Keybanc | Target raised | Overweight | $75 → $79 |
| 2026-08-27 | Needham | Target raised | Buy | $60 → $85 |
| 2026-08-25 | UBS | Target raised | Buy | $62 → $80 |
| 2026-08-25 | Rosenblatt | Target raised | Buy | $60 → $75 |
| 2026-08-24 | Keybanc | Target raised | Overweight | $65 → $75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.3% | +93.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.3% | +14.1% |
| Volatility (annualized) | 47.0% | 46.7% |
| Max drawdown | -52.5% (Nov 2025→Apr 2026) | -59.8% (Oct 2021→Jul 2022) |

## Peers (Software - Infrastructure)
TOST (Toast, Inc.) USD 33.42 +2.70% · KSPI (Joint Stock Company Kaspi.kz - ) USD 90.53 -3.19% · CHKP (Check Point Software Technologi) USD 151.98 +5.96% · GEN (Gen Digital Inc.) USD 24.89 +3.19% · GDDY (GoDaddy Inc.) USD 114.73 +6.02% · RBRK (Rubrik, Inc.) USD 120.75 +0.31%

## More
Full page: https://nexqual.com/NTNX · 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 NTNX's own 10-K filed 2026-09-18 (https://www.sec.gov/Archives/edgar/data/1618732/000119312526394793/ntnx-20260731.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Amazon (AMZN) | "AOS can be run on virtual machines such as AHV and in containers such as AWS EKS, enabling customers to leverage AOS storage for both virtualized and containerized applications." |
| Partner | Super Micro Computer (SMCI) | "NAI provides inferencing on CNCF Kubernetes, running across public clouds, data centers, the edge, neoclouds, and OEM partner platforms (such as Cisco, Dell, and Supermicro), complete with Day 2 operations, security, and…" |
| Partner | Dell Technologies (DELL) | "NAI provides inferencing on CNCF Kubernetes, running across public clouds, data centers, the edge, neoclouds, and OEM partner platforms (such as Cisco, Dell, and Supermicro), complete with Day 2 operations, security, and…" |
| Partner | Cisco (CSCO) | "NAI provides inferencing on CNCF Kubernetes, running across public clouds, data centers, the edge, neoclouds, and OEM partner platforms (such as Cisco, Dell, and Supermicro), complete with Day 2 operations, security, and…" |
| Partner | AMD (AMD) | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our cust…" |
| Partner | Citrix Systems | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our cust…" |
| Partner | Intel (INTC) | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our cust…" |
| Partner | NVIDIA (NVDA) | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our cust…" |
| Partner | Omnissa | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our cust…" |
| Partner | Palo Alto Networks Inc (PANW) | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our cust…" |
| Competitor | Broadcom (AVGO) | "software providers that offer virtualization, containerization, agentic AI, virtual networking and security, software defined storage, infrastructure and management and control plane products to build and operate enterpr…" |
| Competitor | Microsoft (MSFT) | "software providers that offer virtualization, containerization, agentic AI, virtual networking and security, software defined storage, infrastructure and management and control plane products to build and operate enterpr…" |
| Competitor | Alphabet (Google) (GOOGL) | "providers of public cloud infrastructure and SaaS-based offerings, such as AWS, Google Cloud, Oracle Cloud, and Azure; and" |
| Competitor | Oracle (ORCL) | "providers of public cloud infrastructure and SaaS-based offerings, such as AWS, Google Cloud, Oracle Cloud, and Azure; and" |
| Competitor | Hewlett Packard Enterprise (HPE) | "traditional IT systems vendors, such as Dell, Everpure, Inc., Fujitsu, HPE, Hitachi Vantara, Lenovo, Inc., NetApp, Inc., and Huawei Technologies Co., Ltd., many of which offer integrated systems that bundle servers, stor…" |
| Competitor | Lenovo | "traditional IT systems vendors, such as Dell, Everpure, Inc., Fujitsu, HPE, Hitachi Vantara, Lenovo, Inc., NetApp, Inc., and Huawei Technologies Co., Ltd., many of which offer integrated systems that bundle servers, stor…" |

Other companies that name NTNX in their own reports (relationship from NTNX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ChronoScale Holdings Corp (CHRN) | 10-K 2026-08-19 | "The partnership is expected to enable enterprises to extend Nutanix on-premises environments into our GPU-as-a-Service capacity, access pre-paid inference through ChronoScale Token Factory, and deploy…" |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription & Circulation | $719.1M | 95.0% | +16.7% |
| Product | $388.4M | 51.3% | +14.3% |
| Subscriptionand Circulation Software Termbased Licenses | $370.2M | 48.9% | +16.5% |
| Service | $368.7M | 48.7% | +17.6% |
| Subscriptionand Circulation Software Entitlementand Support Subscription | $349.0M | 46.1% | +17.0% |
| Professional Services | $38.0M | 5.0% | +1.8% |
| Total revenue | $757.1M | 100% | — |
The lines above cover 295% of total revenue.

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $402.4M | 53.1% | +10.8% |
| EMEA | $223.8M | 29.6% | +23.9% |
| Asia Pacific | $115.5M | 15.2% | +18.0% |
| Other Americas | $15.4M | 2.0% | +33.3% |
| Total revenue | $757.1M | 100% | — |

## Customer concentration

Period ended 2026-07-31: 22%, 17%, 15%, 10%, 1%, 1% of revenue from unnamed direct customers (10-K, filed 2026-09-18).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.60 | $0.50 | +21.0% | $762.4M | 15 |
| Next quarter (ends 2027-01-31) | $0.63 | $0.62 | +1.8% | $820.7M | 15 |
| Current fiscal year (ends 2027-07-31) | $2.32 | $2.19 | +6.1% | $3.22B | 16 |
| Next fiscal year (ends 2028-07-31) | $2.67 | $2.55 | +4.9% | $3.66B | 15 |