COGNIZANT TECHNOLOGY SOLUTIONS CORP CTSH
Cognizant is one of the world's leading professional services companies, engineering modern businesses and delivering strategic outcomes for our clients. We help clients modernize technology, reimagine processes and transform experiences so they can stay ahead in today's fast-changing world, where AI is reshaping organizations in every field. As an AI builder, we provide deep expertise at the intersection of industry and technology, combining our perspective with extensive knowledge of our clients' organizations to build industry-specific platforms and incorporate context into systems, AI models and custom solutions. We tailor our services and solutions to specific industries with an integrated global delivery model that employs client service and delivery teams based at client locations and dedicated global and regional delivery centers. Our services include consulting, application development, systems integration, quality engineering and assurance, engineering research and development, application maintenance, infrastructure and security as well as business process services and automation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.11B | $19.74B | $19.35B | $19.43B | $18.51B | $16.65B | $16.78B | $16.12B | $14.81B | $13.49B |
| SG&A | $3.24B | $3.22B | $3.25B | $3.44B | $3.50B | $3.10B | $2.97B | $3.01B | $2.70B | $2.73B |
| Operating income | $3.39B | $2.89B | $2.69B | $2.97B | $2.83B | $2.11B | $2.45B | $2.80B | $2.48B | $2.29B |
| Interest expense | $37.0M | $54.0M | $41.0M | $19.0M | $9.0M | $24.0M | $26.0M | $27.0M | $23.0M | $19.0M |
| Pre-tax income | $3.48B | $2.94B | $2.79B | $3.02B | $2.83B | $2.10B | $2.54B | $2.80B | $2.65B | $2.36B |
| Income tax | $1.26B | $713.0M | $668.0M | $730.0M | $693.0M | $704.0M | $643.0M | $698.0M | $1.15B | $805.0M |
| Net income | $2.23B | $2.24B | $2.13B | $2.29B | $2.14B | $1.39B | $1.84B | $2.10B | $1.50B | $1.55B |
| EPS, basic | 4.57 | 4.52 | 4.21 | 4.42 | 4.06 | 2.58 | 3.30 | 3.61 | 2.54 | 2.56 |
| EPS, diluted | 4.56 | 4.51 | 4.21 | 4.41 | 4.05 | 2.57 | 3.29 | 3.60 | 2.53 | 2.55 |
| Shares, diluted (wtd. avg.) | $489.0M | $497.0M | $505.0M | $519.0M | $528.0M | $541.0M | $560.0M | $584.0M | $595.0M | $610.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.90B | $2.23B | $2.72B | $2.29B | $1.79B | $2.68B | $2.65B | $1.16B | $1.93B | $2.03B |
| Short-term investments | $13.0M | $12.0M | $14.0M | $310.0M | $927.0M | $44.0M | $779.0M | $3.35B | $3.13B | $3.13B |
| Receivables | $4.44B | $4.06B | $3.85B | $3.80B | $3.56B | $3.09B | $3.26B | $3.19B | $2.87B | $2.56B |
| Total current assets | $7.82B | $7.50B | $7.51B | $7.27B | $7.34B | $6.85B | $7.61B | $8.61B | $9.11B | $8.60B |
| Property, plant and equipment | $933.0M | $994.0M | $1.05B | $1.10B | $1.17B | $1.25B | $1.31B | $1.39B | $1.32B | $1.31B |
| Goodwill | $7.11B | $6.95B | $6.08B | $5.71B | $5.62B | $5.03B | $3.98B | $3.48B | $2.70B | $2.55B |
| Other intangibles | $1.42B | $1.60B | $1.15B | $1.17B | $1.22B | $1.05B | $1.04B | $1.15B | $981.0M | $951.0M |
| Total assets | $20.69B | $19.97B | $18.48B | $17.85B | $17.85B | $16.92B | $16.20B | $15.85B | $15.22B | $14.26B |
| Accounts payable | $308.0M | $340.0M | $337.0M | $360.0M | $361.0M | $389.0M | $239.0M | $215.0M | $210.0M | $175.0M |
| Short-term debt | $33.0M | $33.0M | $33.0M | $8.0M | $38.0M | $38.0M | $38.0M | $9.0M | $175.0M | $81.0M |
| Total current liabilities | $3.66B | $3.58B | $3.33B | $3.35B | $3.53B | $3.54B | $2.98B | $2.71B | $2.84B | $2.42B |
| Long-term debt | $543.0M | $875.0M | $606.0M | $638.0M | $626.0M | $663.0M | $700.0M | $736.0M | $698.0M | $797.0M |
| Total liabilities | $5.68B | $5.56B | $5.26B | $5.54B | $5.86B | $6.09B | $5.18B | $4.42B | $4.55B | $3.53B |
| Retained earnings | $15.16B | $14.69B | $13.30B | $12.59B | $11.92B | $10.69B | $11.02B | $11.48B | $10.54B | $10.48B |
| Total equity | $15.02B | $14.41B | $13.23B | $12.31B | $11.99B | $10.84B | $11.02B | $11.42B | $10.67B | $10.73B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.88B | $2.12B | $2.33B | $2.57B | $2.50B | $3.30B | $2.50B | $2.59B | $2.41B | $1.65B |
| Depreciation and amortisation | $550.0M | $542.0M | $555.0M | $569.0M | $574.0M | $559.0M | $526.0M | $498.0M | $443.0M | $379.0M |
| Stock-based compensation | $181.0M | $175.0M | $176.0M | $261.0M | $246.0M | $232.0M | $217.0M | $267.0M | $221.0M | $217.0M |
| Capital expenditure | $288.0M | $297.0M | $317.0M | $332.0M | $279.0M | $398.0M | $392.0M | $377.0M | $284.0M | $300.0M |
| Investing cash flow | -$230.0M | -$1.65B | -$331.0M | -$106.0M | -$2.16B | -$1.24B | $1.59B | -$1.63B | -$582.0M | -$963.0M |
| Financing cash flow | -$2.27B | -$915.0M | -$1.61B | -$1.94B | -$1.20B | -$2.01B | -$2.57B | -$1.69B | -$1.99B | -$743.0M |
| Dividends paid | $610.0M | $600.0M | $591.0M | $564.0M | $509.0M | $480.0M | $453.0M | $468.0M | $265.0M | $0 |
| Buybacks | $1.38B | $605.0M | $1.06B | $1.42B | $771.0M | $1.62B | $2.25B | $1.26B | $1.89B | $512.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000290.
Others in SIC 7371
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ZS | Zscaler, Inc. | $27.69B | — | 25.4% |
| VRSN | VERISIGN INC/CA | $26.37B | — | 6.4% |
| EPAM | EPAM Systems, Inc. | $6.04B | 17.4x | 15.4% |
| RGTI | Rigetti Computing, Inc. | $5.07B | — | -34.3% |
| DOCS | Doximity, Inc. | $4.81B | 26.9x | 13.1% |
| IA | INNOVATIVE SOLUTIONS & SUPPORT INC | $331.5M | 21.0x | 78.6% |
| RDNW | RideNow Group, Inc. | $225.6M | — | -10.5% |
| CYCU | Cycurion, Inc. | $91.5M | — | -14.8% |