# CommVault Systems (CVLT.US)

Canonical: https://gigainvestors.com/s/CVLT

Analysis as of: 2026-10-16T07:27:50.915Z. Financial observations: FY2002–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $158.91 per share; close as of 2026-10-15.

Estimated value: low $45.26 per share, central $53.43 per share, high $58.84 per share. Buy at or below the central value $53.43 per share. Valuation as of 2026-10-16T07:27:50.915Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 4

- Operating margin variation: 1.96×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.00×

- FY2018: -0.00×

- FY2019: 0.01×

- FY2020: -0.03×

- FY2021: -0.03×

- FY2022: 0.05×

- FY2023: -0.02×

- FY2024: 0.09×

- FY2025: 0.07×

- FY2026: 0.09×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 0.3%

- ROIC, second-lowest year: -5.9%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 83.1%

- Recent gross margin (lower of latest and 3-year median): 80.3%

- Years with nonpositive capital: 9

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 82.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -5.9%

- FY2018: -0.2%

- FY2019: 0.8%

- FY2020: -3.2%

- FY2021: -4.2%

- FY2022: 11.8%

- FY2023: -6.3%

- FY2024: 26.0%

- FY2025: 20.6%

- FY2026: 8.8%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $338M

- Net income, five-year total: $314M

- Return on incremental invested capital: 12.2%

- Working capital / revenue, annual change: 5.4 pp

- Working capital / revenue, change between three-year averages: 32.7 pp

- Working capital / revenue, final three-year average: 26.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.21×

- FY2023: 0.80×

- FY2024: 1.01×

- FY2025: 1.07×

- FY2026: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -0.2% vs 20.6%

- Per-share earnings: 0.00 to 1.68 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: $937M

- Cumulative retained earnings: -$1.2B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 121.3%

- Per-share value change: $1.68

- Per-share value, starting three-year median: $0.00

- Per-share value, ending three-year median: $1.68

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 5.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $278M

- Cumulative net income, 10 years: $219M

- ROIC, first three-year median: -0.2%

- ROIC, last three-year median: 20.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.01

- FY2018: -$1.37

- FY2019: $0.07

- FY2020: -$0.12

- FY2021: -$0.66

- FY2022: $0.71

- FY2023: -$0.80

- FY2024: $3.75

- FY2025: $1.68

- FY2026: $1.58

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -9.2%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 50.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.46×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 30.56×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -12.0%

- FY2018: -17.8%

- FY2019: -13.0%

- FY2020: -10.8%

- FY2021: -16.9%

- FY2022: -17.3%

- FY2023: -26.0%

- FY2024: -3.7%

- FY2025: -11.7%

- FY2026: -9.2%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 24% a year for ten years · sales +18.9%

Story as of 2026-10-16T09:58:35.821Z; price observation 2026-10-15.

Price needs cash profits to grow 24% a year for ten years

- 2025-07-29: Commvault Stock Surges On Strong Quarter. CFO Says 'Cyber Resilience' Demand Strong. ([finance.yahoo.com](https://finance.yahoo.com/m/acaaca9b-acef-3aac-8d93-f255534f6625/commvault-stock-surges-on.html))

- 2026-02-03: Assessing Commvault Systems (CVLT) Valuation After Record Earnings And Cautious Fiscal 2026 Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/assessing-commvault-systems-cvlt-valuation-231835853.html))

- 2026-04-28: Commvault Earnings Beat Estimates. CFO Says AI Boosting Cyber Resilience Demand. ([finance.yahoo.com](https://finance.yahoo.com/m/1ae2b2d4-6233-37c5-a97d-d47b8eaddfeb/commvault-earnings-beat.html))

- 2026-05-02: Why Commvault Systems (CVLT) Is Up 6.0% After New 2027 Outlook and Cloud Expansion ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-commvault-systems-cvlt-6-141519817.html))

- 2026-06-23: Commvault Stock Outlook Turns on SaaS Growth and Cyber Demand Now ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/commvault-stock-outlook-turns-saas-133300323.html))

- 2026-08-15: Commvault Systems (CVLT) Is Up 8.7% After Shelf Filing and Google Threat Intelligence Integration ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/commvault-systems-cvlt-8-7-031844966.html))

### Sales · FY2025–2026

sales +18.9%; source https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm; observed 2026-05-11.

- FY2017: $645M 

- FY2018: $699M 

- FY2019: $711M 

- FY2020: $671M 

- FY2021: $723M 

- FY2022: $770M 

- FY2023: $785M 

- FY2024: $839M 

- FY2025: $996M 

- FY2026: $1.2B 

### Gross margin · FY2026

gross margin 80.3%; source https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm; observed 2026-05-11.

- FY2017: 86.8% 

- FY2018: 86.0% 

- FY2019: 83.5% 

- FY2020: 82.5% 

- FY2021: 84.9% 

- FY2022: 85.2% 

- FY2023: 82.7% 

- FY2024: 81.9% 

- FY2025: 82.0% 

- FY2026: 80.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm (filed 2026-05-11); FY2026: revenue 1183690000; grossProfit 950222000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CVLT.US: Commvault Systems, Inc. provides cyber resiliency solutions for enterprises to protect, secure, and recover data, applications, and identity system. The company offers Operational Recovery for backup and recovery capabilities in hybrid enterprise workloads, such as backup, restore, recovery validation, and policy-based data movement to cloud storage; Autonomous Recovery, which adds automation, orchestration, and validation intended to reduce recovery times, downtime, and operational complexity; and Cyber Recovery, which adds cyber preparedness, threat detection, and clean recovery features to help organizations respond to ransomware and other cyber incidents. The company also provides Commvault Cleanroom Recovery, an isolated and on-demand recovery environment in the cloud; Commvault HyperScale Grid, an integrated and scale-out data protection solution; Commvault HyperScale Flex, a data protection solution designed to support enterprise-scale environments and large-volume data workloads; and Commvault Threatscan to help identify and isolate malicious or anomalous data within backup environments. In addition, it offers Commvault Cloud Air Gap Protect for isolated cloud storage; Commvault's Compliance, which includes reporting, auditing, and logging; Commvault's Cloud Rewind for data recovery with automated cloud application and infrastructure rebuild capabilities; and Commvault's Clumio Backtrack to revert cloud objects and datasets to a prior point in time. Further, the company provides professional and customer support services comprising real-time support, support engineers, customer success options, technology consulting services, recovery services, education services, and cyber resilience managed services. It operates in the United States, Canada, and Latin America, as well as in Europe, the Middle East, Africa, Australia, India, Southeast Asia, and China. Commvault Systems, Inc. was incorporated in 1996 and is headquartered in Tinton Falls, New Jersey.

### Why customers stay

Margins ranged from 80.3% to 82% during 2024–26; it earns 0.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2024: grossProfit / revenue = 81.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2025: grossProfit / revenue = 82%.

- Source: https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm (filed 2026-05-11); FY2026: grossProfit / revenue = 80.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); 10-year return on capital observations [[2017,-0.05858490566037736],[2018,-0.00184955848578443],[2019,0.008152761415067097],[2020,-0.03228516541358649],[2021,-0.04218479715630262],[2022,0.11840917064359502],[2023,-0.06310037410245581],[2024,0.25968811923839064],[2025,0.20601850997284793],[2026,0.08755941022635225]]; median 0.003151601464641333. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 446.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2017: growth capex 0; upkeep 6424000; owner earnings 4348000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2019: growth capex 0; upkeep 6560000; owner earnings 9061000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2020: growth capex 0; upkeep 3203000; owner earnings 8217000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2022: growth capex 0; upkeep 3911000; owner earnings 40663000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2024: growth capex 0; upkeep 4086000; owner earnings 171350000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); FY2025: growth capex 0; upkeep 3756000; owner earnings 81537000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm (filed 2026-05-11); FY2026: growth capex 0; upkeep 7529000; owner earnings 73476000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm (filed 2026-05-11); FY2026: cash repurchases 446106000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CVLT.US SharesStats.PercentInsiders = 0.886 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 24% yearly over ten years; actual growth was 38.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-11); Ten-year compound average after fade. Initial solved rate 0.33815166451952383. Price 158.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.06289659919550862 → FY2026 1.6454516952568639. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $53.50 per share

- 2016-11: $54.00 per share

- 2016-12: $51.40 per share

- 2017-01: $49.10 per share

- 2017-02: $49.05 per share

- 2017-03: $50.80 per share

- 2017-04: $50.45 per share

- 2017-05: $56.13 per share

- 2017-06: $56.45 per share

- 2017-07: $59.55 per share

- 2017-08: $61.05 per share

- 2017-09: $60.80 per share

- 2017-10: $52.05 per share

- 2017-11: $53.90 per share

- 2017-12: $52.50 per share

- 2018-01: $53.35 per share

- 2018-02: $52.05 per share

- 2018-03: $57.20 per share

- 2018-04: $69.95 per share

- 2018-05: $68.35 per share

- 2018-06: $65.85 per share

- 2018-07: $64.90 per share

- 2018-08: $69.65 per share

- 2018-09: $70.00 per share

- 2018-10: $58.22 per share

- 2018-11: $58.94 per share

- 2018-12: $59.09 per share

- 2019-01: $66.07 per share

- 2019-02: $67.39 per share

- 2019-03: $64.74 per share

- 2019-04: $52.60 per share

- 2019-05: $46.05 per share

- 2019-06: $49.62 per share

- 2019-07: $45.44 per share

- 2019-08: $43.37 per share

- 2019-09: $44.71 per share

- 2019-10: $49.67 per share

- 2019-11: $50.62 per share

- 2019-12: $44.64 per share

- 2020-01: $45.02 per share

- 2020-02: $41.70 per share

- 2020-03: $40.48 per share

- 2020-04: $42.69 per share

- 2020-05: $40.46 per share

- 2020-06: $38.70 per share

- 2020-07: $44.08 per share

- 2020-08: $43.23 per share

- 2020-09: $40.80 per share

- 2020-10: $39.59 per share

- 2020-11: $47.76 per share

- 2020-12: $55.37 per share

- 2021-01: $62.78 per share

- 2021-02: $63.73 per share

- 2021-03: $64.50 per share

- 2021-04: $69.51 per share

- 2021-05: $76.17 per share

- 2021-06: $78.17 per share

- 2021-07: $75.59 per share

- 2021-08: $80.97 per share

- 2021-09: $75.31 per share

- 2021-10: $61.50 per share

- 2021-11: $62.88 per share

- 2021-12: $68.92 per share

- 2022-01: $67.46 per share

- 2022-02: $62.91 per share

- 2022-03: $66.35 per share

- 2022-04: $61.00 per share

- 2022-05: $61.01 per share

- 2022-06: $62.90 per share

- 2022-07: $56.09 per share

- 2022-08: $54.29 per share

- 2022-09: $53.04 per share

- 2022-10: $60.89 per share

- 2022-11: $66.00 per share

- 2022-12: $62.84 per share

- 2023-01: $62.23 per share

- 2023-02: $58.88 per share

- 2023-03: $56.74 per share

- 2023-04: $58.27 per share

- 2023-05: $69.69 per share

- 2023-06: $72.62 per share

- 2023-07: $77.93 per share

- 2023-08: $68.31 per share

- 2023-09: $67.61 per share

- 2023-10: $65.35 per share

- 2023-11: $73.58 per share

- 2023-12: $79.85 per share

- 2024-01: $91.68 per share

- 2024-02: $95.71 per share

- 2024-03: $101.43 per share

- 2024-04: $102.47 per share

- 2024-05: $107.59 per share

- 2024-06: $121.57 per share

- 2024-07: $152.85 per share

- 2024-08: $155.40 per share

- 2024-09: $153.85 per share

- 2024-10: $156.19 per share

- 2024-11: $171.59 per share

- 2024-12: $150.91 per share

- 2025-01: $159.26 per share

- 2025-02: $170.56 per share

- 2025-03: $157.76 per share

- 2025-04: $167.13 per share

- 2025-05: $183.15 per share

- 2025-06: $174.33 per share

- 2025-07: $189.95 per share

- 2025-08: $186.65 per share

- 2025-09: $188.78 per share

- 2025-10: $139.22 per share

- 2025-11: $123.50 per share

- 2025-12: $125.36 per share

- 2026-01: $85.70 per share

- 2026-02: $85.08 per share

- 2026-03: $77.89 per share

- 2026-04: $98.88 per share

- 2026-05: $118.75 per share

- 2026-06: $141.73 per share

- 2026-07: $117.80 per share

- 2026-08: $137.52 per share

- 2026-09: $149.92 per share

- 2026-10: $158.91 per share

## Annual estimated value (USD per share)

- FY2017: low $10.85 per share, central $10.99 per share, high $11.19 per share

- FY2018: low $10.74 per share, central $10.86 per share, high $11.01 per share

- FY2019: low $10.13 per share, central $10.24 per share, high $10.39 per share

- FY2020: low $8.21 per share, central $8.35 per share, high $8.55 per share

- FY2021: low $9.35 per share, central $9.50 per share, high $9.71 per share

- FY2022: low $7.53 per share, central $7.84 per share, high $8.24 per share

- FY2023: low $8.44 per share, central $8.77 per share, high $9.20 per share

- FY2024: low $9.22 per share, central $9.80 per share, high $10.34 per share

- FY2025: low $20.02 per share, central $23.29 per share, high $26.12 per share

- FY2026: low $40.78 per share, central $48.16 per share, high $53.05 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1169561/000116956126000017/cvlt-20260331.htm); period 2026-03-31, filed 2026-05-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.