A Business at a Glance
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COMMVAULT SYSTEMS INC
CVLT
$6.4B
Mkt Cap
$142.31
+0.83%
COMMVAULT SYSTEMS INC (CVLT) has a current P/E ratio of 74.1, compared to its historical median P/E of 93.9. The stock is currently considered Fair based on its historical valuation range.
COMMVAULT SYSTEMS INC (CVLT) has a 5-year average return on invested capital (ROIC) of 10.4%. This indicates solid capital allocation.
COMMVAULT SYSTEMS INC (CVLT) has a market capitalization of $6.4B. It is classified as a mid-cap stock.
COMMVAULT SYSTEMS INC (CVLT) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 7.01%.
Based on historical P/E analysis, COMMVAULT SYSTEMS INC (CVLT) appears fair. The current P/E of 74.1 is 21% below its historical median of 93.9. The estimated fair value CAGR (P/E method) is 117.7%.
COMMVAULT SYSTEMS INC (CVLT) operates in the Services-Prepackaged Software industry, within the Technology sector.
COMMVAULT SYSTEMS INC (CVLT) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Commvault Systems provides cyber resilience solutions that protect and recover data and cloud-native applications across on-premises, hybrid, and multi-cloud environments through self-managed software, SaaS, integrated appliances, and partner-managed delivery models. The company's portfolio is organized into three primary packages—Operational Recovery (backup and recovery across hybrid workloads), Autonomous Recovery (automated disaster and cyber recovery with replication), and Cyber Recovery (comprehensive capabilities including threat scanning, data validation, and clean recovery)—complemented by specialized offerings such as Cleanroom Recovery, HyperScale X, Air Gap Protect, and Cloud Rewind. Commvault's business model combines perpetual software licenses with an accelerating shift toward subscription-based SaaS revenue, generating recurring annual recurring revenue (ARR) that constitutes the majority of the business; the company serves enterprises of all sizes protecting workloads across physical servers, virtual machines, applications, databases, endpoints, and cloud applications globally. The platform's architecture enables customers flexibility in deployment and workload prioritization, creating a land-and-expand dynamic where customers scale lifetime value over time; competitive differentiation stems from unified visibility and management across hybrid enterprises, industry-leading integrations, and comprehensive cyber resilience capabilities that address data protection, recovery, governance, and compliance in a single platform.
【SaaS-led acceleration continuing】 Management expects subscription ARR growth of 18–19% in fiscal 2027, with SaaS offerings exceeding $500 million in ARR by year-end, representing the majority of net new ARR additions and reflecting continued customer momentum toward cloud-native deployments. The company anticipates operational leverage in its hybrid business model as the SaaS platform scales, with non-GAAP EBIT margins expected to reach 20.5% in fiscal 2027 and potential for further expansion as the business matures. Commvault is investing in growth-driving initiatives, including AI-powered capabilities and identity protection solutions (Active Directory, Entra ID, Office), which are landing new customers and expanding existing relationships; management notes that customers are increasingly storing AI data in the cloud, making the platform's cloud-native capabilities more relevant. Free cash flow is expected to range from $250–$260 million in fiscal 2027, weighted toward the second half, with approximately 60% of annual free cash flow allocated to share repurchases, reflecting management confidence in long-term shareholder value creation.
| Metric | Target | Period |
|---|---|---|
| Subscription ARR growth | 18%-19% year-over-year | FY2027 |
| Subscription ARR | $1.20 billion-$1.21 billion | FY2027 |
| SaaS ARR | exceeding $0.5 billion | FY2027 |
| Subscription revenue | $1.115 billion-$1.125 billion | FY2027 |
| Total revenue | $1.30 billion-$1.31 billion | FY2027 |
| Non-GAAP EBIT margin | 20.5% | FY2027 |
| Free cash flow | $250 million-$260 million | FY2027 |
| Subscription revenue (Q1 FY2027) | $263 million-$265 million | Q1 FY2027 |
| Total revenue (Q1 FY2027) | approximately $310 million | Q1 FY2027 |
| EBIT margin (Q1 FY2027) | approximately 19% | Q1 FY2027 |
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.2B | 996M | 839M | 785M | 770M |
| Net Income | 71M | 71M | 76M | 169M | -36M | 34M |
| EPS | $1.58 | $1.58 | $1.68 | $3.75 | $-0.80 | $0.71 |
| Free Cash Flow | 237M | 237M | 204M | 200M | 167M | 173M |
| ROIC | 3.0% | 3.0% | 23.0% | 32.5% | -16.2% | 9.9% |
| Gross Margin | 36.4% | 36.4% | 37.7% | 40.1% | 30.8% | 40.4% |
| Debt/Equity | 117.54 | 117.54 | 0.00 | 2.39 | 3.21 | 2.19 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 74M | 74M | 74M | 75M | -16M | 42M |
| Operating Margin | 6.3% | 6.3% | 7.4% | 9.0% | -2.0% | 5.4% |
| ROE | 942.8% | 42.5% | 25.2% | 72.8% | -16.2% | 10.3% |
| Shares Outstanding | 45M | 45M | 45M | 45M | 45M | 47M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 608M | 594M | 645M | 699M | 711M | 671M | 723M | 770M | 785M | 839M | 996M | 1.2B | 1.2B |
| Gross Margin | 31.4% | 27.7% | 27.5% | 27.3% | 30.4% | 30.8% | 30.4% | 40.4% | 30.8% | 40.1% | 37.7% | 36.4% | 36.4% |
| R&D | 64M | 69M | 80M | 91M | 93M | 110M | 133M | 154M | 142M | 132M | 146M | 162M | 162M |
| SG&A | 78M | 79M | 89M | 91M | 101M | 92M | 92M | 103M | 104M | 114M | 138M | 163M | 163M |
| EBIT | 39M | 4.1M | -1.2M | N/A | 4.9M | -18M | -22M | 42M | -16M | 75M | 74M | 74M | 74M |
| Op. Margin | 6.4% | 0.7% | -0.2% | N/A | 0.7% | -2.6% | -3.1% | 5.4% | -2.0% | 9.0% | 7.4% | 6.3% | 6.3% |
| Net Income | 26M | 1.7M | -508K | -62M | 3.6M | -5.6M | -31M | 34M | -36M | 169M | 76M | 71M | 71M |
| Net Margin | 4.2% | 0.3% | -0.1% | -8.9% | 0.5% | -0.8% | -4.3% | 4.4% | -4.6% | 20.1% | 7.6% | 6.0% | 6.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 15M | 21M | 23M | 6.2M | 15M | 4.5M | 10M | 32M | 32M |
| Returns on Capital | |||||||||||||
| ROIC | 5.9% | 3.9% | -0.1% | N/A | 0.4% | -1.4% | -7.7% | 9.9% | -16.2% | 32.5% | 23.0% | 3.0% | 3.0% |
| ROE | 5.7% | 0.4% | -0.1% | -14.2% | 0.9% | -1.4% | -7.7% | 10.3% | -16.2% | 72.8% | 25.2% | 42.5% | 942.8% |
| ROA | 3.5% | 0.2% | -0.1% | -7.5% | 0.4% | -0.7% | -3.5% | 3.9% | -4.5% | 19.6% | 7.4% | 4.7% | 3.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 124M | 84M | 100M | 84M | 110M | 88M | 124M | 177M | 170M | 204M | 207M | 245M | 245M |
| Free Cash Flow | 118M | 78M | 94M | 77M | 104M | 85M | 116M | 173M | 167M | 200M | 204M | 237M | 237M |
| Owner Earnings | 54M | 9.0M | 16M | -1.7M | 18M | 5.5M | 23M | 61M | 54M | 103M | 85M | 111M | 111M |
| CapEx | 5.8M | 6.3M | 6.4M | 7.0M | 6.6M | 3.2M | 8.2M | 3.9M | 3.2M | 4.1M | 3.8M | 7.5M | 7.5M |
| Maint. CapEx | 9.0M | 11M | 10M | 12M | 12M | 17M | 16M | 11M | 10M | 6.4M | 9.1M | 10M | 10M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 9.0M | 11M | 10M | 12M | 12M | 17M | 16M | 11M | 10M | 6.4M | 9.1M | 10M | 10M |
| CapEx/OCF | 4.7% | 7.4% | 6.4% | 8.4% | 6.0% | 3.6% | 6.6% | 2.2% | 1.9% | 2.0% | 1.8% | N/A | 3.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 155M | 91M | 50M | 112M | 133M | 77M | 95M | 305M | 151M | 184M | 165M | 446M | 446M |
| Buyback Yield | 7.4% | 5.1% | 2.0% | 4.4% | 4.1% | 4.3% | 3.1% | 9.7% | 6.1% | 4.0% | 2.2% | 0.0% | 7.0% |
| Stock-Based Comp | 61M | 64M | 74M | 74M | 80M | 66M | 85M | 105M | 106M | 95M | 113M | 123M | 123M |
| Debt Repayment | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 609K | 63K | 0 | 0 | 23M | 23M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -302M | -19M | -19M |
| Cash & Equiv. | 338M | 288M | 329M | 331M | 328M | 288M | 397M | 268M | 288M | 313M | 302M | 900M | 900M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 881M | 881M |
| Debt/Equity | 0.66 | 0.69 | 0.78 | 1.03 | 1.10 | 1.05 | 1.29 | 2.19 | 3.21 | 2.39 | 0.00 | 117.54 | 117.54 |
| Interest Coverage | 173.1 | 4.4 | -1.3 | N/A | N/A | N/A | N/A | 381.3 | -33.7 | 181.6 | 177.3 | 19.5 | 19.5 |
| Equity | 431M | 422M | 467M | 404M | 391M | 412M | 394M | 256M | 186M | 278M | 325M | 7.5M | 7.5M |
| Total Assets | 713M | 715M | 830M | 819M | 822M | 845M | 904M | 816M | 783M | 944M | 1.1B | 1.9B | 1.9B |
| Total Liabilities | 283M | 293M | 363M | 415M | 431M | 433M | 510M | 560M | 596M | 666M | 793M | 1.9B | 1.9B |
| Intangibles | N/A | N/A | N/A | 0 | 0 | 46M | 0 | 3.5M | 2.3M | 1.0M | 21M | 20M | 20M |
| Retained Earnings | -126M | -198M | -216M | -374M | -485M | -554M | -666M | -899M | -1.1B | -1.1B | -1.1B | -1.5B | -1.5B |
| Working Capital | 267M | 252M | 318M | 323M | 329M | 185M | 234M | 90M | 141M | 110M | 80M | 628M | 628M |
| Current Assets | 525M | 517M | 606M | 647M | 655M | 514M | 608M | 484M | 551M | 595M | 635M | 1.3B | 1.3B |
| Current Liabilities | 258M | 265M | 288M | 324M | 326M | 329M | 373M | 394M | 410M | 485M | 555M | 658M | 658M |
| Per Share Data | |||||||||||||
| EPS | 0.54 | 0.04 | -0.01 | -1.37 | 0.07 | -0.12 | -0.66 | 0.71 | -0.80 | 3.75 | 1.68 | 1.58 | 1.58 |
| Owner EPS | 1.14 | 0.21 | 0.31 | -0.04 | 0.35 | 0.12 | 0.50 | 1.29 | 1.21 | 2.28 | 1.88 | 2.48 | 2.48 |
| Book Value | 9.07 | 9.80 | 9.19 | 8.94 | 7.69 | 8.76 | 8.40 | 5.40 | 4.16 | 6.17 | 7.18 | 0.17 | 0.17 |
| Cash Flow/Share | 2.61 | 1.96 | 1.97 | 1.86 | 2.17 | 1.88 | 2.64 | 3.74 | 3.81 | 4.52 | 4.58 | 5.47 | 1.81 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 47.5M | 43.0M | 50.8M | 45.2M | 50.9M | 47.0M | 46.9M | 47.4M | 44.7M | 45.0M | 45.3M | 44.7M | 44.7M |
| Valuation | |||||||||||||
| P/E Ratio | 81.7 | N/A | N/A | N/A | 917.9 | N/A | N/A | 93.9 | N/A | 27.0 | 96.4 | N/A | 90.1 |
| P/FCF | 17.8 | 22.1 | 26.7 | 33.0 | 31.5 | 21.1 | 26.2 | 18.2 | 14.8 | 22.9 | 36.0 | N/A | 26.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 85.8 |
| Price/Book | 5.2 | 4.5 | 5.4 | 6.3 | 8.4 | 4.4 | 7.7 | 12.3 | 13.3 | 16.4 | 22.6 | N/A | 849.2 |
| Price/Sales | 3.9 | 3.0 | 3.9 | 3.6 | 4.6 | 3.3 | 3.1 | 4.4 | 3.4 | 4.0 | 6.5 | N/A | 5.4 |
| FCF Yield | 5.6% | 4.3% | 3.7% | 3.0% | 3.2% | 4.7% | 3.8% | 5.5% | 6.8% | 4.4% | 2.8% | N/A | 3.7% |
| Market Cap | 2.1B | 1.8B | 2.5B | 2.5B | 3.3B | 1.8B | 3.0B | 3.2B | 2.5B | 4.6B | 7.3B | 0 | 6.4B |
| Avg. Price | 50.06 | 39.70 | 49.60 | 55.83 | 64.98 | 47.50 | 47.36 | 71.05 | 60.25 | 74.15 | 143.00 | 0.00 | 142.31 |
| Year-End Price | 44.14 | 40.07 | 49.25 | 56.25 | 64.25 | 38.31 | 64.73 | 66.66 | 55.33 | 101.43 | 161.98 | 0.00 | 142.31 |
COMMVAULT SYSTEMS INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
COMMVAULT SYSTEMS INC trades at 74.1x trailing earnings, compared to its 15-year median P/E of 93.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 34.5x vs a median of 26.2x. The company's 5-year average ROIC is 10.4% with a gross margin of 37.1%. Total shareholder yield (buybacks) is 7.0%. At current prices, the estimated annualized return to fair value is +16.4%.
COMMVAULT SYSTEMS INC (CVLT) has a net profit margin of 6.0%. This is a modest margin.
COMMVAULT SYSTEMS INC (CVLT) generated $237 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COMMVAULT SYSTEMS INC (CVLT) has a debt-to-equity ratio of 117.54. This indicates higher leverage, which may increase financial risk.
COMMVAULT SYSTEMS INC (CVLT) reported earnings per share (EPS) of $1.58 in its most recent fiscal year.
COMMVAULT SYSTEMS INC (CVLT) has a return on equity (ROE) of 42.5%. This indicates the company generates strong returns for shareholders.
COMMVAULT SYSTEMS INC (CVLT) has a 5-year average gross margin of 37.1%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for COMMVAULT SYSTEMS INC (CVLT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COMMVAULT SYSTEMS INC (CVLT) has a book value per share of $0.17, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects subscription ARR growth of 18–19% in fiscal 2027, with SaaS offerings exceeding $500 million in ARR by year-end, representing the majority of net new ARR additions and reflecting continued customer momentum toward cloud-native deployments. The company anticipates operational leverage in its hybrid business model as the SaaS platform scales, with non-GAAP EBIT margins expected to reach 20.5% in fiscal 2027 and potential for further expansion as the business matures. Commvault is investing in growth-driving initiatives, including AI-powered capabilities and identity protection solutions (Active Directory, Entra ID, Office), which are landing new customers and expanding existing relationships; management notes that customers are increasingly storing AI data in the cloud, making the platform's cloud-native capabilities more relevant. Free cash flow is expected to range from $250–$260 million in fiscal 2027, weighted toward the second half, with approximately 60% of annual free cash flow allocated to share repurchases, reflecting management confidence in long-term shareholder value creation.
Based on recent SEC filings and earnings calls, COMMVAULT SYSTEMS INC (CVLT) has provided the following forward guidance: Subscription ARR growth: 18%-19% year-over-year (FY2027); Subscription ARR: $1.20 billion-$1.21 billion (FY2027); SaaS ARR: exceeding $0.5 billion (FY2027); Subscription revenue: $1.115 billion-$1.125 billion (FY2027); Total revenue: $1.30 billion-$1.31 billion (FY2027), plus 5 additional metrics.
Subscription ARR growth (FY2027): “For the full fiscal year 2027, we expect subscription ARR growth of 18%-19% year-over-year, representing a range of $1.20 billion-$1.21 billion.”
Subscription ARR (FY2027): “For the full fiscal year 2027, we expect subscription ARR growth of 18%-19% year-over-year, representing a range of $1.20 billion-$1.21 billion.”
SaaS ARR (FY2027): “Our subscription ARR growth percentage will continue to be led by our SaaS offerings, which we expect to exceed a $0.5 billion of ARR by the end of fiscal 2027.”
Subscription revenue (FY2027): “We expect subscription revenue in the range of $1.115 billion-$1.125 billion, representing approximately 15% year-over-year growth at the midpoint.”
Total revenue (FY2027): “We expect total revenue of $1.30 billion-$1.31 billion.”
Non-GAAP EBIT margin (FY2027): “In addition, for fiscal 2027, we expect non-GAAP EBIT margin of 20.5%”
Free cash flow (FY2027): “we expect non-GAAP EBIT margin of 20.5%, free cash flows of $250 million-$260 million weighted towards the second half of the fiscal year”
Subscription revenue (Q1 FY2027) (Q1 FY2027): “For fiscal Q1, we expect subscription revenue of $263 million-$265 million, representing approximately 15% year-over-year growth at the midpoint.”