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Cognizant Technology Solutions Corporation

CTSH Technology Information Technology Services

Cognizant Technology Solutions Corporation’s revenue for fiscal 2025 (year ended December 2025) was $21.1 billion, up 6.95% from fiscal 2024.

Revenue
+4.60%
EPS
+148.8%
Free cash flow
−20.3%
Total debt
+181.7%

Quarter to September 2026, against a year earlier

66.50 0.72 +1.09%
Market cap
$29.8B
P/E
12.1×
Fwd P/E
11.5×
Dividend yield
1.95%
F-score
7/9
Altman Z
7.11
Beneish M
−2.50
Dividend safety
96/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Healthcare Segment
  • Financial Services
  • Products and Resources
  • Communications, Media and Technology

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.21
Sold, $m 5.02
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — 1 — — — — —
Sell 10 3 2 1 1 1 2 1 3 3 — —
Insider Ownership 1.13%

Capital & Financial Ratios $m

Size
Market Cap 29,750.00
Revenue ttm 21,891.00
Net income ttm 2,573.00
Free cash flow ttm 2,363.00
Net debt Q 0.00
Valuation
P/E 12.11
Forward P/E 11.50
Price / sales 1.37
Forward P/S Powerpack
Price / FCF 12.66
Price / book 2.03
Financial health
Current ratio Q 2.22 (at or above 1.5: strong)
Debt / equity Q 0.11 (at or below 0.5: strong)
Interest coverage Q 45.89
Growth
Revenue growth Q +4.60% (above 0%: growing)
Operating income growth Q +0.69% (above 0%: growing)
EPS, this year +9.32%
EPS, next year A +8.60%
Revenue, next year A +4.69%
EPS, past 5 yrs +12.15%
EPS, next 5 yrs A +8.60%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 2.0×; over the ten years it ranged from 0.9× in 2026 to 3.0× in 2018.
P/E against its own 10 years 3.56%
10-year low 10-year high
P/S against its own 10 years 5.06%
10-year low 10-year high
P/B against its own 10 years 5.72%
10-year low 10-year high
EV/Sales against its own 10 years 6.05%
10-year low 10-year high
EV/FCF against its own 10 years 17.82%
10-year low 10-year high

Dividends raised 7 years running

Yield
1.95%
Annual rate
1.30
Payout ratio
23.7%
Growth, 2018–26
+6.46%/yr
  1. 0.80 ’18
  2. 0.80 ’19 +0
  3. 0.88 ’20 +10
  4. 0.96 ’21 +9
  5. 1.08 ’22 +13
  6. 1.16 ’23 +7
  7. 1.20 ’24 +3
  8. 1.24 ’25 +3
  9. 1.32 ’26 +6
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,635 2,243 1,914 1,552
Receivables 3,849 4,059 4,439 4,850
Inventory — — — —
Other 1,022 1,202 1,465 1,688
7,506 7,504 7,818 8,090
2023 2024 2025 Q'26
Payables 337 340 308 366
ST’ Debt — — — —
Other — — — —
3,333 3,585 3,659 3,638

Compound Annual Growth %

10y 5y 3y
Sales 5.45% 4.86% 2.80%
Cash Flow 2.80% (2.66%) 3.93%
Earnings 3.22% 9.88% (0.88%)
Book Value 4.93% 6.74% 6.85%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.46 Actual 1.49

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.32 1.35 Beat by 0.03
Q1 FY26 1.33 1.40 Beat by 0.07
Q2 FY26 1.38 1.37 Miss by 0.01
Q3 FY26 1.46 1.49 Beat by 0.03
Q4 FY26 1.51 — Reports 3 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.39 1.36 1.39 — —
’25 1.34 1.31 0.56 1.34 4.56
’24 1.10 1.14 1.17 1.10 4.51
’23 1.14 0.91 1.04 1.11 4.21
’22 1.07 1.11 1.22 1.02 4.41
’21 0.95 0.97 1.03 1.10 4.05
’20 0.67 0.67 0.64 0.59 2.57
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,413 5,481 5,664 — —
’25 5,115 5,245 5,415 5,333 21,108
’24 4,760 4,850 5,044 5,082 19,736
’23 4,812 4,886 4,897 4,758 19,353
’22 4,826 4,906 4,857 4,839 19,428
’21 4,401 4,585 4,744 4,777 18,507
’20 4,225 4,000 4,243 4,184 16,652
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 274 558 1,004 — —
’25 400 398 1,227 858 2,883
’24 95 262 847 920 2,124
’23 729 36 828 737 2,330
’22 306 528 1,032 702 2,568
’21 181 541 948 825 2,495
’20 497 979 925 898 3,299
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 198 459 925 — —
’25 393 331 1,160 781 2,665
’24 16 183 791 837 1,827
’23 631 (32) 755 659 2,013
’22 186 485 953 612 2,236
’21 93 466 897 760 2,216
’20 385 886 821 809 2,901
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 1.3% a year for ten years. It grew 4.2% a year over the last ten.

Implied
1.3%
10 years, reported
4.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 13,487 14,810 16,125 16,783 16,652 18,507 19,428 19,353 19,736 21,108 21,891 +5.1% 22,098 23,073 24,173 +4.6%
Gross margin, % 39.88 38.20 38.99 36.64 35.92 37.30 35.93 34.56 34.34 33.72 33.42 (6.2) pt
EBT 2,357 2,655 2,797 2,543 2,096 2,827 3,016 2,787 2,938 3,479 3,483 +4.4%
EBT margin, % 17.48 17.93 17.35 15.15 12.59 15.28 15.52 14.40 14.89 16.48 15.91 (1.0) pt
Net income 1,553 1,504 2,101 1,842 1,392 2,137 2,290 2,126 2,240 2,230 2,573 +4.1%
Per share, $
Per share, $ Revenue 22.22 24.97 27.71 30.02 30.84 35.12 37.51 38.32 39.79 43.25 48.65 +7.7%
Earnings 2.56 2.54 3.61 3.30 2.58 4.06 4.42 4.21 4.52 4.57 5.49 +6.7%
Cash flow 2.71 4.06 4.45 4.47 6.11 4.73 4.96 4.61 4.28 5.91 5.99 +9.0%
Capex (0.49) (0.48) (0.65) (0.70) (0.74) (0.53) (0.64) (0.63) (0.60) (0.45) (0.74) (1.1%)
Free cash flow 2.22 3.58 3.81 3.77 5.37 4.20 4.32 3.99 3.68 5.46 5.25 +10.5%
Book value 17.67 17.99 19.63 19.72 20.07 22.75 23.76 26.19 29.05 30.77 32.72 +6.4%
Shares, m 607 593 582 559 540 527 518 505 496 488 470 (2.4%)
Valuation, ×
Valuation, × P/E 21.99 28.04 17.58 18.85 31.89 21.85 13.03 17.63 17.05 18.20 12.11 20.6
P/S 2.54 2.84 2.29 2.07 2.66 2.53 1.54 1.94 1.93 1.92 1.37 2.2
P/B 3.20 3.94 3.23 3.15 4.08 3.90 2.42 2.84 2.65 2.70 2.03 3.2
EV/Sales 2.22 2.55 2.06 1.90 2.53 2.41 1.44 1.84 1.86 1.85 1.37 2.1
EV/FCF 22.26 17.77 14.98 15.16 14.54 20.15 12.51 17.66 20.13 14.68 12.66 17.0
Cash, $m
Cash, $m Operating cash flow 1,645 2,407 2,592 2,499 3,299 2,495 2,568 2,330 2,124 2,883 2,694 +6.4%
Capex (300) (284) (377) (392) (398) (279) (332) (317) (297) (218) (331) (3.5%)
Free cash flow 1,345 2,123 2,215 2,107 2,901 2,216 2,236 2,013 1,827 2,665 2,363 +7.9%
Balance, $m
Balance, $m Working capital 6,182 6,272 5,900 4,628 3,311 3,813 3,919 4,173 3,919 4,159 4,452 (4.3%)
Net debt (4,372) (4,358) (3,775) (2,724) (2,061) (2,093) (1,863) (2,029) (1,368) (1,371) 0 (12.1%)
Shareholders’ equity 10,728 10,669 11,424 11,022 10,836 11,991 12,309 13,227 14,408 15,015 14,726 +3.8%
Returns, %
Returns, % ROA 11.37 10.20 13.53 11.49 8.40 12.29 12.83 11.70 11.65 10.97 12.41 (0.4) pt
ROIC 22.51 24.57 22.89 18.48 15.06 17.84 17.76 15.01 13.86 15.52 14.61 (7.0) pt
ROE 15.53 14.06 19.02 16.41 12.74 18.72 18.85 16.65 16.21 15.16 17.37 (0.4) pt
People
People Employees 260,200 260,000 281,600 292,500 289,500 330,600 355,300 347,700 336,800 351,600 — +3.4%
Revenue/emp, $m 0.05 0.06 0.06 0.06 0.06 0.06 0.05 0.06 0.06 0.06 — +1.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Cognizant Technology Solutions is an information technology services company that helps organizations modernize their technology and run business processes. It was founded in 1994 and is headquartered in Teaneck. Ravi Kumar S is its chief executive officer.

Customers hire Cognizant to advise on technology, develop and maintain applications, connect software systems, manage infrastructure and security, and automate business processes. For example, the company can help a bank update older technology, a healthcare organization process claims, or a manufacturer use data to improve operations. It also develops, licenses, implements and supports software products and platforms.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Healthcare Segment 6,347 30.07%
Financial Services 6,173 29.24%
Products and Resources 5,285 25.04%
Communications, Media and Technology 3,303 15.65%
Gross margin 33.72%
Operating margin 16.06%
Pre-tax margin 16.48%

Revenue by segment since 2009

Cognizant Technology Solutions Corporation vs peers in Information Technology Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
INFY American Noble Gas Inc. $52.0B 15.8× 19.1× +1.36% (above 0%: growing) 0.00% −15.71% (below 0%: shrinking) 31.06% 20.97% Compare
FISV Fiserv, Inc. $33.4B — (loss-making) 10.5× −1.27% (below 0%: shrinking) n/m −73.57% (below 0%: shrinking) 53.06% (105.74%) Compare
CTSH Cognizant Technology Solutions Corporation $29.8B 12.1× 11.5× +4.60% (above 0%: growing) +148.80% (above 0%: growing) −20.26% (below 0%: shrinking) 33.77% 15.40%
BR Broadridge Financial Solutions, Inc. $21.9B 21.3× 19.4× +4.99% (above 0%: growing) −40.82% (below 0%: shrinking) +500.79% (above 0%: growing) 25.67% 10.40% Compare
WIT Wipro Limited $21.4B 18.2× — +1.02% (above 0%: growing) 0.00% +50.60% (above 0%: growing) 28.84% 16.42% Compare
CDW CDW Corporation $19.8B 18.6× 17.6× +17.73% (above 0%: growing) +11.55% (above 0%: growing) +24.62% (above 0%: growing) 20.51% 7.25% Compare
LDOS Leidos Holdings, Inc. $16.6B 12.0× 13.1× +3.60% (above 0%: growing) +16.05% (above 0%: growing) −30.00% (below 0%: shrinking) 17.71% 11.94% Compare
FIS Fidelity National Information Services, Inc. $15.2B 4.4× 5.8× +27.13% (above 0%: growing) +35.67% (above 0%: growing) −12.92% (below 0%: shrinking) 37.03% 19.11% Compare
CACI CACI International, Inc. $13.4B 24.7× 25.4× +8.17% (above 0%: growing) +4.06% (above 0%: growing) −2.66% (below 0%: shrinking) 35.44% 10.00% Compare
Median of peers $20.6B 18.2× 17.6× +4.30% +4.06% −7.79% 29.95% 11.17%

All 81 Information Technology Services stocks →

From the latest earnings call

Updated

  • CEO Ravi Kumar said macro uncertainty was weighing on fourth-quarter discretionary spending, particularly in healthcare and consumer-facing sectors.
  • Kumar said Cognizant was building capacity to deploy AI for clients and estimated that more than half of its software development was AI-assisted.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Guggenheim Oct 29, 2026 Target raised — 80.00
JPMorgan Oct 27, 2026 Target raised — 78.00
Wedbush Oct 26, 2026 Reiterated Outperform 70.00
TD Cowen Oct 26, 2026 Target raised Hold 60.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 112.31%
Held by the ten largest 53.58%
Holder Shares Stake Change
Vanguard 62.25m 13.82% −5.52k
BlackRock 46.18m 10.25% +1.85m
PZENA INVESTMENT MANAGEMENT LLC 26.26m 5.83% +6.19m
State Street 25.30m 5.62% +1.14m
Invesco 18.14m 4.03% −9.99m
JPMorgan Chase 14.95m 3.32% −5.98m
Geode Capital Management 14.85m 3.30% +68.52k
Dodge & Cox 14.54m 3.23% +269.59k
Fidelity International (FIL) 9.62m 2.13% +2.89m
Capital Group 9.25m 2.05% −261.02k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Cognizant Technology Solutions Corporation (CTSH) Latest News

30 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Moby

29 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · PR Newswire
Impact 3 · · The Motley Fool
Impact 3 · · TIKR
Impact 3 · · Zacks
Impact 3 · · Investing.com
Impact 3 · · Zacks
Impact 3 · · Associated Press

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 4 · · Zacks
Impact 4 · · Investing.com
Impact 4 · · PR Newswire
Impact 3 · · Insider Monkey
Impact 3 · · Zacks

26 Oct

Impact 4 · · Benzinga
Impact 4 · · PR Newswire

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Barchart
Impact 3 · · Trefis

22 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks

21 Oct

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 4 · · verdict.co.uk

20 Oct

Impact 4 · · Trefis

CTSH metrics, ten years each

stockrow.com/CTSH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com