Latest Ratios: P/E Ratio 97.3x · EV/EBITDA 58.5x · ROE 42.5%. (2005–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.8B | $3.5B | $7.1B | $4.6B | $2.5B | $3.1B | $3.0B | $1.9B | $3.1B | $2.6B | $2.4B |
| Enterprise Value | $6.8B | $3.5B | $6.8B | $4.3B | $2.3B | $2.9B | $2.6B | $1.6B | $2.8B | $2.3B | $2.0B |
| P/E Ratio → | 97.29 | 49.30 | 93.90 | 27.05 | — | 93.45 | — | — | 865.51 | — | 5080.00 |
| P/S Ratio | 5.71 | 2.94 | 7.16 | 5.45 | 3.23 | 4.07 | 4.16 | 2.76 | 4.33 | 3.70 | 3.67 |
| P/B Ratio | 915.96 | 464.12 | 21.93 | 16.45 | 13.62 | 12.25 | 7.64 | 4.50 | 7.88 | 6.40 | 5.07 |
| P/FCF | 28.50 | 14.67 | 35.01 | 22.91 | 15.17 | 18.08 | 25.99 | 21.74 | 29.74 | 33.56 | 25.30 |
| P/OCF | 27.63 | 14.21 | 34.37 | 22.45 | 14.88 | 17.68 | 24.28 | 20.95 | 27.97 | 30.75 | 23.67 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.95 | 6.87 | 5.09 | 2.88 | 3.74 | 3.64 | 2.35 | 3.87 | 3.23 | 3.16 |
| EV / EBITDA | 58.45 | 30.15 | 82.45 | 52.19 | — | 54.87 | — | — | 162.29 | 208.23 | 226.79 |
| EV / EBIT | 64.18 | 33.10 | 83.93 | 50.86 | — | 66.21 | — | — | 139.97 | — | — |
| EV / FCF | — | 14.74 | 33.58 | 21.40 | 13.52 | 16.63 | 22.76 | 18.46 | 26.57 | 29.27 | 21.78 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.3% | 80.3% | 82.0% | 81.9% | 82.7% | 85.2% | 84.9% | 82.5% | 83.5% | 86.0% | 86.8% |
| Operating Margin | 8.9% | 8.9% | 7.4% | 9.0% | -2.0% | 5.4% | -3.1% | -2.6% | 0.7% | -0.1% | -0.2% |
| Net Profit Margin | 6.0% | 6.0% | 7.6% | 20.1% | -4.6% | 4.4% | -4.3% | -0.8% | 0.5% | -8.9% | 0.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 42.5% | 42.5% | 25.2% | 72.8% | -16.2% | 10.3% | -7.7% | -1.4% | 0.9% | -14.2% | 0.1% |
| ROA | 4.7% | 4.7% | 7.4% | 19.5% | -4.4% | 3.9% | -3.5% | -0.7% | 0.4% | -7.5% | 0.1% |
| ROIC | 268.6% | 268.6% | 970.9% | — | — | 259.2% | -22.0% | -13.4% | 5.4% | -0.7% | -0.8% |
| ROCE | 11.8% | 11.8% | 14.4% | 17.9% | -3.9% | 8.5% | -4.1% | -3.4% | 1.0% | -0.2% | -0.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 122.43 | 122.43 | 0.03 | 0.04 | 0.07 | 0.06 | 0.06 | 0.04 | — | — | — |
| Debt / EBITDA | 7.91 | 7.91 | 0.13 | 0.15 | — | 0.31 | — | — | — | — | — |
| Net Debt / Equity | — | 2.34 | -0.90 | -1.08 | -1.48 | -0.98 | -0.95 | -0.68 | -0.84 | -0.82 | -0.71 |
| Net Debt / EBITDA | 0.15 | 0.15 | -3.51 | -3.67 | — | -4.79 | — | — | -19.33 | -30.52 | -36.65 |
| Debt / FCF | — | 0.07 | -1.43 | -1.51 | -1.65 | -1.45 | -3.23 | -3.28 | -3.17 | -4.29 | -3.52 |
| Interest Coverage | 27.83 | 27.83 | 195.84 | 202.48 | -31.55 | 399.29 | — | — | — | -2.01 | -1.08 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.95 | 1.95 | 1.14 | 1.23 | 1.34 | 1.23 | 1.63 | 1.56 | 2.01 | 2.00 | 2.10 |
| Quick Ratio | 1.95 | 1.95 | 1.14 | 1.23 | 1.34 | 1.23 | 1.63 | 1.56 | 2.01 | 2.00 | 2.10 |
| Cash Ratio | 1.37 | 1.37 | 0.54 | 0.64 | 0.70 | 0.68 | 1.06 | 1.03 | 1.40 | 1.43 | 1.58 |
| Asset Turnover | — | 0.63 | 0.89 | 0.89 | 0.99 | 0.93 | 0.79 | 0.77 | 0.86 | 0.85 | 0.78 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 101.91 | 92.38 | 96.85 | 97.90 | 92.12 | 94.91 | 79.97 | 90.79 | 84.61 | 79.27 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 2.0% | 1.1% | 3.7% | — | 1.1% | — | — | 0.1% | — | 0.0% |
| FCF Yield | 3.5% | 6.8% | 2.9% | 4.4% | 6.6% | 5.5% | 3.8% | 4.6% | 3.4% | 3.0% | 4.0% |
| Buyback Yield | 6.6% | 12.8% | 2.3% | 4.0% | 6.0% | 9.7% | 3.2% | 4.2% | 4.3% | 4.3% | 2.1% |
| Total Shareholder Yield | 6.6% | 12.8% | 2.3% | 4.0% | 6.0% | 9.7% | 3.2% | 4.2% | 4.3% | 4.3% | 2.1% |
| Shares Outstanding | — | $45M | $45M | $45M | $45M | $47M | $47M | $46M | $48M | $45M | $47M |
High debt leverage sensitivity
Based on current market data, Commvault trades at a trailing P/E of 88.63, which appears to reflect a hybrid discount as investors struggle to reconcile the company's legacy maintenance revenue base with the higher-growth, yet lower-margin, Metallic SaaS transition currently underway within the enterprise software sector.
The forward P/E of 33.48 suggests that the market anticipates significant earnings expansion, yet this valuation remains sensitive to the pace of the SaaS pivot. Investors should monitor whether the current multiple adequately accounts for the structural shift in revenue quality or if the market is overly penalizing the company for its legacy exposure.
According to reported financial statements, Commvault's ROIC has exhibited extreme volatility, swinging from 2.4% in 2025Q1 to a peak of 57.8% in 2026Q1, which suggests that the company's ability to compound capital is currently hampered by lumpy investment cycles and the ongoing transition to cloud-native infrastructure.
The inconsistency in returns on invested capital warrants further investigation into whether management is effectively deploying capital toward high-growth SaaS initiatives or if these fluctuations are merely artifacts of accounting adjustments. The wide variance in ROIC indicates that the company has yet to establish a stable, predictable compounding mechanism for its shareholders.
As reported in recent filings, Commvault's asset turnover remains low at 0.16, while DSO fluctuations between 78 and 100 days suggest that the company's working capital efficiency is highly sensitive to the timing of large enterprise contract renewals and the inherent complexity of its hybrid-cloud service delivery model.
The lack of a consistent cash conversion cycle indicates that the company's operational leverage is currently constrained by its billing and collection processes. Investors should monitor whether the shift toward SaaS will eventually normalize these cycles or if the complexity of managing legacy and cloud-native accounts will continue to impede cash flow velocity.
Based on the company's 2026Q4 financial disclosures, the debt-to-equity ratio has surged to 122.43%, a significant increase that suggests the company's reliance on external financing has reached a level that may limit its ability to navigate potential interest rate volatility or pursue future strategic acquisitions.
The sharp rise in leverage, coupled with thin operating margins, indicates that debt servicing could become a material headwind if macro conditions deteriorate. This capital structure appears to prioritize aggressive share repurchases over balance sheet resilience, which may leave the company vulnerable to unexpected shocks in the enterprise IT spending environment.
The price-to-book ratio of 834.45 is a highly misleading metric for Commvault, as it obscures the company's true financial health by failing to account for the erosion of equity caused by persistent share repurchases and the accumulation of debt used to fund these capital allocation priorities.
Investors should instead focus on enterprise value-based metrics and free cash flow generation to assess the company's valuation, as the book value has been effectively hollowed out. Relying on P/B in this context may lead to an incorrect assessment of the company's solvency and its ability to sustain its current capital allocation strategy.
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Quick answers to the most common questions about buying CVLT stock.
Commvault Systems, Inc.'s current P/E ratio is 97.3x. The historical average is 62.4x. This places it at the 100th percentile of its historical range.
Commvault Systems, Inc.'s current EV/EBITDA is 58.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 37.8x.
Commvault Systems, Inc.'s return on equity (ROE) is 42.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 11.9%.
Based on historical data, Commvault Systems, Inc. is trading at a P/E of 97.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Commvault Systems, Inc. has 80.3% gross margin and 8.9% operating margin.
Commvault Systems, Inc.'s Debt/EBITDA ratio is 7.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.