Latest Ratios: P/E Ratio 106.5x · EV/EBITDA 79.2x · ROE N/A. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.7B | $22.1B | $12.4B | $7.0B | $3.3B | $7.4B | $4.3B | $4.1B | $8.0B | $2.7B | — |
| Enterprise Value | $19.4B | $22.8B | $12.4B | $7.9B | $4.4B | $8.3B | $4.6B | $4.2B | $8.1B | $2.6B | — |
| P/E Ratio → | 106.54 | 115.65 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.38 | 8.71 | 5.75 | 3.78 | 2.11 | 5.33 | 3.30 | 3.32 | 6.94 | 3.22 | — |
| P/B Ratio | — | — | — | — | — | — | — | 21.99 | 24.55 | 12.56 | — |
| P/FCF | 24.95 | 29.47 | 20.68 | 34.03 | 180.50 | — | — | — | 265.79 | — | — |
| P/OCF | 22.79 | 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.99 | 5.77 | 4.22 | 2.77 | 5.98 | 3.55 | 3.37 | 7.05 | 3.06 | — |
| EV / EBITDA | 79.24 | 93.05 | 153.56 | — | — | — | — | — | — | — | — |
| EV / EBIT | 112.63 | 103.71 | 182.21 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8% | 86.8% | 84.9% | 82.2% | 79.7% | 79.1% | 78.1% | 75.4% | 66.6% | 61.3% | 66.1% |
| Operating Margin | 6.8% | 6.8% | 0.4% | -11.1% | -29.0% | -47.5% | -63.4% | -48.4% | -24.3% | -41.2% | -20.8% |
| Net Profit Margin | 7.4% | 7.4% | -5.8% | -13.7% | -50.5% | -74.2% | -66.8% | -50.3% | -25.7% | -44.9% | -21.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | -241.9% | -109.3% | -174.9% | — |
| ROA | 6.9% | 6.9% | -5.3% | -10.4% | -34.4% | -51.1% | -49.1% | -36.7% | -25.4% | -66.8% | -33.4% |
| ROIC | 688.9% | 688.9% | — | -89.3% | -514.1% | — | -415.9% | -128.2% | -79.5% | -332.0% | — |
| ROCE | 12.5% | 12.5% | 0.7% | -16.0% | -35.9% | -56.2% | -75.5% | -51.4% | -35.7% | -113.6% | -63.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | 2.46 | 1.31 | — | — |
| Debt / EBITDA | 6.05 | 6.05 | 8.61 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — | 0.33 | 0.38 | -0.64 | — |
| Net Debt / EBITDA | 2.91 | 2.91 | 0.49 | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.95 | 0.07 | 3.95 | 56.20 | — | — | — | 4.10 | — | — |
| Interest Coverage | 11.15 | 11.15 | 0.40 | -2.64 | -11.84 | -11.72 | -26.31 | -19.91 | -19.08 | — | -45.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.72 | 1.72 | 1.06 | 1.53 | 1.33 | 1.56 | 1.35 | 2.05 | 2.68 | 1.79 | 1.47 |
| Quick Ratio | 1.72 | 1.72 | 1.06 | 1.53 | 1.33 | 1.56 | 1.35 | 2.05 | 2.68 | 1.79 | 1.47 |
| Cash Ratio | 1.41 | 1.41 | 0.80 | 1.27 | 1.14 | 1.31 | 0.95 | 1.52 | 2.04 | 1.12 | 0.87 |
| Asset Turnover | — | 0.77 | 1.00 | 0.74 | 0.67 | 0.61 | 0.74 | 0.69 | 0.72 | 1.15 | 1.26 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 50.09 | 40.40 | 31.98 | 30.50 | 49.49 | 72.42 | 73.98 | 81.59 | 77.18 | 80.23 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 0.9% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 4.0% | 3.4% | 4.8% | 2.9% | 0.6% | — | — | — | 0.4% | — | — |
| Buyback Yield | 1.6% | 1.4% | 1.1% | 0.0% | 1.8% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 1.6% | 1.4% | 1.1% | 0.0% | 1.8% | 1.7% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $294M | $245M | $233M | $221M | $206M | $195M | $181M | $164M | $128M | $136M |
Includes 30+ ratios · 13 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 106.5x. The historical average is 115.6x.
Nutanix, Inc.'s current EV/EBITDA is 79.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 93.0x.
Based on historical data, Nutanix, Inc. is trading at a P/E of 106.5x. Compare with industry peers and growth rates for a complete picture.
Nutanix, Inc. has 86.8% gross margin and 6.8% operating margin.
Nutanix, Inc.'s Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
High leverage and SBC dilution
Metrics are mathematically derived from official filings.
Premium Pricing Reflects VMware Displacement
Nutanix trades at a significant premium to peers, with a forward P/E of 35.85 and EV/EBITDA of 24.50, suggesting the market is pricing in substantial future earnings growth from the ongoing VMware customer migration.
The valuation multiples, particularly the forward P/E of 35.85, appear to embed expectations of sustained double-digit operating margin expansion, a scenario that is not yet proven in the company's historical performance. Compared to peers like NetApp (forward P/E of 29.41), Nutanix commands a premium that likely reflects its positioning as a pure-play software beneficiary of the Broadcom-VMware disruption. However, the current EV/EBITDA of 24.50 is a significant compression from the 79.14 TTM figure, indicating the market is forward-looking and expects EBITDA to grow rapidly to justify the current enterprise value.
Software Margins Stable, Operating Leverage Emerging
Gross margins have remained exceptionally stable in the 86-87% range, confirming the structural shift to a pure software model, while operating margins have expanded from negative territory to a 9.2% peak in 2026Q4.
The consistent 86%+ gross margin is the clearest indicator of Nutanix's transition to a software-defined business model, effectively eliminating low-margin hardware pass-through. The expansion in operating margin from -2.2% in 2024Q4 to 9.2% in 2026Q4 suggests that sales and marketing efficiency is improving as the company scales. However, the net margin of 167.7% in 2026Q4 is distorted by significant non-cash items, likely stock-based compensation, and should not be interpreted as sustainable economic profitability.
ROIC Volatility Masks Underlying Capital Efficiency
Return on Invested Capital has been highly volatile, swinging from -7.1% in 2024Q3 to 146.6% in 2026Q1, a pattern that suggests the metric is heavily influenced by quarterly accounting adjustments rather than reflecting a stable compounding trend.
The extreme volatility in ROIC, including a reported 146.6% in 2026Q1 followed by a drop to 6.9% in 2026Q4, indicates that the calculation may be sensitive to large, non-recurring items or significant shifts in the equity base. The more stable ROA, which improved from -5.1% in 2024Q4 to 29.9% in 2026Q4, provides a clearer picture of improving asset utilization. Investors should focus on the trend in operating margins and asset turnover rather than the headline ROIC figure, which appears distorted by the company's complex capital structure and recent profitability inflection.
Elevated Debt Load Amid Equity Recovery
Despite a recent swing to positive equity, Nutanix maintains a high Debt-to-Equity ratio of 2.16 as of 2026Q4, indicating a capital structure still heavily reliant on borrowed funds.
The Debt-to-Equity ratio of 2.16 is elevated compared to peers like NetApp (1.84) and significantly higher than pure software companies, suggesting the legacy debt from the company's growth phase remains a key feature of its balance sheet. While the current ratio of 1.80 and a cash position of $769.5M provide a comfortable liquidity buffer, the high leverage warrants monitoring, especially if operating margins fail to expand as expected. The interest coverage ratio is not consistently reported, but the strong free cash flow generation appears sufficient to service the debt load in the near term.
The Misapplied Metric: Net Margin
The net margin of 167.7% in 2026Q4 is the most commonly misapplied ratio for Nutanix, as it is heavily distorted by non-cash stock-based compensation and does not reflect true economic profitability.
Investors focusing on the headline net margin are likely misled by the significant non-cash add-back of stock-based compensation, which inflates GAAP net income. A more appropriate metric for assessing Nutanix's true earning power is the free cash flow margin, which stood at a robust 36.7% in 2026Q4 and represents actual cash generation. The net margin's volatility, swinging from -23.0% to 167.7% over two years, further underscores its unsuitability as a reliable indicator of operational performance for a company in a rapid growth and transition phase.