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Held by 887 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 8 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ZS | $37.3B | — | — | 11.1× | 25.4% | 76.8% | -1.9% | -2.4% | -2.4% | — | 743 |
| CTSH | $27.6B | 13.4× | 6.7× | 1.3× | 7.0% | — | 10.6% | 14.9% | 14.3% | -0.3× | 887 |
| DOX | $6.2B | 13.9× | 8.5× | 1.2× | 2.4% | 35.1% | 9.9% | 14.3% | 12.0% | 0.4× | 432 |
| EPAM | $6.0B | 17.2× | 8.2× | 1.1× | 15.4% | 28.8% | 6.9% | 10.3% | 10.2% | -2.2× | 425 |
| DOCS | $5.4B | 31.2× | 22.8× | 8.4× | 13.1% | 89.1% | 30.4% | 20.6% | 20.6% | -1.0× | 355 |
| PERI | $376M | — | 103.0× | 0.8× | -11.7% | — | -1.8% | -1.2% | -1.2% | — | 92 |
| ISSC | $370M | 23.5× | 16.5× | 4.4× | 78.6% | 48.1% | 18.5% | 24.2% | 17.6% | 0.9× | 120 |
| RDNW | $186M | — | 41.3× | 0.2× | -10.5% | 27.5% | -4.8% | 419% | -26.9% | — | 60 |
| GGRP | $114M | — | — | 10.8× | 19.6% | 67.6% | -24.2% | -15.1% | -15.1% | — | — |
Peers = companies sharing CTSH's sector (Services-Computer Programming Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Modest payoff on reinvested capital. Current ROIC on all capital: 14%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.65B covers all $741.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~6.4% on $576.0M of debt.
Cash of $1.90B fully covers short-term debt of $33.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 24% of free cash flow, leaving room to grow it and fund buybacks. Last year: $610.0M dividends + $1.38B buybacks = $1.99B returned on $2.60B FCF.
9 consecutive years of dividend increases · 14%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $62.47 today, the market must believe free cash flow compounds 0.9%/yr for a decade (off $2.15B on the 3-yr avg basis).
On the basis ($1.97B) the requirement is 2.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 0.9% is more conservative than its 9-yr track record.
Default is 9.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.45B shares (market data) · net debt -$1.32B
mean 10.6% · volatility σ 28% · implied rate exceeded in 4/9 yrs
Central path = implied 0.9%/yr growth; shaded band = ±1σ (28%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 9th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC 14% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 18.6 | 17.7 | 18.6 | 18.9 | 17.7 | 16.8 | 16.3 | 15.3 |
| Operating Income | 17.4 | 14.6 | 12.7 | 15.3 | 15.3 | 13.9 | 14.7 | 16.1 |
| Income Tax | 4.3 | 3.8 | 4.2 | 3.7 | 3.8 | 3.5 | 3.6 | 6.0 |
| Net Income | 13.0 | 11.0 | 8.4 | 11.5 | 11.8 | 11.0 | 11.3 | 10.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CTSH: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.11B 100.0% | $19.74B 100.0% | $19.35B 100.0% | $19.43B 100.0% | $18.51B 100.0% | $16.65B 100.0% | $16.78B 100.0% | $16.13B 100.0% | $14.81B 100.0% | $13.49B 100.0% |
| Cost of Services | — | — | — | — | — | — | — | $9.84B 61.0% | $9.15B 61.8% | $8.11B 60.1% |
| Selling, General & Admin | $3.24B 15.3% | $3.22B 16.3% | $3.25B 16.8% | $3.44B 17.7% | $3.50B 18.9% | $3.10B 18.6% | $2.97B 17.7% | $3.01B 18.6% | $2.70B 18.2% | $2.73B 20.2% |
| Operating Income | $3.39B 16.1% | $2.89B 14.7% | $2.69B 13.9% | $2.97B 15.3% | $2.83B 15.3% | $2.11B 12.7% | $2.45B 14.6% | $2.80B 17.4% | $2.48B 16.8% | $2.29B 17.0% |
| Interest Expense | $37.0M 0.2% | $54.0M 0.3% | $41.0M 0.2% | $19.0M 0.1% | $9.0M 0.0% | $24.0M 0.1% | $26.0M 0.2% | $27.0M 0.2% | $23.0M 0.2% | $19.0M 0.1% |
| Other Income (Expense), net | $90.0M 0.4% | $46.0M 0.2% | $98.0M 0.5% | $48.0M 0.2% | $1.0M 0.0% | -$18.0M -0.1% | $90.0M 0.5% | -$4.0M -0.0% | $174.0M 1.2% | $68.0M 0.5% |
| Pretax Income | $3.48B 16.5% | $2.94B 14.9% | $2.79B 14.4% | $3.02B 15.5% | $2.83B 15.3% | $2.10B 12.6% | $2.54B 15.2% | $2.80B 17.3% | $2.65B 17.9% | $2.36B 17.5% |
| Income Tax Expense | $1.26B 6.0% | $713.0M 3.6% | $668.0M 3.5% | $730.0M 3.8% | $693.0M 3.7% | $704.0M 4.2% | $643.0M 3.8% | $698.0M 4.3% | $1.15B 7.8% | $805.0M 6.0% |
| Net Income | $2.23B 10.6% | $2.24B 11.3% | $2.13B 11.0% | $2.29B 11.8% | $2.14B 11.5% | $1.39B 8.4% | $1.84B 11.0% | $2.10B 13.0% | $1.50B 10.2% | $1.55B 11.5% |
| Per Share | ||||||||||
| 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 |
| Weighted Avg Shares (Basic) | 488.0M | 496.0M | 505.0M | 518.0M | 527.0M | 540.0M | 559.0M | 582.0M | 593.0M | 607.0M |
| Weighted Avg Shares (Diluted) | 489.0M | 497.0M | 505.0M | 519.0M | 528.0M | 541.0M | 560.0M | 584.0M | 595.0M | 610.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Earns 6.73pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 16.9% | 9.8% (today's — no rate published for this year) | 7.1pts |
| FY2020 | 14.8% | 9.8% (today's — no rate published for this year) | 5.0pts |
| FY2021 | 16.6% | 6.6% | 10.0pts |
| FY2022 | 17.7% | 8.4% | 9.3pts |
| FY2023 | 15.7% | 8.7% | 7.0pts |
| FY2024 | 14.8% | 8.9% | 5.8pts |
| FY2025 | 16.6% | 8.4% | 8.2pts |
| Now | 14.3% | 9.8% | 4.5pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 17.0% | 11.5% |
| FY2017 | not reported | 16.8% | 10.2% |
| FY2018 | not reported | 17.4% | 13.0% |
| FY2019 | not reported | 14.6% | 11.0% |
| FY2020 | not reported | 12.7% | 8.4% |
| FY2021 | not reported | 15.3% | 11.5% |
| FY2022 | not reported | 15.3% | 11.8% |
| FY2023 | not reported | 13.9% | 11.0% |
| FY2024 | not reported | 14.7% | 11.3% |
| FY2025 | not reported | 16.1% | 10.6% |
Return on equity (15%) and return on invested capital (14%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$7.7B of goodwill — 52% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 34.65% against 16.56% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.99x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Covers interest 64.1x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 91.59x |
| 5% | 87.01x |
| 10% | 82.44x |
| 15% | 77.86x |
| 20% | 73.28x |
| 25% | 68.70x |
| 30% | 64.12x |
| 35% | 59.54x |
| 40% | 54.96x |
| 45% | 50.38x |
| 50% | 45.80x |
| 55% | 41.22x |
| 60% | 36.64x |
This schedule comes from a filing dated 2019-12-31, 2479 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2019-12-31 (10-K); cash from the 2019-12-31 balance sheet; FCF from FY2019.
Balance sheet at 2019-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Operating leases are $598,000,000 of the $1,174,000,000 total — a fixed obligation that does not appear in a headline debt figure.
At $61.33, free cash flow must compound 0.98%/yr for 10 years. It has done 3.53%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 37.7% | 1.0% |
| FY2021 | −23.6% | 1.0% |
| FY2022 | 0.9% | 1.0% |
| FY2023 | −10.0% | 1.0% |
| FY2024 | −9.2% | 1.0% |
| FY2025 | 42.0% | 1.0% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $2.23B | $2.23B |
| Share-based comp | $181M | $2.41B |
| Other non-cash & working capital | $472M | $2.88B |
| Operating cash flow | $2.88B | $2.88B |
| Capex | −$288M | $2.60B |
| Free cash flow | $2.60B | $2.60B |
| FCF after SBC | $2.41B | $2.41B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -0.8% | -5.2% | -4.4 points |
| FY2021 | 11.1% | 15.2% | 4.1 points |
| FY2022 | 5.0% | 6.7% | 1.7 points |
| FY2023 | -0.4% | 1.4% | 1.8 points |
| FY2024 | 2.0% | 5.5% | 3.5 points |
| FY2025 | 7.0% | 9.4% | 2.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 70.8 days | not reported | not reported | not reported |
| FY2020 | 67.7 days | not reported | not reported | not reported |
| FY2021 | 70.2 days | not reported | not reported | not reported |
| FY2022 | 71.3 days | not reported | not reported | not reported |
| FY2023 | 72.6 days | not reported | not reported | not reported |
| FY2024 | 75.1 days | not reported | not reported | not reported |
| FY2025 | 76.8 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.0 percent |
| FY2020 | -11.3 percent |
| FY2021 | -2.0 percent |
| FY2022 | -1.6 percent |
| FY2023 | -1.1 percent |
| FY2024 | 0.6 percent |
| FY2025 | -3.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.