At a glance
CommVault Systems Inc is worth $6.81B, about 105 times its fiscal 2026 earnings. Revenue grew 18.9% to $1.18B in fiscal 2026, with 6.0% kept as profit; over 5 years it has grown 10.3% a year. It pays no dividend; it spent $1.25B buying back its shares over FY2022–FY2026. The stock returned +14.2% over the past year with dividends reinvested and +22.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.3% in the 2020 crash (S&P 500: 33.7%) and 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The business in plain English
Commvault Systems sells software and services that help organizations protect and recover their data, applications and identity systems (the tools that control who can log in to what) after ransomware attacks, system failures and other cyber incidents. Its products are delivered through Commvault Cloud, a platform that works across companies' own data centers, multiple public clouds and software-as-a-service (SaaS) apps. Customers choose from three packages: Operational Recovery for basic backup and restore; Autonomous Recovery, which adds automated disaster recovery; and Cyber Recovery, which adds threat detection and clean recovery after an attack.
Customers range from large enterprises and government agencies to small and mid-sized businesses, many in regulated fields such as banking, insurance, healthcare and energy. Commvault relies heavily on partners to reach them, and resellers are its largest sales channel.
Most revenue comes from subscriptions. These are either term licenses, which let customers use the software for a set period, or SaaS, where Commvault runs the software for them. In the fiscal year ended March 31, 2026, revenue rose 18.9% to $1.18 billion. Term-based software licenses made up 36.8%, SaaS 28.1%, support on term licenses 17.1% and support on older perpetual (permanent) licenses 10%. Perpetual license sales were just 3.7%, and other services 4.4%.
Price history
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CVLT +14.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Term-based software licenses | $435.3M | 36.8% |
| Software-as-a-service | $333.0M | 28.1% |
| Term-based support | $202.2M | 17.1% |
| Perpetual support | $118.3M | 10% |
| Other services | $51.7M | 4.4% |
| Perpetual license | $43.2M | 3.7% |
Latest results
- In Q2 FY2027 (ended Sep 30, 2026), revenue was $312.4M, up 13.1% from a year earlier, and net income was $29.1M (+97.6%).
- For fiscal 2026, revenue was $1.18B (+18.9% year over year; +10.3% a year from FY2021 to FY2026) with a 6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +10.3% good |
|---|---|
| Operating margin | 6.3% watch |
| Free cash flow margin | 20% good |
| Return on equity (FY2026) | Not meaningful: shareholders’ equity is very small, often the result of years of buybacks |
| Return on assets (FY2026) | 3.7% watch |
| Net cash (cash minus debt) | $14.3M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $723.5M | $-31.0M | $115.8M |
| FY2022 | $769.6M | $33.6M | $173.3M |
| FY2023 | $784.6M | $-35.8M | $167.0M |
| FY2024 | $839.2M | $168.9M | $199.7M |
| FY2025 | $995.6M | $76.1M | $203.6M |
| FY2026 | $1.18B | $70.7M | $237.2M |
Valuation snapshot
| Market value | $6.81B |
|---|---|
| P/E ratio | 105.4 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
CommVault Systems’s market value went from $2.33B at the end of 2016 to $6.81B on Oct 28, 2026, about 2.9 times as much; since the end of 2025 it is up 23%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.81B | +23.2% |
| 2025 | $5.53B | -16.2% |
| 2024 | $6.60B | +88.7% |
| 2023 | $3.50B | +25.0% |
| 2022 | $2.80B | -10.8% |
| 2021 | $3.14B | +20.2% |
| 2020 | $2.61B | +27.9% |
| 2019 | $2.04B | -25.4% |
| 2018 | $2.74B | +12.8% |
| 2017 | $2.42B | +4.2% |
| 2016 | $2.33B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CVLT price data to Oct 28, 2026 | +32.8% | +14.2% | +37.4% | +22.2% | +12.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.8% |
| 2025 | -16.9% |
| 2024 | +89.0% |
| 2023 | +27.1% |
| 2022 | -8.8% |
| 2021 | +24.5% |
| 2020 | +24.0% |
| 2019 | -24.4% |
| 2018 | +12.6% |
| 2017 | +2.1% |
| 2016 | +30.6% |
| 2015 | -23.9% |
| 2014 | -30.9% |
| 2013 | +7.5% |
| 2012 | +63.1% |
| 2011 | +49.3% |
| 2010 | +20.8% |
| 2009 | +76.7% |
| 2008 | -36.7% |
| 2007 | +5.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.5% over that stretch · deepest drop along the way 65.3%, back to its old high 12.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.2% over that stretch · deepest drop along the way 45.3%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.6% over that stretch · deepest drop along the way 26.7%, back to its old high 8.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 30 sales ($11.3M), 25 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Sanjay Mirchandani President & CEO, Director | sell (plan) | $1.8M |
| May 19, 2026 | Sanjay Mirchandani President & CEO, Director | sell (plan) | $1.4M |
| May 22, 2026 | Sanjay Mirchandani President & CEO, Director | sell | $1.0M |
| Aug 19, 2026 | Sanjay Mirchandani President & CEO, Director | sell (plan) | $979K |
| May 18, 2026 | Sanjay Mirchandani President & CEO, Director | sell | $884K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.29% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
ETFs with the most weight in CVLT
| DAT ProShares Big Data Refiners ETF | 5.01% |
| WCBR WisdomTree Cybersecurity Fund | 4.15% |
| GLRY Inspire Momentum ETF | 3% |
| SAWS AAM Sawgrass US Small Cap Quality Growth ETF | 2.69% |
| CSMD Congress SMid Growth ETF | 2.13% |
| GSC Goldman Sachs Small Cap Core Equity ETF | 1.71% |
| FCLD Fidelity Cloud Computing ETF | 1.7% |
| XMHQ Invesco S&P MidCap Quality ETF | 1.55% |
What could go wrong
- Larger rivals with deeper pockets. Commvault names Rubrik, Cohesity and Veeam as its main competitors, alongside big tech and cloud companies. Many are bigger. Switching backup systems is costly, so winning customers from existing vendors is hard.
- Heavy reliance on resellers. Resellers are Commvault's biggest sales channel. Their contracts are usually renewed yearly, carry no minimum sales and can often be ended without cause. Many resellers also sell competing products.
- Product flaws could damage trust. Commvault sells software meant to protect and recover data after attacks. Undetected bugs, security holes, poor setup by customers or a breach of its own systems could cost it customers and reputation.
- Convertible debt could strain cash. Commvault had about $883 million of debt as of September 30, 2026, including convertible notes (bonds that can turn into shares). Repaying or converting them could strain cash or dilute existing shareholders.
- Costly push into cloud services. Software-as-a-service (SaaS), where Commvault hosts the software, made up 28.1% of fiscal 2026 revenue. It needs large, ongoing infrastructure spending, and the company warns that spending may not pay off as expected.
- Uneven deals and a jumpy stock. Large enterprise and government deals can drag on and slip between quarters, making results hard to predict. The shares fell as much as 56.8% from peak to low in the year to October 28, 2026.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Commvault pays no dividend, so the stock provides no regular income. Any return comes only from changes in the share price. The company returns cash through buybacks instead. It spent about $1.25 billion on buybacks from fiscal 2022 through fiscal 2026. That included $446 million in fiscal 2026, when free cash flow (cash left after running and investing in the business) was $237 million. Shares outstanding fell 8.2% between January 24, 2022 and October 26, 2026. An income investor would need to sell shares to raise cash.
In past downturns the stock fell further than the overall market. It dropped 65.3% in the 2008 financial crisis (market down 49.5%), 45.3% in the 2020 COVID crash (market down 32.2%) and 26.7% in the 2022 bear market (market down 21.6%). Each time, it regained its previous high between 8.5 and 13 months after the low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Commvault make money?
Mostly by selling subscriptions to its data protection and cyber recovery software. In the fiscal year ended March 31, 2026, term-based software licenses brought in 36.8% of its $1.18 billion revenue. Software-as-a-service (SaaS), where Commvault hosts the software, brought in 28.1%. Support contracts added 17.1% on term licenses and 10% on perpetual ones. Perpetual license sales and other services made up the rest. Customers include large enterprises, government agencies and smaller businesses, often reached through resellers and other partners.
Does Commvault pay a dividend?
No. Commvault paid no dividends from fiscal 2022 through fiscal 2026 and had no dividend yield as of October 28, 2026. It returns cash through share buybacks instead. It spent about $1.25 billion over those five years, including $446 million in the year ended March 31, 2026. Buybacks can raise each remaining share's slice of future profits, but they pay nothing to investors who keep their shares. Anyone seeking income from the stock would have to sell shares.
Who are Commvault's competitors?
Commvault's main competitors are Rubrik, Cohesity and Veeam, according to its annual report. It also competes with large technology companies, cloud providers and service providers whose products overlap with parts of its platform. Many rivals have more money, larger customer bases and greater brand recognition. Switching backup systems is costly, which favors whichever vendor a customer already uses. Commvault says most of its new and prospective customers already use a competing product.
Is Commvault growing?
Yes, though its profits have been uneven. Revenue rose 18.9% to $1.18 billion in the fiscal year ended March 31, 2026, and grew about 10.3% a year over the five years from fiscal 2021. Net income fell 7.2% to $70.7 million, or $1.58 per diluted share. In the quarter ended September 30, 2026, revenue rose 13.1% and net income rose 97.6% from a year earlier. As of October 28, 2026, the stock traded at 105.4 times fiscal 2026 earnings per share.
How much debt does Commvault have?
About $883 million as of September 30, 2026. Its debt includes senior convertible notes (bonds that can be swapped for shares) and a revolving credit facility, which is a bank credit line. Cash and investments of $897 million were slightly higher, leaving net cash of about $14 million. The company warns it may lack the cash to pay the notes at maturity or on conversion, and that conversion could dilute existing shareholders. Shareholders' equity was just $12.5 million, which makes return-on-equity figures misleading.