Nutanix: Soaring Backlog And Contract Durations, Modest FCF Multiples

Nutanix is positioned as a long-term AI infrastructure beneficiary, with robust recurring revenue growth and high gross margins. NTNX reported Q3 revenue of $703.1 million (+10% y/y), beating consensus, and maintains FY26 guidance for $2.82–$2.84 billion in revenue and $760–$780 million in FCF. Recurring revenue growth (~15% ARR, now >$2.4 billion) and extended contract durations underpin a stable, high-visibility business model.