Cognizant Technology Solutions Corp. (CTSH) intrinsic value & 10-year financials
Cognizant Technology Solutions Corp. (CTSH) has a Graham intrinsic value of $85.92 per share. At $66.03 on Oct 17, 2026, the stock trades 23% below that value. Over the last 10 fiscal years revenue grew 5.1% a year to $21.1B, with an average return on invested capital of 17.3%.
- Graham intrinsic value
- $85.92
- Share price (Oct 17, 2026)
- $66.03
- Price vs Graham value
- 23% below
- Market cap
- $32.3B
- Revenue (FY2025)
- $21.1B
- Revenue growth (10-yr CAGR)
- 5.1%
- ROIC (10-yr avg)
- 17.3%
- Free cash flow (FY2025)
- $2.6B
CTSH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $21.1B | $2.2B | $4.56 | $2.6B | 16.1% | 15.7% |
| FY2024 | $19.7B | $2.2B | $4.51 | $1.8B | 14.7% | 17.3% |
| FY2023 | $19.4B | $2.1B | $4.21 | $2.0B | 13.9% | 17.6% |
| FY2022 | $19.4B | $2.3B | $4.41 | $2.2B | 15.3% | 19.5% |
| FY2021 | $18.5B | $2.1B | $4.05 | $2.2B | 15.3% | 20.0% |
| FY2020 | $16.7B | $1.4B | $2.57 | $2.9B | 12.7% | 14.3% |
| FY2019 | $16.8B | $1.8B | $3.29 | $2.1B | 14.6% | 17.4% |
| FY2018 | $16.1B | $2.1B | $3.60 | $2.2B | 17.4% | 20.6% |
| FY2017 | $14.8B | $1.5B | $2.53 | $2.1B | 16.8% | 14.8% |
| FY2016 | $13.5B | $1.6B | $2.55 | $1.3B | 17.0% | 15.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cognizant has demonstrated mature, steady growth, with revenue compounding at 5.1% annually over the past decade.
Cognizant has earned high returns on invested capital, averaging 17.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Cognizant shows that management has aggressively returned capital to shareholders by retiring 19.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cognizant is modeled at 6.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $85.92 per share.