Latest Ratios: P/E Ratio 11.3x · EV/EBITDA 47.3x · ROE 37460.2%. (2013–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $15.8B | $17.3B | $22.1B | $12.4B | $7.0B | $3.3B | $7.4B | $4.3B | $4.1B | $8.0B | $2.7B |
| Enterprise Value | $16.5B | $18.0B | $22.8B | $12.4B | $7.9B | $4.4B | $8.3B | $4.6B | $4.2B | $8.1B | $2.6B |
| P/E Ratio → | 11.34 | 11.44 | 115.65 | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.53 | 6.05 | 8.71 | 5.75 | 3.78 | 2.11 | 5.33 | 3.30 | 3.32 | 6.94 | 3.22 |
| P/B Ratio | 24.32 | 24.59 | — | — | — | — | — | — | 21.99 | 24.55 | 12.56 |
| P/FCF | 18.77 | 20.55 | 29.47 | 20.68 | 34.03 | 180.50 | — | — | — | 265.79 | — |
| P/OCF | 17.21 | 18.84 | 26.91 | 18.37 | 25.86 | 49.40 | — | — | 97.45 | 86.68 | 197.20 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.31 | 8.99 | 5.77 | 4.22 | 2.77 | 5.98 | 3.55 | 3.37 | 7.05 | 3.06 |
| EV / EBITDA | 47.27 | 51.55 | 93.05 | 153.56 | — | — | — | — | — | — | — |
| EV / EBIT | 59.24 | 54.61 | 103.71 | 182.21 | — | — | — | — | — | — | — |
| EV / FCF | — | 21.43 | 30.42 | 20.75 | 37.98 | 236.70 | — | — | — | 269.89 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8% | 86.8% | 86.8% | 84.9% | 82.2% | 79.7% | 79.1% | 78.1% | 75.4% | 66.6% | 61.3% |
| Operating Margin | 9.8% | 9.8% | 6.8% | 0.4% | -11.1% | -29.0% | -47.5% | -63.4% | -48.4% | -24.3% | -41.2% |
| Net Profit Margin | 52.8% | 52.8% | 7.4% | -5.8% | -13.7% | -50.5% | -74.2% | -66.8% | -50.3% | -25.7% | -44.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 37460.2% | 37460.2% | — | — | — | — | — | — | -241.9% | -109.3% | -174.9% |
| ROA | 36.1% | 36.1% | 6.9% | -5.3% | -10.4% | -34.4% | -51.1% | -49.1% | -36.7% | -25.4% | -66.8% |
| ROIC | 28.6% | 28.6% | 688.9% | — | -89.3% | -514.1% | — | -415.9% | -128.2% | -79.5% | -332.0% |
| ROCE | 10.6% | 10.6% | 12.5% | 0.7% | -16.0% | -35.9% | -56.2% | -75.5% | -51.4% | -35.7% | -113.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.16 | 2.16 | — | — | — | — | — | — | 2.46 | 1.31 | — |
| Debt / EBITDA | 4.35 | 4.35 | 6.05 | 8.61 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 1.06 | — | — | — | — | — | — | 0.33 | 0.38 | -0.64 |
| Net Debt / EBITDA | 2.12 | 2.12 | 2.91 | 0.49 | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.88 | 0.95 | 0.07 | 3.95 | 56.20 | — | — | — | 4.10 | — |
| Interest Coverage | 36.72 | 36.72 | 11.15 | 0.40 | -2.64 | -11.84 | -11.72 | -26.31 | -19.91 | -19.08 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.71 | 1.71 | 1.72 | 1.06 | 1.53 | 1.33 | 1.56 | 1.35 | 2.05 | 2.68 | 1.79 |
| Quick Ratio | 1.71 | 1.71 | 1.72 | 1.06 | 1.53 | 1.33 | 1.56 | 1.35 | 2.05 | 2.68 | 1.79 |
| Cash Ratio | 1.40 | 1.40 | 1.41 | 0.80 | 1.27 | 1.14 | 1.31 | 0.95 | 1.52 | 2.04 | 1.12 |
| Asset Turnover | — | 0.56 | 0.77 | 1.00 | 0.74 | 0.67 | 0.61 | 0.74 | 0.69 | 0.72 | 1.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 37.00 | 50.09 | 40.40 | 31.98 | 30.50 | 49.49 | 72.42 | 73.98 | 81.59 | 77.18 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 8.7% | 0.9% | — | — | — | — | — | — | — | — |
| FCF Yield | 5.3% | 4.9% | 3.4% | 4.8% | 2.9% | 0.6% | — | — | — | 0.4% | — |
| Buyback Yield | 3.1% | 2.8% | 1.4% | 1.1% | 0.0% | 1.8% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.1% | 2.8% | 1.4% | 1.1% | 0.0% | 1.8% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $293M | $294M | $245M | $233M | $221M | $206M | $195M | $181M | $164M | $128M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying NTNX stock.
Nutanix, Inc.'s current P/E ratio is 11.3x. The historical average is 63.5x.
Nutanix, Inc.'s current EV/EBITDA is 47.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 72.3x.
Nutanix, Inc.'s return on equity (ROE) is 37460.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -198.9%.
Based on historical data, Nutanix, Inc. is trading at a P/E of 11.3x. Compare with industry peers and growth rates for a complete picture.
Nutanix, Inc. has 86.8% gross margin and 9.8% operating margin.
Nutanix, Inc.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Leverage and valuation risk
Metrics are mathematically derived from official filings.
ROIC Volatility Undermines Capital Efficiency Story
Nutanix's ROIC plummeted to 6.9% in 2026Q4 from 92.6% in 2026Q2, as reported in financial statements, a severe deceleration that highlights the distortion caused by volatile non-operating items and significant swings in invested capital base.
The erratic ROIC trend suggests that reported returns are not driven by core operational efficiency but by large, likely non-recurring, adjustments to equity and debt. For a software company with high gross margins, this level of capital return volatility is atypical and indicates that the metric currently fails to provide a clear signal on underlying business economics. Investors should focus on operating metrics like gross profit and free cash flow generation instead of this distorted ROIC figure.
Debt Surge Elevates Financial Risk Profile
Total debt reached $1.5 billion in 2026Q4 with a debt-to-equity ratio of 2.16, as per the balance sheet, representing a significant increase that has strained the balance sheet despite a high interest coverage ratio of 27.57x.
The leverage buildup appears to be a strategic move to fund operations during the transition, but it introduces material refinancing risk if growth decelerates. The strong interest coverage provides a short-term cushion, but the high D/EBITDA ratio of 17.45x suggests that the debt level is aggressive relative to current operational earnings power. This leveraged position could become vulnerable in a downturn, especially if the VMware tailwind dissipates more quickly than anticipated.
Premium Pricing Demands Perfection
At a forward P/E of 35.55 and EV/EBITDA of 24.30, Nutanix trades at a steep premium to peers like NetApp (20.04x EV/EBITDA), implying the market is pricing in sustained high growth and margin expansion that is not yet reflected in current fundamentals.
The valuation multiple assumes a continuation of the recent revenue reacceleration and a successful path to double-digit operating margins. Any stumble in capturing the VMware transition or a slowdown in ACV growth could trigger a severe de-rating, as the premium offers little margin for error. The P/E ratio of 105.52x on a trailing basis is inflated by volatile net income, making the forward multiple the more relevant, though still demanding, metric.
Gross Margins Stable, Operating Margins Lagging
Gross margins held steady at 86.0% in 2026Q4, as per the income statement, but operating margins of 9.2% remain below software peers, indicating that heavy reinvestment in sales and marketing is still consuming a significant portion of profit potential.
The disconnect between elite gross margins and modest operating margins reveals the company's ongoing investment phase to capture market share. While operating income grew 124.4% year-over-year in the latest quarter, the margin expansion is gradual. The path to sustainable, peer-comparable profitability depends on achieving operating leverage in SG&A, which has yet to be conclusively demonstrated.
The Misleading Power of Return on Equity
The reported ROE of 180.7% in 2026Q4 is the ratio most commonly misapplied to Nutanix's business model, as it is inflated by a small, volatile equity base and large non-operating items, obscuring the true cost of shareholder capital.
For a company with a history of losses and a recent shift to profitability, a high ROE driven by financial leverage and non-recurring gains provides no useful insight into management's ability to generate returns from operations. Analysts should instead use Return on Invested Capital (ROIC) with careful adjustments, or simply focus on free cash flow yield, to assess economic value creation. Using the current ROE would lead to a profound misunderstanding of Nutanix's capital efficiency.