Nutanix, Inc. (NTNX)

Price$68.06Cached quoteAs of 2026-09-05 06:46 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash generation already carries a demanding valuation.

At the observed price, Nutanix is worth about $17.9 billion using the latest reported share count. The supplied history implies roughly $771 million of trailing free cash flow, meaning cash left after running and investing in the business, or about 23 times that cash flow. Reported profit per share implies a much richer multiple near 69 times. If fiscal 2029 revenue grows about 15% yearly and cash flow stays near 28% of revenue, cash flow could reach roughly $1.2 billion; a 20-times valuation discounted 10% yearly lands near today’s equity value. Investing.com+1

Big pictureRevenue and recurring contracts keep growing, while profits have turned positive and cash remains durable.

Revenue rose from $1.31 billion in fiscal 2020 to $2.54 billion in fiscal 2025, while operating income improved from an $829 million loss to a $173 million profit. The latest four supplied quarters total about $2.75 billion of revenue and $276 million of net income. Cash generation is stronger: trailing operating cash flow is about $821 million and free cash flow about $771 million. In the April quarter, annual recurring revenue reached $2.43 billion, up 15%, supporting durability even as quarterly revenue growth slowed to 10%. Nutanix, Inc

Business strengthCash resources exceed convertible debt, but stock awards still consume meaningful shareholder value.

At April 30, current assets were $2.61 billion against $1.47 billion of current liabilities. Although the supplied extraction shows no conventional debt, the latest filing separately reports about $1.35 billion of convertible notes and $2.02 billion of cash, cash equivalents and short-term investments. Negative book equity remains a blemish. Stock compensation was about $348 million over the latest twelve months, roughly 13% of revenue. Buybacks totaled about $483 million, but Nutanix also issued 4.14 million shares to AMD; management targets net share dilution below 2% yearly. SEC+2SEC+2

What could change the storyFaster platform growth could justify the price; slower growth or supply delays could break it.

The strongest bull case is management’s fiscal 2029 target for mid-to-high teens revenue growth and high-20s free cash flow margins, helped by artificial intelligence, Kubernetes and external-storage products. The bear case is that those targets assume a normalized supply chain. In February, management said hardware constraints could delay revenue and cash collection even when bookings stay healthy. At today’s valuation, growth settling near 10% to 12%, cash margins slipping materially below the high-20s, or net share dilution staying above 2% would make the current price harder to defend. Nutanix, Inc+1

AI: News

Guidance raised after Q3Nutanix beat its April-quarter targets and raised full-year guidance, reinforcing confidence in recurring demand.

On May 27, revenue reached $703.1 million, up 10% from a year earlier, while annual recurring revenue rose 15% to $2.43 billion. Nutanix raised fiscal 2026 revenue guidance to $2.82-$2.84 billion and free cash flow guidance to $760-$780 million. Investing.com reported that shares slipped about 2% after hours despite the beat. That muted reaction suggests expectations were already demanding, while the higher cash outlook still strengthens the fundamental case. Nutanix, Inc+1

Investor Day raises targetsManagement set ambitious 2029 growth and cash targets while expanding the share-buyback authorization.

At its April 7 Investor Day, Nutanix targeted mid-to-high teens annual revenue and recurring-revenue growth by fiscal 2029, alongside free cash flow margins in the high-20s. It also committed to managing net share dilution below 2% annually. The board separately increased its share-repurchase authorization by $750 million, leaving about $779 million authorized. No reliable single-day market reaction was established, so attributing a price move would be speculative; the importance is that these targets now underpin much of the valuation case. Nutanix, Inc+1

AMD deepens AI partnershipAMD’s investment and joint artificial-intelligence roadmap strengthened Nutanix’s growth story but added some dilution.

On February 25, AMD and Nutanix announced a multiyear partnership to build enterprise artificial-intelligence infrastructure. AMD committed a $150 million equity investment plus up to $100 million for joint engineering and sales work; the equity issuance later totaled 4.14 million Nutanix shares. MarketWatch reported an approximately 19% extended-hours jump after the announcement, although quarterly results were released simultaneously, so attribution is not perfectly clean. The partnership opens a new growth channel, while the new shares represented roughly 1.5% of the subsequent share count. Nutanix, Inc+2SEC+2

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$2.54B	$2.15B	$1.86B	$1.58B	$1.39B	$1.31B	$1.24B	$1.16B	$845.9M	$503.4M	$241.4M
Gross profit	$2.20B	$1.82B	$1.53B	$1.26B	$1.10B	$1.02B	$932.0M	$769.4M	$518.6M	$332.6M	$140.5M
Gross margin	86.81%	84.92%	82.17%	79.68%	79.07%	78.08%	75.40%	66.59%	61.30%	66.07%	58.18%
Research & development	$736.8M	$639.0M	$581.0M	$573.0M	$558.0M	$554.0M	$500.7M	$313.8M	$288.6M	$116.4M	$73.5M
Operating expenses	$2.03B	$1.82B	$1.74B	$1.72B	$1.76B	$1.85B	$1.53B	$1.05B	$867.0M	$437.2M	$259.2M
Operating income	$172.5M	$7.6M	−$207.2M	−$458.9M	−$662.1M	−$828.9M	−$598.0M	−$280.4M	−$348.4M	−$104.6M	−$118.8M
Operating margin	6.80%	0.35%	−11.12%	−29.03%	−47.48%	−63.39%	−48.38%	−24.27%	−41.19%	−20.78%	−49.19%
EBITDA	$245.2M	$80.8M	−$130.8M	−$370.9M	−$567.7M	−$735.1M	−$520.4M	−$230.1M	−$310.0M	−$78.2M	−$102.2M
EBITDA margin	9.66%	3.76%	−7.02%	−23.46%	−40.72%	−56.22%	−42.10%	−19.91%	−36.65%	−15.54%	−42.33%
Net income	$188.4M	−$124.8M	−$254.6M	−$798.9M	−$1.04B	−$872.9M	−$621.2M	−$297.2M	−$379.6M	−$108.2M	−$126.1M
Net profit margin	7.42%	−5.81%	−13.66%	−50.54%	−74.27%	−66.75%	−50.25%	−25.72%	−44.88%	−21.50%	−52.24%
Basic EPSper basic share	$0.70	-$0.51	-$1.09	-$3.62	-$5.02	-$4.48	-$3.43	-$1.81	-$2.96	-$2.46	-$3.11
Diluted EPSper diluted share	$0.65	-$0.51	-$1.09	-$3.62	-$5.02	-$4.48	-$3.43	-$1.81	-$2.96	-$2.46	-$3.11

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈14.65%of listed shares

FMR LLC39.61M shares · Jun 30, 2026

View holders

Top 20 reported holders of NTNX
Holder	% owned
FMR LLC	≈14.65%39.61M shares
BlackRock, Inc.	≈10.27%27.77M shares
AQR CAPITAL MANAGEMENT LLC	≈6.58%17.78M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈4.96%13.4M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.26%11.52M shares
Humphrey David	≈4.07%11M shares
GOLDMAN SACHS GROUP INC	≈3.53%9.55M shares
STATE STREET CORP	≈3.03%8.2M shares
GENERATION INVESTMENT MANAGEMENT LLP	≈2.48%6.71M shares
Assenagon Asset Management S.A.	≈2.41%6.52M shares
Bank of New York Mellon Corp	≈2.10%5.69M shares
Jericho Capital Asset Management L.P.	≈2.10%5.67M shares
de Groen Max Pieter	≈2.00%5.4M shares
Bain Capital Investors LLC	≈1.98%5.36M shares
GEODE CAPITAL MANAGEMENT, LLC	≈1.95%5.28M shares
FIL Ltd	≈1.92%5.19M shares
ADVANCED MICRO DEVICES INC	≈1.53%4.14M shares
NORGES BANK	≈1.50%4.07M shares
NORDEA INVESTMENT MANAGEMENT AB	≈1.30%3.52M shares
PRIMECAP MANAGEMENT CO/CA/	≈1.08%2.92M shares

Percentages use 270.32M shares of this listed class outstanding on May 27, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)32$1.28B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4	Maner TarkanPresident and CCO	SellClass A Common Stock	30.6K	$55.29	$1.69M	55.1K
May 29, 2026Form 4	Maner TarkanPresident and CCO	SellClass A Common Stock	18.7K	$52.24	$974.4K	85.7K
Oct 2, 2025Form 4 · 10b5-1	RAMASWAMI RAJIVPresident and CEO	SellClass A Common Stock	39.4K	$76.87	$3.03M	524.6K
Oct 2, 2025Form 4 · 10b5-1	RAMASWAMI RAJIVPresident and CEO	SellClass A Common Stock	105.3K	$76.26	$8.03M	564.0K
Oct 2, 2025Form 4 · 10b5-1	Sheppard Teresa GayleDirector	SellClass A Common Stock	600	$76.88	$46.1K	22.4K

Review ownership filings at SEC.gov ↗

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