CVLT · Technology(services-prepackaged software) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2026-03-31
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Commvault Systems Inc reported revenue of $1.2 billion in fiscal 2026, after growing 7.0% a year over the previous 9 years. Its operating margin widened from -0.2% in 2017 to 6.3%. Of the $1.5 billion its operations generated over 10 years, 113.8% went to buybacks and 17.6% to acquisitions. On the accounting screens, it passes 5 of 8 Piotroski tests, its Altman Z'' of -0.09 is in the distress zone and its Beneish M-score is below the -1.78 line; none of the six cross-checks between its statements fires.
Revenue, fiscal 20261.2B+7.0% a year over 9 years
Operating margin6.3%gross margin 81.2%
Return on invested capital—
Free cash flow after stock pay113.7M9.6% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score5/8tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-500.0M0500.0M1.0B1.5B
2017Revenue 645.0MOperating income -1.2M
2018Revenue 699.4MOperating income -946,000
2019Revenue 711.0MOperating income 4.9M
2020Revenue 670.9MOperating income -17.5M
2021Revenue 723.5MOperating income -22.3M
2022Revenue 769.6MOperating income 41.6M
2023Revenue 784.6MOperating income -15.9M
2024Revenue 839.2MOperating income 75.4M
2025Revenue 995.6MOperating income 73.7M
2026Revenue 1.2BOperating income 74.0M
2017201820192020202120222023202420252026
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+14.7%
+10.3%
+7.0%
Free cash flow per share
+12.4%
+16.4%
+10.9%
Shares
-0.0%
-0.9%
-0.0%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
942.8%
Return on assets
3.7%
Asset turnover
0.63×
Research & development
13.7% of revenue
Overheads (SG&A)
13.7% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-100.0M0100.0M200.0M300.0M
2017Net income -508,000Free cash flow 93.6MAfter stock-based pay 19.7M
2018Net income -61.9MFree cash flow 77.1MAfter stock-based pay 3.0M
2019Net income 3.6MFree cash flow 103.6MAfter stock-based pay 23.1M
2020Net income -5.6MFree cash flow 85.3MAfter stock-based pay 19.4M
2021Net income -31.0MFree cash flow 115.8MAfter stock-based pay 30.9M
2022Net income 33.6MFree cash flow 173.3MAfter stock-based pay 68.1M
2023Net income -35.8MFree cash flow 167.0MAfter stock-based pay 61.3M
2024Net income 168.9MFree cash flow 199.7MAfter stock-based pay 105.2M
2025Net income 76.1MFree cash flow 203.6MAfter stock-based pay 90.4M
2026Net income 70.7MFree cash flow 237.2MAfter stock-based pay 113.7M
2017201820192020202120222023202420252026
Where 10 years of operating cash went, 2017–2026
1.5B generated by the business. Each band is its share of that total.
Reinvested in the business 4%53.9M
Acquisitions 18%265.5M
Dividends 0%0
Share buybacks 114%1.7B
More than it generated: funded with cash or new debt -35%-528.0M
Over the same years it paid 921.4M in stock. The share count barely moved. 797.3M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-2.00$0.00$2.00$4.00$6.00
2017Earnings per share $-0.01Free cash flow per share $2.09
2018Earnings per share $-1.37Free cash flow per share $1.70
2019Earnings per share $0.07Free cash flow per share $2.18
2020Earnings per share $-0.12Free cash flow per share $1.86
2021Earnings per share $-0.66Free cash flow per share $2.48
2022Earnings per share $0.71Free cash flow per share $3.67
2023Earnings per share $-0.80Free cash flow per share $3.74
2024Earnings per share $3.75Free cash flow per share $4.43
2025Earnings per share $1.68Free cash flow per share $4.51
2026Earnings per share $1.58Free cash flow per share $5.31
2017201820192020202120222023202420252026
Shares outstanding
Diluted shares
44.0M45.0M46.0M47.0M48.0M
2017Diluted shares 44.7M
2018Diluted shares 45.2M
2019Diluted shares 47.6M
2020Diluted shares 45.8M
2021Diluted shares 46.7M
2022Diluted shares 47.2M
2023Diluted shares 44.7M
2024Diluted shares 45.1M
2025Diluted shares 45.2M
2026Diluted shares 44.7M
2017201820192020202120222023202420252026
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
19× operating income ÷ interest
Current ratio
1.95 current assets ÷ current liabilities
Cash conversion cycle
— collects in 102d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✓More liquidCurrent ratio higher than a year beforepassed
✓No new sharesShare count did not growpassed
✕Better gross marginGross margin higher than a year beforefailed
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
-0.09distress zone
1.12.6
Working capital ÷ assets 0.33 × 6.56+2.19
Retained earnings ÷ assets -0.78 × 3.26-2.54
Operating income ÷ assets 0.04 × 6.72+0.26
Equity ÷ liabilities 0.00 × 1.05+0.00
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.65below the -1.78 line
-1.78
Receivables vs sales 1.10+1.01
Gross margin slipping 1.01+0.53
Soft assets 0.74+0.30
Sales growth 1.19+1.06
Slower depreciation 1.01+0.12
Overheads vs sales 0.99-0.17
Profit not in cash -0.09-0.43
Leverage rising 0.70-0.23
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$4.3M10 sale(s) by 5 insider(s)
Under pre-arranged plans80%of the sales followed a 10b5-1 plan set months earlier
Haydon William GeoffreyPresident of Cust & Field Ops
Sold on the open market
316
$134.78
$42,590
65,254
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
