Nutanix
NTNXNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $59.29 Prior regular-session close from the quote source.
- $59.56–$60.92 Regular-session low and high so far today.
- 1.5M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $34.01–$75.98 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NTNX if its hybrid multicloud software platform becomes the durable independent control layer for enterprises modernizing infrastructure across on-prem, cloud, AI, and data workloads while converting that relevance into high-margin cash flow.
NTNX price history
Loading recent earnings…
Investment thesis
What must happen next
Enterprise demand for a neutral hybrid multicloud control layer keeps pulling workloads onto Nutanix rather than forcing customers into either pure public cloud or incumbent virtualization stacks.StrengtheningMateriality: High
GAAP annual revenue rose from $1.58 billion in FY2022 to $2.54 billion in FY2025. If this holds, Nutanix can keep expanding its installed base; if it breaks, revenue growth becomes cyclical replacement demand rather than platform adoption.
Watch: VMware/Broadcom successfully retains enterprise virtualization estates with bundled VMware Cloud Foundation economics that remove the need to migrate.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue rose from $1.58 billion in FY2022 to $2.54 billion in FY2025.
Open source ↗Nutanix’s software-centric platform retains enough differentiation and pricing power that growth does not require gross-margin sacrifice.StrengtheningMateriality: High
GAAP annual gross profit increased from $1.26 billion in FY2022 to $2.20 billion in FY2025. If gross margin holds, incremental revenue can fund R&D, sales capacity, and profit expansion; if pricing erodes, growth could destroy rather than create value.
Watch: VMware/Broadcom or other virtualization competitors use aggressive renewal concessions to blunt Nutanix migrations.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit increased from $1.26 billion in FY2022 to $2.20 billion in FY2025.
Open source ↗The post-transition model scales because Nutanix can add revenue without rebuilding its expense base at the same rate.StrengtheningMateriality: Medium
GAAP annual operating_income improved from a $458.9 million loss in FY2022 to $172.5 million of income in FY2025. If operating leverage persists, revenue growth translates into per-share value; if it reverses, the market may treat FY2025 profitability as temporary.
Watch: Nutanix must sharply increase sales incentives or channel payments to capture VMware displacement opportunities.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_income improved from a $458.9 million loss in FY2022 to $172.5 million of income in FY2025.
Open source ↗Renewal and subscription economics keep the business self-funding, so accounting profits are backed by real operating cash rather than only revenue recognition.StrengtheningMateriality: Medium
GAAP annual operating_cash_flow rose from $67.5 million in FY2022 to $821.5 million in FY2025. Strong cash conversion gives Nutanix strategic flexibility; weaker billing, renewal, or collection dynamics would reduce the quality of the growth story.
Watch: Customers shift to shorter contract durations or lower upfront billings, weakening the cash-flow benefit of subscriptions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating_cash_flow rose from $67.5 million in FY2022 to $821.5 million in FY2025.
Open source ↗Management must use improving cash generation to reduce financial fragility rather than increase balance-sheet risk, because the equity cushion remains negative.HoldingMateriality: Medium
Stockholders' equity was negative $694.5 million at FY2025 year-end. If balance-sheet risk declines, more enterprise value accrues to common shareholders; if risk rises, cash-flow gains may be offset by leverage, dilution, or refinancing concerns.
Watch: A debt-funded acquisition or large repurchase materially increases obligations before cash-flow durability is proven.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Stockholders' equity was negative $694.5 million at FY2025 year-end.
Open source ↗
Full investment case & evidence
Loading the original research archive…
Original research
Enterprise demand for a neutral hybrid multicloud control layer keeps pulling workloads onto Nutanix rather than forcing customers into either pure public cloud or incumbent virtualization stacks. If this holds, Nutanix can keep expanding its installed base; if it breaks, revenue growth becomes cyclical replacement demand rather than platform adoption.
Nutanix’s software-centric platform retains enough differentiation and pricing power that growth does not require gross-margin sacrifice. If gross margin holds, incremental revenue can fund R&D, sales capacity, and profit expansion; if pricing erodes, growth could destroy rather than create value.
The post-transition model scales because Nutanix can add revenue without rebuilding its expense base at the same rate. If operating leverage persists, revenue growth translates into per-share value; if it reverses, the market may treat FY2025 profitability as temporary.
Renewal and subscription economics keep the business self-funding, so accounting profits are backed by real operating cash rather than only revenue recognition. Strong cash conversion gives Nutanix strategic flexibility; weaker billing, renewal, or collection dynamics would reduce the quality of the growth story.
Management must use improving cash generation to reduce financial fragility rather than increase balance-sheet risk, because the equity cushion remains negative. If balance-sheet risk declines, more enterprise value accrues to common shareholders; if risk rises, cash-flow gains may be offset by leverage, dilution, or refinancing concerns.
All standing thesis claims
Original report summary
its hybrid multicloud software platform becomes the durable independent control layer for enterprises modernizing infrastructure across on-prem, cloud, AI, and data workloads while converting that relevance into high-margin cash flow.
Bull case and bear case
Bull case and bear case for Nutanix
Where the evidence on Nutanix stands: Holding on the latest evidence (Oct 26, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Enterprise demand for a neutral hybrid multicloud control layer keeps pulling workloads onto Nutanix rather than forcing customers into either pure public cloud or incumbent virtualization stacks.
Nutanix’s software-centric platform retains enough differentiation and pricing power that growth does not require gross-margin sacrifice.
The post-transition model scales because Nutanix can add revenue without rebuilding its expense base at the same rate.
Renewal and subscription economics keep the business self-funding, so accounting profits are backed by real operating cash rather than only revenue recognition.
Management must use improving cash generation to reduce financial fragility rather than increase balance-sheet risk, because the equity cushion remains negative.
Bear case: what would count against it
VMware/Broadcom successfully retains enterprise virtualization estates with bundled VMware Cloud Foundation economics that remove the need to migrate.
VMware/Broadcom or other virtualization competitors use aggressive renewal concessions to blunt Nutanix migrations.
Nutanix must sharply increase sales incentives or channel payments to capture VMware displacement opportunities.
Thesis-Break Engine
What has broken in Nutanix’s thesis
Each break OptimistFi flagged on Nutanix, dated — with what has historically followed the same kind of break across the market, not a forecast for Nutanix.
- Insider-selling clustercondition set before this filing
Across all companies, this kind of break has happened 9,137 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 30% of them trailed it by 10 points or more.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
Several kinds of break have stacked on Nutanix at once. A cluster is a stronger read than any one signal alone.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Nutanix filed an SEC 8-K on 2026-10-07: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Nutanix filed an SEC 8-K on 2026-09-24: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Nutanix filed an SEC 8-K on 2026-08-26: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- VMware/Broadcom successfully retains enterprise virtualization estates with bundled VMware Cloud Foundation economics that remove the need to migrate.
- VMware/Broadcom or other virtualization competitors use aggressive renewal concessions to blunt Nutanix migrations.
- Nutanix must sharply increase sales incentives or channel payments to capture VMware displacement opportunities.
- Customers shift to shorter contract durations or lower upfront billings, weakening the cash-flow benefit of subscriptions.
- A debt-funded acquisition or large repurchase materially increases obligations before cash-flow durability is proven.
NTNX news
Loading headlines…
Financial statements
NTNX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NTNX: quick answers
- What is NTNX's short interest?
- As of October 30, 2026, 12.0M NTNX shares were sold short, 4.43% of its shares outstanding, up 4.8% from the count before. At the stock's average daily volume that is 6.0 days to cover. FINRA publishes the count twice a month. NTNX short interest history
- Have members of Congress traded NTNX?
- 13 trades in NTNX have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed NTNX trade
- Which well-known investors own NTNX?
- 2 of the 37 well-known funds tracked here reported NTNX shares in their latest 13F filings. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.2%; Fundsmith (Terry Smith), 0.2%. Fund portfolios
NTNX in well-known investors’ portfolios
2 of 37 funds reported NTNX shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.21% | $50.9M | New | Q2 2026 |
| Terry SmithFundsmith | 0.20% | $27.4M | −6.8% | Q2 2026 |