COMMVAULT SYSTEMS INC

CVLT
About the company

Commvault Systems, Inc. provides cyber resiliency solutions for enterprises to protect, secure, and recover data, applications, and identity system.

Country: United StatesPrice: $148.08Market Cap: $6.1B

Investment snapshot

13%positive consensus
Scored 37d ago

Positive

2

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

$29.98

-79.8% vs price

Models with upside

1 / 16

Positive margin of safety

Strongest signal

6 of 10 pass — Oshaughnessy, Pabrai, Ackman +1 more object

Key risk

No clean pass — all 12 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.
Scored from 10-K37d ago
MetricO'Shaughnessy

Systematic Factor Composite

Lynch

GARP

Buffett

Quality Compounder

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Schloss

Asset-Value Discipline

Neff

Low-P/E Total Return

Sleep

Scale Economies Shared

Templeton

Global Bargain Hunter

Marks

Risk-Aware Value

Munger

Quality Focus

Ackman

Activist Value

Dreman

Contrarian Value

Piotroski

F-Score

Greenblatt

Magic Formula

Graham

Defensive Value

VerdictNEUTRALFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILFAILPASSPASSNEUTRALNot rankedFAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/A
Margin of SafetyN/A-323.3%-236.4%-393.9%-36920.0%N/AN/AN/A-613.3%-1942.5%-92.6%+28.1%-322.5%N/A-939.9%-5729.9%
Data As Of10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-24)10-K (2026-08-24)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)

Where It Passes

  • Cash Flow60% pass✓ 7✗ 5▾

    6 of 10 pass — Oshaughnessy, Pabrai, Ackman +1 more object

    (Operating cash flow - capex) / market capitalization+3.86%; #1739/4487 (top 38.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    FCF Positive and Growing$237.2M
    ✓LynchPositive and growing
    Free Cash Flow Proxy$73.5M
    ✓BuffettPositive and growing
    P/E or FCF YieldP/E=93.7x, FCF Yield=3.9%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Operating Cash Flow - Capital Expenditures$237.2M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    Positive Operating Cash Flow frequency21/21 years positive
    ✓SleepPositive OCF in >= 70% of available years
    FCF Positive18/18 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap3.9%
    ✗Ackman>= 4%
    Price / FCF per Share25.8x
    ✗Ackman<= 25
    Price / (CFO / Shares)25.0x
    ✗Dreman< 8x
    Operating Cash Flow$244.7M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=12.97%, ROA=3.75%
    ✓PiotroskiCFO/Assets > ROA

Where It Falls Short

  • Valuation0% pass✓ 1✗ 25▾

    No clean pass — all 12 investors flag at least one valuation criterion

    Revenue / market capitalization+0.1929; #3694/5203 (top 71.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Net income / market capitalization+1.15%; #2792/6251 (top 44.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+3.86%; #1739/4487 (top 38.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+90.11%; #406/6203 (top 6.5%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)4.23
    ✗Lynch< 1.0 (ideally < 0.5)
    P/E or FCF YieldP/E=93.7x, FCF Yield=3.9%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Price / Book Value per Share815.10x
    ✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
    Price / Tangible Book Value per ShareN/A (non-positive TBVPS)
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-97.9%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Price / Diluted EPS93.7x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / EPS93.7x
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
    Price vs. Trailing Low190% of trailing low ($77.89)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    P/B or P/E vs. Historical AverageP/E=93.7x, P/B=815.1x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-322.5% (IV=$35.05 vs Price=$148.08)
    ✗Marks>= 20% below intrinsic value
    Valuation ReasonablenessP/E=93.7x, OE Yield=1.2%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share25.8x
    ✗Ackman<= 25
    Price / (CFO / Shares)25.0x
    ✗Dreman< 8x
    EBIT / Enterprise Value1.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=1.4%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / 3-yr avg EPS63.4x
    ✗Graham<= 15x
    Price-to-Book Ratio815.1x
    ✗Graham<= 1.5x
    P/E x P/B51,655.1
    ✗Graham<= 22.5
  • Profitability7% pass✓ 11✗ 20▾

    14 of 15 flag CVLT's profitability — Oshaughnessy, Lynch, Buffett +11 more

    Net income / market capitalization+1.15%; #2792/6251 (top 44.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)4.23
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR22.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE942.8%
    ✓Lynch> 15%
    Net Income Positive (10+ years)16/23 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)204.2%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)6.3% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$73.5M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)2.06
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Margin of SafetyP/E=93.7x, P/B=815.1x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity342.3% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Positive Diluted-EPS Years6/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
    3-5 Year Diluted EPS CAGR22.1% over 4 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 81.9% -> 81.2%, operating margin 9.0% -> 6.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-Year EPS CAGR22.1% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend9.0% (2023) -> 6.3% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Discount to Intrinsic Value-322.5% (IV=$35.05 vs Price=$148.08)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency16/21 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue6.3%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity942.8%
    ✓Ackman>= 15%
    Pre-Tax Income / Revenue7.8%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity942.8%
    ✓Dreman> 12%
    Net Income / Total Assets3.75%
    ✓PiotroskiROA > 0
    ROA Change YoY6.81% -> 3.75% (delta: -3.06%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=12.97%, ROA=3.75%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY82.0% -> 81.2%
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value1.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=1.4%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Positive EPS (10 years)13/23 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Debt & Leverage9% pass✓ 3✗ 11▾

    10 of 11 flag CVLT's debt & leverage — Lynch, Buffett, Akre +7 more

    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Debt Levels
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders' Equity
    ✗SchlossD/E < 1.00x✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗Dreman< 0.8
    Current Assets / Current Liabilities1.95x
    ✓SchlossCurrent ratio >= 1.50x (app cutoff)✓Dreman> 1.5
    Interest Coverage & Debt/EBITDAIC=111.3x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation models9% pass✓ 1✗ 10▾

    Models split on CVLT at $148.08 — fair values range $0.40–$205.96

    Lynch fair value$34.98
    ✗Lynch-323.3% margin vs $148.08
    Buffett fair value$44.02
    ✗Buffett-236.4% margin vs $148.08
    Pabrai fair value$29.98
    ✗Pabrai-393.9% margin vs $148.08
    Akre fair value$0.40
    ✗Akre-36920.0% margin vs $148.08
    Templeton fair value$20.76
    ✗Templeton-613.3% margin vs $148.08
    Marks fair value$7.25
    ✗Marks-1942.5% margin vs $148.08
    Munger fair value$76.87
    ✗Munger-92.6% margin vs $148.08
    Ackman fair value$205.96
    ✓Ackman+28.1% margin vs $148.08
    Dreman fair value$35.05
    ✗Dreman-322.5% margin vs $148.08
    Greenblatt fair value$14.24
    ✗Greenblatt-939.9% margin vs $148.08
    Graham fair value$2.54
    ✗Graham-5729.9% margin vs $148.08
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag CVLT's efficiency — Buffett, Akre, Sleep +4 more

    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
    Return on Invested Capital
    ✗Munger> 15%
    Current Assets / Current Liabilities1.95
    ✓Dreman> 1.5
    Current Ratio Change YoY1.14 -> 1.95
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.89x -> 0.63x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio1.95
    ✗Graham>= 2.0
  • Verdicts17% pass✓ 2✗ 10▾

    Split decision: 10 FAIL · 3 NEUTRAL · 2 PASS

    Overall verdict
    •OshaughnessyNEUTRAL (Not ranked)✗LynchFAIL (4/7)✗BuffettFAIL (2/9)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗SchlossFAIL (1/7)✗NeffFAIL (2/6)•SleepNEUTRAL (4/6)✗TempletonFAIL (2/8)✗MarksFAIL (2/5)✗MungerFAIL (1/4)✓AckmanPASS (4/9)✓DremanPASS (5/11)•PiotroskiNEUTRAL (F-Score 6)•GreenblattNot ranked✗GrahamFAIL (1/9)
  • Growth38% pass✓ 8✗ 5▾

    5 of 8 flag CVLT's growth — Lynch, Neff, Sleep +2 more

    Basic earnings-growth PEG (dividends excluded)4.23
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR22.1%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    3-5 Year Diluted EPS CAGR22.1% over 4 years
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 81.9% -> 81.2%, operating margin 9.0% -> 6.3%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR10.3%
    ✓SleepCAGR > 7%
    5-Year EPS CAGR22.1% CAGR over 4 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Positive Net Income Frequency16/21 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth18.6%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency2/5 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    EPS Growth Direction$0.28 (2008) -> $1.58 (2025)
    ✓DremanPositive over recent years
    EPS CAGR10.7% CAGR over 17 years
    ✓Dreman> 5% annualized
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth

Business & financials

Company Profile

Industry: Business Services
Size: Mid Cap($6.1B)
Revenue: $1.2B+18.9% YoY
Net Income: $70.7M-7.2% YoY

Financial Snapshot

Operating Margin6.3%
Return on Equity942.8%
Debt / Equity--
Current Ratio1.95
EPS (Diluted)$1.58−6.0% 1y
Buybacks (1y)$446.1M
Buybacks (2y)$611.1M
Shares Retired6.5% / 5.0% 2y

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Shareholder Return

Fiscal 2025

Retired 6.5% of shares last year, 5.0% over two.

Buybacks
$446.1M
Dividends
—

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY24
−55.2% = −54.9% + −0.6%
FY25
−6.0% = −7.2% + 1.3%
Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$6.1B$7.0Best.$4.0Best.$2.7Best.$3.0Best.
Revenue$1.2B↑19%$995.6M↑19%$839.2M↑7%$784.6M↑2%$769.6M
Operating Income$74.0M$73.7M↓2%$75.4M↑574%-$15.9M↓138%$41.6M
Net Income$70.7M↓7%$76.1M↓55%$168.9M↑572%-$35.8M↓206%$33.6M
EPS (Diluted)$1.58↓6%$1.68↓55%$3.75↑569%$-0.80↓213%$0.71
Gross Margin81.2%↓1%82.0%81.9%↓1%82.7%↓3%85.2%
Operating Margin6.3%↓16%7.4%↓18%9.0%↑543%-2.0%↓137%5.4%
ROE942.8%↑3928%23.4%↓61%60.7%↑416%-19.2%↓246%13.1%
Total Debt----------
Shareholders' Equity$7.5M↓98%$325.1M↑17%$278.1M↑49%$186.1M↓27%$255.8M
Current Ratio1.95↑71%1.14↓7%1.23↓9%1.34↑9%1.23
Debt / Equity—————
Operating Cash Flow$244.7M↑18%$207.4M↑2%$203.8M↑20%$170.3M↓4%$177.2M
Free Cash Flow$237.2M↑16%$203.6M↑2%$199.7M↑20%$167.0M↓4%$173.3M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Business Services

CVLT vs Peers — Financial Grading

Revenue$1.2BBottom 25%
Net Income$70.7MBottom 25%
ROE942.8%Top 25%
D/E—
Op. Margin6.3%Median
Curr. Ratio1.95Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Mastercard IncMA$514.8B$568.26$32.8B$15.0B193.5%2.4657.6%1.032/95/94/70/3F-Score 83/11
AUTOMATIC DATA PROCESSING INCADP$103.7B$261.80$21.9B$4.4B73.2%0.8224.2%1.054/95/93/70/3F-Score 65/11
ELECTRONIC ARTS INC.EA$52.9B$209.70$7.5B$887.0M13.1%0.2215.4%1.051/94/93/70/3F-Score 66/11
PAYCHEX INCPAYX$35.4B$99.31$6.5B$1.8B47.1%1.2238.6%1.264/96/94/71/3F-Score 76/11
Rubrik, Inc.RBRK$23.4B$113.80$1.3B$348.8M67.1%—-26.2%1.691/90/90/70/3F-Score 42/11
Grab Holdings LtdGRAB$12.7B$3.10$3.4B$268.0M4.0%0.311.9%1.752/92/92/70/3F-Score 44/11
ROBERT HALF INC.RHI$3.8B$36.88$5.4B$133.0M10.4%—1.4%1.534/95/91/70/3F-Score 54/11
CSG SYSTEMS INTERNATIONAL INCCSGS$2.3B$80.04$1.2B$55.9M19.7%1.909.7%1.441/93/94/71/3F-Score 64/11