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Not Investment Advice

CTSH

NASDAQ · USD
Cognizant Technology Solutions Corporation
Technology · Information Technology Services
CEO Ravi Kumar Singisetti Employees 351,600 R&D / revenue 0.0%
Last price
$66.03+0.40%last session
Market cap
$29.7B
P/E (TTM)
14.2x
From 52w high
−24.1%
From 52w low
+78.1%
1-year return
+1.3%
RSI 14 · vs SMA200
67.6 · +10.6%
IS score
66.1/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CTSH   SPY   XLK (sector ETF) · weekly closes
6080100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116CTSH 101

Score DNA

Each bar is a 0-100 score within the scored universe
52
Profitability
38
Growth
95
Value
68
Momentum
100
Risk (safety)
76
Quality
78
Balance sheet
71
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for CTSH (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Cost AdvantagePiotroski 5 / 9Altman Z 4.5Beta 0.834 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.21M bought
Form 144 notices (12m): 17, $6.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−73
131 new holders, 196 closed
923 filers hold 109.3% · 339 added, 358 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+30
1,191 funds adding shares
1,161 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.4%
20-day avg 46.3%, 50-day avg 52.0%
Latest 9.1 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$21.1B
Revenue growth YoY+7.0%
Gross margin33.7%
Operating income$3.5B
Operating margin16.7%
Net income$2.2B
Net margin10.6%
EPS (diluted)$4.55
Cash flow
Operating cash flow$2.9B
Capital expenditure$288.0M
Free cash flow$2.6B
FCF conversion (FCF / OCF)90.0%
Stock-based compensation$181.0M
FCF less SBC$2.4B
Buybacks$1.4B
Dividends$610.0M
Balance sheet & returns
Cash & short-term investments$1.9B
Total debt$1.2B
Net cash$762.0M
Shareholders' equity$15.0B
Goodwill & intangibles$8.5B
Debt / equity0.14
ROE (TTM)14.9%
ROIC (TTM)12.3%
Operating margin by fiscal year
15.3%FY202115.3%FY202213.9%FY202314.7%FY202416.1%FY2025
Revenue $18.5B (FY2021) to $21.1B (FY2025), a 3.3% CAGR.

Valuation

P/E (TTM)14.2x
EV / EBITDA7.5x
Price / sales1.37x
Price / FCF11.4x
FCF yield8.73%
Buyback yield4.63%
SBC / revenue0.6%
Price / book2.13x
Forward P/E FY202611.5x
Forward P/E FY202710.4x
Forward P/E FY20289.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $61.71 across 7 analysts last quarter is theirs, not ours.

CTSH vs industry median

261 companies in Information Technology Services
Gross margin 32.0% 27.8% Operating margin 15.8% 1.7% Net margin 10.3% -1.0% ROIC 12.3% 7.2%
CTSH (TTM)Industry median Asset turnover 1.04 vs industry 0.83 · financial leverage 1.44

Earnings delivery

Next report 2026-10-29 · consensus EPS $1.47
92%
beat rate, 11 of 12 quarters
+4.5%
median EPS surprise
11
longest beat streak
+6+13+1+4+9+8+3+4+7+2+4-1
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CTSH Cognizant Technology Solutio $29.7B14.2x14.9%10.3%+7.0% +1.3%
FI Fiserv, Inc. $34.3B12.2x10.7%11.8%−11.7% −50.4%
BR Broadridge Financial Solutio $19.8B18.1x40.9%17.9%+8.5% −22.3%
CDW CDW Corporation $18.8B18.0x44.0%4.2%+7.4% +0.0%
FIS Fidelity National Informatio $18.6B5.5x22.3%6.8%+20.4% −45.0%
INFY Infosys Limited $49.7B15.7x32.1%16.1%+4.1% —
LDOS Leidos Holdings, Inc. $15.7B11.5x27.9%7.8%+3.4% —
CACI CACI International Inc $13.6B25.3x12.8%5.8%+10.9% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-10-06Material Agreement; Financial Obligation; Exhibits
2026-07-29Earnings Release; Regulation FD; Exhibits
2026-07-10Regulation FD; Exhibits
2026-06-03Shareholder Vote
2026-05-21Financial Obligation
2026-05-18Regulation FD; Exhibits

Context

Shares outstanding450,444,209
Free float99.7%
Institutional ownership109.3%
Beta0.83
Dividend yield1.97%
Last dividend$0.33 on 2026-08-18
50 / 200-day average$60.20 / $59.86
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CTSH sits among 38 scored companies in Information Technology Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCTSHIndustry medianIndustry percentileSector median
P/E (TTM) 13.4x 15.1x
32nd		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 4.10 1.40
88th		 1.36
Price / sales 1.4x 1.2x
53rd		 3.9x
Price / book 2.1x 2.2x
49th		 4.4x
Price / tangible book 3.8x 5.3x
29th		 8.8x
Price / free cash flow 11.4x 11.0x
57th		 20.3x
Price / operating cash flow 10.2x 9.6x
61st		 17.9x
Enterprise value $30.8B $6.0B
86th		 $5.5B
EV / sales 1.4x 1.5x
47th		 4.1x
EV / EBITDA 7.5x 9.3x
28th		 18.9x
EV / EBIT 8.7x 12.3x
10th		 26.7x
EV / free cash flow 11.8x 13.2x
37th		 21.9x
Earnings yield 7.5% 5.7%
76th		 2.0%
FCF yield 8.7% 8.3%
54th		 3.3%
Operating cash flow yield 9.8% 10.1%
46th		 4.4%
Graham number (per share) $57.68 $55.70
52nd		 $28.08

Profitability (TTM)

MeasureCTSHIndustry medianIndustry percentileSector median
Gross margin 32.0% 31.9%
51st		 55.7%
EBITDA margin 19.0% 12.6%
68th		 13.7%
Operating margin 15.8% 8.4%
78th		 8.2%
EBIT margin 16.4% 8.1%
78th		 8.6%
Net margin 10.3% 4.9%
68th		 5.7%
NOPAT margin 10.0% 6.3%
68th		 7.0%
FCF margin 12.0% 10.1%
57th		 15.0%
Operating cash flow margin 13.5% 13.4%
53rd		 18.4%
R&D / revenue 0.0% 0.0%
0th		 12.9%
SG&A / revenue 14.6% 17.6%
30th		 25.6%
Stock comp / revenue 0.6% 1.1%
31st		 4.4%
Effective tax rate 36.6% 22.9%
89th		 21.0%

Returns on capital

MeasureCTSHIndustry medianIndustry percentileSector median
ROE (on average equity) 14.9% 14.0%
51st		 9.4%
ROA 10.8% 4.3%
76th		 4.1%
ROIC 13.9% 7.9%
65th		 9.0%
ROCE 20.4% 11.3%
76th		 8.6%
Return on tangible assets 17.3% 7.9%
84th		 5.9%
Cash ROIC (OCF / invested capital) 18.8% 16.3%
64th		 20.7%
Gross profitability (GP / assets) 33.3% 24.4%
68th		 30.0%
ROIC, 3-yr average 11.2% 9.4%
61st		 7.4%
ROIC, 5-yr average 15.8% 9.0%
71st		 7.9%
ROE, 5-yr average 16.6% 12.9%
59th		 6.9%
Incremental ROIC 678.4% 11.4%
100th		 15.3%

Growth

MeasureCTSHIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 5.6% 7.0%
40th		 14.3%
Revenue growth (QoQ) 1.3% 3.6%
39th		 6.6%
Revenue CAGR, 3 yr 3.7% 6.8%
24th		 9.6%
Revenue CAGR, 5 yr 4.4% 8.0%
23rd		 11.5%
Gross profit CAGR, 3 yr 0.7% 6.7%
15th		 10.9%
Operating income CAGR, 3 yr 7.3% 6.0%
52nd		 11.3%
Net income growth (TTM YoY) -8.9% 7.2%
21st		 21.6%
Net income CAGR, 3 yr 0.4% 6.9%
36th		 9.9%
EPS growth (TTM YoY) -3.8% 10.5%
21st		 22.3%
EPS CAGR, 3 yr 3.3% 8.9%
36th		 11.2%
EPS CAGR, 5 yr 8.4% 12.7%
27th		 12.0%
FCF growth (TTM YoY) 13.8% 13.7%
52nd		 24.6%
FCF CAGR, 3 yr 6.3% 8.9%
41st		 19.3%
Operating cash flow CAGR, 3 yr 5.3% 7.3%
37th		 17.9%
Book value CAGR, 3 yr 6.8% 6.9%
47th		 6.8%
Dividend CAGR, 3 yr 3.5% 3.5%
43rd		 3.1%
Sustainable growth rate 10.8% 14.3%
29th		 14.2%

Margin history & stability

MeasureCTSHIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 33.5% 30.8%
56th		 53.2%
Operating margin, 3-yr average 15.3% 9.1%
76th		 6.6%
Net margin, 3-yr average 11.2% 6.3%
71st		 5.2%
FCF margin, 3-yr average 10.5% 9.7%
56th		 12.7%
Revenue stability (0-1) 0.95 0.88
76th		 0.87
Earnings stability (0-1) 0.46 0.45
56th		 0.45
Margin stability (0-1) 0.95 0.93
59th		 0.95

Liquidity (latest quarter)

MeasureCTSHIndustry medianIndustry percentileSector median
Cash & short-term investments $1.1B $330.1M
78th		 $494.1M
Net cash (− = net debt) −$1.0B −$1.0B
49th		 $49.8M
Working capital $4.1B $343.4M
92nd		 $391.0M
Current ratio 2.18 1.45
81st		 1.92
Quick ratio 2.18 1.43
81st		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.30 0.35
46th		 0.95
Defensive interval (days) 605 days 591 days
54th		 521 days

Leverage & solvency (latest quarter)

MeasureCTSHIndustry medianIndustry percentileSector median
Total debt $2.1B $1.7B
54th		 $349.3M
Debt / equity 0.14 0.94
22nd		 0.29
Net debt / equity 0.07 0.73
28th		 −0.13
Debt / assets 10.1% 29.9%
22nd		 16.9%
Debt / capital 12.6% 48.4%
22nd		 22.3%
Debt / EBITDA 0.51 2.65
12th		 1.78
Net debt / EBITDA 0.25 1.54
25th		 −0.18
Interest coverage (EBIT / interest) 98.5x 5.7x
94th		 5.8x
Cash interest coverage 81.0x 7.2x
89th		 12.8x
Debt payback (years of OCF) 0.7 yrs 3.0 yrs
18th		 1.6 yrs
Liabilities / assets 30.6% 62.0%
11th		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 275
0th		 175

Efficiency

MeasureCTSHIndustry medianIndustry percentileSector median
Asset turnover 1.06 0.86
65th		 0.62
Fixed asset turnover 14.09 11.89
65th		 9.25
Inventory turnover —
Receivables turnover 4.7 5.4
30th		 6.2
Days sales outstanding 77 days 66 days
72nd		 59 days
Days inventory outstanding —
Days payables outstanding 8 days 22 days
14th		 46 days
Cash conversion cycle (days) 70 days 41 days
89th		 50 days
Capex / revenue 1.5% 1.7%
47th		 2.3%
Capex / depreciation 0.57 0.49
61st		 0.56
Operating expense ratio 17.4% 22.7%
32nd		 44.3%

Cash flow & earnings quality

MeasureCTSHIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.31 1.61
32nd		 1.61
FCF / net income 1.17 1.30
43rd		 1.33
FCF / operating cash flow 89.1% 88.2%
56th		 88.0%
Capex / operating cash flow 10.9% 11.8%
44th		 12.0%
Accruals ratio -3.4% -5.0%
70th		 -6.3%
Sloan accruals ratio -4.5% -4.2%
49th		 -1.8%
Earnings quality score (0-1) 1.00 1.00
50th		 0.75

Dividends & buybacks

MeasureCTSHIndustry medianIndustry percentileSector median
Dividend yield 2.0% 0.0%
78th		 0.0%
Dividend per share (TTM) $1.30 $0.00
68th		 $0.00
Payout ratio (dividends / net income) 27.8% 9.3%
74th		 0.0%
Dividends / FCF 23.8% 0.0%
72nd		 0.0%
Dividend growth (YoY) 7.5% 8.0%
44th		 4.1%
Buyback yield 8.1% 4.0%
81st		 1.2%
Shareholder yield (dividends + buybacks) 10.2% 5.9%
78th		 1.7%
Share count change (YoY) -5.3% -2.3%
23rd		 0.1%
Buybacks, last 5 years $7.6B $695.1M
92nd		 $215.3M

Scores & forensic checks

MeasureCTSHIndustry medianIndustry percentileSector median
IS score 66 50
76th		 56
IS profitability 52 38
68th		 40
IS growth 38 52
23rd		 65
IS value 95 62
100th		 39
IS momentum 68 71
46th		 78
IS risk (safety) 100 65
76th		 100
IS quality 76 62
76th		 67
IS balance sheet 78 49
81st		 72
IS earnings quality 71 66
76th		 61
IS cash flow 74 62
92nd		 66
Piotroski F-score (0-9) 5 6
14th		 6
Altman Z-score 4.5 2.6
76th		 4.0
Beneish M-score −2.51 −2.63
66th		 −2.58
Ohlson O-score −10.46 −7.37
3rd		 −8.00
IS credit score 94 58
92nd		 69

Per share

MeasureCTSHIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.76 $1.74
62nd		 $0.84
Book value per share $31.03 $16.83
73rd		 $9.77
Tangible book per share $10.09 $1.11
84th		 $3.22
Revenue per share $46.44 $41.09
54th		 $13.00
FCF per share $5.58 $4.29
54th		 $1.78
Operating cash flow per share $6.26 $4.97
54th		 $2.40
Cash per share $2.26 $2.99
41st		 $4.50

Size (TTM)

MeasureCTSHIndustry medianIndustry percentileSector median
Market cap $29.7B $4.7B
92nd		 $4.7B
Revenue $21.6B $5.4B
86th		 $1.2B
EBITDA $4.1B $585.4M
86th		 $185.8M
Net income $2.2B $230.2M
86th		 $84.9M
Free cash flow $2.6B $370.7M
86th		 $170.6M
Total assets $20.8B $6.7B
86th		 $2.4B
Shareholders' equity $14.5B $1.8B
89th		 $1.1B
Employees 356,700 21,600
95th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Kerdman Alina
SVP, Controller & CAO
 Option exercise 207——1,331
2026-10-01Kerdman Alina
SVP, Controller & CAO
 Tax withholding 69$57.44$3,9631,262
2026-10-01Kerdman Alina
SVP, Controller & CAO
 Option exercise 207——623
2026-09-30Kerdman Alina
SVP, Controller & CAO
 Open-market sale 139$56.88$7,9061,124
2026-09-15Gummadi Surya
President - Americas
 Option exercise 1,397——41,210
2026-09-15Gummadi Surya
President - Americas
 Option exercise 598——41,808
2026-09-15Gummadi Surya
President - Americas
 Tax withholding 988$64.10$63,33140,820
2026-09-15Gummadi Surya
President - Americas
 Option exercise 1,397——8,382
2026-09-15Gummadi Surya
President - Americas
 Option exercise 598——2,396
2026-09-15Kerdman Alina
SVP, Controller & CAO
 Option exercise 200——1,329
2026-09-15Kerdman Alina
SVP, Controller & CAO
 Tax withholding 66$64.10$4,2311,263
2026-09-15Kerdman Alina
SVP, Controller & CAO
 Option exercise 200——1,197

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired5857,771—
Open-market buyAcquired14,034$209,768
Open-market saleDisposed917,841$1.0M
Option exerciseAcquired5887,750—
Option exerciseDisposed5887,750—
Return to issuerDisposed74—
Tax withholdingDisposed2733,127$2.0M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 17 notices · 88,626 shares · $6.6M
FiledFilerShares proposedEst. proceeds
2026-09-30Alina Kerdman139$7,901
2026-09-14Alina Kerdman134$8,040
2026-08-31Alina Kerdman144$9,222
2026-08-03Jatin Dalal12,000$664,200
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 10 trades (4 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-10Ro KhannaHousePurchase$1,001 - $15,0002026-09-07
2026-04-14Gilbert CisnerosHouseSale$1,001 - $15,0002026-05-11
2026-04-14Gilbert CisnerosHouseSale (Partial)$1,001 - $15,0002026-05-11
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-02
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-01
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-01
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002020-05-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.46,183,240$1.8B10.25%
VANGUARD CAPITAL MANAGEMENT LLC30,950,850$1.2B6.87%
PZENA INVESTMENT MANAGEMENT LLC26,529,172$1.0B5.89%
VANGUARD PORTFOLIO MANAGEMENT LLC26,148,721$1.0B5.81%
STATE STREET CORP25,304,648$980.0M5.62%
Invesco Ltd.18,138,048$702.5M4.03%
GEODE CAPITAL MANAGEMENT, LLC14,848,876$575.5M3.30%
JPMORGAN CHASE & CO14,553,024$563.8M3.23%
DODGE & COX14,542,493$563.2M3.23%
FIL Ltd9,616,907$372.5M2.13%
Capital Research Global Investors9,249,880$358.2M2.05%
MORGAN STANLEY8,054,331$311.9M1.79%
GOLDMAN SACHS GROUP INC7,836,594$303.5M1.74%
FIRST TRUST ADVISORS LP7,727,374$299.3M1.72%
SG Americas Securities, LLC7,119,745$275.7M1.58%

Institutional ownership by quarter

2023-092026-06109.3%
% of shares held by 13F filers
2023-092026-06923
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30923109.3%131339358196
2026-03-31996100.6%128358380171
2025-12-311,059101.7%19734537588
2025-09-30973101.1%114342365113
2025-06-30985101.6%107382361115
2025-03-311,011101.3%11837037781
2024-12-31988100.8%14035034191
2024-09-30959100.2%12131137861
2024-06-30906102.0%94330335107
2024-03-3193299.3%10131736279
2023-12-3192298.8%14630033966
2023-09-3085598.0%8430332265

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-07-17SCHEDULE 13GPZENA INVESTMENT MANAGEMENT LLC5.7%26,844,745
2026-07-15SCHEDULE 13GInvesco Ltd.5.9%28,129,017
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.5%26,221,017
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%35,975,456
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$821.1M
VSMPX0.04%$821.1M
VTSAX0.04%$821.1M
VTI0.04%$821.1M
VFINX0.04%$679.2M
VOO0.04%$679.2M

Share structure

Shares outstanding450,444,209
Float449,137,921
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$18.5B$19.4B$19.4B$19.7B$21.1B
Cost of revenue$11.6B$12.4B$12.7B$13.0B$14.0B
Gross profit$6.9B$7.0B$6.7B$6.8B$7.1B
R&D$0$0$0$0$0
SG&A$3.5B$3.4B$3.3B$3.2B$3.2B
Operating income$2.8B$3.0B$2.7B$2.9B$3.5B
EBITDA$3.4B$3.6B$3.4B$3.5B$4.2B
Pretax income$2.8B$3.0B$2.8B$3.0B$3.7B
Income tax$693.0M$730.0M$668.0M$713.0M$1.5B
Net income$2.1B$2.3B$2.1B$2.2B$2.2B
EPS, diluted$4.05$4.41$4.21$4.51$4.55
Diluted shares528.0M519.0M505.0M497.0M482.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.7B$2.5B$2.6B$2.2B$1.9B
Receivables$3.6B$3.8B$3.8B$4.1B$4.4B
Inventory$0$0$0$0$0
Total current assets$7.3B$7.3B$7.5B$7.5B$8.6B
PP&E, net$2.1B$2.0B$1.7B$1.5B$1.5B
Goodwill & intangibles$6.8B$6.9B$7.2B$8.6B$8.5B
Total assets$17.9B$17.9B$18.5B$20.0B$20.7B
Accounts payable$361.0M$360.0M$337.0M$340.0M$308.0M
Total current liabilities$3.5B$3.3B$3.3B$3.6B$3.7B
Long-term debt$626.0M$638.0M$606.0M$875.0M$966.0M
Total liabilities$5.9B$5.5B$5.3B$5.6B$5.7B
Shareholders' equity$12.0B$12.3B$13.2B$14.4B$15.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.1B$2.3B$2.1B$2.2B$2.2B
Depreciation & amortization$574.0M$569.0M$519.0M$529.0M$550.0M
Stock-based compensation$0$0$0$0$181.0M
Change in working capital−$488.0M−$324.0M−$189.0M−$510.0M−$338.0M
Operating cash flow$2.5B$2.6B$2.3B$2.1B$2.9B
Capital expenditure−$279.0M−$332.0M−$317.0M−$297.0M−$288.0M
Free cash flow$2.2B$2.2B$2.0B$1.8B$2.6B
Investing cash flow−$2.2B−$106.0M−$331.0M−$1.6B−$230.0M
Net debt issued / repaid−$53.0M−$39.0M−$25.0M$227.0M−$342.0M
Buybacks−$771.0M−$1.4B−$1.1B−$605.0M−$1.4B
Dividends paid−$509.0M−$564.0M−$591.0M−$600.0M−$610.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin37.3%35.9%34.6%34.3%33.1%
Operating margin15.3%15.3%13.9%14.7%16.1%
Net margin11.5%11.8%11.0%11.3%10.6%
FCF margin12.0%11.5%10.4%9.3%12.3%
ROE18.7%18.8%16.7%16.2%15.2%
ROIC19.6%19.8%17.2%16.1%14.8%
ROA12.3%12.8%11.7%11.7%11.0%
Debt / equity0.140.120.100.100.10
Interest coverage315.1x159.7x69.0x55.4x95.0x
Current ratio2.082.172.252.092.34
Revenue growth+11.1%+5.0%−0.4%+2.0%+7.0%
EPS growth+55.9%+9.9%−4.9%+6.2%+2.7%
P/E at year end20.5x12.2x17.2x16.8x17.9x
EV / EBITDA at year end12.5x7.5x10.4x10.4x9.8x
FCF yield at year end5.07%8.01%5.49%4.86%6.49%
Dividend payout23.8%24.6%27.8%26.8%27.4%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Healthcare Segment$5.3B$5.6B$5.7B$5.9B$6.3B
Financial Services$6.1B$6.1B$5.8B$5.8B$6.2B
Products and Resources$4.3B$4.6B$4.6B$4.8B$5.3B
Communication, Media and Technology$2.8B$3.2B$3.2B$3.3B$3.3B

Revenue by region · FY2025

North America$15.8B · 75%
Europe$4.0B · 19%
Other Regions$1.3B · 6%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $1.47 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$22.2B$22.1B – $22.3B$5.76$5.70 – $5.801811.5x
2027$23.2B$22.9B – $23.5B$6.33$6.20 – $6.541810.4x
2028$24.4B$23.7B – $25.3B$6.98$6.78 – $7.29149.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$1.38$1.37−0.7%$5.5B$5.5B+0.0%
2026-04-29$1.34$1.40+4.5%$5.4B$5.4B−0.0%
2026-02-04$1.32$1.35+2.3%$5.3B$5.3B+0.4%
2025-10-29$1.30$1.39+6.9%$5.3B$5.4B+1.8%
2025-07-30$1.26$1.31+4.0%$5.2B$5.2B+1.1%
2025-04-30$1.20$1.23+2.5%$5.1B$5.1B+1.0%
2025-02-05$1.12$1.21+8.0%$5.1B$5.1B+0.2%
2024-10-30$1.15$1.25+8.7%$5.0B$5.0B+1.0%
2024-07-31$1.12$1.17+4.5%$4.8B$4.8B+1.0%
2024-05-01$1.11$1.12+0.9%$4.7B$4.8B+0.9%
2024-02-06$1.04$1.18+13.5%$4.8B$4.8B−0.1%
2023-11-01$1.09$1.16+6.4%$4.9B$4.9B−0.3%
2023-08-02$0.99$1.10+11.1%$4.8B$4.9B+1.0%
2023-05-03$1.04$1.11+6.7%$4.7B$4.8B+1.7%
2023-02-02$1.02$1.01−1.0%$4.8B$4.8B+1.3%
2022-11-02$1.16$1.17+0.9%$5.0B$4.9B−2.5%
2022-07-27$1.08$1.14+5.6%$4.9B$4.9B−0.1%
2022-05-04$1.04$1.08+3.8%$4.8B$4.8B+0.0%
2022-02-02$1.04$1.10+5.8%$4.8B$4.8B+0.0%
2021-10-27$1.05$1.06+1.0%$4.7B$4.7B+0.7%
2021-07-28$0.96$0.99+3.1%$4.7B$4.6B−2.7%
2021-05-05$0.94$0.97+3.2%$4.4B$4.4B+1.0%
2021-02-03$0.90$0.67−25.6%$5.3B$4.2B−20.4%
2020-10-28$0.90$0.97+7.8%$4.0B$4.2B+6.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-150.906-220.406-290.507-060.407-130.407-200.907-270.608-030.408-100.408-170.508-240.408-31
Week ofNotionalSharesTrades
2026-08-31$371.7M5,825,866108,886
2026-08-24$466.5M7,406,108118,248
2026-08-17$445.1M7,416,431108,610
2026-08-10$440.8M7,550,199111,749
2026-08-03$566.5M10,118,501163,272
2026-07-27$924.4M17,543,206216,942

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.4%
DateShort shareShort volumeTotal volume
2026-10-1555.4%1,621,9002,927,126
2026-10-1455.0%1,241,9792,258,528
2026-10-1350.2%1,356,8952,704,677
2026-10-1257.9%925,2351,596,851
2026-10-0942.7%727,5071,704,467
2026-10-0864.0%2,110,1663,298,404
2026-10-0758.2%967,5771,662,901
2026-10-0655.1%804,4431,461,104
2026-10-0550.9%554,1641,089,236
2026-10-0252.6%1,140,8282,170,065
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.0Jan+0.5Feb+0.1Mar+0.7Apr-2.1May-0.1Jun+2.3Jul+0.8Aug-0.2Sep+2.0Oct+2.7Nov+1.4Dec
MonthAvg returnUp yearsYears
Jan+2.0%55%20
Feb+0.5%55%20
Mar+0.1%43%21
Apr+0.7%50%20
May−2.1%50%20
Jun−0.1%50%20
Jul+2.3%65%20
Aug+0.8%50%20
Sep−0.2%55%20
Oct+2.0%70%20
Nov+2.7%60%20
Dec+1.4%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1467.6
MFI71.1
ADX22.7
Stochastic %K / %D87.5 / 77.2
Williams %R-10.3
CCI215
TSI / signal12.9 / 2.9
Chaikin money flow-0.10
ATR$2.46
Bollinger width17.8%
Volume vs 20-day avg0.78x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$59.45 (+11.1%)
SMA 50$60.33 (+9.4%)
SMA 200$59.68 (+10.6%)
EMA 21$60.61 (+8.9%)
EMA 50$58.88 (+12.1%)
EMA 200$59.74 (+10.5%)
Bollinger upper$64.75 (+2.0%)
Bollinger lower$54.16 (+21.9%)
Parabolic SAR$54.93 (+20.2%)
Open the live chart, 110+ indicators

About Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation functions as a global professional services firm, delivering a comprehensive suite of consulting, technology, and outsourcing solutions across North America, Europe, and other international markets. Its operations are structured into four primary divisions: Financial Services, Healthcare, Products and Resources, and Communications, Media and Technology. Within the Financial Services sector, Cognizant provides advanced services such as enhancing customer experiences, implementing robotic process automation (RPA), and leveraging analytics and artificial intelligence (AI) to address needs in areas like digital lending, fraud prevention, and modern payment systems. For its Healthcare clients, the company focuses on navigating industry shifts toward consumer-centric models, outcome-based agreements, and digital health initiatives, striving to deliver an integrated, seamless, and patient-focused omnichannel experience. Furthermore, Cognizant assists in optimizing operations across various functions, including clinical development, pharmacovigilance, manufacturing, claims management, enrollment procedures, membership administration, and billing processes. Its clientele in this domain spans healthcare providers, payers, and life sciences organizations, encompassing pharmaceutical, biotechnology, and medical device firms. In the Products and Resources segment, the company develops solutions tailored for manufacturers, retailers, and entities within the travel and hospitality sectors, alongside those engaged in logistics, energy, and utility services. Within the Communications, Media and Technology division, Cognizant supports businesses in creating digital content, crafting personalized user experiences, and expediting digital engineering efforts. This includes serving information, media, entertainment, communications, and technology enterprises. Established in 1994, the company maintains its primary corporate office in Teaneck, New Jersey.

https://www.cognizant.com

Key executives

NameTitlePayBorn
Ravi KumarChief Executive Officer & Director$5.7M1971
Jatin Pravinchandra DalalChief Financial Officer$2.2M1975
John Sunshin KimChief Legal Officer, Chief Administrative Officer & Corporate Secretary$2.2M1968
Balu Ganesh AyyarPresident of Asia Pacific & Japan and Industry Solutions Group$2.1M1962
Surya GummadiPresident of Americas$1.8M1977
Alina KerdmanSVP, Controller & Chief Accounting Officer—1982
Kathryn DiazChief People Officer—1970
Rajesh VarrierPresident of Operations & CMD of Cognizant India—1970

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Ravi Kumar CEO2025$1.3M$15.8M$4.4M$21.5M
Jatin Dalal CFO2025$825,000$4.8M$1.4M$7.1M
Surya Gummadi President – Americas2025$800,005$3.8M$984,000$5.6M
John Kim Chief Legal Officer, Chief Administrative Officer and Corporate Secretary2025$800,000$3.4M$1.4M$5.6M
Balu Ganesh Ayyar President – Asia Pacific & Japan and Industry Solutions Group2025$732,941$1.8M$1.4M$3.9M

Employees

282k2018292k2019290k2020300k2021355k2022348k2023337k2024352k2025

Dividends

Ex-dateAmountPaid
2026-08-18$0.332026-08-25
2026-05-18$0.332026-05-27
2026-02-18$0.332026-02-26
2025-11-18$0.312025-11-26
2025-08-18$0.312025-08-26
2025-05-19$0.312025-05-28
2025-02-18$0.312025-02-26
2024-11-19$0.32024-11-27

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage71
Intangibles39
Switching costs60
Network effect35
Efficient scale70
Our component scores (0-100) and overall 54.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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