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Cognizant Technology Solutions Corporation (CTSH)

Subavaliada
TechnologyInformation Technology ServicesUnited States

Fundamental

76

Preço

$57.44

Capitalização de Mercado

$27.04B

Parte 1 · Quanto vale a empresa

Visão Geral

Cognizant provides IT services and consulting to large corporations, mainly through outsourced staff who design, build and run its clients' software and technology operations. Engagements span digital engineering, cloud migration, data and AI, and maintenance of existing applications. Cognizant does not build software products for resale: it sells the time and expertise of its consultants and delivery teams, most of them based in India, to companies that find it cheaper to use Cognizant's staff than to hire and manage the equivalent headcount themselves.

Como gera receita

Revenue comes almost entirely from time-and-materials or fixed-price service contracts, billed as consultants do the work, rather than from software licenses. Because the business is labor-intensive, margins depend on staff utilization, wage inflation, and the mix between higher-margin advisory work and lower-margin staff augmentation. Long, multi-year outsourcing contracts make revenue relatively sticky quarter to quarter, but pricing is renegotiated regularly and clients can shift volume to competitors offering comparable skills at a lower cost.

Receita por segmento

Health Sciences30.1%

Consulting and technology services for healthcare payers, providers, life sciences and pharmaceutical companies, the largest and fastest-growing segment.

Financial Services29.2%

Technology and consulting services for banks, insurers and capital markets firms, covering core-system modernization, risk and compliance.

Products and Resources25%

Services for manufacturing, retail, logistics, travel, energy and utility companies, boosted in 2025 by the Belcan engineering acquisition.

Communications, Media and Technology15.7%

Services for telecom operators, media companies and technology firms, the smallest of the four reporting segments.

Vantagem competitiva

Custos de mudança · Estreita

Cognizant embeds its consultants inside client IT operations for years at a time, and moving a large outsourced function to a new vendor means re-training staff and re-documenting systems, which clients avoid unless service quality slips badly. But the underlying skills are not scarce: Accenture, TCS, Infosys and Wipro can staff similar teams, so the advantage rarely survives a serious price challenge.

O que impulsiona a procura

Moderadamente cíclico

Demand tracks corporate technology budgets, which grow with digital transformation spending but get trimmed quickly when clients face their own cost pressure. Cognizant has repeatedly seen client decision cycles lengthen and discretionary projects pause during uncertain macro periods, even though multi-year outsourcing contracts provide a floor of recurring, less discretionary revenue.

Principais riscos

  • Wage inflation and talent competition — Cognizant competes for skilled technology talent, mainly in India, and rising wages or attrition among delivery staff pressure margins and can disrupt client engagements if experienced consultants leave mid-project.
  • Client concentration and contract renewal risk — A meaningful share of revenue comes from a relatively small number of long-standing clients, and losing or renegotiating even one major account at lower rates has a visible effect on results.
  • Immigration and visa policy exposure — Much of Cognizant's US-based delivery model depends on visas for foreign workers; tighter immigration rules or higher visa costs raise expenses and constrain how the company staffs client projects.
  • Pricing pressure and automation — Clients increasingly push for lower hourly rates and outcome-based pricing, while AI-assisted coding tools threaten to shrink the billable staff-hours a given project requires.
  • Currency mismatch between costs and revenue — Costs are incurred largely in Indian rupees while revenue is billed mostly in dollars and other client currencies, so exchange-rate swings between the two can compress reported margins.

Os argumentos a favor

Buyers argue that AI-driven modernization work is expanding the addressable market for a proven delivery organization, that acquisitions like Belcan diversify revenue into engineering services, and that renewed double-digit growth in Health Sciences and Financial Services shows demand has stabilized after several slow years.

Os argumentos contra

Sellers fear that generative AI coding tools will erode the staff-augmentation model that still accounts for much of billings, that competition from Indian and global peers keeps pricing under permanent pressure, and that revenue growth stays dependent on discretionary client spending that can pause quickly.

Dados por segmento do exercício fiscal 2025Fontes: Cognizant Reports Fourth Quarter and Full-Year 2025 Results

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users

P/E: 19.5Score: 58Market cap: $207.90B

Its consulting arm bids for the same large application modernization, cloud migration and managed services engagements with North American corporate clients.

Accenture plcACN

The largest global IT consulting and systems integration firm, bidding against Cognizant for the same large digital transformation, cloud and application outsourcing contracts with North American and European enterprises.

Infosys LimitedINFY

Indian-headquartered provider with the same offshore delivery model, competing for the same banking, insurance and healthcare clients in the United States that generate most of Cognizant's revenue.

Tata Consultancy Services LimitedTCS

India's largest IT services company, competing directly for the multi-year application maintenance and business process outsourcing contracts of the same global banks, insurers and retailers.

Wipro LimitedWIPRO

Another India-based offshore services provider selling application development, infrastructure management and engineering services to the same enterprise buyers, largely in North America and Europe.

Capgemini SECAP

European consulting and systems integration group that competes with Cognizant for the same enterprise technology budgets, particularly in continental Europe and the United Kingdom.

Balanço & Liquidez

Receita

$21.41B

Últimos 12 meses (até 31/03/2026)

Resultado Líquido

$2.23B

Últimos 12 meses (até 31/03/2026)

Fluxo de Caixa Livre

$2.60B

Capital Próprio Total

$15.02B

Passivo Total

$5.68B

Rácio de Liquidez

2.23

Cobertura de Juros

105.59

Dívida/EBITDA

0.28

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Caso geralSubvalorizada

Valor Justo

$86.10

Preço Atual

$57.44

Margem de Segurança

+33.3%

Intervalo de Valor Justo

$55.96 - $116.23

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$64.38
Fluxo de caixa descontado (DCF):$158.48
Multiplicador de lucros (P/E):$43.84
Fórmula de crescimento de Graham:$132.90
Valor da capacidade de gerar lucro (EPV):$62.88
P/B justificado:$65.12
Desconto de dividendos (Gordon):$24.74
P/FFO, fundos de operações:$93.87
Lucros de meio de ciclo:$190.77
Multiplicador sobre as receitas:$237.05
Consenso dos Analistas:Comprar (18B / 19H / 0S)
Última Surpresa de Resultados:-2.41%

Métricas de Avaliação

Rácio P/E

12.46

ROE

14.9%

Rácio P/B

1.81

P/FCF

11.02

Margem Bruta

-

ROIC

15.7%

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

15.7%

WACC

9.0%

ROIC − WACC

+6.7 pp

O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.

Critérios de Análise Fundamental

Aprovado (18)

  • EPS shows upward trend
  • EPS CAGR 7.95%
  • ROIC 15.7%
  • P/FCF 11.02
  • P/B Ratio 1.81
  • Debt/Equity ratio
  • Operating Margin 15.8%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 14.9%
  • PEG Ratio 0.96
  • Earnings Quality (OCF/NI) 1.24
  • Share Dilution -1.5%
  • Piotroski F-Score 7/9

Reprovado (8)

  • Price CAGR 0.54%
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Fairly valued)
  • Revenue Growth 5Y 4.9%
  • Analyst Consensus 49% Buy
  • Earnings Surprise avg 1.4%
  • Net Margin Trend 10.4% vs 11.7%

Indisponível (2)

  • Gross Margin NaN%
  • Dividend Payout NaN%

Piotroski F-Score

7/9

Saúde financeira sólida

score
criteria

Qualidade dos Resultados

1.24

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-1.5%

A recomprar ações. Favorável ao acionista

Participações institucionais

Governação

Equipa Executiva

NomeCargoIdade
Mr. Ravi Kumar SingisettiCEO & Director54
Mr. Jatin Pravinchandra Dalal C.F.A.Chief Financial Officer50
Mr. John Sunshin KimChief Legal Officer, Chief Administrative Officer & Corporate Secretary57
Mr. Balu Ganesh AyyarPresident of Asia Pacific & Japan and Industry Solutions Group63
Mr. Surya GummadiPresident of Americas48
Mr. Rajesh VarrierPresident of Operations & CMD of Cognizant India55
Ms. Alina KerdmanSVP, Controller & Chief Accounting Officer43
Mr. Tyler J. ScottGlobal Head of Investor Relations-
Ms. Thea HaydenChief Marketing Officer-
Ms. Kathryn DiazChief People Officer55

Risco de Auditoria

1

Risco do Conselho

4

Risco de Remuneração

4

Risco dos Direitos dos Acionistas

2

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Documentos

  • Relatório anual (10-K)

    Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.

    Arquivado em 2026-02-12

    Ver documento
  • Relatório trimestral (10-Q)

    Uma atualização sobre o desempenho financeiro dos últimos três meses.

    Arquivado em 2026-07-29

    Ver documento
  • Relatório de fato relevante (8-K)

    Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.

    Arquivado em 2026-07-29

    Ver documento

via SEC EDGAR

Histórico de Resultados

via SEC EDGAR

Latest News

Recent headlines for CTSH, sourced from Markets Gazette.

  • 6/1/2026NEUTRAL
    Cognizant CEO is swimming against the tide on AI: he’s hiring over 20,000 graduates this year and says AI tokenmaxxing is a ‘vanity metric’

    Cognizant CEO Ravi Kumar S. is bucking the trend of AI-driven job cuts, announcing plans to hire over 20,000 graduates this year. He also criticized the focus on 'AI tokenmaxxing' as a 'vanity metric,' suggesting that companies prioritizing this are misinterpreting AI's true value. This stance implies a belief in the continued importance of human capital alongside AI integration, potentially signaling a long-term growth strategy focused on talent development rather than immediate cost-cutting through automation. Investors may view this as a sign of confidence in future demand for services and the company's ability to scale.

  • 5/6/2026NEGATIVE
    Linkfest: 06 May, 2026

    Cognizant Technology Solutions Corporation is reportedly planning to lay off between 12,000 and 15,000 employees, representing a significant portion of its workforce. This move signals potential headwinds for the IT services sector, possibly due to slowing client demand or restructuring efforts. For investors, this indicates a period of uncertainty and potential pressure on Cognizant's future revenue growth and profitability. The scale of the layoffs suggests a proactive, albeit drastic, measure to cut costs and align operations with market conditions.

  • 3/19/2026NEGATIVE
    Fortune 500 firm updates AI price tag to $4.5 trillion, estimating 93% of jobs vulnerable to disruption

    Cognizant has revised its earlier 2023 estimates on AI-driven job displacement, now projecting that approximately 93% of jobs could be vulnerable to disruption. This updated assessment, doubling previous projections, suggests a more profound and rapid impact of artificial intelligence on the workforce than initially anticipated. For investors, this signals potential headwinds for companies reliant on large human workforces and may necessitate strategic shifts towards automation and reskilling initiatives to mitigate future risks.

via Markets Gazette