The company's financial structure has shifted dramatically, with the debt-to-equity ratio surging to 122.43% in 2026Q4 compared to just 0.04% in 2024Q4.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 |
|---|
| Total Current Assets | 1.29B | 635.06M | 595.13M | 550.91M | 484.08M | 607.6M | 513.69M | 655M | 646.79M | 598.74M | 517.38M | 541.55M | 630.53M | 555.5M | 395.35M | 312.73M | 253.91M | 166.15M | 154.7M | 100.32M | 68.15M | 45.09M |
| Cash & Short-Term Investments | 899.99M | 302.1M | 312.75M | 287.78M | 267.51M | 397.24M | 339.73M | 458.33M | 462.42M | 450.18M | 387.18M | 387.61M | 482.71M | 435.91M | 300.23M | 218.32M | 174.56M | 105.2M | 91.66M | 65M | 48.04M | 24.8M |
| Cash Only | 899.99M | 302.1M | 312.75M | 287.78M | 267.51M | 397.24M | 296.08M | 327.99M | 330.78M | 329.49M | 288.11M | 337.67M | 457.73M | 433.96M | 297.09M | 217.17M | 169.52M | 105.2M | 91.66M | 65M | 48.04M | 24.8M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 43.65M | 130.34M | 131.64M | 120.69M | 99.07M | 49.94M | 24.98M | 1.95M | 3.15M | 1.15M | 5.04M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 330.48M | 252M | 222.68M | 210.44M | 194.24M | 188.13M | 146.99M | 176.84M | 162.12M | 140.08M | 113.43M | 117.72M | 118.53M | 85.03M | 67.79M | 73.89M | 58.05M | 44.02M | 44.28M | 22.04M | 18.24M | 18.3M |
| Days Sales Outstanding | 101.91 | 92.38 | 96.85 | 97.9 | 92.12 | 94.91 | 79.97 | 90.79 | 84.61 | 79.27 | 69.73 | 70.72 | 73.78 | 62.59 | 60.85 | 85.68 | 78.18 | 68.51 | 81.51 | 53.25 | 60.81 | 80.86 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 56.04M | 80.96M | 59.69M | 52.7M | 22.34M | 22.24M | 26.97M | 19.84M | 22.25M | 15.79M | 16.77M | 36.23M | 29.3M | 34.55M | 27.32M | 12.04M | 16.69M | 13.14M | 15.35M | 9.62M | 0 | 0 |
| Total Non-Current Assets | 599.79M | 483.21M | 348.79M | 241.68M | 343.84M | 306.6M | 353.93M | 167.45M | 171.85M | 223.82M | 205.85M | 171.91M | 124.85M | 49.36M | 37.34M | 29.77M | 32.1M | 40.84M | 46.13M | 47.72M | 4.41M | 2.43M |
| Property, Plant & Equipment | 44.67M | 18.42M | 18.51M | 20.07M | 121.43M | 133.56M | 129.53M | 122.72M | 128.61M | 132.32M | 135.9M | 140.21M | 88.9M | 21.11M | 8.18M | 6.4M | 6.36M | 6.28M | 5.87M | 4.62M | 3.32M | 2.08M |
| Fixed Asset Turnover | 26.50x | 54.06x | 45.35x | 39.09x | 6.34x | 5.42x | 5.18x | 5.79x | 5.44x | 4.87x | 4.37x | 4.33x | 6.60x | 23.49x | 49.69x | 49.18x | 42.64x | 37.33x | 33.79x | 32.68x | 32.95x | 39.63x |
| Goodwill | 209.32M | 185.25M | 127.78M | 127.78M | 127.78M | 112.44M | 164.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 19.71M | 20.74M | 1.04M | 2.29M | 3.54M | 0 | -5.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 40.36M | 21.79M | 9.87M | 14.3M | 7.46M | 7.86M | 7.22M | 4.38M | 3.62M | 4.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 172.32M | 85.06M | 68.49M | 71.65M | 64.95M | 43.12M | 35.22M | 37.52M | 38.86M | 37.65M | 6.74M | 6.8M | 7.21M | 7.08M | 5.29M | 1.63M | 1.26M | 1.09M | 754K | 554K | 1.09M | 342K |
| Total Assets | 1.89B | 1.12B | 943.91M | 792.6M | 827.92M | 914.2M | 867.62M | 822.45M | 818.64M | 829.88M | 723.23M | 713.47M | 755.38M | 604.85M | 432.69M | 342.5M | 286.01M | 206.99M | 200.83M | 148.04M | 72.57M | 47.51M |
| Asset Turnover | 0.63x | 0.89x | 0.89x | 0.99x | 0.93x | 0.79x | 0.77x | 0.86x | 0.85x | 0.78x | 0.82x | 0.85x | 0.78x | 0.82x | 0.94x | 0.92x | 0.95x | 1.13x | 0.99x | 1.02x | 1.51x | 1.74x |
| Asset Growth % | 68.68% | 18.47% | 19.09% | -4.27% | -9.44% | 5.37% | 5.49% | 0.47% | -1.35% | 14.75% | 1.37% | -5.55% | 24.89% | 39.79% | 26.33% | 19.75% | 38.18% | 3.07% | 35.66% | 104% | 52.73% | - |
| Total Current Liabilities | 658.17M | 555.05M | 484.93M | 410.08M | 394.06M | 373.2M | 328.55M | 326.35M | 324.17M | 285.6M | 264.96M | 257.93M | 243.53M | 212.4M | 173.05M | 133.35M | 110.73M | 81.56M | 77.19M | 65.43M | 44.02M | 31.64M |
| Accounts Payable | 651K | 373K | 299K | 108K | 432K | 374K | 307K | 2.19M | 761K | 117K | 309K | 860K | 1.22M | 3.86M | 1.85M | 1.66M | 1.89M | 1.8M | 2.22M | 1.5M | 1.56M | 1.75M |
| Days Payables Outstanding | 1.02 | 0.76 | 0.72 | 0.29 | 1.38 | 1.25 | 0.96 | 6.82 | 2.83 | 0.5 | 1.36 | 3.82 | 5.98 | 21.69 | 12.62 | 14.75 | 19.36 | 21.41 | 30 | 25.25 | 38.09 | 55.84 |
| Short-Term Debt | 6.96M | 4.61M | 4.93M | 4.52M | 4.78M | 7.47M | 7.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.5M | 0 | 166K |
| Deferred Revenue (Current) | 484.97M | 402.93M | 362.45M | 307.56M | 267.02M | 253.21M | 233.5M | 238.44M | 241.11M | 209.1M | 194.98M | 184.31M | 166.14M | 152.97M | 125.31M | 98.22M | 83.11M | 61.36M | 52.35M | 36.21M | 29.77M | 19.27M |
| Other Current Liabilities | 165.58M | 52.07M | 46.28M | 39.78M | 48.43M | 42.26M | 39.7M | 37.39M | 36.11M | 33.55M | 32.89M | 34.24M | 40.35M | 23.18M | 17.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.95x | 1.14x | 1.23x | 1.34x | 1.23x | 1.63x | 1.56x | 2.01x | 2.00x | 2.10x | 1.95x | 2.10x | 2.59x | 2.62x | 2.28x | 2.35x | 2.29x | 2.04x | 2.00x | 1.53x | 1.55x | 1.42x |
| Quick Ratio | 1.95x | 1.14x | 1.23x | 1.34x | 1.23x | 1.63x | 1.56x | 2.01x | 2.00x | 2.10x | 1.95x | 2.10x | 2.59x | 2.62x | 2.28x | 2.35x | 2.29x | 2.04x | 2.00x | 1.53x | 1.55x | 1.42x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.22B | 238.09M | 180.9M | 196.42M | 178.02M | 146.97M | 127.16M | 104.8M | 90.4M | 75.03M | 62M | 48.53M | 49.28M | 38.43M | 29.66M | 21.02M | 16.98M | 14.14M | 14.11M | 4.29M | 102.22M | 96.88M |
| Long-Term Debt | 880.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 29.68M | 6.34M | 7.16M | 8.26M | 11.27M | 15.42M | 8.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 1.56M | 1.38M | 1.72M | 10.16M | 12.64M | 10.79M | 23.39M | 2.59M | 2.43M | 0 | 8.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 14.81M | 7.09M | 3.56M | 3.61M | 3.93M | 1.53M | 2.24M | 2.95M | 3.31M | 4.23M | 3.45M | 3.1M | 5.85M | 7.13M | 7.6M | 6.32M | 7.84M | 6.38M | 6.9M | 4K | 102.22M | 96.88M |
| Total Liabilities | 1.88B | 793.14M | 665.83M | 606.5M | 572.09M | 520.17M | 455.71M | 431.15M | 414.58M | 362.95M | 326.96M | 306.46M | 292.81M | 250.84M | 202.7M | 154.37M | 127.72M | 95.7M | 91.3M | 69.72M | 146.23M | 128.52M |
| Total Debt | 917.5M | 10.95M | 12.09M | 12.78M | 16.05M | 22.89M | 16.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.5M | 0 | 166K |
| Net Debt | 17.51M | -291.15M | -300.66M | -275M | -251.46M | -374.35M | -279.57M | -327.99M | -330.78M | -329.49M | -288.11M | -337.67M | -457.73M | -433.96M | -297.09M | -217.17M | -169.52M | -105.2M | -91.66M | -57.5M | -48.04M | -24.63M |
| Debt / Equity | 122.43x | 0.03x | 0.04x | 0.07x | 0.06x | 0.06x | 0.04x | - | - | - | - | - | - | - | - | - | - | - | - | 0.10x | - | - |
| Debt / EBITDA | 7.91x | 0.13x | 0.15x | - | 0.31x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.39x | - | 0.09x |
| Net Debt / EBITDA | 0.15x | -3.51x | -3.67x | - | -4.79x | - | - | -19.33x | -30.52x | -36.65x | -18.84x | -7.06x | -4.29x | -5.06x | -5.52x | -5.47x | -4.78x | -4.35x | -3.42x | -2.95x | -4.13x | -14.03x |
| Interest Coverage | 27.83x | 195.84x | 202.48x | -31.55x | 399.29x | - | - | - | -2.01x | -1.08x | 5.24x | 59.48x | - | - | 878.05x | 343.59x | 304.08x | 126.54x | 239.17x | - | - | - |
| Total Equity | 7.49M | 325.12M | 278.08M | 186.1M | 255.83M | 394.03M | 411.9M | 391.3M | 404.06M | 466.93M | 396.27M | 407.01M | 462.58M | 354.02M | 229.98M | 188.13M | 158.3M | 111.29M | 109.53M | 78.32M | -73.66M | -81.01M |
| Equity Growth % | -97.69% | 16.91% | 49.43% | -27.26% | -35.07% | -4.34% | 5.26% | -3.16% | -13.46% | 17.83% | -2.64% | -12.01% | 30.67% | 53.93% | 22.25% | 18.84% | 42.24% | 1.6% | 39.85% | 206.32% | 9.07% | - |
| Book Value per Share | 0.17 | 7.20 | 6.17 | 4.17 | 5.42 | 8.45 | 8.99 | 8.22 | 8.93 | 10.02 | 8.52 | 8.62 | 9.32 | 7.32 | 4.87 | 4.06 | 3.52 | 2.53 | 2.40 | 1.79 | -2.38 | -1.94 |
| Total Shareholders' Equity | 7.49M | 325.12M | 278.08M | 186.1M | 255.83M | 394.03M | 411.9M | 391.3M | 404.06M | 466.93M | 396.27M | 407.01M | 462.58M | 354.02M | 229.98M | 188.13M | 158.3M | 111.29M | 109.53M | 78.32M | -73.66M | -81.01M |
| Common Stock | 0 | 441K | 435K | 440K | 443K | 463K | 458K | 454K | 450K | 447K | 440K | 451K | 471K | 464K | 446K | 440K | 431K | 416K | 428K | 420K | 190K | 188K |
| Retained Earnings | 0 | -1.13B | -1.06B | -1.06B | -898.7M | -665.77M | -553.79M | -485.49M | -373.68M | -239.97M | -197.96M | -125.5M | -18.06M | -37.93M | -91.14M | -84.24M | -81.03M | -99.4M | -94.92M | -104.33M | -164.96M | -175.72M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -15.63M | -15.94M | -16.05M | -11.86M | -10.35M | -13.42M | -11.57M | -5.47M | -12.31M | -9.21M | -7.5M | -917K | -289K | 239K | 307K | -112K | -192K | -357K | -62K | -7.75M | 165K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High debt leverage sensitivity
According to recent SEC filings, Commvault's debt-to-equity ratio spiked to 122.43% in 2026Q4, a dramatic shift from the 0.04% level observed in 2024Q4, indicating that the company has significantly increased its reliance on external financing to fund its ongoing strategic initiatives and capital allocation priorities.
The rapid accumulation of debt suggests a departure from a conservative capital structure toward one that may amplify earnings volatility in a fluctuating interest rate environment. Investors should monitor whether this leverage is being deployed to generate sufficient incremental returns on invested capital or if it merely serves to bridge gaps in operational cash flow.
As reported in financial statements, Commvault maintained a cash position of $900 million in 2026Q4, yet the current ratio of 1.95 suggests that liquidity remains sensitive to the timing of large-scale enterprise contract renewals and the associated working capital requirements inherent in the software-to-SaaS transition.
While the absolute cash balance appears substantial, the company's liquidity profile is heavily influenced by deferred revenue, which reached $778.7 million in 2026Q4. This indicates that a significant portion of current assets is tied to future performance obligations, warranting caution regarding the company's ability to meet short-term liabilities if subscription growth decelerates.
Based on reported figures, Commvault's equity base has contracted to a nominal $7.5 million as of 2026Q4, a trend driven by persistent negative retained earnings and aggressive share repurchases that have effectively hollowed out the company's book value over the last ten quarters.
The depletion of equity suggests that management is prioritizing shareholder returns over balance sheet fortification, which may limit the company's capacity to absorb future operational shocks. This capital allocation strategy appears to be a high-stakes bet on the durability of the current subscription-based business model.
Analysis of the balance sheet reveals that the company's reliance on debt to fund share repurchases, as evidenced by the 122.43% debt-to-equity ratio, creates a structural vulnerability that is not immediately apparent when focusing solely on the company's strong gross margins or top-line revenue growth.
The combination of thin GAAP net income and a near-zero equity base suggests that the company's financial health is highly dependent on maintaining consistent cash flow to service its debt obligations. Any disruption in the SaaS transition or a slowdown in enterprise IT spending could force a re-evaluation of the company's long-term solvency.
Quick answers to the most common questions about buying CVLT stock.
As of 2026, Commvault Systems, Inc. (CVLT) had total assets of $1.89B including $1.29B in current assets.
Commvault Systems, Inc. (CVLT) carries total debt of $917.5M, offset by $900.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Commvault Systems, Inc. (CVLT) has total shareholders' equity (book value) of $7.5M ($0.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Commvault Systems, Inc. (CVLT) reported a current ratio of 1.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.