Nutanix, Inc. (NTNX) 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

+71.3%

$113.53

vs $66.26 price

Levered DCF

$128.41

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.57

Grey zone

Rating

A-

Overall 4 / 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	10.59×	107.39×	-99.04×	-27.71×	-4.2×	-7.19×	-4.95×	-6.62×
P/B	22.73×	-28.95×	-16.98×	-9.96×	-4.19×	-7.35×	-15.71×	21.99×
P/S	5.6×	7.92×	5.75×	3.78×	2.12×	5.33×	3.3×	3.32×
EV / EBITDA	41.71×	71.12×	87.79×	-84.45×	-6.96×	-9.9×	-6.36×	-8.24×
Gross margin	86.8%	86.8%	84.9%	82.2%	79.7%	79.1%	78.1%	75.4%
Operating margin	9.8%	6.8%	0.4%	-11.1%	-29.0%	-47.5%	-63.4%	-48.4%
Net margin	52.8%	7.4%	-5.8%	-13.7%	-50.5%	-74.2%	-66.8%	-50.3%
Current ratio	1.71×	1.72×	1.06×	1.53×	1.33×	1.56×	1.35×	2.05×
Debt / equity	2.16×	-2.14×	-0.95×	-1.88×	-1.8×	-1.18×	-2.34×	2.46×
Interest coverage	31.04×	8.75×	0.04×	-3.23×	-7.56×	-8.28×	-26.47×	-20.4×
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	214.5%	-27.1%	17.1%	36.0%	99.6%	102.2%	317.4%	-332.4%
Return on invested capital	8.1%	8.1%	0.8%	-14.5%	-32.9%	-47.5%	-79.3%	-50.4%
Return on assets	29.7%	5.7%	-5.8%	-10.1%	-33.7%	-45.4%	-49.4%	-34.8%
Free cash flow yield	5.3%	3.7%	4.8%	2.9%	0.6%	-2.1%	-5.8%	-1.9%
Earnings yield	9.4%	0.9%	-1.0%	-3.6%	-23.8%	-13.9%	-20.2%	-15.1%
Enterprise value	$16.7B	$20.8B	$12.4B	$7.9B	$4.4B	$8.3B	$4.6B	$4.2B
Net debt / EBITDA	1.85×	2.44×	0.28×	-8.78×	-1.65×	-1.08×	-0.44×	-0.12×
Cash conversion cycle (days)	-57	-39	-10	-1	-21	-9	4	-15