At a glance
Nutanix Inc is worth $19.68B, about 14 times its fiscal 2026 earnings. Revenue grew 12.4% to $2.85B in fiscal 2026, with 52.8% kept as profit; over 5 years it has grown 15.4% a year. It pays no dividend; it spent $981.2M buying back its shares over FY2022–FY2026. The stock returned +4.6% over the past year with dividends reinvested and +16.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 66.6% in the 2020 crash (S&P 500: 33.7%) and 56.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months and 6 months after the lows.
The business in plain English
Nutanix sells software that lets organizations run applications, data and AI tools in three kinds of places: their own data centers, remote edge locations and public clouds such as AWS, Azure and Google Cloud. It pioneered hyperconverged infrastructure (HCI). HCI uses software to combine the computing, storage and networking of a group of servers into one pool that is simpler to manage. Nutanix also makes AHV, a hypervisor (software that lets one server run many virtual machines). It adds tools for Kubernetes (a system for running modern apps), storage, databases and enterprise AI.
Nutanix reports one business segment and sells on subscription. Term-based licenses usually run one to five years, and cloud subscriptions run up to five years. Customers usually buy the servers that run the software from channel partners or hardware makers (OEMs), and Nutanix relies mainly on partners to sell its products. In fiscal 2026 (the year ended July 31, 2026), revenue was about $2.85 billion, up 12.4%. Term-based licenses brought in 49.5%, support subscriptions (software upgrades and technical help) 45.5% and professional services 5%.
By region, the US supplied 53.6% of revenue; Europe, the Middle East and Africa 29.1%; Asia Pacific 14.6%; and the rest of the Americas 2.6%. The company focuses on larger enterprise customers and also sells to government organizations.
Price history
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NTNX +4.6% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Subscriptionand Circulation Software Termbased Licenses | $1.41B | 49.5% |
| Subscriptionand Circulation Software Entitlementand Support Subscription | $1.30B | 45.5% |
| Professional Services | $141.3M | 5% |
By geography
| US | $1.53B | 53.6% |
| EMEA | $831.4M | 29.1% |
| Asia Pacific | $417.8M | 14.6% |
| Other Americas | $73.9M | 2.6% |
Latest results
- In Q4 FY2026 (ended Jul 31, 2026), revenue was $757.1M, up 15.9% from a year earlier, and net income was $1.27B (+3184.9%).
- For fiscal 2026, revenue was $2.85B (+12.4% year over year; +15.4% a year from FY2021 to FY2026) with a 52.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +15.4% good |
|---|---|
| Operating margin | 9.6% watch |
| Free cash flow margin | 29.5% good |
| Return on equity (FY2026) | 214.5% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2026) | 29.7% good |
| Net cash (cash minus debt) | $1.01B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.39B | $-1.04B | $-158.5M |
| FY2022 | $1.58B | $-798.9M | $18.5M |
| FY2023 | $1.86B | $1.51B | $207.0M |
| FY2024 | $2.15B | $-124.8M | $597.7M |
| FY2025 | $2.54B | $188.4M | $750.2M |
| FY2026 | $2.85B | $1.51B | $840.7M |
Valuation snapshot
| Market value | $19.68B |
|---|---|
| P/E ratio | 14.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Nutanix’s market value went from $5.91B at the end of 2022 to $19.68B on Oct 27, 2026, about 3.3 times as much; since the end of 2025 it is up 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $19.68B | +40.8% |
| 2025 | $13.98B | -14.7% |
| 2024 | $16.39B | +41.6% |
| 2023 | $11.57B | +95.7% |
| 2022 | $5.91B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NTNX price data to Oct 27, 2026 | +40.7% | +4.6% | +28.0% | +16.3% | +10.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +40.7% |
| 2025 | -15.5% |
| 2024 | +28.3% |
| 2023 | +83.1% |
| 2022 | -18.2% |
| 2021 | -0.0% |
| 2020 | +1.9% |
| 2019 | -24.8% |
| 2018 | +17.9% |
| 2017 | +32.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 57.7% over that stretch · deepest drop along the way 66.6%, back to its old high 14.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.6% over that stretch · deepest drop along the way 56.5%, back to its old high 5.9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 11 sales ($57.2M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 12, 2026 | Rukmini Sivaraman Chief Financial Officer | sell (plan) | $13.4M |
| Oct 6, 2026 | Rajiv Ramaswami Chief Executive Officer, Director | sell (plan) | $13.2M |
| Oct 6, 2026 | Rajiv Ramaswami Chief Executive Officer, Director | sell (plan) | $10.7M |
| Oct 7, 2026 | Rajiv Ramaswami Chief Executive Officer, Director | sell (plan) | $5.6M |
| Sep 24, 2026 | Tarkan Maner President and CCO | sell | $4.8M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.4% | Sep 30, 2025 |
| AQR Capital Management, LLC | 5.71% | Mar 31, 2026 |
| Vanguard Capital Management | 5.32% | Mar 31, 2026 |
| Vanguard Portfolio Management | 4.97% | Jun 30, 2026 |
ETFs with the most weight in NTNX
| DAT ProShares Big Data Refiners ETF | 5.38% |
| PTF Invesco Dorsey Wright Technology Momentum ETF | 4.01% |
| SKYY First Trust Cloud Computing ETF | 3.96% |
| LOUP Innovator Deepwater Frontier Tech ETF | 3.11% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 2.4% |
| FCLD Fidelity Cloud Computing ETF | 2.24% |
| FLCG Federated Hermes MDT Large Cap Growth ETF | 1.73% |
| FXL First Trust Technology AlphaDEX Fund | 1.7% |
What could go wrong
- The VMware opening may not pay off. Broadcom's changes to VMware's products, pricing and licensing have given Nutanix a chance to win new customers. The company warns it may not capture that business, which could slow its growth.
- Outside storage options could eat into core sales. Nutanix lets customers pair its software with external storage systems from companies such as Dell. That could cut sales of its core HCI product and change how customers buy, which would hurt results.
- Reliance on hardware makers and supply chains. Nutanix's software runs on servers built by outside hardware makers. Supply disruptions, delays, quality problems and price swings have hurt the business before and could do so again.
- Growth depends on subscription renewals. Most revenue comes from subscriptions that must be renewed. If customers don't renew or expand, results suffer. Much revenue is booked over the life of each contract, so a sales slump may show only gradually.
- Profits are new and may not last. Nutanix lost money every fiscal year from 2021 through 2024 and warns it may not stay profitable. Its operating margin, a measure of profit from the core business, was 9.6% in fiscal 2026.
- Convertible debt could drain cash or dilute. Nutanix's 2027 and 2029 convertible notes (debt that can turn into shares) may require significant cash, and conversion could dilute shareholders. Debt was $1.35 billion and cash and investments $2.36 billion as of July 31, 2026.
Recent events
- Executive or board change
- Executive or board change
- Quarterly results released
- Restructuring or exit costs
- Quarterly results released
- Unregistered sale of shares
- Investor presentation or announcement
- Bylaws or fiscal year changed
- Quarterly results released; Unregistered sale of shares; Investor presentation or announcement
- Executive or board change
For income and retirement investors
Nutanix pays no dividend. Its annual report for fiscal 2026 (the year ended July 31, 2026) says it does not intend to pay one in the foreseeable future. Returns depend on the share price, so an investor who needs income would have to sell shares to get cash. Buybacks totaled about $981 million from fiscal 2022 through 2026, including about $484 million in fiscal 2026. Even so, shares outstanding rose 22.7% between February 28, 2022 and August 31, 2026.
The share price has fallen hard in downturns. In the 2020 COVID crash it dropped 66.6% between February 19 and March 16, 2020, and took about 15 months to recover. In the 2022 bear market it fell 56.5% between January 3 and June 14, 2022, and recovered by December 12, 2022. Its deepest drop over about 10 years of price history was 80.4%. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
Does Nutanix pay a dividend?
No. Nutanix pays no dividend, and its annual report for fiscal 2026 (the year ended July 31, 2026) says it does not intend to pay one in the foreseeable future. It returns cash through buybacks instead and spent about $981 million on them from fiscal 2022 through fiscal 2026. Even so, shares outstanding rose 22.7% between February 28, 2022 and August 31, 2026. Investors who need regular income would have to sell shares to get cash from this stock.
How does Nutanix make money?
Nutanix makes money mainly by selling software subscriptions. In fiscal 2026 (the year ended July 31, 2026), revenue was roughly $2.85 billion. Term-based software licenses brought in 49.5% of it, support subscriptions (upgrades and technical help) 45.5% and professional services 5%. Licenses usually last one to five years, so renewals matter. Customers usually buy the servers separately, and Nutanix sells mostly through channel partners and hardware makers. Gross margin, the share of revenue left after direct costs, was 86.8%.
Is Nutanix profitable?
Yes, on its latest annual results, after losses every year from fiscal 2021 through 2024. In fiscal 2026 (the year ended July 31, 2026), Nutanix earned $5.17 per diluted share. It also generated about $841 million of free cash flow (cash left after capital spending). But net income of about $1.51 billion was far above operating income of about $274 million, so most of that profit came from outside the core business. As a result, the price-to-earnings ratio of 14.1 as of October 27, 2026 looks cheaper than core profits alone would suggest.
How did Nutanix stock do in past market crashes?
Nutanix stock fell hard in both market downturns its price history covers. In the 2020 COVID crash, it dropped 66.6% between February 19 and March 16, 2020, and took about 15 months to recover. In the 2022 bear market, it fell 56.5% between January 3 and June 14, 2022, then got back to its peak by December 12, 2022. Its deepest fall over about 10 years of price history was 80.4%. In the 12 months to October 27, 2026, it fell as much as 52.5% from a high.
Are Nutanix executives selling their shares?
Yes. Insider filings from October 27, 2025 to October 27, 2026 show at least 11 sales worth about $57 million and no purchases. Eight were made under pre-arranged trading plans, which let insiders schedule sales in advance. The largest was a sale of about $13.4 million by Chief Financial Officer Rukmini Sivaraman on October 12, 2026. Chief Executive Officer Rajiv Ramaswami made three sales on October 6 and 7, 2026, the biggest worth about $13.2 million.