NTNXNutanix, Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (4.2×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Margin-driven, fat margins on slower asset turns. ROE 28% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is NTNX?
Nutanix, Inc. keeps 9.6% of every revenue dollar as operating profit, against 7.5% for the median Software - Infrastructure name.
Operating margin · Software - Infrastructure median 7.5% · 12 months to Q4 2026
- Cash conversion
- 4.24×
Cash conversion · 5.35× a year ago · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 28%
R&D as % of revenue
- Gross margin
- 87%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | −47% |
| FY2022 | −29% |
| FY2023 | −11% |
| FY2024 | 0.35% |
| FY2025 | 6.8% |
| FY2026 | 9.6% |
Details›
- Gross margin12 months to Q4 2026
- 87%
- Operating margin12 months to Q4 2026
- 9.6%
- Net margin12 months to Q4 2026
- 53%
- Free cash flow margin
- 29%
- R&D as % of revenue
- 28%
- Revenue, trailing twelve months
- $2.85B
- Free cash flow, trailing twelve months
- $841M
- Net income, trailing twelve months
- $1.51B
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from NTNX and who it buys from, as the companies report it.
- Partner E22%
Share of revenue · FY2026 10-K
- Partner A17%
Share of revenue · FY2026 10-K
- Partner D15%
Share of revenue · FY2026 10-K
- Top two distributors39%
Combined share of revenue · FY2026 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; NTNX’s own figures are from its FY2026 10-K. Smaller customers and suppliers go unreported.
Software, Infrastructure
Ranks #75 of 78 by RyuScore