CVLT vs DELL: How Commvault Systems and Dell Technologies Compare (2026)

Last updated August 2026

Short answer

DELL is the larger of the two ($261.93B market cap): the incumbent the market prices for continued execution (18.55x forward earnings, beta 1.38). CVLT is the smaller challenger ($4.88B), priced similarly on forward earnings (19.14x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.

CVLT vs DELL: the tie-breaker metrics

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Metric	CVLT	DELL	What it tells you
Market cap	$4.88B	$261.93B	Size. The larger name is the incumbent; the smaller has more room to grow and more to prove.
Forward P/E	19.14	18.55	Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up.
Trailing P/E	75.03	32.25	Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price.
Beta	0.79	1.38	Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through.
Price vs 52-week range	36% of range	82% of range	Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why.

Before you buy: how CVLT and DELL affect your concentration

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CVLT and DELL share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CVLT and DELL exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

What does Commvault Systems (CVLT) do?

Commvault Systems (NASDAQ: CVLT), founded in 1996 and headquartered in Tinton Falls, New Jersey, provides data protection, cyber resilience, and recovery software and SaaS solutions for enterprises operating across hybrid and multi-cloud environments. Its unified platform, marketed as Commvault Cloud, integrates data security, identity resilience, and cyber recovery into a single cloud-native, AI-enabled offering. The company generates revenue primarily through subscriptions (including its Metallic SaaS suite) and, to a decreasing degree, legacy perpetual software licenses. More than 12,000 subscription customers relied on its platform as of the end of fiscal year 2025 (March 31, 2025), and the company reported that approximately 82% of Fortune 500 companies have used its solutions. ARR crossed the $1 billion milestone in September 2025, two quarters ahead of its original target.

Full CVLT guide

What does Dell Technologies (DELL) do?

Dell Technologies sells computing hardware to enterprises and consumers. The business has two main segments. Infrastructure Solutions Group (ISG) sells servers (including AI-optimized PowerEdge servers), storage (PowerStore, PowerMax), and data center networking; ISG has become a major AI infrastructure beneficiary because Dell is one of the largest assemblers of NVIDIA GPU-based AI servers for hyperscaler and enterprise customers. Client Solutions Group (CSG) sells laptops, desktops, monitors, and peripherals to consumer and commercial markets.

Full DELL guide

CVLT vs DELL: how do they differ?

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

CVLT drivers: Subscription and SaaS Flywheel; Cyber Resilience as a Board-Level Imperative.
DELL drivers: AI server assembly as the headline growth driver; Storage modernization.

Which fits which kind of investor

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The most immediate risk is the wave of securities class action lawsuits filed in mid-2026, alleging that Commvault misled investors about ARR growth by not adequately disclosing the impact of a mix shift toward lower-priced SaaS deals and discounting. For DELL, aI server margins are structurally thinner than other Dell business; the headline revenue growth doesn't translate to proportional earnings growth.

CVLT or DELL: which should you pick?

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CVLT if you believe its drivers more; DELL if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CVLT and DELL guides.

CVLT vs DELL: the full fundamentals

CVLT. Following a roughly 31% single-day stock drop on January 27, 2026 after the Q3 FY2026 ARR miss, CVLT's trailing P/E compressed substantially from its prior-year levels above 70-80x, and the forward P/E dropped to approximately 18x, a notable re-rating for a software company growing revenue at roughly 20% annually. The ~82% gross margin profile reflects the company's successful transition toward SaaS, but GAAP net income remains modest relative to revenue, as the company continues to invest heavily in sales, R&D, and its cloud platform. Full-year FY2026 revenue guidance was set at approximately $1.16-$1.17 billion, and the company has projected a path toward approximately $1.6 billion in revenue by 2029, though analyst confidence in ARR-linked growth targets has been shaken by the Q3 FY2026 disclosure events.

DELL. Dell trades at a modest P/E reflecting the low-margin hardware business model. The premium versus pure hardware peers comes from AI server exposure; the multiple compresses if AI server margins disappoint or if PC end markets weaken.

Headline figures (approximate, June 27, 2026): CVLT shows revenue (ttm, approx.) ~$1.05B, revenue growth (ttm yoy) ~22%, annualized recurring revenue (arr) ~$1B+ (surpassed Oct 2025), gross margin (non-gaap, approx.) ~82%; DELL shows revenue (ttm) ~$100 billion, operating margin ~7% (thin overall; AI servers thinner), net income (ttm) ~$5 billion, eps (ttm) ~$7.00.

The bottom line: CVLT vs DELL

CVLT and DELL are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CVLT and DELL exposure against your real portfolio. It is not an investment adviser.

Wondering how CVLT or DELL fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.

Investing in Commvault Systems with AI

Connect the broker you already use and ask Walnut's AI how CVLT fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.

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FAQ

What is the difference between CVLT and DELL?

Is CVLT or DELL the better stock?

Neither is universally better. DELL is the larger incumbent; CVLT is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.

Which is cheaper, CVLT or DELL?

On forward P/E (as of August 2026), CVLT trades at 19.14x and DELL at 18.55x, so DELL is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.

Should you own both CVLT and DELL?

Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.

What are the risks of CVLT vs DELL?

CVLT: The most immediate risk is the wave of securities class action lawsuits filed in mid-2026, alleging that Commvault misled investors about ARR growth by not adequately disclosing the impact of a mix shift toward lower-priced SaaS deals and discounting. The January 27, 2026 Q3 FY2026 earnings release showed net new ARR of $39 million against guidance of $45 million, and SaaS ARR growth decelerated sharply from 71% to 40% year over year, triggering a roughly 31% single-day stock collapse and an estimated $1.7 billion market cap wipeout. Competitively, Commvault faces well-capitalized rivals including Rubrik (public, capitalized at significantly more than CVLT), Veeam (private, with a reported $7.5 billion valuation), and Cohesity (which absorbed the Veritas data protection business), all of which have strengths in segments such as mid-market, AI-driven secondary storage, and cyber recovery. Finally, the company's GAAP net income remains thin relative to its revenue base, and ongoing investment in SaaS and cloud expansion may continue to dilute GAAP margins even as non-GAAP metrics improve. DELL: AI server margins are structurally thinner than other Dell business; the headline revenue growth doesn't translate to proportional earnings growth. PC market cyclicality and competition from Apple and Lenovo.

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Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CVLT or DELL; figures are approximate and dated (as of August 2026). Verify current data before investing.