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Provides IT services and consulting, including offshore software development and digital transformation, mainly for US enterprises.
Provides IT services and consulting, including offshore software development and digital transformation, mainly for US enterprises.
Charges clients for the time of its engineers, or fixed fees for projects, so revenue follows headcount and utilization. Most of its engineers work in India, which keeps costs below clients' in-house costs. Financial services and healthcare are its biggest industries, and it bought Belcan, an engineering-services firm, in 2024 to widen its scope.
Moat: narrow (scale, cost advantage, switching costs). Large offshore delivery scale and long-term outsourcing contracts, though facing intensifying peer competition.
Headquarters: Teaneck, New Jersey, US · Founded: 1994 · Employees: 351,600
Size Cognizant (CTSH) is a United States Information Technology company (Information Technology Services) with a market value of $28.9B, the 377th largest of 3,117 United States companies the cockpit tracks. Shares closed at $64.72 on 6 Nov 2026.
Performance Over six months the shares gained 26.1%, against +26.5% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +11.0%); the operating margin is -1.0% (peer median 13.4%).
Valuation It trades at 10.5× forward earnings against a peer median of 18.3× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.9 points below its cost of capital (8.7% WACC).
Backlog Backlog (remaining performance obligations) was $6.22B at 30 Sep 2026, up 0% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 6.5% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $21.9B | $21.1B | $19.7B | $19.4B | $19.4B |
| Revenue growth | — | +7% | +2% | 0% | — |
| Gross profit | $2.94B | $6.60B | $6.24B | $6.19B | $6.42B |
| EBITDA | $357M | $3.91B | $3.54B | $3.46B | $3.55B |
| Net income | $2.57B | $2.23B | $2.24B | $2.13B | $2.29B |
| Free cash flow | $2.36B | $2.60B | $1.83B | $2.01B | $2.24B |
| Capital expenditure | $331M | $288M | $297M | $317M | $332M |
| Total debt | $2.13B | $1.16B | $1.50B | $1.31B | $1.55B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cognizant CTSH | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% |
| Infosys Limited Sponsored ADR INFY | $48.5B | -3% | -1% | 21% | 15.4× | -2.0% |
| Tata Consultancy Services TCS.NS | $95.7B | +4% | +10% | 25% | 16.2× | 12.0% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| HCL Technologies HCLTECH.NS | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% |
| Capgemini CAP.PA | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% |
| Tech Mahindra TECHM.NS | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% |
| EPAM Systems EPAM | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% |
| DXC Technology DXC | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CTSH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.8% | +8.0% | 11th highest of 21 |
| 6-month return | +26.1% | +26.5% | 10th lowest of 21 |
| Distance from 52-week high | -24.7% | -20.3% | 9th lowest of 21 |
| Revenue growth (TTM) | +5.0% | +11.0% | 2nd lowest of 21 |
| Operating margin | -1.0% | 13.4% | 3rd lowest of 21 |
| Forward P/E | 10.5× | 18.3× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.8% | 6.9% | 5th least demanding of 19 |
| Growth delivered (Del g) | +4.9% | +9.0% | 5th lowest of 19 |
| Hurdle (Req g minus delivered) | -4.1 pp | -0.5 pp | 8th least demanding of 19 |
| ROIC minus cost of capital | -9.9 pp | +6.9 pp | lowest of 20 |
| Net debt / EBITDA | 1.6× | 0.0× | 4th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| HCL Technologies HCLTECH.NS | India | $41.4B | +22% | +13% | 18% | 19.5× | 11.8% | +11.5% |
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| Workday WDAY | United States | $46.5B | +51% | +14% | 13% | 16.0× | 19.7% | +17.3% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| Infosys INFY.NS | India | $50.7B | +2% | +6% | 21% | 15.5× | 6.6% | +12.2% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Hygon Information Technology 688041.SS | China | $66.0B | -36% | +59% | 19% | 100.6× | n/a | n/a |
Cognizant reported $6.22B of remaining performance obligations at 30 Sep 2026, up 0% from a year earlier and down 10% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.87.