NTNX · Technology(services-prepackaged software) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2026-07-31
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Nutanix, Inc. reported revenue of $2.9 billion in fiscal 2026, after growing 10.6% a year over the previous 9 years. Its operating margin widened from -24.3% in 2018 to 9.6%. Of the $2.6 billion its operations generated over 10 years, 42.1% went to buybacks and 25.4% back into the business; the share count fell 99.8%. On the accounting screens, it passes 4 of 8 Piotroski tests, its Altman Z'' of -0.11 is in the distress zone and its Beneish M-score is above the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 20262.9B+10.6% a year over 9 years
Operating margin9.6%gross margin 86.8%
Return on invested capital—
Free cash flow after stock pay483.0M16.9% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score4/8tests 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
-1B01B2B3B
2018Revenue 1.2BOperating income -280.4M
2019Revenue 1.2BOperating income -598.0M
2020Revenue 1.3BOperating income -828.9M
2021Revenue 1.4BOperating income -662.1M
2021
2022Revenue 1.6BOperating income -458.9M
2023Revenue 1.9BOperating income -207.2M
2024Revenue 2.1BOperating income 7.6M
2025Revenue 2.5BOperating income 172.5M
2026Revenue 2.9BOperating income 274.0M
2018201920202021202120222023202420252026
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+15.3%
—
+10.6%
Net income
+0.0%
—
—
Earnings per share
-7.2%
—
—
Free cash flow per share
+48.0%
—
+194.1%
Shares
+7.8%
—
-50.8%
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
214.5%
Return on assets
29.7%
Asset turnover
0.56×
Research & development
27.7% of revenue
Overheads (SG&A)
9.2% 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
-2B-1B01B2B
2018Net income -297.2MFree cash flow 30.2MAfter stock-based pay -147.7M
2019Net income -621.2MFree cash flow -76.3MAfter stock-based pay -383.0M
2020Net income -872.9MFree cash flow -249.4MAfter stock-based pay -601.4M
2021Net income -1.0BFree cash flow -158.5MAfter stock-based pay -517.0M
2021
2022Net income -798.9MFree cash flow 18.5MAfter stock-based pay -324.8M
2023Net income 1.5BFree cash flow 207.0MAfter stock-based pay -104.7M
2024Net income -124.8MFree cash flow 597.7MAfter stock-based pay 263.8M
2025Net income 188.4MFree cash flow 750.2MAfter stock-based pay 398.6M
2026Net income 1.5BFree cash flow 840.7MAfter stock-based pay 483.0M
2018201920202021202120222023202420252026
Where 10 years of operating cash went, 2018–2026
2.6B generated by the business. Each band is its share of that total.
Reinvested in the business 25%666.0M
Acquisitions 2%45.7M
Dividends 0%0
Share buybacks 42%1.1B
Kept, or used to pay down debt 31%808.1M
Over the same years it paid 2.9B in stock. The share count fell 99.8%. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$10,000-$5,000$0$5,000$10,000
2018Earnings per share $-1.72Free cash flow per share $0.17
2019Earnings per share $-3.29Free cash flow per share $-0.40
2020Earnings per share $-4,482.78Free cash flow per share $-1,280.68
2021Earnings per share $-5,015.57Free cash flow per share $-767.44
2021
2022Earnings per share $-3,622.86Free cash flow per share $83.82
2023Earnings per share $6,460.26Free cash flow per share $887.47
2024Earnings per share $-509.82Free cash flow per share $2,442.07
2025Earnings per share $640.52Free cash flow per share $2,550.89
2026Earnings per share $5,157.17Free cash flow per share $2,877.22
2018201920202021202120222023202420252026
Shares outstanding
Diluted shares
050M100M150M200M
2018Diluted shares 172.9M
2019Diluted shares 188.6M
2020Diluted shares 194,719
2021Diluted shares 206,475
2021
2022Diluted shares 220,529
2023Diluted shares 233,247
2024Diluted shares 244,743
2025Diluted shares 294,083
2026Diluted shares 292,183
2018201920202021202120222023202420252026
Debt and liquidity
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
— operating income ÷ interest
Current ratio
1.80 current assets ÷ current liabilities
Cash conversion cycle
— collects in 37d
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.
4of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✕Profit backed by cashOperating cash flow above net income (low accruals)failed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✕More liquidCurrent ratio higher than a year beforefailed
✓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?
-0.11distress zone
1.12.6
Working capital ÷ assets 0.26 × 6.56+1.74
Retained earnings ÷ assets -0.73 × 3.26-2.38
Operating income ÷ assets 0.05 × 6.72+0.36
Equity ÷ liabilities 0.16 × 1.05+0.17
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?
-1.47above the -1.78 line
-1.78
Receivables vs sales 0.76+0.70
Gross margin slipping 1.00+0.53
Soft assets 2.24+0.91
Sales growth 1.12+1.00
Slower depreciation 0.98+0.11
Overheads vs sales 0.98-0.17
Profit not in cash 0.12+0.54
Leverage rising 0.77-0.25
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.
Reported profit comfortably exceeds the cash generated (1,507M against 917M).
Benign
Growth consuming working capital, or the seasonality of the year-end.
Worrying
Profit held up by accounting entries that do not turn into money.
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 4 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$7.4M2 sale(s) by 2 insider(s)
Under pre-arranged plans50%of the sales followed a 10b5-1 plan set months earlier
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.
