Commvault Systems, Inc. (CVLT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.5%

$21.95

vs $162.78 price

Levered DCF

$146.74

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.2

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	48.38×	90.67×	26.09×	-70.93×	89.66×	-97.73×	-337.33×	844.53×
P/B	457.07×	21.28×	15.85×	13.62×	11.79×	7.64×	4.5×	7.69×
P/S	2.89×	6.95×	5.25×	3.23×	3.92×	4.16×	2.76×	4.23×
EV / EBITDA	32.4×	73.1×	45.35×	-494.69×	50.73×	-491.82×	348.33×	84.43×
Gross margin	80.3%	82.0%	81.9%	82.7%	85.2%	84.9%	82.5%	83.5%
Operating margin	8.9%	7.4%	9.0%	-2.0%	5.4%	-3.1%	-2.6%	0.7%
Net margin	6.0%	7.6%	20.1%	-4.6%	4.4%	-4.3%	-0.8%	0.5%
Current ratio	1.95×	1.14×	1.23×	1.34×	1.23×	1.63×	1.56×	2.01×
Debt / equity	122.43×	0.03×	0.04×	0.07×	0.06×	0.06×	0.04×	0×
Interest coverage	27.83×	177.25×	181.58×	-33.65×	381.34×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	942.8%	23.4%	60.7%	-19.2%	13.1%	-7.9%	-1.4%	0.9%
Return on invested capital	6.6%	12.2%	16.2%	-4.1%	7.3%	-4.1%	-1.4%	0.3%
Return on assets	3.7%	6.8%	17.9%	-4.5%	4.1%	-3.4%	-0.7%	0.4%
Free cash flow yield	6.9%	2.9%	4.5%	6.6%	5.7%	3.8%	4.6%	3.4%
Earnings yield	2.1%	1.1%	3.8%	-1.4%	1.1%	-1.0%	-0.3%	0.1%
Enterprise value	$3.4B	$6.6B	$4.1B	$2.3B	$2.8B	$2.6B	$1.6B	$2.7B
Net debt / EBITDA	0.16×	-3.21×	-3.32×	60.21×	-4.62×	69.88×	-61.87×	-10.34×
Cash conversion cycle (days)	101	92	96	98	91	94	79	84