Share count
45Mpeak FY2019
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CVLT, Commvault Systems
Commvault Systems is a provider of cyber resiliency solutions designed to help the enterprise protect, secure, and recover their data, applications, and identity systems in a world of increasing cyber threats and attacks.
Commvault's offerings provide cyber resilience, including data protection, cyber recovery, data security, and governance, aiming to enable customers continuous business.
Commvault delivers its solutions through Commvault Cloud, a cloud native platform that unifies data security, cyber recovery, and identity resilience across on premise, hybrid, multi cloud, and software as a service ("SaaS") environments.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2026
$1.2B
+18.9% YoY · 10% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $1.2B 5-yr avg $915M
Revenue $314M +19.5% vs yr-ago qtr
Operating margin 6.3% yr-ago 5.2%
Net income $18M yr-ago $11M
Net margin 5.7% yr-ago 4.2%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
- What moves the needle
- Operating margin has run around −0.1% through the cycle on a 83% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Stock-based pay runs about 11% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −1%, above 15% in 0 of 4 years). The steadier read is owner earnings: roughly 18% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 2 regions, the largest Americas at 59%.
Revenue by geography, FY2026
- Americas59%$703M
- International41%$481M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2026
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | 2026’26 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $645M | $699M | $711M | $671M | $723M | $770M | $785M | $839M | $996M | $1.2B | $1.2B | RevenueRevenue |
| 87% | 86% | 84% | 83% | 85% | 85% | 83% | 82% | 82% | 81% | 81% | Gross marginGross mgn |
| 14% | 13% | 14% | 14% | 13% | 13% | 13% | 14% | 14% | 14% | 14% | SG&A / revenueSG&A/rev |
| 12% | 13% | 13% | 16% | 18% | 20% | 18% | 16% | 15% | 14% | 14% | R&D / revenueR&D/rev |
| ($1M) | ($946K) | $5M | ($18M) | ($22M) | $42M | ($16M) | $75M | $74M | $74M | $74M | Operating incomeOp. inc. |
| −0.2% | −0.1% | 0.7% | −2.6% | −3.1% | 5.4% | −2.0% | 9.0% | 7.4% | 6.3% | 6.3% | Operating marginOp. mgn |
| ($508K) | ($62M) | $4M | ($6M) | ($31M) | $34M | ($36M) | $169M | $76M | $71M | $71M | Net incomeNet inc. |
| — | — | — | — | — | 23% | — | — | 6% | 23% | 23% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| $100M | $84M | $110M | $88M | $124M | $177M | $170M | $204M | $207M | $245M | $245M | Operating cash flowOp. cash |
| $10M | $12M | $12M | $17M | $16M | $11M | $10M | $6M | $9M | $10M | $10M | DepreciationDeprec. |
| $16M | $60M | $14M | $11M | $54M | $27M | $90M | ($66M) | $9M | $40M | $40M | Working capital & otherWC & other |
| $6M | $7M | $7M | $3M | $8M | $4M | $3M | $4M | $4M | $8M | $8M | CapexCapex |
| 1.0% | 1.0% | 0.9% | 0.5% | 1.1% | 0.5% | 0.4% | 0.5% | 0.4% | 0.6% | 0.6% | Capex / revenueCapex/rev |
| $94M | $77M | $104M | $85M | $116M | $173M | $167M | $200M | $204M | $237M | $237M | Owner earningsOwner earn. |
| 14.5% | 11.0% | 14.6% | 12.7% | 16.0% | 22.5% | 21.3% | 23.8% | 20.5% | 20.0% | 20.0% | Owner earnings marginOE mgn |
| $94M | $77M | $104M | $85M | $116M | $173M | $167M | $200M | $204M | $237M | $237M | Free cash flowFCF |
| 14.5% | 11.0% | 14.6% | 12.7% | 16.0% | 22.5% | 21.3% | 23.8% | 20.5% | 20.0% | 20.0% | Free cash flow marginFCF mgn |
| — | $0 | $0 | $157M | $0 | $17M | $0 | $0 | $65M | $26M | $26M | AcquisitionsAcquis. |
| $50M | $112M | $133M | $77M | $95M | $305M | $151M | $184M | $165M | $446M | — | BuybacksBuybacks |
| -1% | -1% | 4% | -11% | — | — | — | — | — | — | — | ROICROIC |
| -0% | -15% | 1% | -1% | -8% | 13% | -19% | 61% | 23% | 943% | 943% | Return on equityROE |
| −0% | −15% | 1% | −1% | −8% | 13% | −19% | 61% | 23% | 943% | 943% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $450M | $462M | $458M | $332M | $397M | $268M | $288M | $313M | $302M | $900M | $900M | Cash & investmentsCash+inv |
| $140M | $162M | $177M | $147M | $188M | $194M | $210M | $223M | $252M | $330M | $330M | ReceivablesReceiv. |
| $117K | $761K | $2M | $307K | $374K | $432K | $108K | $299K | $373K | $651K | $651K | Accounts payablePayables |
| $140M | $161M | $175M | $147M | $188M | $194M | $210M | $222M | $252M | $330M | $330M | Operating working capitalOper. WC |
| $606M | $647M | $655M | $514M | $608M | $484M | $551M | $595M | $635M | $1.3B | $1.3B | Current assetsCur. assets |
| $288M | $324M | $326M | $329M | $373M | $394M | $410M | $485M | $555M | $658M | $658M | Current liabilitiesCur. liab. |
| 2.1× | 2.0× | 2.0× | 1.6× | 1.6× | 1.2× | 1.3× | 1.2× | 1.1× | 2.0× | 2.0× | Current ratioCurr. ratio |
| — | — | $0 | $112M | $112M | $128M | $128M | $128M | $185M | $209M | $209M | GoodwillGoodwill |
| $830M | $819M | $822M | $845M | $904M | $816M | $783M | $944M | $1.1B | $1.9B | $1.9B | Total assetsAssets |
| — | — | — | — | — | — | — | — | $0 | $881M | $881M | Total debtDebt |
| — | — | — | — | — | — | — | — | ($302M) | ($19M) | ($19M) | Net debt / (cash)Net debt |
| -1.3× | -0.8× | — | — | — | 381.3× | -33.7× | 181.6× | 177.3× | 19.5× | 19.5× | Interest coverageInt. cov. |
| $467M | $404M | $391M | $412M | $394M | $256M | $186M | $278M | $325M | $7M | $7M | Shareholders’ equityEquity |
| 11.5% | 10.6% | 11.3% | 9.8% | 11.7% | 13.7% | 13.5% | 11.3% | 11.4% | 10.4% | 10.4% | Stock comp / revenueSBC/rev |
| Per share | |||||||||||
| 44.7M | 45.2M | 47.6M | 45.8M | 46.7M | 47.2M | 44.7M | 45.1M | 45.2M | 44.7M | 44.7M | Shares out (diluted)Shares |
| $14.43 | $15.46 | $14.94 | $14.65 | $15.51 | $16.30 | $17.57 | $18.61 | $22.03 | $26.51 | $26.51 | Revenue / shareRev/sh |
| $-0.01 | $-1.37 | $0.07 | $-0.12 | $-0.66 | $0.71 | $-0.80 | $3.75 | $1.68 | $1.58 | $1.58 | EPS (diluted)EPS |
| $2.09 | $1.70 | $2.18 | $1.86 | $2.48 | $3.67 | $3.74 | $4.43 | $4.51 | $5.31 | $5.31 | Owner earnings / shareOE/sh |
| $2.09 | $1.70 | $2.18 | $1.86 | $2.48 | $3.67 | $3.74 | $4.43 | $4.51 | $5.31 | $5.31 | Free cash flow / shareFCF/sh |
| $0.14 | $0.16 | $0.14 | $0.07 | $0.18 | $0.08 | $0.07 | $0.09 | $0.08 | $0.17 | $0.17 | Cap. spending / shareCapex/sh |
| $10.45 | $8.93 | $8.22 | $8.99 | $8.45 | $5.42 | $4.17 | $6.17 | $7.20 | $0.17 | $0.17 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +7.0%/yr | +11.3%/yr |
| Owner earnings / share | +10.9%/yr | +16.4%/yr |
| Capital spending / share | +1.8%/yr | −0.8%/yr |
| Book value / share | −36.8%/yr | −54.3%/yr |
The record, charted
FY2017–2026Each measure over its full record; the current point and the worst year marked.
ROIC
−11%low FY2020
Gross margin
81%low FY2026
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$237Mowner earningsvs.$71Mnet incomelow FY2018
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2017FY2026
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2026 the business turned $71M of profit into $237M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Reported net income | $71M | $76M | $169M | ($36M) | $34M |
| Depreciation & amortizationnon-cash charge added back | +$10M | +$9M | +$6M | +$10M | +$11M |
| Stock-based compensationreal costnon-cash, but a real cost | +$123M | +$113M | +$95M | +$106M | +$105M |
| Working capital & othertiming of cash in and out, other non-cash items | +$40M | +$9M | −$66M | +$90M | +$27M |
| Cash from operations | $245M | $207M | $204M | $170M | $177M |
| Capital expenditurecash put back in to keep running and to grow | −$8M | −$4M | −$4M | −$3M | −$4M |
| Owner earnings | $237M | $204M | $200M | $167M | $173M |
| Owner-earnings marginowner earnings ÷ revenue | 20% | 20% | 24% | 21% | 23% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $123M), owner earnings is nearer $114M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2026 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? 19.5×ComfortableOperating income $74M ÷ interest expense $4M
What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
- Net cashCash $900M − debt $881M
What this means
Cash and short-term investments exceed every dollar of debt by $19M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 102 + DIO 0 − DPO 1 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not meaningful hereInvested capital ($12M) = debt $881M + equity $7M − cashIndustry peers: median -2%
What this means
Invested capital is near zero or negative, usually years of buybacks pulling equity down. ROIC explodes or flips sign and stops meaning anything. Judge this one on Owner Earnings instead.
- High through the cycle10-yr median margin, range 11%–24%; latest $237M = operating cash $245M − maintenance capex $8MIndustry peers: median 17%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 20% of revenue this year, a 16% median across 10 years. Treating stock comp as the real expense it is (less $123M of SBC) leaves $114M.
- Cash-backedCash from ops $245M ÷ net income $71M
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returned more than it generatedDividends + buybacks $446M ÷ Owner Earnings $237M
What this means
The company returned more than it generated: against $237M of Owner Earnings, $446M (188%) went back to shareholders, $0 dividends, $446M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $123M stock comp, the real buyback was about $323M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 0.73×HarvestingCapex $8M ÷ depreciation $10M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size NearRevenue ≥ $2B · $1.2B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.95×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt NearDebt ≤ working capital · $881M vs $628M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (10-yr record) · 5 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.55/share (latest year $1.71), the averaged base the calculator's gate runs on, and book value is $0.18/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2017–2026
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 5 of 10
What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
- Operating margin 0% → 8% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about 0% early to 8% lately, median −0% — pricing power intact or improving.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Owner earnings growth +11%/yr
What this means
Owner earnings grew about 11% a year over the record.
- Worst year 2021 · −3.1% op. margin
What this means
Operations went underwater in 2021, understand why before trusting the good years.
- Share count −0.0%/yr
What this means
Roughly flat share count, little dilution, little buyback.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.3B
- Cash & short-term investments$900M
- Receivables$330M
- Other current assets$56M
Current liabilities$658M
- Accounts payable$651K
- Other current liabilities$658M
Current ratio1.95×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.95×stricter: inventory excluded
Cash ratio1.37×strictest: cash alone against what's due
Working capital$628Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+19.5%the freshest read on whether the business is still growing
Current ratio, recent quarters1.2× → 2.0×
Deeper floors
Tangible book value($222M)equity stripped of goodwill & intangibles
Debt incl. operating leases$37M$37M of it operating leases
Deferred revenue$779Mcustomer cash collected before delivery; operating float
From the company's latest filing.
How the cash was used, 2017–2026
Over the record, the business generated $1.5B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- Reinvested$54M · 4%
- Buybacks$1.7B · 114%
- Returned to owners$1.7B
118% of the owner earnings the business produced over the span, $0 as dividends and $1.7B as buybacks.
- Source of funding−$262M
Reinvestment and shareholder returns ran $262M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
- Average price paid for buybacks$78.93
Across the years where the filing reports a share count, 18M shares were bought for $1.4B, about $78.93 each. Year to year the price paid ranged from $45.38 (2020) to $135.81 (2025); its heaviest year, 2026, paid $106.90 ($446M).
- Net change in share count−0.1%
The diluted count barely moved (45M to 45M): buybacks roughly offset the stock issued to staff.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2022 | Sanjay Mirchandani | $10.8M | $11.3M | $173M |
| 2023 | Sanjay Mirchandani | $10.9M | $8.1M | $167M |
| 2024 | Sanjay Mirchandani | $12.1M | $30.3M | $200M |
| 2025 | Sanjay Mirchandani | $18.8M | $42.1M | $204M |
| 2026 | Sanjay Mirchandani | $19.9M | −$3.6M | $237M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$123M
The slice of the business handed to employees in shares this year, 10% of revenue, equal to 167% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why Commvault Systems is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.
1 of the 5 tests turned up something to look into; the other 4 came back clean.
- Look hereDid receivables and inventory outpace sales?22% → 28% of sales
Receivables and inventory grew from $140M to $330M while revenue grew 84%: working capital is climbing faster than sales (22% of revenue then, 28% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
And these came back clean
- Is it less profitable than it was?
- Did the share count rise anyway?
- Did reported profit become cash?
- Are "one-time" charges a yearly habit?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
What an owner would ask, FY2026
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Stock compensation, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Software
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| KVYOKlaviyo Inc. Series A | $1.2B | 75% | -11.6% | -44% | 17% |
| GWREGuidewire Software | $1.2B | 55% | -2.8% | -1% | 16% |
| CVLTCommvault Systems | $1.2B | 83% | 0.3% | -1% | 18% |
| BOXBox, Inc. | $1.2B | 73% | -4.0% | — | 18% |
| CFLTConfluent Inc. | $1.2B | 68% | -65.5% | -24% | -28% |
| BLKBBlackbaud Inc. | $1.1B | 54% | 4.1% | 3% | 20% |
| MANHManhattan Associates | $1.1B | 55% | 23.3% | 214% | 25% |
| SAILSailPoint Inc. | $1.1B | 64% | -28.7% | -4% | -13% |
| Group median | — | 66% | -3.4% | -1% | 17% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Commvault Systems has delivered.
$
Through the cycle, Commvault Systems earns about $213M on its 18.0% median owner-earnings margin. This year’s 20.0% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’22→’26+7%/yr
Owner-earnings growth · ’17→’26+11%/yr
Owner-earnings growth · ’17→’26+11%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’24–’26)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $237M on 41M shares outstanding, per the 10-K cover, as of 2026-05-07; net cash $19M. The if-converted diluted count is 45M, 8% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Commvault Systems (CVLT), the owner's record," https://ownerscorecard.com/c/CVLT, data as of 2026-07-09.
Manual order: ← CVLG its page in the Manual CVNA →
Industry order: ← CRWV the Software chapter CWAN →