Commvault Systems, Inc. provides a cyber resilience platform for protecting and recovering data and cloud-native applications in the Americas and internationally. The company offers Operational Recovery, which provides backup, verifiable recovery, and cost-optimized cloud workload mobility to ensure data availability and granular recovery; autonomous recovery for automated disaster and cyber recovery use cases to deliver backup, replication, and disaster recovery for all workloads on-premises, in the cloud, across various clouds, and in hybrid environments; and Cyber Recovery for threat scanning to hunt for threats within backup data, cyber deception, and threat detection to provide early warning of attacks. It also provides Commvault Cloud’s Cleanroom Recovery for organizations to be ready to recover by providing a clean, isolated, and on-demand recovery location in the cloud, as well as the ability to test their incident response plans and recover; and Commvault HyperScale X, an intuitive, easy-to-deploy and scale-out, and integrated data protection solution to support enterprises' transformations, such as legacy scale-up infrastructures, hybrid cloud, container, and virtualized environments. In addition, the company offers Commvault Cloud Air Gap Protect, an integrated air-gapped cloud storage target that enables IT organizations to adopt cloud storage to ease digital transformation, reduce risks, and scale; and Commvault's Compliance, which provides built-in reporting, auditing, and logging to help ensure data is not modified or deleted for legal and compliance purposes. Further, it provides Commvault Cloud Rewind to restore an organization’s cloud application and data environment; and Commvault’s Clumio Backtrack to revert objects and datasets stored in Amazon Simple Storage Service (Amazon S3), as well as professional and customer support services. The company was incorporated in 1996 and is headquartered in Tinton Falls, New Jersey.
Price Overview
Last updated: Jul 8, 2026 7:22pm (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 1.61
Total Equity: $7.49M
Shares: 44,654,000
Total Debt: $887.83M
Cash: $899.99M
EBITDA: $106.27M
Total Debt: $887.83M
Cash: $899.99M
Revenue: $1.18B
Revenue: $1.18B
Revenue: $1.18B
Total Equity: $7.49M
Tax Rate: 23.3%
Equity: $7.49M
Total Debt: $887.83M
Cash: $899.99M
Current Liabilities: $658.17M
Long-Term Debt: $880.86M
Total Debt: $887.83M
Total Equity: $7.49M
Shares: 44,654,000
Shares: 44,654,000
CapEx: -$7.53M
Shares: 44,654,000
Stock Price: $146.92
Net Income: $70.66M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jul 2, 2026 12:54pm (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Revenue | $769.6M | $784.6M | $839.2M | $995.6M | $1.2B |
| Cost of Revenue | $113.9M | $135.4M | $151.6M | $179.0M | $233.5M |
| Gross Profit | $655.7M | $649.2M | $687.6M | $816.6M | $950.2M |
| Operating Expenses | $614.2M | $665.1M | $612.3M | $742.8M | $844.6M |
| Operating Income | $41.6M | -$15.9M | $75.4M | $73.7M | $105.6M |
| Net Income | $33.6M | -$35.8M | $168.9M | $76.1M | $70.7M |
| EBITDA | $54.5M | -$4.6M | $90.6M | $90.7M | $106.3M |
| EPS | $0.74 | $-0.80 | $3.85 | $1.74 | $1.61 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 2, 2026 12:54pm (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Cash & Equivalents | $267.5M | $287.8M | $312.8M | $302.1M | $900.0M |
| Total Current Assets | $484.1M | $550.9M | $595.1M | $635.1M | $1.3B |
| Total Assets | $827.9M | $792.6M | $943.9M | $1.1B | $1.9B |
| Current Liabilities | $394.1M | $410.1M | $484.9M | $555.1M | $658.2M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $880.9M |
| Total Liabilities | $572.1M | $606.5M | $665.8M | $793.1M | $1.9B |
| Total Equity | $255.8M | $186.1M | $278.1M | $325.1M | $7.5M |
| Retained Earnings | -$898.7M | -$1.1B | -$1.1B | -$1.1B | -$1.5B |
Cash Flow (Annual)
Last updated: Jul 2, 2026 12:54pm (6d ago)| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Operating Cash Flow | $177.2M | $170.3M | $203.8M | $207.4M | $244.7M |
| Capital Expenditure | -$3.9M | -$3.2M | -$4.1M | -$3.8M | -$7.5M |
| Free Cash Flow | $173.3M | $167.0M | $199.7M | $203.6M | $237.2M |
| Acquisitions (net) | -$16.9M | $0 | $0 | -$65.3M | -$25.8M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$305.2M | -$150.9M | -$184.0M | -$165.0M | -$446.1M |
| Net Change in Cash | -$129.7M | $20.3M | $25.0M | -$10.7M | $597.9M |
Analyst Estimates (Annual)
Last updated: Jul 8, 2026 7:22pm (just now)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$1.2B $1.2B – $1.2B
|
$1.3B $1.3B – $1.3B
|
$1.5B $1.4B – $1.5B
|
$1.6B $1.6B – $1.7B
|
| EBITDA |
$83.4M $81.8M – $84.7M
|
$92.3M $91.6M – $93.0M
|
$103.1M $100.3M – $105.2M
|
$116.3M $114.1M – $118.2M
|
| Net Income |
$187.2M $185.0M – $189.5M
|
$233.3M $225.6M – $241.0M
|
$278.7M $255.3M – $302.1M
|
$350.0M $341.9M – $358.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 2, 2026 12:54pm (6d ago)| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue Growth | +1.9% | +7.0% | +18.6% | +18.9% |
| Gross Profit Growth | -1.0% | +5.9% | +18.8% | +16.4% |
| Operating Income Growth | -138.2% | +574.4% | -2.1% | +43.2% |
| Net Income Growth | -206.4% | +572.1% | -54.9% | -7.2% |
| EBITDA Growth | -108.4% | +2,082.9% | +0.1% | +17.2% |
Insider Trading (Recent)
All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-02 | Abrahamsen Danielle Nicole | S-Sale | 254.00 | $150.00 | $38,100 |
| 2026-06-25 | Abrahamsen Danielle Nicole | A-Award | 244.00 | $0.00 | $0 |
| 2026-06-11 | Mirchandani Sanjay | G-Gift | 40,734.00 | $0.00 | $0 |
| 2026-06-11 | Mirchandani Sanjay | G-Gift | 40,734.00 | $0.00 | $0 |
| 2026-05-21 | Abrahamsen Danielle Nicole | A-Award | 328.00 | $0.00 | $0 |
| 2026-05-22 | Abrahamsen Danielle Nicole | S-Sale | 101.00 | $107.39 | $10,846 |
| 2026-05-26 | Abrahamsen Danielle Nicole | S-Sale | 277.00 | $106.70 | $29,556 |
| 2026-05-21 | Merrill Gary | A-Award | 2,952.00 | $0.00 | $0 |
| 2026-05-21 | Merrill Gary | A-Award | 5,647.00 | $0.00 | $0 |
| 2026-05-22 | Merrill Gary | S-Sale | 3,777.00 | $107.39 | $405,616 |
| 2026-05-26 | Merrill Gary | S-Sale | 4,554.00 | $106.70 | $485,912 |
| 2026-05-21 | Mirchandani Sanjay | A-Award | 8,200.00 | $0.00 | $0 |
| 2026-05-21 | Mirchandani Sanjay | A-Award | 17,118.00 | $0.00 | $0 |
| 2026-05-22 | Mirchandani Sanjay | S-Sale | 9,701.00 | $107.39 | $1.0M |
| 2026-05-19 | Merrill Gary | S-Sale | 2,285.00 | $106.19 | $242,644 |
| 2026-05-19 | Merrill Gary | S-Sale | 2,275.00 | $104.01 | $236,623 |
| 2026-05-19 | Abrahamsen Danielle Nicole | S-Sale | 896.00 | $106.19 | $95,146 |
| 2026-05-19 | Abrahamsen Danielle Nicole | S-Sale | 169.00 | $104.01 | $17,578 |
| 2026-05-20 | Abrahamsen Danielle Nicole | S-Sale | 365.00 | $99.13 | $36,182 |
| 2026-05-19 | Mirchandani Sanjay | S-Sale | 13,158.00 | $106.19 | $1.4M |
Narrative Economics
market-narrative step).
Delvantic AI Findings
The raw print tells a more ambiguous story than the synthesis admits. Revenue grew from $769M (FY22) to $1.18B (FY26) — a real 18.8% CAGR — and FY26 FCF of $237M on $1.18B revenue (20% FCF margin) is genuinely high-quality. But look at the quarterly cadence: revenue went $262.6 → $275.0 → $282.0 → $276.2 → $313.8 → $311.7M. That's a sequential *decline* in the most recent quarter and only ~3% sequential over two quarters from Q1 to Q4 of the latest fiscal cycle. Net margin compressed from 11.3% (Mar-25) to 4.7% (Mar-26) — a 660 bps deterioration in twelve months while revenue grew only 13% YoY in that same final quarter, well below the 18.9% TTM headline. The "decelerating" tag in revenue confidence is real and the synthesis underweights it.
The pre-flight model's framing as a "transitioning SaaS platform" is the right lens, but the synthesis's "Reasonable Premium" verdict and the market-forces "value trap" verdict directly contradict each other and neither bothers to reconcile. I lean toward market-forces being closer to right on the trajectory but wrong on severity. EV/EBITDA of 39x and P/E of 63x are not "middle-of-the-road enterprise software" — they're full-fat SaaS multiples on a company whose operating margin is 8.9% and whose earnings CAGR is *negative 35%*. The synthesis's "10.4% implied growth is conservative" framing assumes margins recover; if margins stay at the trailing 6% net level, the implied growth needed to justify $103 is materially higher. The P/B of 457 (anomaly-flagged) signals near-zero tangible book — fine for SaaS, but it means the $900M cash cushion is doing a lot of the downside-protection work, and there's no debt figure disclosed, which is a real data gap.
A careful contrarian would note three things the bulls aren't pricing. First, the data protection space is genuinely under attack — Rubrik (now public, growing 40%+), Cohesity-Veritas merger, and the hyperscaler-native backup tools are all real, and Commvault's 18.9% growth in this environment is respectable but not category-leading. Second, insider activity is one-directional sells (six S-sales in Feb-Mar 2026) followed by April awards — that's not a "vote of confidence," that's executives taking liquidity at $100+ before reloading on grants at the company's expense. Third, the FY24 net income of $168.9M looks like it contained a tax or one-time benefit (op income was only $75.4M that year) — meaning the earnings CAGR comparison is distorted and the underlying earnings power is more like $70-100M, putting normalized P/E closer to 50-65x. That's expensive for a 13% recent-quarter grower with margin compression.
I dissent from "Reasonable Premium" and lean closer to market-forces' caution, though "value trap" is too harsh given $237M FCF and $900M cash (~20% of market cap). Fair value on 25-30x FCF (appropriate for a mid-teens grower with SaaS transition risk) is $5.9-7.1B, or roughly $135-160/share — which would actually argue CVLT is *undervalued* if you trust the FCF. But on EV/EBITDA normalization to 20-25x (peer median for decelerating SaaS), you get $75-95/share. The split between these two anchors — FCF-rich but earnings-poor — is the entire debate, and it resolves on whether the Q1 FY27 print stabilizes margins above 6% net. The decelerating quarterly sequence and insider selling tilt me bearish on near-term execution; the FCF and cash cushion prevent outright shorting. Wait for the next print.
GPT Critique
Commvault Systems, Inc. presents an intriguing financial narrative underscored by its transition from legacy enterprise software to a SaaS platform. My independent analysis of the raw data highlights a company that has achieved significant revenue growth over the past few years, with a compound annual growth rate (CAGR) of 18.8% from 2022 to 2026, culminating in revenue of $1.18 billion. However, the profitability story is less compelling. The net income for FY26 stands at $70.7 million, down from $168.9 million in FY24, indicating substantial margin compression. Despite a strong free cash flow (FCF) margin of 20%, the sequential quarterly revenue growth appears anemic, with slight declines in the most recent quarters, suggesting potential deceleration in revenue trajectory.
I find myself in agreement with Opus's assessment that Commvault is fairly valued to slightly rich at its current price of $103. Opus rightly points out the sequential revenue decline and margin compression as significant concerns, which I concur with. The 660 basis points drop in net margin over a year is particularly alarming and not sufficiently mitigated by the overall revenue growth or the appealing FCF. The P/E ratio of 63x and EV/EBITDA of 39x are indeed reflective of high valuations typically seen in robust SaaS companies, yet Commvault's declining earnings and margins do not align with such multiples, as Opus notes.
Where I diverge from Opus is in the interpretation of market forces and the insider trading context. Opus suggests that the market forces signal a potential value trap, but I would argue that the $900 million cash reserve and lack of debt provide a cushion that mitigates some downside risk. Additionally, while insider selling could indicate a lack of confidence, it is not uncommon for executives to liquidate shares for a variety of personal reasons, and the subsequent awards in April could imply a strategic realignment rather than purely negative sentiment.
A careful skeptic might argue that both analyses overemphasize recent deceleration without sufficiently considering the strategic long-term benefits of the SaaS transition. They might point to the robust cash flow and cash reserves as indicators of potential resiliency and argue that the high valuations are justified by the company's strategic pivot and potential for future margin recovery. Such a view would suggest a more optimistic outlook, pending evidence of stabilization or improvement in upcoming financial results.