MEDIUMOutside partyCustomer
41%
top two distributors
“10-K Item 1: 'Our top two distributors to our end customers represented 48%, 47% and 41% of our total revenue for fiscal 2023, 2024 and 2025, respectively.'”
NTNX · Concentration risk · 10-K extracted
Nutanix (NTNX) concentration risks
Updated
The most significant concentration Nutanix discloses is top two distributors at 41%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Nutanix’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH0
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-04Nutanix's disclosed concentration is on the channel side. The 10-K states that its top two distributors to its end customers represented 48%, 47% and 41% of total revenue for fiscal 2023, 2024 and 2025, respectively. That is a medium-share dependency, and the direction of travel matters: the share has declined over the periods cited, which suggests the reliance on those distributors is easing rather than deepening. The practical meaning is that a large part of revenue flows through a small number of intermediaries, so a change in distributor terms, financial health, or strategy could disrupt sales even though end-customer demand is unchanged. This is an idiosyncratic channel risk rather than a market-wide one, and distributors in this model typically serve many vendors, which gives them some leverage. Netting this out, the exposure is meaningful but improving, and it is unlikely on its own to move the verdict unless the downward trend reverses. It is clearly disclosed in the most recent 10-K.
For the engine’s reasoning on NTNX’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APPN | Appian Corporation | 2 | 2 | 0 | 4 |
| AI | C3.ai, Inc. | 1 | 2 | 0 | 3 |
| AEVA | Aeva Technologies, Inc. | 1 | 0 | 0 | 1 |
| NTNX● | Nutanix, Inc. | 0 | 1 | 0 | 1 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.