C

Commvault Systems, Inc. — Earnings Quality Grade C

CVLT · Technology

Some red flags

Revenue
$996M
2025
Net Income
$76M
2025
Gross Margin
82.0%
Free Cash Flow
$204M
01

Screening Summary

12
Passed
4
Watch
1
Failed
-2.85
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 92 days, change -4 days YoY

A2AR vs Revenue Growth

AR growth 13.2% vs revenue growth 18.6%

!
A3Revenue vs CFFO

Revenue grew 18.6% but CFFO only 1.8%

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

CapEx growth -8.1% vs revenue 18.6%. Normal

!
B3SG&A Ratio

SG&A/Gross Profit = 70.1%, exceeds 70%

B4Gross Margin

Gross margin 82.0%, change +0.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 2.72. Profits backed by cash

C2Free Cash Flow

FCF $0.2B, FCF/NI = 2.68

C3Accruals Ratio

Accruals ratio = -11.7%. Low accruals

C4Cash vs Debt

Cash $0.3B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.2B = 63% of equity. Over 50%

D2Leverage

Debt/EBITDA = 0.1x. Healthy

!
D3Soft Asset Growth

Other assets grew 68.0% vs revenue 18.6%

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions positive

!
E2Goodwill Surge

Goodwill+Intangibles surged 60% YoY

06

Manipulation Score

F1Beneish M-Score

M-Score = -2.85 (< -2.22). Unlikely manipulator

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04

Beneish M-Score

Manipulation Probability-2.85
-4.0 Clean-2.22 Grey-1.78 Danger0
0.954
DSRI
AR growing faster than revenue?
0.999
GMI
Gross margin declining?
1.188
AQI
Asset quality deteriorating?
1.186
SGI
Revenue growth rate
0.784
DEPI
Depreciation slowing?
1.029
SGAI
SG&A ratio changing?
-0.1174
TATA
Accruals level
0.966
LVGI
Leverage increasing?
05

Altman Z-Score

-1.92
Distress Zone
0 Distress1.102.605.0+ Safe
0.0715
Liquidity
-1.0141
Cumulative profit
0.0729
Operating efficiency
0.4099
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25