CVLT vs DELL: Which Is the Better Buy in 2026?

Last updated October 2026

Short answer

DELL is the larger of the two ($287.20B market cap): the incumbent the market prices for continued execution (15.09x forward earnings, beta 1.44). CVLT is the smaller challenger ($6.18B), actually pricier on forward earnings (24.06x): 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 October 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	$6.18B	$287.20B	Size. The larger name is the incumbent; the smaller has more room to grow and more to prove.
Forward P/E	24.06	15.09	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	94.97	26.26	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	1.44	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	73% of range	70% 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.

Reading it: DELL is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

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, neocloud 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 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, so 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. After falling to about $72 following the January 27, 2026 ARR miss, CVLT has roughly doubled, lifting the forward P/E from about 18x earlier in the year to roughly 24x and the market cap to about $6.2 billion. The ~81% gross margin and about $304 million of trailing free cash flow reflect the SaaS model, but GAAP net income remains modest, which is why the trailing GAAP P/E near 95x looks so different from the forward multiple. Consensus expects fiscal 2027 EPS of about $5.45 and fiscal 2028 EPS of about $6.20, and the October 27 report will show whether net new ARR has stabilized after the issues behind the litigation.

DELL. Dell's valuation has rerated with its earnings: the forward P/E of about 15x is similar to early 2026, but it now applies to estimates that have roughly tripled, and the market cap has gone from about $95 billion to about $292 billion. The multiple compresses if AI server margins disappoint, if memory-driven pricing fades, or if PC end markets weaken. The next quarterly report is expected around November 27, 2026, with consensus EPS of about $6.56 on ~$49.2 billion of revenue.

Headline figures (approximate, October 2026): CVLT shows revenue (ttm, approx.) ~$1.22B, revenue growth (latest quarter yoy) ~11%, gross margin (approx.) ~81%, net income (ttm, gaap) ~$68M; DELL shows revenue (ttm) ~$151 billion (quarter ended July 2026 ~$47.0B, up ~58% YoY), net income (ttm) ~$11.4 billion, eps Latest quarter adjusted $7.04 vs $4.92 estimate; trailing ~$17.20; FY2027 guidance ~$25.50 adjusted, margins (ttm) Gross ~20%, operating ~12%, net ~7.5%.

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.

Does CVLT fit me?

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 October 2026), CVLT trades at 24.06x and DELL at 15.09x, 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 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. Revenue growth has also slowed, to about 11% year over year in the June 2026 quarter from roughly 19% for fiscal 2026. 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. The company's GAAP net income (about $68 million TTM, a 5.6% margin) remains thin relative to its revenue base, and about $918 million of debt, roughly matched by cash, leaves a balance sheet with very little book equity. After nearly doubling from its 52-week low, the stock trades around 24 times forward earnings, so another ARR disappointment could hit it hard. DELL: AI server margins are structurally thinner than other Dell business, so headline revenue growth doesn't translate to proportional earnings growth. Barclays, in downgrading Dell to equal weight in October 2026 with a $574 target, argued that much of the recent revenue growth reflects higher memory prices passed through to customers rather than enterprise AI adoption, and that infrastructure revenue could weaken if memory prices stabilize or fall. Demand depends on AI buyers continuing to fund large data center buildouts, and rising interest rates and doubts about AI customers' revenues make debt-financed projects harder: Dell fell about 19% in the month to October 16, 2026 alongside HPE and Supermicro. The stock is far more volatile than in early 2026, with a 52-week range of roughly $110 to $596. PC market cyclicality and competition from Apple and Lenovo remain, and Dell carries about $35 billion of debt.

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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 October 2026). Verify current data before investing.