Commvault Systems

CVLT

Software - Application · Technology

Price

$133.81

+2.18 (+1.66%)

Market Cap

$5.55B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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Share count falling — buybacks

−5.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 47.2M (2022) → 44.7M (2026)

Winston Score History

The full picture

Commvault Systems makes software that helps businesses protect and manage their data. Its main products — including the Commvault Cloud platform and the Metallic SaaS offering — back up, recover, and secure data stored across company servers, cloud services, and laptops. The company sells primarily to large enterprises and mid-sized businesses across industries like finance, healthcare, and government.

Commvault earns money through software subscriptions, SaaS fees, and support contracts, which together produce its high 80%-plus gross margins. It operates globally, with a significant presence in North America and Europe, and competes against larger rivals like Veeam, Veritas, and cloud providers offering native backup tools. Its moat comes from deep integrations with enterprise IT environments and high switching costs once its software is embedded in a customer's data infrastructure. The key growth driver is continued migration of its customer base from older perpetual licenses to recurring cloud subscriptions, though competition from hyperscalers remains a persistent risk.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-51.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$162M/ year

↑ Rising (+11% vs prior year)

13.7% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

1.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$955M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Commvault Systems is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

80.9%

Premium pricing power — 80.9% gross margin

Profit after running costs

Operating Margin

9.0%

Modest — 9.0% operating margin

Return on the money invested

ROCE

10.2%

Below par — 10.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+15.5%

Fast-growing sales (+15.5% YoY)

Profit growth

EPS YoY

-14.1%

Earnings shrinking (-14.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

473%

Turns 473% of profit into real cash

Spare cash per sale

FCF Margin

26.0%

Converts sales into free cash efficiently (26.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

17.08

Heavy debt load (17.08)

Covers its interest

Interest Cover

19.16x

Comfortably covers interest (19.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

84.7x

Expensive — P/E 84.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+57.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (84.7 → 27.7)

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Dividends

Not applicable for this business.

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