CommVault Systems (CVLT)
Market Price (8/24/2026): $133.8 | Market Cap: $5.5 BilSector: Information Technology | Industry: Systems Software
CommVault Systems (CVLT)
Market Price (8/24/2026): $133.8Market Cap: $5.5 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 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% 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 -49% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2% Key risksCVLT key risks include [1] reputational damage from a potential breach of its own security services, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| 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 -49% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2% |
| Key risksCVLT key risks include [1] reputational damage from a potential breach of its own security services, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 8/20/2026
CommVault Systems (CVLT) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q4 Fiscal 2026 Performance and Optimistic Fiscal 2027 Guidance.
CommVault Systems (NASDAQ: CVLT) reported robust financial results for its fiscal fourth quarter 2026 (ending March 31, 2026) on April 28, 2026, just prior to the specified period, setting a positive tone for the subsequent months. The company announced a 13% year-over-year increase in total revenues to $312 million, with SaaS revenue notably surging 43% year-over-year to $93 million. Furthermore, CommVault provided an optimistic outlook for fiscal year 2027, projecting subscription revenue between $1.115 billion and $1.125 billion, total revenues between $1.300 billion and $1.310 billion, and a non-GAAP EBIT margin of approximately 20.5%. This strong financial momentum and confident forward-looking guidance likely initiated and sustained investor interest.
2. Accelerated SaaS Business Growth and Increasing Recurring Revenue.
CommVault demonstrated continued strength in its Software-as-a-Service (SaaS) offerings, a key driver of its business model transformation. For fiscal Q1 2027, which ended on June 30, 2026, the company reported a significant 38% year-over-year surge in SaaS Annual Recurring Revenue (ARR) to $424 million, with SaaS revenue reaching a milestone of $100 million. Overall subscription ARR grew 22% year-over-year to $1.05 billion. This rapid expansion of its high-margin, recurring revenue SaaS business underscored the company's successful transition and contributed significantly to its stock appreciation.
Show more
CommVault Systems (CVLT) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q4 Fiscal 2026 Performance and Optimistic Fiscal 2027 Guidance.
CommVault Systems (NASDAQ: CVLT) reported robust financial results for its fiscal fourth quarter 2026 (ending March 31, 2026) on April 28, 2026, just prior to the specified period, setting a positive tone for the subsequent months. The company announced a 13% year-over-year increase in total revenues to $312 million, with SaaS revenue notably surging 43% year-over-year to $93 million. Furthermore, CommVault provided an optimistic outlook for fiscal year 2027, projecting subscription revenue between $1.115 billion and $1.125 billion, total revenues between $1.300 billion and $1.310 billion, and a non-GAAP EBIT margin of approximately 20.5%. This strong financial momentum and confident forward-looking guidance likely initiated and sustained investor interest.
2. Accelerated SaaS Business Growth and Increasing Recurring Revenue.
CommVault demonstrated continued strength in its Software-as-a-Service (SaaS) offerings, a key driver of its business model transformation. For fiscal Q1 2027, which ended on June 30, 2026, the company reported a significant 38% year-over-year surge in SaaS Annual Recurring Revenue (ARR) to $424 million, with SaaS revenue reaching a milestone of $100 million. Overall subscription ARR grew 22% year-over-year to $1.05 billion. This rapid expansion of its high-margin, recurring revenue SaaS business underscored the company's successful transition and contributed significantly to its stock appreciation.
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Updated on 8/20/2026
CommVault Systems (CVLT) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q4 Fiscal 2026 Performance and Optimistic Fiscal 2027 Guidance.
CommVault Systems (NASDAQ: CVLT) reported robust financial results for its fiscal fourth quarter 2026 (ending March 31, 2026) on April 28, 2026, just prior to the specified period, setting a positive tone for the subsequent months. The company announced a 13% year-over-year increase in total revenues to $312 million, with SaaS revenue notably surging 43% year-over-year to $93 million. Furthermore, CommVault provided an optimistic outlook for fiscal year 2027, projecting subscription revenue between $1.115 billion and $1.125 billion, total revenues between $1.300 billion and $1.310 billion, and a non-GAAP EBIT margin of approximately 20.5%. This strong financial momentum and confident forward-looking guidance likely initiated and sustained investor interest.
2. Accelerated SaaS Business Growth and Increasing Recurring Revenue.
CommVault demonstrated continued strength in its Software-as-a-Service (SaaS) offerings, a key driver of its business model transformation. For fiscal Q1 2027, which ended on June 30, 2026, the company reported a significant 38% year-over-year surge in SaaS Annual Recurring Revenue (ARR) to $424 million, with SaaS revenue reaching a milestone of $100 million. Overall subscription ARR grew 22% year-over-year to $1.05 billion. This rapid expansion of its high-margin, recurring revenue SaaS business underscored the company's successful transition and contributed significantly to its stock appreciation.
3. Strategic Focus on Cyber Resilience and AI-Enabled Solutions.
CommVault reinforced its market leadership in cyber resilience and data protection, particularly for hybrid cloud environments and in response to increasing AI-driven threats. The company highlighted its cloud-native, AI-enabled platform designed to unify data security, identity resilience, and cyber recovery. Strategic initiatives within the period included integrating Threat Scan with Google Threat Intelligence in early August 2026 to enable faster recoveries post-cyberattacks and forging a strategic alliance with NetApp for enterprise data protection. This strategic alignment with critical and growing market needs enhanced its growth prospects and investor appeal.
4. Positive Analyst Sentiment and Upgraded Price Targets.
During the period, particularly leading up to the fiscal Q1 2027 earnings announcement in late July, several financial analysts reiterated or upgraded their ratings for CommVault Systems and significantly raised their price targets. For example, Oppenheimer boosted its price target from $150.00 to $175.00 in July 2026, and KeyCorp increased its target from $125.00 to $175.00 during the same month. This strong consensus of a "Buy" rating and increased price targets from the analyst community reflected growing confidence in the company's fundamentals and future performance, contributing to positive investor sentiment.
Show less
CommVault Systems (CVLT) stock has gained about 35% since 4/30/2026 because of the following key factors:
1. Strong Q4 Fiscal 2026 Performance and Optimistic Fiscal 2027 Guidance.
CommVault Systems (NASDAQ: CVLT) reported robust financial results for its fiscal fourth quarter 2026 (ending March 31, 2026) on April 28, 2026, just prior to the specified period, setting a positive tone for the subsequent months. The company announced a 13% year-over-year increase in total revenues to $312 million, with SaaS revenue notably surging 43% year-over-year to $93 million. Furthermore, CommVault provided an optimistic outlook for fiscal year 2027, projecting subscription revenue between $1.115 billion and $1.125 billion, total revenues between $1.300 billion and $1.310 billion, and a non-GAAP EBIT margin of approximately 20.5%. This strong financial momentum and confident forward-looking guidance likely initiated and sustained investor interest.
2. Accelerated SaaS Business Growth and Increasing Recurring Revenue.
CommVault demonstrated continued strength in its Software-as-a-Service (SaaS) offerings, a key driver of its business model transformation. For fiscal Q1 2027, which ended on June 30, 2026, the company reported a significant 38% year-over-year surge in SaaS Annual Recurring Revenue (ARR) to $424 million, with SaaS revenue reaching a milestone of $100 million. Overall subscription ARR grew 22% year-over-year to $1.05 billion. This rapid expansion of its high-margin, recurring revenue SaaS business underscored the company's successful transition and contributed significantly to its stock appreciation.
3. Strategic Focus on Cyber Resilience and AI-Enabled Solutions.
CommVault reinforced its market leadership in cyber resilience and data protection, particularly for hybrid cloud environments and in response to increasing AI-driven threats. The company highlighted its cloud-native, AI-enabled platform designed to unify data security, identity resilience, and cyber recovery. Strategic initiatives within the period included integrating Threat Scan with Google Threat Intelligence in early August 2026 to enable faster recoveries post-cyberattacks and forging a strategic alliance with NetApp for enterprise data protection. This strategic alignment with critical and growing market needs enhanced its growth prospects and investor appeal.
4. Positive Analyst Sentiment and Upgraded Price Targets.
During the period, particularly leading up to the fiscal Q1 2027 earnings announcement in late July, several financial analysts reiterated or upgraded their ratings for CommVault Systems and significantly raised their price targets. For example, Oppenheimer boosted its price target from $150.00 to $175.00 in July 2026, and KeyCorp increased its target from $125.00 to $175.00 during the same month. This strong consensus of a "Buy" rating and increased price targets from the analyst community reflected growing confidence in the company's fundamentals and future performance, contributing to positive investor sentiment.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 35.3% change in CVLT stock from 4/30/2026 to 8/23/2026 was primarily driven by a 61.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.88 | 133.81 | 35.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,147 | 1,216 | 6.0% |
| Net Income Margin (%) | 7.6% | 5.6% | -25.9% |
| P/E Multiple | 50.1 | 81.0 | 61.6% |
| Shares Outstanding (Mil) | 44 | 41 | 6.7% |
| Cumulative Contribution | 35.3% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| CVLT | 35.3% | |
| Market (SPY) | 6.5% | 16.1% |
| Sector (XLK) | 14.9% | 19.4% |
Fundamental Drivers
The 56.1% change in CVLT stock from 1/31/2026 to 8/23/2026 was primarily driven by a 86.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 85.70 | 133.81 | 56.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,147 | 1,216 | 6.0% |
| Net Income Margin (%) | 7.6% | 5.6% | -25.9% |
| P/E Multiple | 43.5 | 81.0 | 86.4% |
| Shares Outstanding (Mil) | 44 | 41 | 6.7% |
| Cumulative Contribution | 56.1% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| CVLT | 56.1% | |
| Market (SPY) | 11.0% | 22.0% |
| Sector (XLK) | 27.6% | 24.6% |
Fundamental Drivers
The -29.6% change in CVLT stock from 7/31/2025 to 8/23/2026 was primarily driven by a -27.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 189.95 | 133.81 | -29.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,053 | 1,216 | 15.5% |
| Net Income Margin (%) | 7.7% | 5.6% | -27.0% |
| P/E Multiple | 103.9 | 81.0 | -22.0% |
| Shares Outstanding (Mil) | 44 | 41 | 7.2% |
| Cumulative Contribution | -29.6% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| CVLT | -29.6% | |
| Market (SPY) | 22.2% | 24.6% |
| Sector (XLK) | 40.1% | 22.6% |
Fundamental Drivers
The 71.7% change in CVLT stock from 7/31/2023 to 8/23/2026 was primarily driven by a 55.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 77.93 | 133.81 | 71.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 785 | 1,216 | 55.0% |
| P/S Multiple | 4.4 | 4.6 | 3.1% |
| Shares Outstanding (Mil) | 44 | 41 | 7.5% |
| Cumulative Contribution | 71.7% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| CVLT | 71.7% | |
| Market (SPY) | 73.2% | 40.0% |
| Sector (XLK) | 109.4% | 37.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVLT Return | 24% | -9% | 27% | 89% | -17% | 5% | 138% |
| Peers Return | 8% | -49% | 56% | -2% | -6% | -10% | -29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| CVLT Win Rate | 75% | 42% | 50% | 83% | 58% | 50% | |
| Peers Win Rate | 46% | 31% | 65% | 60% | 48% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CVLT Max Drawdown | -27% | -27% | -18% | -19% | -40% | -42% | |
| Peers Max Drawdown | -19% | -58% | -29% | -33% | -32% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GEN, TYL, PATH, S, EXYN. 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 8/21/2026 (YTD)
How Low Can It Go
| Event | CVLT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.1% | -18.8% |
| % Gain to Breakeven | 33.5% | 23.1% |
| Time to Breakeven | 59 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.3% | -9.5% |
| % Gain to Breakeven | 19.5% | 10.5% |
| Time to Breakeven | 49 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.2% | -6.7% |
| % Gain to Breakeven | 18.0% | 7.1% |
| Time to Breakeven | 65 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.1% | -24.5% |
| % Gain to Breakeven | 35.3% | 32.4% |
| Time to Breakeven | 253 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.7% | 50.9% |
| Time to Breakeven | 267 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.3% | -19.2% |
| % Gain to Breakeven | 22.4% | 23.8% |
| Time to Breakeven | 38 days | 105 days |
In The Past
CommVault Systems's stock fell -25.1% during the 2025 US Tariff Shock. Such a loss loss requires a 33.5% gain to breakeven.
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| Event | CVLT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.1% | -18.8% |
| % Gain to Breakeven | 33.5% | 23.1% |
| Time to Breakeven | 59 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -26.1% | -24.5% |
| % Gain to Breakeven | 35.3% | 32.4% |
| Time to Breakeven | 253 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.3% | -33.7% |
| % Gain to Breakeven | 82.7% | 50.9% |
| Time to Breakeven | 267 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -44.8% | -6.8% |
| % Gain to Breakeven | 81.3% | 7.3% |
| Time to Breakeven | 255 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -35.8% | -0.2% |
| % Gain to Breakeven | 55.8% | 0.2% |
| Time to Breakeven | 1507 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.1% | -17.9% |
| % Gain to Breakeven | 33.4% | 21.8% |
| Time to Breakeven | 53 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -63.8% | -53.4% |
| % Gain to Breakeven | 176.4% | 114.4% |
| Time to Breakeven | 361 days | 1085 days |
In The Past
CommVault Systems's stock fell -25.1% during the 2025 US Tariff Shock. Such a loss loss requires a 33.5% 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. (CVLT) is a global provider of enterprise data protection and information management solutions. The company develops and sells software and related services designed to help organizations secure, recover, and manage their critical data across diverse environments, including on-premises, cloud, and hybrid infrastructures. Commvault's core offerings address the complex challenges businesses face in data backup, disaster recovery, and data insights, ensuring business continuity and regulatory compliance.
Its comprehensive product portfolio includes foundational solutions like Commvault Backup and Recovery for robust data protection, Commvault Disaster Recovery for business continuity, and Commvault Complete Data Protection, which integrates these capabilities. For cloud-centric operations, Commvault offers Metallic Cloud Storage and Metallic Backup-as-a-Service, providing secure, scalable, and easy-to-adopt cloud backup solutions. Additionally, the company provides Hedvig Distributed Storage Platform for software-defined storage, data insight tools like Commvault Activate, and integrated software-hardware appliances, complemented by professional, consulting, and managed services.
Commvault serves a broad spectrum of customers, ranging from large enterprises and government agencies to small and medium-sized businesses across various industries. These include banking, financial services, healthcare, technology, manufacturing, and legal sectors. The company reaches its global customer base through a direct sales force and an extensive network of indirect channels, including distributors, value-added resellers, and system integrators. Commvault also maintains strategic partnerships with major technology vendors such as Microsoft, AWS, Dell EMC, and Google Cloud, enhancing its market reach and integration capabilities.
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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.
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- 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.
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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.
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- 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)
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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.
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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.
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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.
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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.
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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.
Peer Outperformance in Systems Software
CVLT has outperformed 84% of its 68 Systems Software peers over 5Y. Among the peers that beat it are PANW and FTNT. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Systems Software constituents that CVLT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
44%
of 86 industry peers · -26.1% return
3Y
76%
of 75 industry peers · 97.0% return
5Y
84%
of 68 industry peers · 72.7% return
Systems Software peers with revenue growth within 4pp of CVLT's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CVLT | CommVault Systems | 15.8% | 81.0x | -26.1% | 97.0% | 72.7% | — |
| PANW | Palo Alto Networks | 17.8% | 340.1x | 92.5% | 214.7% | 385.9% | +313pp |
| FTNT | Fortinet | 14.7% | 53.1x | 91.8% | 164.0% | 156.0% | +83pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is CVLT's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.5% | 203.8% | 337.5% | FLEX 733% · TTMI 686% · JBL 431% |
| Semiconductor Materials & Equipment | 27 | 137.0% | 78.5% | 122.3% | AEHR 1607% · AXTI 663% · KLAC 489% |
| Technology Distributors | 9 | 21.8% | 63.2% | 76.0% | CLMB 334% · AVT 153% · SNX 111% |
| Electronic Components | 26 | 54.5% | 63.6% | 57.4% | CLS 3162% · BELFA 1332% · LPTH 590% |
| Communications Equipment | 35 | 29.8% | 85.1% | 41.4% | AAOI 1714% · LITE 899% · ANET 702% |
| Semiconductors | 54 | 31.6% | 32.8% | 30.9% | POET 1926% · MU 1277% · NVDA 889% |
| Technology Hardware, Storage & Peripherals | 22 | 31.2% | 83.1% | 23.4% | STX 1046% · SMCI 949% · WDC 916% |
| Internet Services & Infrastructure | 6 | 13.9% | 40.0% | 15.0% | DOCN 108% · VRSN 34% · GDDY 33% |
| Electronic Equipment & Instruments | 27 | -7.9% | 14.3% | -4.5% | PI 209% · SOTK 138% · NSSC 127% |
| IT Consulting & Other Services | 28 | -25.2% | -6.7% | -18.1% | CHRN 627400% · APLD 1745% · INOD 705% |
| Application Software | 123 | -19.6% | -8.7% | -43.1% | VIDA 394900% · INLX 5338% · PLTR 617% |
| Systems Software ← | 69 | -7.8% | 17.1% | -55.4% | QNC 752% · PAYS 440% · PANW 386% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.06 |
| Mkt Cap | 7.9 |
| Rev LTM | 1,444 |
| Op Inc LTM | 105 |
| FCF LTM | 317 |
| FCF 3Y Avg | 338 |
| CFO LTM | 324 |
| CFO 3Y Avg | 352 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.5% |
| Rev Chg 3Y Avg | 15.1% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 20.5% |
| Op Inc Chg 3Y Avg | 21.2% |
| Op Mgn LTM | 7.5% |
| Op Mgn 3Y Avg | 9.1% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 22.4% |
| CFO/Rev 3Y Avg | 23.6% |
| FCF/Rev LTM | 21.8% |
| FCF/Rev 3Y Avg | 22.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.9 |
| P/S | 4.8 |
| P/Op Inc | 23.8 |
| P/EBIT | 21.3 |
| P/E | 21.3 |
| P/CFO | 20.4 |
| Total Yield | 1.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 14.6% |
| 3M Rtn | 15.2% |
| 6M Rtn | 38.9% |
| 12M Rtn | -16.3% |
| 3Y Rtn | 22.0% |
| 1M Excs Rtn | 15.2% |
| 3M Excs Rtn | 13.9% |
| 6M Excs Rtn | 27.8% |
| 12M Excs Rtn | -35.1% |
| 3Y Excs Rtn | -48.6% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $133.81 | |
| Market Cap ($ Bil) | 5.5 | |
| First Trading Date | 09/22/2006 | |
| Distance from 52W High | -31.5% | |
| 50 Days | 200 Days | |
| DMA Price | $138.98 | $113.31 |
| DMA Trend | down | up |
| Distance from DMA | -3.7% | 18.1% |
| 3M | 1YR | |
| Volatility | 59.8% | 58.7% |
| Downside Capture | 18.65 | 113.24 |
| Upside Capture | 118.75 | 54.33 |
| Correlation (SPY) | 17.5% | 22.6% |
CVLT Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.63 | 0.04 | 0.15 | 0.63 | 0.98 | 1.25 |
| Up Beta | 0.67 | 0.41 | -0.08 | 0.55 | 1.52 | 1.29 |
| Down Beta | -0.19 | 0.31 | 0.25 | 0.82 | 0.89 | 1.41 |
| Up Capture | -243% | -24% | 53% | 85% | 29% | 135% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 23 | 37 | 73 | 134 | 422 |
| Down Capture | 13% | -22% | -30% | 35% | 113% | 104% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 20 | 26 | 53 | 118 | 329 |
[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 | -24.2% | 58.4% | -0.23 | - |
| Sector ETF (XLK) | 41.9% | 26.0% | 1.31 | 21.1% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 22.7% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | -4.7% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -10.1% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 14.8% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 10.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVLT | |
|---|---|---|---|---|
| CVLT | 11.4% | 43.7% | 0.39 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 41.5% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 43.4% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 3.7% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 4.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 28.2% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 19.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVLT | |
|---|---|---|---|---|
| CVLT | 9.9% | 38.5% | 0.37 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 44.7% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 45.8% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 4.9% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 11.3% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 32.8% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 13.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -19.7% | -16.4% | |
| 4/28/2026 | 10.8% | 15.2% | 21.3% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 15 |
| # Negative | 9 | 11 | 8 |
| Median Positive | 4.0% | 5.7% | 11.8% |
| Median Negative | -9.9% | -8.4% | -10.8% |
| Max Positive | 24.0% | 15.2% | 29.7% |
| Max Negative | -31.1% | -32.5% | -33.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -19.7% | -16.4% | |
| 4/28/2026 | 10.8% | 15.2% | 21.3% |
| 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% |
| 1/30/2024 | 8.0% | 14.7% | 16.8% |
| 10/31/2023 | 0.1% | 3.6% | 12.1% |
| 8/1/2023 | -5.8% | -8.6% | -11.7% |
| 5/2/2023 | 5.3% | 5.7% | 19.4% |
| 1/31/2023 | -0.7% | 1.5% | -6.1% |
| 11/1/2022 | 4.0% | 5.2% | 8.4% |
| 7/26/2022 | -9.9% | -8.4% | -7.5% |
| 5/3/2022 | 2.3% | -5.0% | 2.5% |
| 1/25/2022 | 0.8% | -0.1% | -10.0% |
| 10/26/2021 | -19.4% | -16.8% | -16.9% |
| 7/27/2021 | -9.3% | -8.0% | -6.3% |
| 5/4/2021 | 4.0% | -3.6% | 11.1% |
| 1/27/2021 | -1.2% | 5.2% | 6.5% |
| 10/27/2020 | 3.2% | -2.1% | 16.5% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 15 |
| # Negative | 9 | 11 | 8 |
| Median Positive | 4.0% | 5.7% | 11.8% |
| Median Negative | -9.9% | -8.4% | -10.8% |
| Max Positive | 24.0% | 15.2% | 29.7% |
| Max Negative | -31.1% | -32.5% | -33.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-K |
| 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 |
| 12/31/2021 | 01/26/2022 | 10-Q |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/28/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-K |
| 12/31/2020 | 01/28/2021 | 10-Q |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-K |
| 12/31/2019 | 01/31/2020 | 10-Q |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q1 2027 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Subscription Revenue | 264.00 Mil | 266.00 Mil | 268.00 Mil | 0.8% | Higher New | Guidance: 264.00 Mil for Q1 2027 | |
| Q2 2027 Non-GAAP EBIT margin | 20.0% | 1.0% | Higher New | Guidance: 19.0% for Q1 2027 | |||
| 2027 Subscription Revenue | 1.12 Bil | 1.12 Bil | 1.13 Bil | 0.4% | Raised | Guidance: 1.12 Bil for 2027 | |
| 2027 Subscription ARR | 1.20 Bil | 1.21 Bil | 1.21 Bil | 0 | Affirmed | Guidance: 1.21 Bil for 2027 | |
| 2027 Non-GAAP EBIT margin | 21.0% | 0.5% | Raised | Guidance: 20.5% for 2027 | |||
| 2027 Free Cash Flow | 250.00 Mil | 255.00 Mil | 260.00 Mil | 0 | Affirmed | Guidance: 255.00 Mil for 2027 | |
| 2027 Share Repurchases | 0.6 | ||||||
| 2027 Diluted shares outstanding | 42.00 Mil | ||||||
Prior: Q4 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Subscription Revenue | 263.00 Mil | 264.00 Mil | 265.00 Mil | 28.8% | Higher New | Actual: 205.00 Mil for Q4 2026 | |
| Q1 2027 Non-GAAP EBIT margin | 19.0% | 0.0% | Same New | Actual: 19.0% for Q4 2026 | |||
| 2027 Subscription Revenue | 1.11 Bil | 1.12 Bil | 1.12 Bil | 46.2% | Higher New | Actual: 766.00 Mil for 2026 | |
| 2027 Subscription ARR | 1.20 Bil | 1.21 Bil | 1.21 Bil | ||||
| 2027 Total Revenues | 1.30 Bil | 1.30 Bil | 1.31 Bil | 10.7% | Higher New | Actual: 1.18 Bil for 2026 | |
| 2027 Non-GAAP EBIT margin | 20.5% | 1.0% | Higher New | Actual: 19.5% for 2026 | |||
| 2027 Free Cash Flow | 250.00 Mil | 255.00 Mil | 260.00 Mil | 17.2% | Higher New | Actual: 217.50 Mil for 2026 | |
Q3 2026 Earnings Reported 1/27/2026
| 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% | -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% | -0.5% | Lowered | Guidance: 24.5% for 2026 | |||
| 2026 Non-GAAP Gross Margin | 81.0% | 81.25% | 81.5% | 0.2% | Raised | Guidance: 81.0% for 2026 | |
| 2026 Non-GAAP EBIT Margin | 19.0% | 19.5% | 20.0% | 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 | |
Q2 2026 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 298.00 Mil | 299.00 Mil | 300.00 Mil | ||||
| Q3 2026 Subscription Revenue | 195.00 Mil | 196.00 Mil | 197.00 Mil | ||||
| Q3 2026 Non-GAAP Gross Margin | 80.0% | 80.5% | 81.0% | ||||
| Q3 2026 Non-GAAP EBIT Margin | 18.0% | 18.5% | 19.0% | ||||
| 2026 Revenue | 1.16 Bil | 1.16 Bil | 1.17 Bil | 0 | Affirmed | Guidance: 1.16 Bil for 2026 | |
| 2026 Total ARR Growth | 18.0% | 18.5% | 19.0% | 0.5% | Raised | Guidance: 18.0% for 2026 | |
| 2026 Subscription Revenue | 753.00 Mil | 755.00 Mil | 757.00 Mil | 0 | Affirmed | Guidance: 755.00 Mil for 2026 | |
| 2026 Subscription ARR Growth | 24.0% | 24.5% | 25.0% | 0.5% | Raised | Guidance: 24.0% for 2026 | |
| 2026 Non-GAAP Gross Margin | 80.5% | 81.0% | 81.5% | -0.5% | Lowered | Guidance: 81.5% for 2026 | |
| 2026 Non-GAAP EBIT Margin | 18.5% | 19.0% | 19.5% | -1.5% | Lowered | Guidance: 20.5% for 2026 | |
| 2026 Free Cash Flow | 225.00 Mil | 227.50 Mil | 230.00 Mil | 7.1% | Raised | Guidance: 212.50 Mil for 2026 | |
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 8192026 | 142.80 | 486 | 69,401 | 1,736,448 | Form |
| 2 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 8192026 | 142.80 | 6,857 | 979,180 | 36,796,133 | Form |
| 3 | Merrill, Gary | Chief Financial Officer | Direct | Sell | 8192026 | 142.80 | 1,293 | 184,640 | 9,942,878 | Form |
| 4 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 8192026 | 143.64 | 391 | 56,163 | 1,816,471 | Form |
| 5 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 8192026 | 143.64 | 4,840 | 695,218 | 37,997,520 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 8192026 | 142.80 | 486 | 69,401 | 1,736,448 | Form |
| 2 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 8192026 | 142.80 | 6,857 | 979,180 | 36,796,133 | Form |
| 3 | Merrill, Gary | Chief Financial Officer | Direct | Sell | 8192026 | 142.80 | 1,293 | 184,640 | 9,942,878 | Form |
| 4 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 8192026 | 143.64 | 391 | 56,163 | 1,816,471 | Form |
| 5 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 8192026 | 143.64 | 4,840 | 695,218 | 37,997,520 | Form |
| 6 | Merrill, Gary | Chief Financial Officer | Direct | Sell | 8192026 | 143.64 | 1,854 | 266,309 | 10,187,092 | Form |
| 7 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 8192026 | 143.98 | 119 | 17,134 | 1,877,067 | Form |
| 8 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 8192026 | 143.98 | 12,437 | 1,790,679 | 38,784,325 | Form |
| 9 | Haydon, William Geoffrey | President of Cust & Field Ops | Direct | Sell | 8122026 | 134.78 | 316 | 42,590 | 8,794,934 | Form |
| 10 | Sanders, A Shane | Direct | Sell | 8102026 | 134.19 | 476 | 63,874 | 1,166,916 | Form | |
| 11 | Lee, Vivie | Direct | Sell | 8102026 | 134.19 | 595 | 79,843 | 2,031,637 | Form | |
| 12 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 7072026 | 150.00 | 254 | 38,100 | 1,973,400 | Form |
| 13 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 5262026 | 106.70 | 277 | 29,556 | 1,404,812 | Form |
| 14 | Merrill, Gary | Chief Financial Officer | Direct | Sell | 5262026 | 106.70 | 4,554 | 485,912 | 7,765,092 | Form |
| 15 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 5262026 | 107.39 | 101 | 10,846 | 1,443,657 | Form |
| 16 | Merrill, Gary | Chief Financial Officer | Direct | Sell | 5262026 | 107.39 | 3,777 | 405,616 | 8,304,439 | Form |
| 17 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 5262026 | 107.39 | 9,701 | 1,041,800 | 34,638,323 | Form |
| 18 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 5212026 | 99.13 | 8,450 | 837,648 | 30,425,674 | Form |
| 19 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 5212026 | 99.13 | 365 | 36,182 | 1,310,102 | Form |
| 20 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 5212026 | 105.49 | 19,396 | 2,046,062 | 33,268,768 | Form |
| 21 | Merrill, Gary | Chief Financial Officer | Direct | Sell | 5212026 | 105.10 | 4,560 | 479,267 | 7,620,659 | Form |
| 22 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 5212026 | 105.84 | 1,065 | 112,724 | 1,437,468 | Form |
| 23 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 5192026 | 104.52 | 925 | 96,679 | 1,530,766 | Form |
| 24 | Merrill, Gary | Chief Financial Officer | Direct | Sell | 5192026 | 104.54 | 3,098 | 323,865 | 8,056,584 | Form |
| 25 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 5192026 | 104.54 | 8,457 | 884,095 | 34,997,169 | Form |
| 26 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 3182026 | 80.09 | 10,052 | 805,065 | 26,632,248 | Form |
| 27 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 3182026 | 78.96 | 10,338 | 816,288 | 27,050,196 | Form |
| 28 | Abrahamsen, Danielle Nicole | Chief Accounting Officer | Direct | Sell | 2192026 | 90.28 | 218 | 19,681 | 940,356 | Form |
| 29 | Merrill, Gary | Chief Commercial Officer | Direct | Sell | 11202025 | 122.40 | 1,845 | 225,828 | 8,239,723 | Form |
| 30 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 11202025 | 121.15 | 13,109 | 1,588,118 | 43,523,331 | Form |
| 31 | Merrill, Gary | Chief Commercial Officer | Direct | Sell | 11202025 | 123.58 | 2,674 | 330,453 | 8,547,164 | Form |
| 32 | Dirico, Jennifer Leigh | Chief Financial Officer | Direct | Sell | 11202025 | 123.58 | 830 | 102,571 | 5,476,201 | Form |
| 33 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 11202025 | 123.65 | 14,653 | 1,811,879 | 46,044,339 | Form |
| 34 | Merrill, Gary | Chief Commercial Officer | Direct | Sell | 9162025 | 178.01 | 15,244 | 2,713,649 | 12,788,007 | Form |
| 35 | Dirico, Jennifer Leigh | Chief Financial Officer | Direct | Sell | 9112025 | 182.22 | 14,909 | 2,716,713 | 8,225,941 | Form |
| 36 | Pickens, Allison | Direct | Sell | 9052025 | 177.89 | 690 | 122,744 | 918,980 | Form | |
| 37 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 8202025 | 176.57 | 15,339 | 2,708,469 | 78,226,167 | Form |
| 38 | Mirchandani, Sanjay | President & CEO | Direct | Sell | 8202025 | 177.83 | 11,320 | 2,013,021 | 81,509,752 | Form |
| 39 | Merrill, Gary | Chief Commercial Officer | Direct | Sell | 8202025 | 178.03 | 2,628 | 467,863 | 15,503,030 | Form |
| 40 | Dirico, Jennifer Leigh | Chief Financial Officer | Direct | Sell | 8202025 | 178.03 | 11,151 | 1,985,213 | 10,691,058 | Form |
| 41 | Sanders, A Shane | Direct | Sell | 8112025 | 182.92 | 612 | 111,947 | 1,355,620 | Form | |
| 42 | Lee, Vivie | Direct | Sell | 8112025 | 182.92 | 765 | 139,934 | 2,556,124 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 8/23/2026