CommVault Systems (CVLT)
Market Price (3/25/2026): $78.92 | Market Cap: $3.5 BilSector: Information Technology | Industry: Systems Software
CommVault Systems (CVLT)
Market Price (3/25/2026): $78.92Market Cap: $3.5 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% | Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -24% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61% | Key risksCVLT key risks include [1] reputational damage from a potential breach of its own security services, Show more. | |
| Attractive yieldFCF Yield is 5.3% | ||
| Megatrend and thematic driversMegatrends include Cybersecurity, and Cloud Computing. Themes include Software Security, Software as a Service (SaaS), Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61% |
| Attractive yieldFCF Yield is 5.3% |
| Megatrend and thematic driversMegatrends include Cybersecurity, and Cloud Computing. Themes include Software Security, Software as a Service (SaaS), Show more. |
| Weak multi-year price returns2Y Excs Rtn is -46%, 3Y Excs Rtn is -24% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Key risksCVLT key risks include [1] reputational damage from a potential breach of its own security services, Show more. |
Qualitative Assessment
AI Analysis | Feedback
CommVault Systems (CVLT) stock has lost about 35% since 11/30/2025 because of the following key factors:
1. Disappointing Fiscal Year 2026 Guidance Led to a Sharp Decline.
Despite CommVault Systems (CVLT) beating Q3 Fiscal Year 2026 earnings per share and revenue estimates on January 27, 2026, the company's forward-looking guidance for the full fiscal year 2026 fell short of analyst expectations. Management forecasted total revenues between $1.177 billion and $1.118 billion, which was below the analysts' consensus estimate of $1.190 billion. Furthermore, the projected total Annual Recurring Revenue (ARR) growth for fiscal year 2026 was anticipated to be 18%, a deceleration from the 21% growth recorded in fiscal year 2025. This less robust outlook, despite otherwise strong quarterly results, caused the stock to plummet over 30% on the day of the announcement.
2. Impact of SaaS Transition and Elongated Deal Cycles on ARR Growth.
The company's shift towards a higher mix of Software-as-a-Service (SaaS) deals, while a strategic move, contributed to diluting Annual Recurring Revenue (ARR) growth due to these deals being landed at lower average selling prices. Additionally, CommVault's management cited elongated deal durations within large enterprise accounts as another factor negatively influencing ARR performance. These factors suggested a potential impact on the near-term revenue quality and growth trajectory, further contributing to investor apprehension.
Show more
1. Disappointing Fiscal Year 2026 Guidance Led to a Sharp Decline.
Despite CommVault Systems (CVLT) beating Q3 Fiscal Year 2026 earnings per share and revenue estimates on January 27, 2026, the company's forward-looking guidance for the full fiscal year 2026 fell short of analyst expectations. Management forecasted total revenues between $1.177 billion and $1.118 billion, which was below the analysts' consensus estimate of $1.190 billion. Furthermore, the projected total Annual Recurring Revenue (ARR) growth for fiscal year 2026 was anticipated to be 18%, a deceleration from the 21% growth recorded in fiscal year 2025. This less robust outlook, despite otherwise strong quarterly results, caused the stock to plummet over 30% on the day of the announcement.
2. Impact of SaaS Transition and Elongated Deal Cycles on ARR Growth.
The company's shift towards a higher mix of Software-as-a-Service (SaaS) deals, while a strategic move, contributed to diluting Annual Recurring Revenue (ARR) growth due to these deals being landed at lower average selling prices. Additionally, CommVault's management cited elongated deal durations within large enterprise accounts as another factor negatively influencing ARR performance. These factors suggested a potential impact on the near-term revenue quality and growth trajectory, further contributing to investor apprehension.
Show more
Stock Movement Drivers
Fundamental Drivers
The -36.6% change in CVLT stock from 11/30/2025 to 3/24/2026 was primarily driven by a -41.9% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3242026 | Change |
|---|---|---|---|
| Stock Price ($) | 123.50 | 78.30 | -36.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,096 | 1,147 | 4.7% |
| Net Income Margin (%) | 7.3% | 7.6% | 3.6% |
| P/E Multiple | 68.3 | 39.7 | -41.9% |
| Shares Outstanding (Mil) | 44 | 44 | 0.7% |
| Cumulative Contribution | -36.6% |
Market Drivers
11/30/2025 to 3/24/2026| Return | Correlation | |
|---|---|---|
| CVLT | -36.6% | |
| Market (SPY) | -4.1% | 18.4% |
| Sector (XLK) | -4.7% | 16.6% |
Fundamental Drivers
The -58.0% change in CVLT stock from 8/31/2025 to 3/24/2026 was primarily driven by a -61.1% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3242026 | Change |
|---|---|---|---|
| Stock Price ($) | 186.65 | 78.30 | -58.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,053 | 1,147 | 8.9% |
| Net Income Margin (%) | 7.7% | 7.6% | -1.5% |
| P/E Multiple | 102.0 | 39.7 | -61.1% |
| Shares Outstanding (Mil) | 44 | 44 | 0.5% |
| Cumulative Contribution | -58.0% |
Market Drivers
8/31/2025 to 3/24/2026| Return | Correlation | |
|---|---|---|
| CVLT | -58.0% | |
| Market (SPY) | 1.8% | 25.2% |
| Sector (XLK) | 4.0% | 20.9% |
Fundamental Drivers
The -54.1% change in CVLT stock from 2/28/2025 to 3/24/2026 was primarily driven by a -58.2% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3242026 | Change |
|---|---|---|---|
| Stock Price ($) | 170.56 | 78.30 | -54.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 944 | 1,147 | 21.5% |
| Net Income Margin (%) | 18.1% | 7.6% | -58.2% |
| P/E Multiple | 43.7 | 39.7 | -9.2% |
| Shares Outstanding (Mil) | 44 | 44 | -0.5% |
| Cumulative Contribution | -54.1% |
Market Drivers
2/28/2025 to 3/24/2026| Return | Correlation | |
|---|---|---|
| CVLT | -54.1% | |
| Market (SPY) | 11.2% | 45.7% |
| Sector (XLK) | 21.5% | 44.5% |
Fundamental Drivers
The 33.0% change in CVLT stock from 2/28/2023 to 3/24/2026 was primarily driven by a 280.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3242026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.88 | 78.30 | 33.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 787 | 1,147 | 45.7% |
| Net Income Margin (%) | 2.0% | 7.6% | 280.1% |
| P/E Multiple | 167.6 | 39.7 | -76.3% |
| Shares Outstanding (Mil) | 45 | 44 | 1.4% |
| Cumulative Contribution | 33.0% |
Market Drivers
2/28/2023 to 3/24/2026| Return | Correlation | |
|---|---|---|
| CVLT | 33.0% | |
| Market (SPY) | 71.5% | 43.6% |
| Sector (XLK) | 103.8% | 40.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVLT Return | 24% | -9% | 27% | 89% | -17% | -36% | 46% |
| Peers Return | 8% | -49% | 56% | -2% | -23% | -22% | -50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -4% | 75% |
Monthly Win Rates [3] | |||||||
| CVLT Win Rate | 75% | 42% | 50% | 83% | 58% | 0% | |
| Peers Win Rate | 46% | 31% | 65% | 60% | 48% | 13% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| CVLT Max Drawdown | -1% | -26% | -14% | -7% | -22% | -37% | |
| Peers Max Drawdown | -17% | -54% | -14% | -28% | -37% | -31% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TYL, GEN, PATH, S, CHOW. See CVLT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/24/2026 (YTD)
How Low Can It Go
| Event | CVLT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -39.1% | -25.4% |
| % Gain to Breakeven | 64.2% | 34.1% |
| Time to Breakeven | 502 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -46.0% | -33.9% |
| % Gain to Breakeven | 85.2% | 51.3% |
| Time to Breakeven | 267 days | 148 days |
| 2018 Correction | ||
| % Loss | -42.5% | -19.8% |
| % Gain to Breakeven | 73.9% | 24.7% |
| Time to Breakeven | 648 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -65.3% | -56.8% |
| % Gain to Breakeven | 188.0% | 131.3% |
| Time to Breakeven | 393 days | 1,480 days |
Compare to TYL, GEN, PATH, S, CHOW
In The Past
CommVault Systems's stock fell -39.1% during the 2022 Inflation Shock from a high on 9/3/2021. A -39.1% loss requires a 64.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CommVault Systems (CVLT)
Commvault Systems, Inc. provides data protection and information management software applications and related services in the United States and internationally. The company offers Commvault Backup and Recovery, a backup and recovery solution; Commvault Disaster Recovery, an easy-to-use replication and disaster recovery solution; and Commvault Complete Data Protection, an easy-to-use data protection solution. It also provides Commvault Activate, a data insight solution; Commvault HyperScale X, an easy-to-deploy scale-out solution; Hedvig Distributed Storage Platform that offers software-defined storage built on a hyperscale architecture; Metallic Cloud Storage is the easy button to adopt secure and scalable cloud storage; and Metallic Backup-as-a-Service. In addition, the company provides technology and business consulting, education, and remote managed services. Further, it sells appliances that integrate the software with hardware for use in a range of business needs and use cases; and offers professional and customer support services. The company sells its products and services directly through its sales force to large enterprises, small and medium sized businesses, and government agencies, as well as indirectly through its network of distributors, value-added resellers, systems integrators, corporate resellers, and original equipment manufacturers. It supports customers in a range of industries, including banking, insurance and financial services, government, healthcare, pharmaceuticals and medical services, technology, legal, manufacturing, utilities, and energy. It has strategic relationships with Microsoft, Cisco, Dell EMC, Amazon Web Services, NetApp, Nutanix, Fujitsu, Google Cloud, Hitachi, Hewlett Packard Enterprise, IBM, Lenovo, OpenStack, Oracle, Pure Storage, Red Hat, Salesforce, SAP, ServiceNow, Splunk, Supermicro, VMware, and Meridian Group International. Commvault Systems, Inc. was founded in 1988 and is headquartered in Tinton Falls, New Jersey.
AI Analysis | Feedback
1. It's like the 'Time Machine' or 'iCloud Backup' for an entire enterprise, safeguarding all its critical data, applications, and systems across physical, virtual, and cloud environments.
2. CommVault is like the dedicated 'data protection and recovery division' of a major enterprise IT vendor like Dell EMC or IBM, but as an independent software company.
3. It's like the 'Salesforce for enterprise data protection,' providing a comprehensive software platform and services to manage and safeguard all a company's data, whether on-premises or in the cloud.
AI Analysis | Feedback
- Commvault Backup and Recovery: A software solution designed for data backup and recovery.
- Commvault Disaster Recovery: An easy-to-use software solution for data replication and disaster recovery.
- Commvault Complete Data Protection: A comprehensive software solution for all-encompassing data protection needs.
- Commvault Activate: A software solution that provides data insight capabilities.
- Commvault HyperScale X: An easy-to-deploy, scale-out solution for managing data infrastructure.
- Hedvig Distributed Storage Platform: A software-defined storage platform built on a hyperscale architecture.
- Metallic Cloud Storage: A secure and scalable cloud storage offering.
- Metallic Backup-as-a-Service: A cloud-based service providing backup functionalities.
- Professional and Managed Services: Encompasses technology and business consulting, education, remote managed services, and customer support.
- Appliances: Integrated hardware and software solutions tailored for various business needs and use cases.
AI Analysis | Feedback
Commvault Systems (CVLT) primarily sells its data protection and information management software and services to other organizations rather than individuals. The company serves the following categories of customers:
- Large enterprises: These are major corporations across various sectors.
- Small and medium sized businesses (SMBs): A broad category of commercial entities smaller than large enterprises.
- Government agencies: Public sector organizations at various levels.
These customers span a wide range of industries, including banking, insurance and financial services, healthcare, pharmaceuticals and medical services, technology, legal, manufacturing, utilities, and energy.
AI Analysis | Feedback
- Microsoft (MSFT)
- Amazon Web Services (AMZN)
- Google Cloud (GOOGL)
- Dell Technologies (DELL)
- Hewlett Packard Enterprise (HPE)
- IBM (IBM)
- Super Micro Computer, Inc. (SMCI)
- Cisco (CSCO)
- Broadcom Inc. (AVGO)
- NetApp (NTAP)
- Nutanix (NTNX)
- Pure Storage (PSTG)
- Lenovo (HKG: 0992)
- Fujitsu (JPX: 6702)
- Hitachi (JPX: 6501)
AI Analysis | Feedback
Sanjay Mirchandani, President & Chief Executive Officer
Sanjay Mirchandani has served as Commvault's President and Chief Executive Officer and as a director since February 2019. Prior to joining Commvault, he was the CEO of Puppet, an IT automation company, from 2016 to 2019, where he grew the user base to over 40,000 companies, including 75 percent of the Fortune 100. He previously spent two decades in senior leadership roles at Microsoft, VMware, where he was Corporate Senior Vice President and General Manager of Asia Pacific & Japan, and EMC Corporation, where he served as Chief Information Officer and leader of Global Centers of Excellence. Mr. Mirchandani holds an MBA from the University of Pittsburgh and a Bachelor's degree in Mathematics from Drew University. He also serves on the Board of Directors at Itron, Inc.
Chief Financial Officer
As of December 2025, Commvault's President and CEO, Sanjay Mirchandani, is overseeing a newly established Office of the CFO, which includes Kevin White (Vice President of Finance) and Danielle Abrahamsen (Chief Accounting Officer). This transition followed the departure of Jen DiRico, who served as Chief Financial Officer until the end of calendar year 2025.
Gary Merrill, Chief Commercial Officer
Gary Merrill was appointed Chief Commercial Officer effective August 12, 2024.
Pranay Ahlawat, Chief Technology and AI Officer
Pranay Ahlawat serves as the Chief Technology and AI Officer.
Alan Atkinson, Chief Business Development Officer
Alan Atkinson was appointed Chief Business Development Officer in July 2025, focusing on bolstering strategic partnerships.
AI Analysis | Feedback
Key Business Risks for CommVault Systems (CVLT)
- Intense Competitive Landscape: CommVault Systems operates in a hyper-competitive market for data protection and cyber resilience solutions. The company faces significant pressure from specialized rivals such as Rubrik, Cohesity (especially after acquiring Veritas's data protection business), Druva, and Veeam, some of whom possess greater financial resources for aggressive marketing, sales, and research and development. This intense competition could lead to price wars, compression of profit margins, and a potential loss of market share if CommVault does not continuously innovate and differentiate its offerings.
- Increased Financial Leverage and Execution Risk: CommVault Systems has taken on approximately $900 million in new debt to fund aggressive stock buybacks, significantly increasing its financial leverage. This strategy heightens financial risk and reduces the company's balance sheet conservatism. Should CommVault's growth slow, the increased debt service could consume a meaningful portion of its net income and free cash flow, making the company's valuation more sensitive to execution and increasing cyclicality risks.
- Slowing Subscription ARR Growth and Premium Valuation: While CommVault has successfully transitioned to a subscription-first business model, concerns exist regarding a deceleration in its SaaS Annualized Recurring Revenue (ARR) growth. For instance, Q3 FY2026 saw a 40% growth in SaaS ARR, a significant slowdown from 56% in the prior quarter. This deceleration, coupled with CommVault Systems trading at a significant premium to its peers and the broader software industry (e.g., a P/E ratio of approximately 70x compared to an industry average of 31.5x as of November 2025), poses a significant risk. The market is pricing in substantial future growth, and any failure to meet these high growth expectations could result in a sharp correction in the stock price and erosion of investor confidence.
AI Analysis | Feedback
null
AI Analysis | Feedback
Commvault Systems, Inc. (CVLT) operates within several significant and expanding addressable markets globally for its data protection and information management products and services.
The estimated market sizes for Commvault's main products and services are as follows:
- Data Protection and Recovery Solutions: The global data protection and recovery solutions market was estimated at USD 7.87 billion in 2024 and is projected to reach approximately USD 35.44 billion by 2034, growing at a compound annual growth rate (CAGR) of 16.24% from 2025 to 2034. This market encompasses Commvault Backup and Recovery, Commvault Complete Data Protection, Metallic Backup-as-a-Service, and Metallic Cloud Storage. The broader data protection market was valued at USD 172.67 billion in 2025 and is projected to reach USD 656.47 billion by 2034.
- Disaster Recovery Solutions: The global disaster recovery solutions market was valued at USD 7.59 billion in 2024 and is projected to grow to USD 54.94 billion by 2033, with a CAGR of 24.6% during the forecast period (2025–2033). Another estimate places the global disaster recovery solutions market size at USD 9.59 billion in 2023, with a projection to reach USD 81.15 billion by 2030 at a CAGR of 36.3%. This market directly relates to Commvault Disaster Recovery. The Disaster Recovery as a Service (DRaaS) market, a key offering, was valued at USD 11.6 billion in 2024 and is forecasted to grow at a CAGR of 28.30% from 2025 to 2034.
- Software-Defined Storage (SDS): The global software-defined storage market size was valued at USD 49.62 billion in 2024 and is poised to grow to USD 391.55 billion by 2033, exhibiting a CAGR of 25.8% during the forecast period (2026–2033). Another report estimated the market at USD 38.43 billion in 2023, projected to reach USD 201.98 billion by 2030. This market is relevant to Commvault's offerings such as Hedvig Distributed Storage Platform and Commvault HyperScale X.
- Overall Market Opportunity for Commvault Platform: Truist Securities estimates the market opportunity for the Commvault platform to be approximately USD 35 billion, growing to around USD 54 billion by the end of calendar year 2028.
AI Analysis | Feedback
CommVault Systems (CVLT) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Continued Growth in Subscription and SaaS Revenue: Commvault anticipates sustained growth in its Annual Recurring Revenue (ARR), particularly from subscription and Software-as-a-Service (SaaS) offerings. The company's Q3 Fiscal 2026 results showed Subscription revenue increasing 30% year-over-year and SaaS revenue growing 44% year-over-year, with management projecting continued strong Subscription ARR growth. Commvault has raised its fiscal year 2026 guidance, expecting subscription revenue between $764 million and $768 million. This shift towards a recurring revenue model is a central part of its growth strategy.
- Expansion of Customer Base and Increased Adoption of Offerings: The company is actively acquiring new subscription customers and seeing expansion within its existing customer base. Commvault added approximately 700 new subscription customers in Q3 Fiscal 2026, reaching over 14,000 subscription customers and more than 9,000 SaaS customers. This growth in customer numbers, combined with increasing adoption of its comprehensive data solutions, is expected to fuel revenue.
- Innovation with the Commvault Cloud Unity Platform and AI-driven Data Protection: The launch and adoption of the Commvault Cloud Unity Platform are significant drivers. This platform is strategically positioned to address the evolving landscape of cyber threats, multi-cloud complexity, and emerging AI workloads, providing advanced cyber resilience and data protection capabilities. CEO Sanjay Mirchandani has emphasized the platform's importance in the AI era.
- Leveraging the Expanding Data Protection and Cyber Resilience Market: Commvault is poised to capitalize on the rapidly expanding market for data protection and cyber resilience solutions. This market growth is driven by increasing cyber threats, the complexity of multi-cloud environments, and the demands of emerging AI workloads, which Commvault estimates will grow at a 12% CAGR to reach $38 billion by 2028.
AI Analysis | Feedback
Share Repurchases
- Commvault repurchased $165.0 million of its common stock, or approximately 1.2 million shares, during fiscal year 2025 (ended March 31, 2025).
- During the three months ended December 31, 2025 (Q3 Fiscal Year 2026), the company repurchased approximately 327,000 shares of common stock for $41 million. Year-to-date repurchases for fiscal year 2026 were $187 million as of December 31, 2025.
- The Board of Directors has approved a $250.0 million share repurchase program with no expiration date, which was re-committed as of January 14, 2026.
- In fiscal year 2022 (ended March 31, 2022), Commvault repurchased $305.2 million of common stock, representing approximately 4.3 million shares, completing a program that commenced in January 2021.
Share Issuance
- In September 2025, Commvault priced an upsized private offering of $785.0 million aggregate principal amount of 0% Convertible Senior Notes due 2030, which could lead to future share issuance upon conversion.
- A portion of the proceeds from the Convertible Senior Notes offering, approximately $86.9 million, was used to fund capped call transactions designed to offset share dilution up to a 100% premium to the stock price on September 2, 2025.
- The company issues restricted stock units (RSUs) to employees and directors, such as a grant of 4,564 RSUs to the Chief Accounting Officer in February 2026 and 1,189 RSUs to a director in August 2025, which vest over time and result in share issuance.
Outbound Investments
- In July 2025, Commvault announced its intent to acquire Satori Cyber Ltd, a specialist in data and AI security, to enhance its cyber resilience platform. The acquisition was expected to close in August 2025.
- Commvault acquired Clumio in September 2024, which contributed to the company's annualized recurring revenue (ARR) and advanced its cloud-focused capabilities.
- In April 2024, Commvault acquired Appranix to accelerate and advance cyber resilience for enterprises by enabling rapid rebuilding of cloud applications after outages or cyberattacks.
Capital Expenditures
- Commvault's capital expenditures were $12 million for fiscal year 2025 (ended March 31, 2025).
- Capital expenditures were $10 million for fiscal year 2024 and $10 million for fiscal year 2023.
- Capital expenditure has been a relatively small portion of revenue, noted as negligible at 0.7% of revenue for the four quarters ended December 31, 2025.
Latest Trefis Analyses
Trade Ideas
Select ideas related to CVLT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02282026 | BMI | Badger Meter | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02282026 | VRNS | Varonis Systems | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | ITRI | Itron | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | FSLR | First Solar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PEGA | Pegasystems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 01302026 | CVLT | CommVault Systems | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | -0.7% | -0.7% | -5.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.41 |
| Mkt Cap | 5.9 |
| Rev LTM | 1,553 |
| Op Inc LTM | 97 |
| FCF LTM | 312 |
| FCF 3Y Avg | 287 |
| CFO LTM | 335 |
| CFO 3Y Avg | 301 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.5% |
| Rev Chg 3Y Avg | 14.4% |
| Rev Chg Q | 19.5% |
| QoQ Delta Rev Chg LTM | 4.7% |
| Op Mgn LTM | 8.5% |
| Op Mgn 3Y Avg | 8.9% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 21.6% |
| CFO/Rev 3Y Avg | 21.6% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 20.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.9 |
| P/S | 3.8 |
| P/EBIT | 34.5 |
| P/E | 25.7 |
| P/CFO | 18.2 |
| Total Yield | 2.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.5% |
| 3M Rtn | -29.1% |
| 6M Rtn | -33.5% |
| 12M Rtn | -38.1% |
| 3Y Rtn | -4.1% |
| 1M Excs Rtn | 2.9% |
| 3M Excs Rtn | -25.6% |
| 6M Excs Rtn | -32.4% |
| 12M Excs Rtn | -52.0% |
| 3Y Excs Rtn | -72.3% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $78.30 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 09/22/2006 | |
| Distance from 52W High | -59.9% | |
| 50 Days | 200 Days | |
| DMA Price | $92.88 | $144.22 |
| DMA Trend | down | down |
| Distance from DMA | -15.7% | -45.7% |
| 3M | 1YR | |
| Volatility | 73.8% | 56.4% |
| Downside Capture | 202.64 | 164.90 |
| Upside Capture | -42.49 | 58.98 |
| Correlation (SPY) | 17.8% | 43.8% |
CVLT Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.33 | 1.65 | 1.50 | 1.53 | 1.38 | 1.31 |
| Up Beta | 2.28 | 3.43 | 3.07 | 3.24 | 1.53 | 1.31 |
| Down Beta | 1.59 | 1.56 | 1.45 | 1.13 | 1.42 | 1.44 |
| Up Capture | 253% | -78% | -29% | -11% | 56% | 158% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 22 | 35 | 61 | 129 | 422 |
| Down Capture | 256% | 249% | 196% | 195% | 132% | 106% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 19 | 26 | 63 | 120 | 328 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVLT | |
|---|---|---|---|---|
| CVLT | -52.4% | 56.6% | -1.08 | - |
| Sector ETF (XLK) | 28.2% | 26.6% | 0.90 | 42.6% |
| Equity (SPY) | 16.9% | 18.9% | 0.69 | 44.2% |
| Gold (GLD) | 46.2% | 27.1% | 1.39 | -3.3% |
| Commodities (DBC) | 18.3% | 17.5% | 0.86 | 11.9% |
| Real Estate (VNQ) | 2.3% | 16.5% | -0.03 | 33.9% |
| Bitcoin (BTCUSD) | -15.2% | 44.1% | -0.25 | 20.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVLT | |
|---|---|---|---|---|
| CVLT | 2.7% | 41.5% | 0.19 | - |
| Sector ETF (XLK) | 16.2% | 24.6% | 0.59 | 45.0% |
| Equity (SPY) | 11.9% | 17.0% | 0.54 | 46.6% |
| Gold (GLD) | 20.0% | 17.5% | 0.93 | 5.5% |
| Commodities (DBC) | 11.0% | 19.0% | 0.47 | 8.8% |
| Real Estate (VNQ) | 2.9% | 18.8% | 0.06 | 31.1% |
| Bitcoin (BTCUSD) | 3.9% | 56.7% | 0.29 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVLT | |
|---|---|---|---|---|
| CVLT | 7.2% | 37.1% | 0.30 | - |
| Sector ETF (XLK) | 21.6% | 24.2% | 0.82 | 47.1% |
| Equity (SPY) | 14.3% | 17.9% | 0.68 | 48.2% |
| Gold (GLD) | 13.2% | 15.8% | 0.69 | 4.4% |
| Commodities (DBC) | 8.5% | 17.6% | 0.40 | 14.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 34.5% |
| Bitcoin (BTCUSD) | 67.3% | 66.8% | 1.06 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/27/2026 | -31.1% | -32.5% | -33.1% |
| 10/28/2025 | -16.3% | -19.4% | -28.8% |
| 7/29/2025 | 18.3% | 14.1% | 8.7% |
| 4/29/2025 | 1.7% | 4.8% | 6.5% |
| 1/28/2025 | 1.1% | 0.6% | 8.6% |
| 10/29/2024 | 24.0% | 14.8% | 29.7% |
| 7/30/2024 | 22.8% | 9.6% | 23.0% |
| 4/30/2024 | 3.1% | 9.6% | 11.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 15 |
| # Negative | 9 | 12 | 9 |
| Median Positive | 4.0% | 7.6% | 11.1% |
| Median Negative | -14.3% | -8.5% | -11.7% |
| Max Positive | 24.0% | 14.8% | 29.7% |
| Max Negative | -31.1% | -32.5% | -33.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 01/28/2026 | 10-Q |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-K |
| 12/31/2024 | 01/29/2025 | 10-Q |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-K |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-K |
| 12/31/2022 | 01/31/2023 | 10-Q |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-K |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 1/27/2026 | Prior: Q2 2026 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 305.00 Mil | 306.50 Mil | 308.00 Mil | ||||
| Q4 2026 Subscription Revenue | 203.00 Mil | 205.00 Mil | 207.00 Mil | ||||
| Q4 2026 Non-GAAP Gross Margin | 81.0% | ||||||
| Q4 2026 Non-GAAP EBIT Margin | 19.0% | ||||||
| 2026 Revenue | 1.18 Bil | 1.18 Bil | 1.18 Bil | 1.3% | Raised | Guidance: 1.16 Bil for 2026 | |
| 2026 Total ARR Growth | 18.0% | -2.7% | -0.5% | Lowered | Guidance: 18.5% for 2026 | ||
| 2026 Subscription Revenue | 764.00 Mil | 766.00 Mil | 768.00 Mil | 1.5% | Raised | Guidance: 755.00 Mil for 2026 | |
| 2026 Subscription ARR Growth | 24.0% | -2.0% | -0.5% | Lowered | Guidance: 24.5% for 2026 | ||
| 2026 Non-GAAP Gross Margin | 81.0% | 81.25% | 81.5% | 0.3% | 0.2% | Raised | Guidance: 81.0% for 2026 |
| 2026 Non-GAAP EBIT Margin | 19.0% | 19.5% | 20.0% | 2.6% | 0.5% | Raised | Guidance: 19.0% for 2026 |
| 2026 Free Cash Flow | 215.00 Mil | 217.50 Mil | 220.00 Mil | -4.4% | Lowered | Guidance: 227.50 Mil for 2026 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Merrill, Gary | Chief Commercial Officer | Direct | Sell | 11202025 | 123.58 | 2,674 | 330,453 | 8,547,164 | Form |
| 2 | Merrill, Gary | Chief Commercial Officer | Direct | Sell | 11202025 | 122.40 | 1,845 | 225,828 | 8,239,723 | Form |
| 3 | Dirico, Jennifer Leigh | Chief Financial Officer | Direct | Sell | 11202025 | 123.58 | 830 | 102,571 | 5,476,201 | Form |
| 4 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 11202025 | 123.65 | 14,653 | 1,811,879 | 46,044,339 | Form |
| 5 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 11202025 | 121.15 | 13,109 | 1,588,118 | 43,523,331 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.