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US software company selling hyperconverged infrastructure and hybrid-cloud software that runs on standard servers.
US software company selling hyperconverged infrastructure and hybrid-cloud software that runs on standard servers.
Sells term subscriptions to its software rather than permanent licenses, so revenue builds from renewals on its installed base. It stopped selling its own hardware years ago and runs on servers from partners such as Dell and HPE.
Moat: narrow (switching costs, installed base). Once deployed as the virtualization layer, replacing it across an enterprise's infrastructure is costly and risky.
Headquarters: San Jose, California, US · Founded: 2009 · Employees: 8,350
Size NTNX (NTNX) is a United States Information Technology company (Data Processing Services) with a market value of $15.9B, the 574th largest of 3,117 United States companies the cockpit tracks. Shares closed at $58.37 on 6 Nov 2026.
Performance Over six months the shares gained 26.9%, against +0.1% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 16 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median +14.7%); the operating margin is 10.8% (peer median 14.0%).
Valuation It trades at 25.0× forward earnings against a peer median of 20.3× (5th most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +8 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Credit NTNX has 2 bonds outstanding ($1.36B).
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 2 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $2.85B | $2.85B | $2.54B | $2.15B | $1.86B |
| Revenue growth | — | +12% | +18% | +15% | — |
| Gross profit | $2.48B | $2.48B | $2.20B | $1.82B | $1.53B |
| EBITDA | $379M | $387M | $262M | $129M | -$78.9M |
| Net income | $1.51B | $1.51B | $188M | -$125M | -$255M |
| Free cash flow | $841M | $841M | $750M | $598M | $207M |
| Capital expenditure | $76.0M | $76.0M | $71.3M | $75.3M | $65.4M |
| Total debt | $1.52B | $1.52B | $1.49B | $695M | $1.33B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NTNX NTNX | $15.9B | +27% | +12% | 11% | 25.0× | 23.0% |
| Broadcom AVGO | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% |
| Microsoft MSFT | $3.94T | +28% | +18% | 47% | 25.5× | 17.2% |
| Dell Technologies DELL | $209B | +26% | +49% | 10% | 11.6× | 10.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NTNX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.2% | -0.1% | 4th lowest of 16 |
| 6-month return | +26.9% | +0.1% | 5th highest of 16 |
| Distance from 52-week high | -23.2% | -33.6% | 6th highest of 16 |
| Revenue growth (TTM) | +12.4% | +14.7% | 7th lowest of 16 |
| Operating margin | 10.8% | 14.0% | 7th lowest of 16 |
| Forward P/E | 25.0× | 20.3× | 5th most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 23.0% | 17.0% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +15.4% | +8.4% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +7.6 pp | +5.0 pp | 3rd most demanding of 8 |
| EV / EBITDA | 39.8× | 14.4× | 2nd most expensive of 10 |
| Net debt / EBITDA | -2.2× | 1.9× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NTNX NTNX | United States | $15.9B | +27% | +12% | 11% | 25.0× | 23.0% | +15.4% |
| Tyler Technologies TYL | United States | $16.7B | +30% | +8% | 16% | 28.1× | 22.9% | +15.9% |
| Range Intelligent Computing Technology 300442.SZ | China | $14.1B | -35% | +51% | 36% | 34.4× | n/a | n/a |
| GoDaddy GDDY | United States | $13.9B | +26% | +7% | 26% | 12.9× | -2.2% | +8.4% |
| LTM LTM.NS | India | $13.6B | +2% | +15% | 16% | 21.6× | 23.8% | +27.9% |
| Akamai Technologies AKAM | United States | $11.9B | -44% | +6% | 12% | 12.8× | 17.0% | +5.6% |
| Wiwynn 6669.TW | Taiwan | $26.3B | +101% | +84% | 7% | 9.6× | n/a | n/a |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | n/a | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% | +16.8% |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | n/a | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 49.1× | 27.3% | -3.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | n/a | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 19.1× | 11.0% | +5.9% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
NTNX has 2 bonds outstanding with $1.36B face value.