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Nutanix, Inc. (NTNX)

Juste valeur
TechnologySoftware - InfrastructureUnited States

Fondamental

67

Prix

$70.67

Capitalisation boursière

$18.56B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Nutanix sells software that lets a company run its own private cloud on standard servers instead of renting capacity from Amazon, Microsoft or Google, or instead of buying expensive specialized storage hardware. The software pools compute, storage and virtualization into a single system that IT staff can manage from one console. It does not make the servers itself: customers buy the hardware from partners like Dell, Lenovo or HPE and install Nutanix's software on top of it.

Comment l'entreprise gagne de l'argent

Nutanix sells software licenses and support as term subscriptions rather than one-time purchases, typically for three or five years, most of it recognized upfront when the contract starts with the remainder recognized ratably as support and services are delivered over the term. Most sales go through the same server makers and distributors whose hardware runs Nutanix's software, and through IT resellers, rather than direct to end customers, so its growth depends heavily on how well those partners choose to sell it.

Chiffre d'affaires par segment

Support, Entitlements and Other Services52.1%

Technical support, software updates and other services revenue, recognized gradually over the life of the subscription rather than upfront.

Product Revenue47.9%

Upfront software license fees recognized when a multi-year subscription contract begins, covering the core Nutanix Cloud Platform software.

Avantage concurrentiel

Coûts de changement · Étroit

Once a company's virtual machines, storage and data run on Nutanix's platform, migrating away means re-architecting how servers are provisioned and risking downtime — the same friction that has driven customers away from VMware since Broadcom raised its prices. That friction protects Nutanix's installed base, but it is not unique: Nutanix itself is winning share by exploiting exactly this dynamic against a larger incumbent.

Ce qui stimule la demande

Modérément cyclique

Demand depends on corporate IT budgets for data-center and private-cloud infrastructure, which slow when companies cut capital spending, but a large share of revenue comes from renewing multi-year subscriptions already in place rather than winning entirely new business each quarter. The bigger swing factor recently has been customers leaving VMware after Broadcom's price increases, a one-time tailwind rather than a recurring driver.

Principaux risques

  • Reliance on channel distributors and OEM hardware partners — Most sales go through distributors and hardware partners like Dell and Lenovo rather than direct to customers, and Nutanix's software depends on those partners' hardware being available and willing to bundle it.
  • A one-time competitive tailwind may fade — Recent growth has been boosted by customers leaving VMware over Broadcom's pricing changes; once that migration wave runs its course, Nutanix must generate growth from new demand rather than a rival's mistake.
  • Corporate IT spending cycles — New infrastructure purchases slow when companies cut capital budgets, and a large upfront-license component of revenue makes results more sensitive to the timing of big deals than a purely ratable subscription model would be.
  • Competition from public cloud and hyperconverged rivals — Customers can choose to move workloads to a public cloud provider instead of running private infrastructure at all, and rivals including VMware, Microsoft and smaller hyperconverged vendors compete for the same budgets.

Concentration des clients

Nutanix sells mostly through a small number of large distributors rather than directly; in prior fiscal years its two largest distributors together represented close to half of revenue, though the company has not disclosed an updated figure for fiscal 2025.

Les arguments en faveur

Buyers argue that the exodus from VMware after Broadcom's price increases gives Nutanix years of migration business still to capture, that its subscription model builds a growing base of recurring renewal revenue, and that private and hybrid cloud remain a durable alternative to renting everything from a public cloud provider.

Les arguments contre

Sellers fear that the VMware migration tailwind is temporary and growth slows once it fades, that heavy reliance on distributors and hardware partners limits Nutanix's control over its own sales motion, and that public cloud providers keep pulling workloads away from private infrastructure altogether.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: 44.8Score: 75Market cap: $1.67T

Broadcom's VMware Cloud Foundation is the incumbent virtualization and private-cloud stack that Nutanix Cloud Infrastructure is sold to replace in the same enterprise data centers.

P/E: 31.3Score: 70Market cap: $347.80B

Dell sells the VxRail and PowerFlex hyperconverged systems to the same enterprise IT buyers, competing appliance-against-appliance even while it also ships servers certified for Nutanix software.

P/E: 28.6Score: 72Market cap: $3.70T

Microsoft competes both on-premises with Hyper-V and Azure Local and in the public cloud with Azure, for the workloads Nutanix wants to host on its hybrid platform.

P/E: 32.9Score: 62Market cap: $83.14B

HPE offers its own virtualization and hyperconverged portfolio, including SimpliVity and the GreenLake private-cloud subscriptions, to the same mid-market and enterprise accounts.

Red Hat, Inc.Not tracked

Red Hat, an IBM subsidiary, competes with OpenShift Virtualization and OpenStack as the open-source alternative for running virtual machines and containers on the customer's own hardware.

Bilan & Liquidités

Chiffre d'affaires

$2.85B

12 derniers mois (au 31/07/2026)

Résultat net

$1.51B

12 derniers mois (au 31/07/2026)

Flux de trésorerie libre

$841M

Capitaux propres totaux

$703M

Passif total

$4.37B

Ratio de liquidité général

1.80

Couverture des intérêts

-

Dette/EBITDA

4.42

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$90.04

Prix actuel

$70.67

Marge de sécurité

+21.5%

Fourchette de juste valeur

$58.53 - $121.55

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$76.41
Flux de trésorerie actualisés (DCF):$72.96
Multiple de résultat (P/E):$153.82
Formule de croissance de Graham:$85.80
Valeur de la capacité bénéficiaire (EPV):$8.72
P/B justifié:$77.37
Actualisation des dividendes (Gordon):Données insuffisantes pour le calculer
P/FFO, les fonds provenant de l'exploitation:$93.28
Bénéfices de milieu de cycle:Données insuffisantes pour le calculer
Multiple sur le chiffre d'affaires:$49.75
Consensus des analystes:Acheter (15B / 10H / 0S)
Dernière surprise sur les résultats:+21.24%

Indicateurs de valorisation

Ratio P/E

13.62

ROE

214.5%

Ratio P/B

27.12

P/FCF

22.66

Marge brute

86.8%

ROIC

6.4%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

6.4%

WACC

7.8%

ROIC − WACC

-1.5 pp

Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.

Critères d'analyse fondamentale

Réussi (19)

  • EPS shows upward trend
  • Price CAGR 10.13%
  • ROIC 6.4%
  • Gross Margin 86.8%
  • P/FCF 22.66
  • Operating Margin 9.6%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Debt/EBITDA
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 180.7%
  • Revenue Growth 5Y 15.4%
  • Analyst Consensus 60% Buy
  • Earnings Surprise avg 17.7%
  • Share Dilution 0.6%
  • Net Margin Trend 52.8% vs 7.4%
  • Piotroski F-Score 5/9

Échoué (5)

  • P/B Ratio 27.12
  • Debt/Equity ratio
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Earnings Quality (OCF/NI) 0.61

Indisponible (3)

  • Dividend Payout NaN%
  • Interest Coverage
  • PEG Ratio (need PE > 0 and growth > 0)

Score F de Piotroski

5/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

0.61

Modérée : certain écart entre profits et trésorerie

Dilution du capital

0.6%

Le nombre d'actions est stable

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Dr. Rajiv Ramaswami Ph.D.CEO & Director59
Ms. Rukmini SivaramanPrincipal Accounting Officer & CFO43
Mr. Brian Michael Martin J.D.Chief Legal Officer63
Mr. Tarkan ManerPresident & Chief Commercial Officer55
Ms. Mandy DhaliwalChief Marketing Officer-
Ms. Jennifer LepirdChief People Officer-
Mr. Dave GwynSenior Vice President of Worldwide Channels & Customer Success-
Mr. Inder SidhuChief Customer Experience Officer65
Mr. Sammy ZoghlamiSenior Vice President of Sales in EMEA-
Mr. Andrew BrindedChief Revenue Officer-

Risque d'audit

4

Risque du conseil

2

Risque de rémunération

3

Risque droits des actionnaires

2

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-09-18

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-05-29

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-09-24

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for NTNX, sourced from Markets Gazette.

  • 5/27/2026NEUTRAL
    Nutanix Q3 2026 Earnings Call: Complete Transcript

    Nutanix Inc. held its Q3 2026 earnings call on May 27, 2026. The transcript of this call is now available, providing detailed insights into the company's financial performance, strategic initiatives, and future outlook. Investors and analysts can review the discussion for a comprehensive understanding of Nutanix's operational status and market positioning. The availability of the full transcript allows for a deeper dive into management's commentary on revenue, profitability, and growth drivers.

  • 2/26/2026NEGATIVE
    These Analysts Cut Their Forecasts On Nutanix After Q2 Results

    Analysts have reportedly lowered their forecasts for Nutanix Inc. (NTNX) following the company's second-quarter results. While some investment banks, including Wells Fargo, Needham, and Morgan Stanley, maintained their previous ratings, the overarching market sentiment, as indicated by the news title, points to a reduction in expectations. This development suggests potential downward pressure on the stock's future performance, as expert projections often influence investor confidence and purchasing decisions. Investors should closely monitor the company's upcoming actions and market reactions, as a downgrade in forecasts can precede periods of volatility or corrections.

via Markets Gazette