Forensic Analysis · Technology / Software · as of Aug 10, 2026

Commvault Systems Inc (CVLT)

A forensic read on Commvault Systems Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality compounder

Forensic grade

Safe

Financial health

3.1

Distress distance

Clean

Earnings quality

Forensic signals

82.0

P / E (ttm)

$5.8B

Market cap

18.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Commvault Systems Inc earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 3.1, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

188% of FCF

FY2026

Shareholder returns. Returned $446M to shareholders (buybacks + dividends) in FY2026 — 188% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $123M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 240%.

n/m (sign flip)

FY2025→FY2026

Accruals ratio (% of NOA). Net operating assets flipped from positive to negative FY2025→FY2026 (FY2025 $+23.0M to FY2026 $-892.5M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.

-0.0%/yr

FY2023–FY2026

Share count. Diluted share count changed -0% over the last 3 years to FY2026 (-0.0%/yr). Roughly flat — buybacks ($446M) are about offsetting stock comp ($123M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$1.18B

Revenue Growth YoY+18.9%

Revenue CAGR (3yr)+14.7%

Net Margin6.0%

Free Cash Flow$237.2M

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Data from SEC EDGAR public filings · metrics as of Aug 10, 2026. Forensic signals flag probability, not certainty.