Forensic Analysis · Software & SaaS · as of Nov 8, 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.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
2
Forensic signals
42.5%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 a B (Sound & dependable) forensic quality grade. 2 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. That is $209M (88%) more than free cash flow covered, and more than operating cash flow as well. Over FY2026 cash rose $598M, so that line did not fund the gap. The FY2026 cash-flow statement filed $35M from sales of property and equipment; net cash used in investing activities of $5M; net cash provided by financing activities of $345M. A payout past free cash flow draws the balance sheet down in every year it continues, 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Latest Revenue$1.18B
Revenue Growth YoY+18.9%
Revenue CAGR (2yr)+18.8%
Net Margin6.0%
Free Cash Flow$237.2M
Return on Equity42.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Commvault Systems Inc's actual 10-K/10-Q/8-K filings?