Cognizant Technology Solutions Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Consulting And Technology Services was 64% and Outsourcing Services was 36% of revenue; Consulting And Technology Services rose from 62% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, North America was 75% and Europe, excluding United Kingdom was 10% of revenue.

Quarters: Cognizant Technology Solutions Corporation's SEC filings, named by the month they end. Fiscal years: Cognizant Technology Solutions Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $10.6 ends up as net income. Net margin fell from 11.8% to 10.6% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Cognizant Technology Solutions Corporation's annual reports to the SEC.

Customers and suppliers

Partners

Amazon AMZNEnterprise platform servicesCisco Systems CSCOEnterprise platform servicesAlphabet GOOGLEnterprise platform services and employee trainingMicrosoft MSFTEnterprise platform services and employee trainingOracle ORCLEnterprise platform services

Pegasystems PEGAEnterprise platform services

Salesforce CRMEnterprise platform services

SAP SAPEnterprise platform services

ServiceNow NOWEnterprise platform servicesWorkday WDAYEnterprise platform services

Anthropic ANTEmployee training

NVIDIA NVDAEmployee training

Changes since the previous annual report (10-K filed Feb 12, 2025)

Anthropic ANTNamed for the first time, as a partner

NVIDIA NVDANamed for the first time, as a partnerAdobe ADBENo longer named (was a partner)

Named in other companies’ filings

MongoDB MDBcalls it a partner · Software and systems integration partnership

Only the companies Cognizant Technology Solutions names in its 10-K filed Feb 12, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Cognizant Technology Solutions. Hover a name for the filing's own words.

Is it expensive?

P/E of 11.6x, below the peer median of 20.5x, with earnings still growing.

Priced 43% below the peer median of 20.5x (excludes 1 unprofitable peer).

At 11.6× trailing earnings CTSH is below most of its five-year range; the five-year median is 16.2×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $69.78, 9% above the current price; 45% of 29 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 13 analysts (45%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $85.38 to $68.42 (−20%), while CTSH went from $73.56 to $63.75 (−13%). In the past three months targets were raised 7 times and cut once. 2 upgrades and no downgrades over the year; the latest: Wedbush moved it to Outperform from Neutral on Jun 8, 2026.

The day after each of these reports the stock moved +3.1% (Dec 2025, beat); −4.0% (Mar 2026, beat); +7.1% (Jun 2026, missed); −1.9% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $1.51 a share, 12% more than the $1.35 of a year earlier, and revenue of $5.6B, up 4% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $6.28 a share, 9% more than the year before's estimate of $5.77, and revenue of $23.0B, up 4% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $2.4B in free cash flow over the year and returned more than it generated: $2.8B went back to shareholders (dividends plus buybacks), so $480M came from cash on hand or borrowing.

Cognizant Technology Solutions had 450M diluted shares in the quarter ended Sep 2026, 7.6% fewer than a year earlier, and 2.9% fewer each year on average since Jun 2020. It spent $2.2B on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.1, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 4 funds whose copy leaves CTSH out (on the exchange, not in the app yet): Temasek Holdings (Private), Swiss National Bank, Norges Bank, Rob Bresnahan, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 10 held CTSH at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 4 cut, 1 bought new and 2 sold all. The largest of them is Dodge & Cox, 14.54M shares worth $563M at Jun 30, 2026, 1.9% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of CTSH at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $210K and sold $6.1M of CTSH on the open market in the 12 months to Nov 11, 2026. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Michael Patsalos-Fox (Director), who sold $2.1M in 7 sales.

From the Form 4s filed with the SEC about Cognizant Technology Solutions Corporation (173 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 239 other transactions (option exercises and shares withheld for tax).