A Business at a Glance
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Concentrix Corp
CNXC
$1.4B
Mkt Cap
$22.25
+1.41%
Concentrix Corp (CNXC) has a 5-year average return on invested capital (ROIC) of 4.3%. This is below average and may indicate limited pricing power.
Concentrix Corp (CNXC) has a market capitalization of $1.4B. It is classified as a small-cap stock.
Yes, Concentrix Corp (CNXC) pays a dividend with a trailing twelve-month yield of 6.68%. The company also returns capital through share buybacks, with a buyback yield of 13.75%.
Concentrix Corp (CNXC) operates in the Services-Business Services, Nec industry, within the Industrials sector.
Concentrix Corp (CNXC) reported annual revenue of $9.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Concentrix Corp (CNXC) has a net profit margin of -13.1%. The company is currently unprofitable.
Concentrix Corp (CNXC) generated $572 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Concentrix is a global technology and services company that designs, builds, and operates integrated, end-to-end customer experience (CX) and digital operations solutions for more than 2,000 clients across five primary industry verticals: technology and consumer electronics, retail and e-commerce, communications and media, banking and financial services, and healthcare. The company's service portfolio spans CX and user experience strategy, digital operations including B2B sales and performance marketing, data analytics and AI readiness, and emerging capabilities in generative AI and agentic AI-powered self-service. Concentrix operates a global delivery model with approximately 455,000 employees across approximately 483 locations in 74 countries, combining local expertise with global consistency to serve clients in multiple languages. The company's business model is built on long-term client relationships—with an average tenure of 16 years for its top 30 clients—and includes more than 160 Fortune Global 500 clients, including 8 of the top 10 global tech companies, 8 of the top 10 fintech companies, and leading players across banking, healthcare, and automotive sectors. Revenue is generated through a mix of transactional services, subscription-based offerings (such as its proprietary iX Hero product sold on a per-seat basis), and higher-complexity, margin-accretive integrated solutions that address the full customer lifecycle from acquisition through support and renewal.
【AI-driven margin recovery ahead】 Management expects sequential quarterly margin improvement through the second half of 2026 as cost restructuring actions take effect and higher-margin AI-enabled businesses scale, with full-year operating margins expected to reach approximately 12.5% at the midpoint. The company is navigating near-term headwinds from accelerated client offshoring of work and selective spending reallocation away from certain customer segments, but views these as temporary dynamics that should moderate in 2027 as clients recognize the revenue and churn implications of underinvesting in customer support. Beyond 2026, management expects adjusted free cash flow to exceed 2026 levels in fiscal 2027, enabling continued debt reduction toward a target net leverage below 2.2x adjusted EBITDA by year-end 2027. The company remains confident in its ability to grow market and wallet share in high-growth verticals through its integrated AI, CX, and IT services offerings, with strong pipeline momentum and successful execution of transformational deals won in fiscal 2025 expected to drive accelerating revenue growth and profitability in the coming years.
| Metric | Target | Period |
|---|---|---|
| Revenue | $2.465 billion–$2.490 billion | Q3 FY2026 |
| Non-GAAP Operating Income | $295 million–$305 million | Q3 FY2026 |
| Revenue | $9.925 billion–$10.025 billion | FY2026 |
| Non-GAAP Operating Margin | 12.5% | H2 FY2026 (midpoint) |
| Non-GAAP EPS | $10.83–$11.18 | FY2026 |
| Adjusted Free Cash Flow | $630 million–$650 million | FY2026 |
| Net Debt | approximately $3.8 billion | End of FY2026 |
| Adjusted Free Cash Flow | exceed FY2026 amount | FY2027 |
| Net Debt | below $3.3 billion (roughly 2.2x adjusted EBITDA) | End of FY2027 |
Revenue (Q3 FY2026): “For the third quarter, we expect the following: revenue of $2.465 billion-$2.490 billion.”
Non-GAAP Operating Income (Q3 FY2026): “Third quarter non-GAAP operating income of $295 million-$305 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.0B | 9.8B | 9.6B | 7.1B | 6.3B | 5.6B |
| Net Income | -1.3B | -1.3B | 242M | 308M | 428M | 400M |
| EPS | $-21.55 | $-20.36 | $3.71 | $5.70 | $8.28 | $7.70 |
| Free Cash Flow | 485M | 572M | 429M | 497M | 461M | 365M |
| ROIC | -10.5% | -15.9% | 5.5% | 7.5% | 11.5% | 12.9% |
| Gross Margin | 34.4% | 35.0% | 35.9% | 36.2% | 35.7% | 35.3% |
| Debt/Equity | 1.70 | 2.02 | 1.39 | 1.19 | 0.83 | 0.31 |
| Dividends/Share | $1.49 | $1.42 | $1.29 | $1.18 | $1.03 | $0.25 |
| Operating Income | -968M | -918M | 596M | 661M | 640M | 572M |
| Operating Margin | -9.7% | -9.3% | 6.2% | 9.3% | 10.1% | 10.2% |
| ROE | -47.7% | -37.8% | 5.9% | 9.0% | 16.1% | 16.2% |
| Shares Outstanding | 61M | 63M | 65M | 54M | 52M | 52M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 4.7B | 4.7B | 5.6B | 6.3B | 7.1B | 9.6B | 9.8B | 10.0B |
| Gross Margin | 37.1% | 35.2% | 35.3% | 35.7% | 36.2% | 35.9% | 35.0% | 34.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.5B | 1.4B | 1.4B | 1.6B | 1.9B | 2.9B | 2.8B | 2.9B |
| EBIT | 294M | 309M | 572M | 640M | 661M | 596M | -918M | -968M |
| Op. Margin | 6.3% | 6.5% | 10.2% | 10.1% | 9.3% | 6.2% | -9.3% | -9.7% |
| Net Income | 117M | 165M | 400M | 428M | 308M | 242M | -1.3B | -1.3B |
| Net Margin | 2.5% | 3.5% | 7.2% | 6.8% | 4.3% | 2.5% | -13.1% | -13.4% |
| Non-Recurring | 0 | 0 | 13M | 0 | 0 | 0 | 1.5B | 1.5B |
| Returns on Capital | ||||||||
| ROIC | 13.7% | 8.1% | 12.9% | 11.5% | 7.5% | 5.5% | -15.9% | -10.5% |
| ROE | 8.4% | 8.7% | 16.2% | 16.1% | 9.0% | 5.9% | -37.8% | -47.7% |
| ROA | N/A | 3.2% | 7.8% | 7.3% | 3.2% | 2.0% | -11.3% | -12.5% |
| Cash Flow | ||||||||
| Op. Cash Flow | 450M | 508M | 514M | 601M | 678M | 667M | 807M | 722M |
| Free Cash Flow | 339M | 336M | 365M | 461M | 497M | 429M | 572M | 485M |
| Owner Earnings | 300M | 363M | 201M | 244M | 228M | -134M | 50M | -771M |
| CapEx | 111M | 171M | 149M | 140M | 181M | 239M | 234M | 238M |
| Maint. CapEx | 139M | 129M | 277M | 310M | 388M | 706M | 660M | 1.4B |
| Growth CapEx | 0 | 42M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 139M | 129M | 277M | 310M | 388M | 706M | 660M | 1.4B |
| CapEx/OCF | N/A | 33.8% | 29.0% | 23.3% | 26.6% | 35.8% | 29.1% | 32.9% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 13M | 53M | 63M | 84M | 90M | 90M |
| Dividend Yield | N/A | N/A | 0.2% | 0.7% | 1.2% | 2.0% | 2.9% | 6.7% |
| Share Buybacks | 0 | 0 | 25M | 121M | 64M | 136M | 169M | 186M |
| Buyback Yield | N/A | N/A | 0.3% | 2.1% | 1.3% | 4.6% | 7.4% | 13.7% |
| Stock-Based Comp | 10M | 16M | 36M | 47M | 62M | 96M | 96M | 98M |
| Debt Repayment | 148M | 8.5M | 0 | 9.3M | 31M | 600K | 4.8M | 4.8M |
| Balance Sheet | ||||||||
| Net Debt | N/A | 992M | 620M | 2.1B | 4.6B | 5.4B | 5.2B | 4.5B |
| Cash & Equiv. | 84M | 153M | 182M | 145M | 295M | 241M | 327M | 223M |
| Long-Term Debt | N/A | 1.1B | 802M | 2.2B | 4.9B | 4.7B | 4.6B | 4.0B |
| Debt/Equity | N/A | 0.50 | 0.31 | 0.83 | 1.19 | 1.39 | 2.02 | 1.70 |
| Interest Coverage | 3.2 | 6.4 | 24.8 | 9.1 | 3.3 | 1.9 | -3.2 | -3.2 |
| Equity | 1.5B | 2.3B | 2.6B | 2.7B | 4.1B | 4.0B | 2.7B | 2.8B |
| Total Assets | N/A | 5.2B | 5.0B | 6.7B | 12.5B | 12.0B | 10.8B | 10.7B |
| Total Liabilities | N/A | 2.9B | 2.4B | 4.0B | 8.3B | 8.0B | 8.0B | 7.9B |
| Intangibles | N/A | 799M | 656M | 986M | 2.8B | 2.3B | 2.0B | 1.9B |
| Retained Earnings | N/A | N/A | 392M | 774M | 1.0B | 1.2B | -177M | -179M |
| Working Capital | N/A | 415M | 575M | 622M | 785M | 847M | 888M | 466M |
| Current Assets | N/A | 1.4B | 1.5B | 1.8B | 2.9B | 2.8B | 3.1B | 3.0B |
| Current Liabilities | N/A | 1.0B | 968M | 1.1B | 2.1B | 2.0B | 2.2B | 2.6B |
| Per Share Data | ||||||||
| EPS | 2.27 | 3.19 | 7.70 | 8.28 | 5.70 | 3.71 | -20.36 | -21.55 |
| Owner EPS | 5.82 | 7.02 | 3.87 | 4.72 | 4.21 | -2.06 | 0.80 | -12.67 |
| Book Value | 28.48 | 44.56 | 50.47 | 52.10 | 76.72 | 62.00 | 43.55 | 45.85 |
| Cash Flow/Share | 8.71 | 9.83 | 9.90 | 11.61 | 12.55 | 10.25 | 12.81 | 1.09 |
| Dividends/Share | 0.00 | 0.00 | 0.25 | 1.03 | 1.18 | 1.29 | 1.42 | 1.49 |
| Shares Out. | 51.6M | 51.7M | 51.9M | 51.7M | 54.0M | 65.2M | 63.0M | 60.8M |
| Valuation | ||||||||
| P/E Ratio | N/A | 23.5 | 21.0 | 13.5 | 15.6 | 11.8 | N/A | -1.0 |
| P/FCF | N/A | 11.5 | 23.0 | 12.5 | 9.6 | 6.7 | 4.0 | 2.8 |
| EV/EBIT | N/A | 15.3 | 15.6 | 12.2 | 14.0 | 12.1 | N/A | N/A |
| Price/Book | N/A | 1.7 | 3.2 | 2.2 | 1.2 | 0.7 | 0.8 | 0.5 |
| Price/Sales | N/A | 0.8 | 1.3 | 1.2 | 0.7 | 0.5 | 0.3 | 0.1 |
| FCF Yield | N/A | 8.7% | 4.3% | 7.9% | 10.2% | 14.5% | 25.2% | 35.8% |
| Market Cap | N/A | 3.9B | 8.5B | 5.9B | 4.9B | 3.0B | 2.3B | 1.4B |
| Avg. Price | N/A | 74.82 | 138.81 | 142.46 | 95.92 | 64.96 | 48.30 | 22.25 |
| Year-End Price | N/A | 74.82 | 161.67 | 111.47 | 88.87 | 43.77 | 36.21 | 22.25 |
Concentrix Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 2.4x vs a median of 10.6x. The company's 5-year average ROIC is 4.3% with a gross margin of 35.6%. Total shareholder yield (dividends + buybacks) is 20.4%. At current prices, the estimated annualized return to fair value is +2.2%.
Concentrix Corp (CNXC) has a debt-to-equity ratio of 2.02. This indicates higher leverage, which may increase financial risk.
Concentrix Corp (CNXC) reported earnings per share (EPS) of $-20.36 in its most recent fiscal year.
Concentrix Corp (CNXC) has a return on equity (ROE) of -37.8%. A negative ROE may indicate losses or negative equity.
Concentrix Corp (CNXC) has a 5-year average gross margin of 35.6%. This indicates decent pricing power.
The Ledger Terminal provides 7 years of financial data for Concentrix Corp (CNXC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Concentrix Corp (CNXC) has a book value per share of $43.55, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects sequential quarterly margin improvement through the second half of 2026 as cost restructuring actions take effect and higher-margin AI-enabled businesses scale, with full-year operating margins expected to reach approximately 12.5% at the midpoint. The company is navigating near-term headwinds from accelerated client offshoring of work and selective spending reallocation away from certain customer segments, but views these as temporary dynamics that should moderate in 2027 as clients recognize the revenue and churn implications of underinvesting in customer support. Beyond 2026, management expects adjusted free cash flow to exceed 2026 levels in fiscal 2027, enabling continued debt reduction toward a target net leverage below 2.2x adjusted EBITDA by year-end 2027. The company remains confident in its ability to grow market and wallet share in high-growth verticals through its integrated AI, CX, and IT services offerings, with strong pipeline momentum and successful execution of transformational deals won in fiscal 2025 expected to drive accelerating revenue growth and profitability in the coming years.
Based on recent SEC filings and earnings calls, Concentrix Corp (CNXC) has provided the following forward guidance: Revenue: $2.465 billion–$2.490 billion (Q3 FY2026); Non-GAAP Operating Income: $295 million–$305 million (Q3 FY2026); Revenue: $9.925 billion–$10.025 billion (FY2026); Non-GAAP Operating Margin: 12.5% (H2 FY2026 (midpoint)); Non-GAAP EPS: $10.83–$11.18 (FY2026), plus 4 additional metrics.
Revenue (FY2026): “For the full year 2026, we expect the following: revenue of $9.925 billion-$10.025 billion.”
Non-GAAP Operating Margin (H2 FY2026 (midpoint)): “At the midpoint of our guidance for the second half of 2026, we expect our non-GAAP operating margin to be 12.5%, a slight increase over the second half of fiscal 2025.”
Non-GAAP EPS (FY2026): “We expect non-GAAP earnings per share of $10.83-$11.18 per share, assuming non-GAAP interest expense of approximately $265 million, 61.1 million diluted common shares outstanding, and approximately 4.8% of net income attributable to participating securities.”
Adjusted Free Cash Flow (FY2026): “We continue to expect to generate between $630 million-$650 million in adjusted free cash flow this year, with the fourth quarter being our highest cash flow quarter as in previous years.”
Net Debt (End of FY2026): “In total, we expect to repay over $550 million in debt this year and reduce net debt to approximately $3.8 billion by the end of the year.”
Adjusted Free Cash Flow (FY2027): “Looking at cash flow beyond 2026, with our continued evolution of our cost structure and growth in our AI-enabled businesses, we expect adjusted free cash flow in fiscal 2027 to exceed the amount we generate in 2026.”