CVLT

Commvault is a cyber-resilience and data-protection software vendor that has substantially completed its transition from perpetual licenses to a subscription/SaaS model. The growth and unit economics are compelling: FY2026 revenue rose 18.9% to $1.18B (accelerating from $996M and $839M in the prior two years), gross profit grew 17.6% to $961M, and gross margin is a software-grade 81.2%. The company sits in a structurally growing market — management cites 'accelerating data growth, increasingly sophisticated cyberattacks, the rapid adoption of AI, and the expansion of hybrid, multi-cloud' environments as demand drivers, with ~90% of revenue flowing through indirect channels and a heavy recurring-subscription mix.

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