Cognizant Technology Solutions Corporation

CTSH · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$40,060	$38,129	$37,872	$29,391	$46,600	$43,044	$32,576	$33,343	$37,303	$29,430	$31,526	$32,024	$30,497	$22,259	$19,507	$22,041	$13,298	$5,240	$9,780	$10,869	$6,863	$5,543	$2,855	$1,426	$780	$673	$1,004	$278
Enterprise value	$39,721	$37,389	$36,552	$28,424	$45,523	$42,078	$30,837	$29,577	$33,120	$25,139	$27,864	$29,887	$26,749	$19,396	$17,075	$19,815	$11,899	$4,477	$9,110	$10,220	$6,439	$5,229	$2,661	$1,300	$695	$611	$961	$250
P/E (TTM) at period end	17.96×	17.02×	17.81×	12.83×	21.81×	30.92×	17.69×	15.87×	24.80×	18.95×	19.41×	22.25×	24.82×	21.17×	22.08×	30.05×	24.86×	12.16×	27.93×	46.69×	41.28×	55.30×	49.77×	41.27×	35.22×	38.05×	89.61×	46.37×
P/S (TTM) at period end	1.90×	1.93×	1.96×	1.51×	2.52×	2.58×	1.94×	2.07×	2.52×	2.18×	2.54×	3.12×	3.45×	3.03×	3.19×	4.80×	4.06×	1.86×	4.58×	7.63×	7.75×	9.45×	7.75×	6.23×	4.39×	4.91×	11.29×	4.75×
P/B at period end	2.67×	2.65×	2.86×	2.39×	3.89×	3.97×	2.96×	2.92×	3.50×	2.74×	3.40×	4.14×	4.97×	4.59×	4.93×	6.15×	5.01×	2.67×	6.66×	10.12×	9.61×	12.22×	10.42×	8.62×	7.90×	10.18×	22.06×	8.53×
EV / EBITDA (TTM)	10.08×	10.89×	11.27×	8.04×	13.39×	15.74×	10.35×	8.97×	11.33×	9.42×	11.27×	14.28×	14.40×	12.78×	13.54×	20.39×	16.81×	7.57×	20.92×	34.87×	32.35×	39.00×	31.59×	24.52×	16.56×	19.94×	49.03×	22.31×
EV / Sales (TTM)	1.88×	1.89×	1.89×	1.46×	2.46×	2.53×	1.84×	1.83×	2.24×	1.86×	2.24×	2.91×	3.02×	2.64×	2.79×	4.31×	3.63×	1.59×	4.27×	7.18×	7.27×	8.91×	7.23×	5.68×	3.91×	4.46×	10.81×	4.26×
Returns
Return on equity	14.9%	15.5%	16.1%	18.6%	17.8%	12.8%	16.7%	18.4%	14.1%	14.5%	17.5%	18.6%	20.0%	21.7%	22.4%	20.5%	20.2%	21.9%	23.8%	21.7%	23.3%	22.1%	20.9%	20.9%	22.4%	26.7%	24.6%	18.4%
Return on invested capital	14.7%	16.0%	17.2%	19.3%	18.0%	14.2%	18.2%	19.1%	14.6%	15.7%	19.0%	19.1%	31.1%	31.4%	32.5%	35.2%	33.5%	35.1%	28.6%	26.9%	30.8%	60.3%	71.9%	88.2%	161.4%	395.1%	358.2%	133.9%
Dividend yield	1.5%	1.6%	1.6%	1.9%	1.1%	1.1%	1.4%	1.4%	0.7%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.14×	2.09×	2.25×	2.17×	2.08×	1.94×	2.55×	3.18×	3.21×	3.56×	2.91×	2.48×	3.46×	3.50×	3.38×	3.78×	3.57×	3.79×	3.65×	4.17×	4.26×	3.95×	4.45×	4.24×	5.41×	3.30×	4.30×	3.26×
Debt / equity	0.04×	0.06×	0.05×	0.05×	0.06×	0.06×	0.07×	0.07×	0.08×	0.08×	0.14×	0.21×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Effective tax rate	36.2%	24.3%	24.0%	24.2%	24.5%	33.6%	25.3%	25.0%	43.4%	34.2%	25.0%	25.2%	27.2%	24.2%	24.4%	16.5%	16.0%	16.4%	15.5%	16.2%	10.3%	17.9%	20.6%	23.4%	37.4%	37.4%	37.4%	37.5%
Share count
Diluted shares outstanding	489	497	505	519	528	541	560	584	595	610	613	613	610	612	621	618	602	598	607	602	588	570	543	510	489	486	466	455

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$21,642	$21,108	$19,736	$19,353	$19,428	$18,507	$16,652	$16,783	$16,125	$14,810	$13,487	$12,416	$10,263	$8,843	$7,346	$6,121	$4,592	$3,279	$2,816	$2,136	$1,424	$886	$587	$368	$229	$178	$137	$89	$59
Cost of revenue	($14,405)	($13,991)	($12,958)	($12,664)	($12,448)	($11,604)	($10,671)	($10,634)	($9,838)	($9,152)	($8,108)	($7,440)	($6,141)	($5,266)	($4,278)	($3,539)	($2,655)	($1,849)	($1,573)	($1,206)	($788)	($480)	($320)	($200)	($123)	($91)	($70)	($46)	($32)
Gross profit	$7,237	$7,117	$6,778	$6,689	$6,980	$6,903	$5,981	$6,149	$6,287	$5,658	$5,379	$4,976	$4,122	$3,578	$3,068	$2,583	$1,938	$1,429	$1,243	$930	$636	$406	$267	$169	$106	$87	$67	$43	$27
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,158)	($3,240)	($3,223)	($3,252)	($3,443)	($3,503)	($3,100)	($2,972)	($3,007)	($2,697)	($2,731)	($2,509)	($2,037)	($1,728)	($1,558)	($1,329)	($972)	($721)	($652)	($494)	($343)	($207)	($133)	($84)	($53)	($45)	($36)	($23)	($16)
Total operating expenses	($3,801)	($3,728)	($3,886)	($4,000)	($4,012)	($4,077)	($3,867)	($3,696)	($3,486)	($3,177)	($3,090)	($2,834)	($2,237)	($1,900)	($1,707)	($1,446)	($1,076)	($811)	($727)	($548)	($377)	($228)	($149)	($96)	($61)	($51)	($40)	($26)	($18)
Total costs and expenses	($18,206)	($17,719)	($16,844)	($16,664)	($16,460)	($15,681)	($14,538)	($14,330)	($13,324)	($12,329)	($11,198)	($10,274)	($8,378)	($7,165)	($5,985)	($4,985)	($3,731)	($2,660)	($2,300)	($1,754)	($1,165)	($708)	($469)	($296)	($184)	($142)	($111)	($72)	($50)
Operating income	$3,436	$3,389	$2,892	$2,689	$2,968	$2,826	$2,114	$2,453	$2,801	$2,481	$2,289	$2,142	$1,885	$1,678	$1,361	$1,136	$862	$618	$517	$382	$259	$178	$118	$72	$45	$36	$26	$17	$9
Earnings
EBITDA	$3,995	$3,939	$3,434	$3,244	$3,537	$3,400	$2,673	$2,979	$3,299	$2,924	$2,668	$2,472	$2,093	$1,858	$1,518	$1,261	$972	$708	$591	$435	$293	$199	$134	$84	$53	$42	$31	$20	$11
Interest income	$92	$105	$119	$126	$59	$30	$119	$176	$177	$133	$115	$84	$62	$49	$45	$39	$26	$16	$22	$30	–	–	–	–	–	–	–	–	–
Interest expense	($36)	($37)	($54)	($41)	($19)	($9)	($24)	($26)	($27)	($23)	($19)	($18)	($3)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,507	$3,479	$2,938	$2,787	$3,016	$2,827	$2,096	$2,543	$2,797	$2,655	$2,357	$2,164	$1,924	$1,688	$1,388	$1,169	$879	$637	$515	$414	$278	$185	$122	$72	$45	$35	$28	$18	$10
Income tax expense	($1,287)	($1,258)	($713)	($668)	($730)	($693)	($704)	($643)	($698)	($1,153)	($805)	($540)	($485)	($459)	($336)	($286)	($145)	($102)	($84)	($64)	($45)	($19)	($22)	($15)	($11)	($13)	($11)	($7)	($4)
Net income	$2,220	$2,230	$2,240	$2,126	$2,290	$2,137	$1,392	$1,842	$2,101	$1,504	$1,553	$1,624	$1,439	$1,229	$1,051	$884	$734	$535	$431	$350	$233	$166	$100	$57	$35	$22	$18	$11	$6
Per share
Diluted EPS (GAAP)	$4.65	$4.56	$4.51	$4.21	$4.41	$4.05	$2.57	$3.29	$3.60	$2.53	$2.55	$2.65	$2.35	$2.02	$1.72	$1.43	$1.19	$0.89	$0.72	$0.575	$0.39	$0.28	$0.18	$0.11	$0.0678	$0.0453	$0.0364	$0.024	$0.0132
Basic EPS (GAAP)	$4.66	$4.57	$4.52	$4.21	$4.42	$4.06	$2.58	$3.30	$3.61	$2.54	$2.56	$2.67	$2.37	$2.03	$1.74	$1.46	$1.22	$0.91	$0.745	$0.61	$0.41	$0.30	$0.19	$0.11	$0.0729	$0.0486	$0.0397	$0.0254	$0.0136
Basic shares outstanding	478	488	496	505	518	527	540	559	582	593	607	609	608	604	603	607	602	587	580	576	563	546	524	500	474	456	446	440	440
Margins
Gross margin	33.4%	33.7%	34.3%	34.6%	35.9%	37.3%	35.9%	36.6%	39.0%	38.2%	39.9%	40.1%	40.2%	40.5%	41.8%	42.2%	42.2%	43.6%	44.2%	43.5%	44.7%	45.8%	45.5%	45.8%	46.4%	48.9%	48.6%	48.0%	45.6%
Operating margin	15.9%	16.1%	14.7%	13.9%	15.3%	15.3%	12.7%	14.6%	17.4%	16.8%	17.0%	17.3%	18.4%	19.0%	18.5%	18.6%	18.8%	18.9%	18.3%	17.9%	18.2%	20.1%	20.0%	19.6%	19.7%	20.0%	19.1%	18.7%	15.4%
Net margin	10.3%	10.6%	11.3%	11.0%	11.8%	11.5%	8.4%	11.0%	13.0%	10.2%	11.5%	13.1%	14.0%	13.9%	14.3%	14.4%	16.0%	16.3%	15.3%	16.4%	16.3%	18.8%	17.1%	15.6%	15.1%	12.5%	12.9%	12.6%	10.2%

Analyst consensus

Buy51 analysts

Bearish · 5 · Hold · 23 · Bullish · 23

Earnings history

	EPS	Estimate
Q3 2024	$1.25	$1.15	Beat
Q4 2024	$1.21	$1.12	Beat
Q1 2025	$1.23	$1.20	Beat
Q2 2025	$1.31	$1.26	Beat
Q3 2025	$1.39	$1.30	Beat
Q4 2025	$1.35	$1.32	Beat
Q1 2026	$1.40	$1.34	Beat
Q2 2026	$1.37	$1.38	Miss

Peers

Company overview

IPO dateJun 19, 1998

CEORavi Kumar Singisetti

Employees356,700

SectorTechnology

IndustryInformation Technology Services

CountryUS

ExchangeNASDAQ Global Select

Websitewww.cognizant.com

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.

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