COMMVAULT SYSTEMS INC
CVLT · Services-Prepackaged Software · 41.3M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $89M (gross $184M, SBC $95M)
Reference price $106.70 · est. market cap ~$4.4B — last insider sale, 2026-05-26 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Data-protection software vendor with high gross margins, strong growth, and good FCF; equity is buyback-negative.
Strengths
- High gross margin and growth — gross margin 81.2%, revenue +18.9% (69th)
- Strong FCF — $237.2M (56th), FCF margin 20.0%
- Cyber-resilience/SaaS momentum — per 10-K
Risks
- Negative equity — ROE 942.8% is a buyback artifact
- Competitive data-protection market — per 10-K
- Thin operating margin — 6.3% (GAAP, stock-comp-heavy)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~90% of revenue from one customer/distributor — Revenues generated through indirect distribution channels accounted for approximately 90% of our total revenues in the fiscal years ended March 31, 2026, 2025, and 2024
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $900M cash & investments
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 23 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$9M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
81.2%
Operating margin
6.3%
Net margin
6.0%
Return on equity
942.8%
Return on assets
3.7%
Revenue growth (QoQ)
-0.7%
Net-income growth
-7.2%
Current ratio
2.0×
Free cash flow
$237M
EBITDA
$84M
Tangible book value
-$222M
Cash & investments
$900M
Stock comp / revenue
10.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Mirchandani Sanjay | Gift | 41K | — |
| 2026-06-11 | Mirchandani Sanjay | Gift | 41K | — |
| 2026-05-26 | Abrahamsen Danielle Nicole | Sell | 277 | $106.70 |
| 2026-05-26 | Merrill Gary | Sell | 4.6K | $106.70 |
| 2026-05-22 | Mirchandani Sanjay | Sell | 9.7K | $107.39 |
| 2026-05-22 | Abrahamsen Danielle Nicole | Sell | 101 | $107.39 |
| 2026-05-22 | Merrill Gary | Sell | 3.8K | $107.39 |
| 2026-05-21 | Mirchandani Sanjay | Grant | 17K | — |
| 2026-05-21 | Mirchandani Sanjay | Grant | 8.2K | — |
| 2026-05-21 | Merrill Gary | Grant | 3.0K | — |
| 2026-05-21 | Merrill Gary | Grant | 5.6K | — |
| 2026-05-21 | Abrahamsen Danielle Nicole | Grant | 328 | — |
| 2026-05-20 | Mirchandani Sanjay | Sell | 8.4K | $99.13 |
| 2026-05-20 | Abrahamsen Danielle Nicole | Sell | 365 | $99.13 |
| 2026-05-19 | Mirchandani Sanjay | Sell | 6.2K | $104.01 |
| 2026-05-19 | Abrahamsen Danielle Nicole | Sell | 896 | $106.19 |
| 2026-05-19 | Abrahamsen Danielle Nicole | Sell | 169 | $104.01 |
| 2026-05-19 | Mirchandani Sanjay | Sell | 13K | $106.19 |
| 2026-05-19 | Merrill Gary | Sell | 2.3K | $106.19 |
| 2026-05-19 | Merrill Gary | Sell | 2.3K | $104.01 |
| 2026-05-18 | Mirchandani Sanjay | Sell | 8.5K | $104.54 |
| 2026-05-18 | Abrahamsen Danielle Nicole | Sell | 409 | $104.54 |
| 2026-05-18 | Abrahamsen Danielle Nicole | Sell | 516 | $104.50 |
| 2026-05-18 | Merrill Gary | Sell | 3.1K | $104.54 |
| 2026-05-15 | Merrill Gary | Option exercise | 278 | — |
| 2026-05-15 | Merrill Gary | Grant | 24K | — |
| 2026-05-15 | Abrahamsen Danielle Nicole | Option exercise | 415 | — |
| 2026-05-15 | Abrahamsen Danielle Nicole | Grant | 3.9K | — |
| 2026-05-15 | Mirchandani Sanjay | Option exercise | 926 | — |
| 2026-05-15 | Mirchandani Sanjay | Grant | 70K | — |
| 2026-04-13 | Haydon William Geoffrey | Grant | 65K | — |
| 2026-04-13 | Merrill Gary | Grant | 12K | — |
| 2026-03-17 | Mirchandani Sanjay | Sell | 10K | $80.09 |
| 2026-03-16 | Mirchandani Sanjay | Sell | 10K | $78.96 |
| 2026-02-19 | Merrill Gary | Sell | 1.9K | $91.28 |
| 2026-02-18 | Mirchandani Sanjay | Sell | 6.5K | $90.28 |
| 2026-02-18 | Merrill Gary | Sell | 2.6K | $90.28 |
| 2026-02-18 | Abrahamsen Danielle Nicole | Sell | 218 | $90.28 |
| 2026-02-17 | Abrahamsen Danielle Nicole | Grant | 4.6K | — |
| 2025-11-19 | Mirchandani Sanjay | Sell | 3.6K | $120.99 |
| 2025-11-19 | Merrill Gary | Sell | 1.8K | $122.40 |
| 2025-11-19 | Mirchandani Sanjay | Sell | 108 | $122.59 |
| 2025-11-19 | Mirchandani Sanjay | Sell | 6.6K | $121.81 |
| 2025-11-19 | Mirchandani Sanjay | Sell | 2.8K | $119.75 |
| 2025-11-18 | Mirchandani Sanjay | Sell | 1.9K | $124.64 |
| 2025-11-18 | DiRico Jennifer Leigh | Sell | 830 | $123.58 |
| 2025-11-18 | Mirchandani Sanjay | Sell | 6.8K | $123.58 |
| 2025-11-18 | Mirchandani Sanjay | Sell | 5.8K | $123.37 |
| 2025-11-18 | Mirchandani Sanjay | Sell | 100 | $125.81 |
| 2025-11-18 | Merrill Gary | Sell | 2.7K | $123.58 |
| 2025-10-27 | Haydon William Geoffrey | Grant | 1.0K | — |
| 2025-09-12 | Merrill Gary | Sell | 3.5K | $179.43 |
| 2025-09-12 | Merrill Gary | Sell | 700 | $180.17 |
| 2025-09-12 | Merrill Gary | Sell | 2.8K | $176.16 |
| 2025-09-12 | Merrill Gary | Sell | 6.3K | $177.62 |
| 2025-09-12 | Merrill Gary | Sell | 1.9K | $178.65 |
| 2025-09-09 | DiRico Jennifer Leigh | Sell | 5.5K | $181.55 |
| 2025-09-09 | DiRico Jennifer Leigh | Sell | 7.6K | $182.35 |
| 2025-09-09 | DiRico Jennifer Leigh | Sell | 1.4K | $183.41 |
| 2025-09-09 | DiRico Jennifer Leigh | Sell | 450 | $184.63 |
| 2025-09-03 | Pickens Allison | Sell | 690 | $177.89 |
| 2025-08-29 | Mirchandani Sanjay | Gift | 56K | — |
| 2025-08-29 | Mirchandani Sanjay | Gift | 56K | — |
| 2025-08-19 | Mirchandani Sanjay | Sell | 5.6K | $176.72 |
| 2025-08-19 | Mirchandani Sanjay | Sell | 400 | $177.36 |
| 2025-08-19 | Mirchandani Sanjay | Sell | 2.8K | $178.24 |
| 2025-08-19 | Mirchandani Sanjay | Sell | 6.6K | $175.70 |
| 2025-08-18 | Mirchandani Sanjay | Sell | 754 | $178.63 |
| 2025-08-18 | DiRico Jennifer Leigh | Sell | 11K | $178.03 |
| 2025-08-18 | Mirchandani Sanjay | Sell | 6.7K | $178.03 |
| 2025-08-18 | Mirchandani Sanjay | Sell | 1.2K | $176.68 |
| 2025-08-18 | Mirchandani Sanjay | Sell | 2.7K | $177.61 |
| 2025-08-18 | Merrill Gary | Sell | 2.6K | $178.03 |
| 2025-08-11 | Lee Vivie | Sell | 765 | $182.92 |
| 2025-08-11 | Sanders A Shane | Sell | 612 | $182.92 |
| 2025-08-07 | Lee Vivie | Grant | 1.2K | — |
| 2025-08-07 | Adamo Nicola | Grant | 1.2K | — |
| 2025-08-07 | Shenkman Arlen | Grant | 1.2K | — |
| 2025-08-07 | Bejar Martha Helena | Grant | 1.2K | — |
| 2025-08-07 | MORAN CHARLES E | Grant | 1.2K | — |
| 2025-08-07 | Geeslin Keith | Grant | 1.2K | — |
| 2025-08-07 | Sanders A Shane | Grant | 1.2K | — |
| 2025-08-07 | Pickens Allison | Grant | 1.2K | — |
| 2025-05-27 | Merrill Gary | Sell | 214 | $175.88 |
| 2025-05-22 | Merrill Gary | Sell | 380 | $175.00 |
| 2025-05-22 | Merrill Gary | Sell | 1.4K | $174.88 |
| 2025-05-22 | Mirchandani Sanjay | Sell | 1.7K | $175.00 |
| 2025-05-20 | Mirchandani Sanjay | Sell | 79 | $180.75 |
| 2025-05-20 | Mirchandani Sanjay | Sell | 742 | $181.13 |
| 2025-05-20 | Merrill Gary | Sell | 525 | $181.57 |
| 2025-05-20 | Merrill Gary | Sell | 2.3K | $179.87 |
| 2025-05-20 | Merrill Gary | Sell | 312 | $178.43 |
| 2025-05-20 | Merrill Gary | Sell | 2.8K | $179.35 |
| 2025-05-20 | Mirchandani Sanjay | Sell | 10K | $179.87 |
| 2025-05-20 | Merrill Gary | Sell | 2.2K | $180.31 |
| 2025-05-20 | Mirchandani Sanjay | Sell | 1.2K | $179.11 |
| 2025-05-20 | Mirchandani Sanjay | Sell | 1.9K | $179.97 |
| 2025-05-19 | Mirchandani Sanjay | Sell | 859 | $177.19 |
| 2025-05-19 | Mirchandani Sanjay | Grant | 13K | — |
| 2025-05-19 | Merrill Gary | Grant | 2.5K | — |
| 2025-05-19 | Merrill Gary | Sell | 2.2K | $175.21 |
| 2025-05-19 | Merrill Gary | Sell | 113 | $174.19 |
| 2025-05-19 | Merrill Gary | Sell | 1.1K | $176.09 |
| 2025-05-19 | Merrill Gary | Sell | 100 | $177.00 |
| 2025-05-19 | Merrill Gary | Sell | 9.9K | $175.74 |
| 2025-05-19 | Merrill Gary | Sell | 4 | $177.06 |
| 2025-05-19 | Mirchandani Sanjay | Sell | 5.6K | $176.56 |
| 2025-05-19 | Mirchandani Sanjay | Sell | 8.9K | $175.59 |
| 2025-05-19 | Mirchandani Sanjay | Sell | 2.9K | $174.68 |
| 2025-05-19 | Mirchandani Sanjay | Sell | 11 | $177.00 |
| 2025-05-19 | Mirchandani Sanjay | Sell | 26K | $175.74 |
| 2025-05-16 | Merrill Gary | Grant | 7.8K | — |
| 2025-05-16 | Merrill Gary | Sell | 6.0K | $178.41 |
| 2025-05-16 | Merrill Gary | Sell | 1.1K | $176.35 |
| 2025-05-16 | Merrill Gary | Sell | 2.2K | $177.47 |
| 2025-05-16 | Merrill Gary | Sell | 960 | $178.88 |
| 2025-05-16 | Merrill Gary | Sell | 2.3K | $179.55 |
| 2025-05-16 | Merrill Gary | Sell | 489 | $180.85 |
| 2025-05-16 | Merrill Gary | Sell | 212 | $181.68 |
| 2025-05-16 | Merrill Gary | Grant | 4.3K | — |
| 2025-05-16 | Mirchandani Sanjay | Sell | 15K | $178.41 |
| 2025-05-16 | Mirchandani Sanjay | Sell | 100 | $175.98 |
| 2025-05-16 | Mirchandani Sanjay | Sell | 2.4K | $177.67 |
| 2025-05-16 | Mirchandani Sanjay | Sell | 400 | $179.30 |
| 2025-05-16 | Mirchandani Sanjay | Sell | 100 | $179.95 |
| 2025-05-16 | Mirchandani Sanjay | Sell | 27 | $181.69 |
| 2025-05-16 | Mirchandani Sanjay | Grant | 22K | — |
| 2025-05-16 | Mirchandani Sanjay | Grant | 13K | — |
| 2025-05-16 | DiRico Jennifer Leigh | Grant | 4.1K | — |
| 2025-05-15 | Mirchandani Sanjay | Grant | 25K | — |
| 2025-05-15 | Mirchandani Sanjay | Grant | 34K | — |
| 2025-05-15 | Merrill Gary | Grant | 7.6K | — |
| 2025-05-15 | Merrill Gary | Grant | 7.6K | — |
| 2025-05-15 | Merrill Gary | Grant | 10K | — |
| 2025-05-15 | DiRico Jennifer Leigh | Grant | 11K | — |
| 2025-05-15 | DiRico Jennifer Leigh | Grant | 8.2K | — |
| 2025-05-15 | DiRico Jennifer Leigh | Grant | 8.2K | — |
| 2025-05-15 | Mirchandani Sanjay | Grant | 25K | — |
| 2025-05-02 | Adamo Nicola | Sell | 1.5K | $169.74 |
| 2025-04-02 | Mirchandani Sanjay | Grant | 1.7K | — |
| 2025-04-02 | DiRico Jennifer Leigh | Grant | 327 | — |
| 2025-04-02 | Merrill Gary | Grant | 615 | — |
| 2025-03-03 | Pickens Allison | Sell | 1.2K | $171.98 |
| 2025-02-21 | Mirchandani Sanjay | Sell | 200 | $182.74 |
| 2025-02-21 | Mirchandani Sanjay | Sell | 510 | $183.59 |
| 2025-02-21 | Mirchandani Sanjay | Sell | 902 | $185.13 |
| 2025-02-21 | Merrill Gary | Sell | 154 | $181.07 |
| 2025-02-21 | Merrill Gary | Sell | 96 | $182.07 |
| 2025-02-21 | Merrill Gary | Sell | 267 | $184.82 |
| 2025-02-21 | Merrill Gary | Sell | 962 | $180.31 |
| 2025-02-21 | Mirchandani Sanjay | Sell | 3.4K | $180.16 |
| 2025-02-21 | Mirchandani Sanjay | Sell | 430 | $181.84 |
| 2025-02-21 | Mirchandani Sanjay | Sell | 2.7K | $180.90 |
| 2025-02-20 | Mirchandani Sanjay | Sell | 1.3K | $183.33 |
| 2025-02-20 | Mirchandani Sanjay | Sell | 1.6K | $185.91 |
| 2025-02-20 | Mirchandani Sanjay | Sell | 830 | $180.00 |
| 2025-02-20 | Mirchandani Sanjay | Sell | 1.1K | $181.45 |
| 2025-02-20 | Mirchandani Sanjay | Sell | 626 | $184.26 |
| 2025-02-19 | Mirchandani Sanjay | Sell | 1.5K | $186.50 |
| 2025-02-19 | Merrill Gary | Sell | 2.4K | $186.04 |
| 2025-02-19 | Merrill Gary | Sell | 872 | $189.44 |
| 2025-02-19 | Mirchandani Sanjay | Sell | 7.3K | $186.04 |
| 2025-02-19 | Mirchandani Sanjay | Sell | 2.0K | $184.53 |
| 2025-02-19 | Mirchandani Sanjay | Sell | 835 | $185.62 |
| 2025-02-19 | Mirchandani Sanjay | Sell | 340 | $187.71 |
| 2025-02-19 | Mirchandani Sanjay | Sell | 335 | $189.44 |
| 2025-02-13 | Adamo Nicola | Gift | 225 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-04-13 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-01-27 | ResultsExhibits | filing ↗ |
| 2025-12-04 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
| 2025-10-20 | Exec/director changeExhibits | filing ↗ |
| 2025-09-05 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2025-09-02 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-K | 2026-05-11 | 2026-03-31 | 0001169561-26-000017 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001169561-26-000013 ↗ |
| 8-K | 2026-04-13 | 2026-04-08 | 0001169561-26-000008 ↗ |
| 10-Q | 2026-01-28 | 2025-12-31 | 0001169561-26-000006 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0001169561-26-000003 ↗ |
| 8-K | 2025-12-04 | 2025-11-30 | 0001169561-25-000094 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001169561-25-000089 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001169561-25-000083 ↗ |
| 8-K | 2025-10-20 | 2025-10-15 | 0001169561-25-000080 ↗ |
| 8-K | 2025-09-05 | 2025-09-02 | 0001169561-25-000075 ↗ |
| 8-K | 2025-09-02 | 2025-09-02 | 0001169561-25-000073 ↗ |
| 8-K | 2025-08-11 | 2025-08-07 | 0001169561-25-000071 ↗ |