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Nutanix, Inc. (NTNX)

POSITIVE
TechnologySoftware - InfrastructureUnited States

ファンダメンタル

72

株価

$66.89

時価総額

$18.02B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

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.

競争優位性(moat)

スイッチングコスト · 狭い

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.

需要を左右する要因

中程度の景気循環性

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.

主なリスク

  • 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.

顧客集中度

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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

貸借対照表と流動性

売上高

$2.75B

直近12か月(2026/4/30まで)

純利益

$276M

直近12か月(2026/4/30まで)

フリーキャッシュフロー

$750M

自己資本合計

$-695M

負債合計

$3.98B

流動比率

1.78

利払い倍率

-

負債/EBITDA

6.25

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

割高

適正価値

$46.61

現在株価

$66.89

安全マージン

-43.5%

適正価値レンジ

$30.30 - $62.93

推定方法

Analyst Target:$61.71
DCF:$70.53
PE-based:$25.80
Graham Growth:$15.47
EPV:$8.04
アナリスト・コンセンサス:買い (15B / 10H / 0S)
直近の決算サプライズ:+28.63%

バリュエーション指標

P/E レシオ

69.46

ROE

-27.1%

P/B レシオ

-

P/FCF

23.38

粗利益率

87.1%

ROIC

9.5%

収益性レーダー

Value Creation (Economic Moat)

ROIC

9.5%

WACC

7.4%

ROIC − WACC

+2.1 pp

ROIC exceeds the cost of capital — the company is creating value for shareholders.

ファンダメンタル分析基準

合格(17)

  • EPS shows upward trend
  • Price CAGR 9.80%
  • ROIC 9.5%
  • Gross Margin 87.1%
  • P/FCF 23.38
  • Operating Margin 8.6%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Return on Tangible Assets
  • Low reliance on intangibles
  • Revenue Growth 5Y 14.2%
  • Analyst Consensus 60% Buy
  • Earnings Surprise avg 15.3%
  • Earnings Quality (OCF/NI) 2.98
  • Net Margin Trend 10.0% vs 1.0%
  • Piotroski F-Score 7/9

不合格(4)

  • Debt/EBITDA
  • DCF valuation (Overvalued)
  • ROE -321.3%
  • Share Dilution 18.4%

データなし(6)

  • P/B Ratio NaN
  • Dividend Payout NaN%
  • Debt/Equity ratio
  • Interest Coverage
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-スコア

7/9

財務健全性が高い

score
criteria

利益の質

2.98

高品質:利益はキャッシュに裏付けられている

株式希薄化

18.4%

新株を発行しており、所有権を希薄化している

ガバナンス

経営陣

氏名役職年齢
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-

監査リスク

4

取締役会リスク

2

報酬リスク

3

株主権利リスク

2

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

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