NTNXNutanix, Inc.
Services-Prepackaged Software
- Revenue
- $2.9B
- 12% YoY
- Operating margin
- 9.6%
- 41% YoY
- EBITDA
- $345M
- 41% YoY
- Market cap
- $15.3B
- Employees
- 8,350
- $342K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 22.1
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 4 of 7
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$23M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes61% of net incomeCash flow under 80% of net income
- Dilutive SBCYes13% of revenueOver 10% of revenue
- Payouts exceed cash flowNo53% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$342K · 30th pctBottom quartile of its SIC industry
- Quiet on AINo22.1 per 10K words · 99th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$15.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$57M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.9B | $2.1B | $2.5B | $2.9B | 12% |
| Operating income | −$459M | −$207M | $8M | $173M | $274M | 59% |
| Net income | −$799M | −$255M | −$125M | $188M | $1.5B | 700% |
| Operating cash flow | $68M | $272M | $673M | $821M | $917M | 12% |
| Capex | $49M | $65M | $75M | $71M | $76M | 6.6% |
| Stock-based comp | $343M | $312M | $334M | $352M | $358M | 1.7% |
| Buybacks | $59M | $0 | $131M | $308M | $484M | 57% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 5, 2025 | BCPE Nucleon (DE) SPV, LP | SCHEDULE 13D/A | 4.1% | Active |
| Jul 26, 2024 | BCPE Nucleon (DE) SPV, LP | SC 13D | 6.4% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $57M · 11
- Net
- −$57M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $29M | −$22M | 164 | 243 |
| FY2025 | $23M | $73M | 209 | 187 |
| FY2024 | $51M | $98M | 140 | 151 |
| FY2023 | $15M | $39M | 84 | 112 |
| FY2022 | $13M | $3M | 42 | 88 |