Conduent Incorporated CNDT

IndustrialsSoftware & IT ServicesUnited States of America

Last close 1.56 USD on Nov 2, 2026, −18.7% year to date

Quant rating

Quant rating D Rank 370 of 486 in Industrials

Growth B 181 of 486
Valuation D 389 of 486
Quality D 379 of 486
Revisions C 260 of 486
Momentum D 367 of 486

Wall Street consensus Strong Buy (1.50)Average target 4.83 USD +209.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 243M
Enterprise value: 875M
52-week range: 1.16 – 2.38
3-year range: 1.16 – 4.42
Dividend yield: –
Beta (5 years): 1.44
Shares outstanding: 156M
Next earnings: Nov 5, 2026

About the company

Conduent Incorporated is a global technology-driven business process solutions and services company. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. It provides front-office and back-office solutions across a diverse range of industries and their end-to-end value chains. The Company's segments include Commercial and Government. The Commercial segment provides business process services that span its clients' businesses end-to-end from the front-office to the back-office for a variety of commercial industries. These solutions are both cross-industry and industry-specific in nature. The Government segment provides government-centric services and solutions to U.S. federal, state, local and foreign governments for public assistance, healthcare programs administration, transaction processing, eligibility and enrollment processing, payment services and case management.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,042	3,356	3,722	3,858	4,140	–
Revenue growth	−9.4%	−9.8%	−3.5%	−6.8%	−0.6%	−6.1%
EPS (basic, normalized)	−0.43	−0.51	−0.04	0.23	0.67	–
EPS growth	–	–	–	−65.7%	–	–
Gross margin	18.1%	18.7%	22.4%	21.8%	24.2%	21.0%
Net margin	−5.9%	12.4%	−8.2%	−5.0%	−0.9%	−1.5%
ROE	−18.8%	48.6%	−32.3%	−15.6%	−2.1%	−4.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	228
Current ratio	1.55x
Long-term debt (mil)	697
Net debt (mil)	632
Total equity (mil)	668
Net debt / equity	0.95x
Net debt / EBITDA	3.85x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,042	−9.4%	0.3x	164	+1.9%	5.3x	−0.43	+15.7%	−3.6x
2026	2,306	−24.2%	0.4x	148	−9.9%	5.9x	−0.28	+33.7%	−5.5x
2027	2,211	−4.1%	0.4x	176	+19.0%	5.0x	0.01	+105.3%	104.0x
2028	2,270	+2.7%	0.4x	229	+30.2%	3.8x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,306	0.0%	−20.0%	−24.2%	−0.28	0.0%	+36.7%	+38.0%
2027	2,211	−1.3%	−14.1%	−30.2%	0.01	+400.0%	+109.4%	+125.0%
2028	2,270	0.0%	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	921	828	807	800	751	754	767	770	723	531
Sales mean (mil)	896	803	817	810	778	764	794	792	747	716
Surprise	+2.8%	+3.1%	−1.3%	−1.2%	−3.5%	−1.3%	−3.4%	−2.8%	−3.2%	−25.8%
EPS reported	−0.09	−0.14	−0.14	−0.15	−0.13	−0.13	−0.09	−0.09	−0.05	−0.18
EPS mean	0.00	−0.28	−0.15	−0.09	−0.15	−0.14	−0.07	−0.06	−0.19	−0.16
Surprise	–	+49.1%	+9.7%	−66.7%	+16.1%	+10.3%	−38.5%	−63.6%	+73.2%	−12.5%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CNDT Conduent Incorporated	243M	3.85x	−5.9%	0.36x	−5.5x	104.0x	5.9x	5.0x
IBM International Business Machines Corp	238.7B	2.78x	17.4%	6.71x	20.3x	19.0x	14.4x	13.5x
ACN Accenture PLC	154.1B	−0.07x	11.3%	4.93x	17.8x	16.4x	10.3x	9.7x
ROP Roper Technologies, Inc.	47.5B	2.99x	19.4%	2.48x	21.4x	19.5x	17.0x	15.8x
CTSH Cognizant Technology Solutions Corporation	29.1B	0.00x	12.4%	1.98x	11.3x	10.4x	7.1x	6.7x
VRSK Verisk Analytics, Inc.	26.2B	2.27x	29.6%	−22.05x	26.2x	23.1x	16.6x	15.4x
Mean		1.97x	14.0%	−0.93x	15.3x	32.1x	11.9x	11.0x
Median		2.53x	14.9%	2.23x	19.1x	19.2x	12.3x	11.6x

Technical analysis

1M−5.5%
3M−0.6%
1Y−34.5%
3Y−40.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Conduent Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,042	3,356	3,722	3,858	4,140	4,163
Cost of revenue	2,490	2,730	2,888	3,018	3,138	3,209
Gross profit	552	626	834	840	1,002	954
Selling, general & administrative expenses	412	455	458	440	544	468
Research & development	4.0	6.0	7.0	7.0	4.0	1.0
Depreciation/amortization	141	164	199	196	352	459
Interest expense (income), operating	−7.0	−23.0	−18.0	−7.0	−1.0	–
Unusual expense (income)	46.0	−605	354	207	66.0	104
Other operating expenses	68.0	50.0	55.0	40.0	6.0	1.0
Operating income	−112	579	−221	−43.0	31.0	−79.0
Net interest income (expense)	−48.0	−75.0	−111	−84.0	−55.0	−60.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	−1.0	0
Net income before taxes	−160	504	−332	−127	−25.0	−139
Provision for taxes	10.0	78.0	−36.0	55.0	3.0	−21.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−170	426	−296	−182	−28.0	−118
Extraordinary items	–	–	–	–	–	–
Net income	−170	426	−296	−182	−28.0	−118
EBIT, normalized	−73.0	−49.0	115	157	96.0	25.0
EBITDA, normalized	69.0	115	313	353	448	484
Basic EPS, normalized	−0.43	−0.51	−0.04	0.23	0.67	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Conduent Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	233	366	498	582	415	450
Receivables	644	695	783	852	911	943
Total inventory	–	–	–	–	–	–
Prepaid expenses	87.0	77.0	70.0	88.0	84.0	73.0
Other current assets	105	114	304	103	270	111
Total current assets	1,069	1,252	1,655	1,625	1,680	1,577
Property, plant & equipment	317	336	388	463	512	551
Goodwill	617	609	651	955	1,339	1,528
Intangibles	169	193	267	338	52.0	187
Long-term investments	–	–	–	–	–	–
Note receivable	6.0	3.0	12.0	12.0	8.0	13.0
Other long-term assets	219	206	189	178	445	400
Total assets	2,397	2,599	3,162	3,571	4,036	4,256
Liabilities
Accounts payable	142	157	174	228	198	182
Payable/accrued	–	–	–	–	–	–
Accrued expenses	394	407	456	524	648	636
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	22.0	24.0	34.0	35.0	30.0	90.0
Other current liabilities	123	156	204	136	149	184
Total current liabilities	681	744	868	923	1,025	1,092
Long-term debt	665	615	1,248	1,277	1,383	1,420
Minority interest	0	4.0	4.0	–	–	–
Other liabilities	224	255	271	312	354	412
Total liabilities	1,570	1,618	2,391	2,512	2,762	2,924
Shareholders' equity
Preferred stock	142	142	142	142	142	142
Common stock	2.0	2.0	2.0	2.0	2.0	2.0
Additional paid-in capital	3,968	3,952	3,938	3,924	3,910	3,899
Retained earnings (accumulated deficit)	−2,613	−2,433	−2,849	−2,543	−2,351	−2,313
Treasury stock	−235	−210	−27.0	–	–	–
Other equity	−437	−472	−435	−466	−429	−398
Total equity	827	981	771	1,059	1,274	1,332
Total liabilities & shareholders' equity	2,397	2,599	3,162	3,571	4,036	4,256

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Conduent Incorporated, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−170	426	−296	−182	−28.0	−118
Depreciation, depletion & amortization	194	204	264	230	352	459
Deferred taxes	−22.0	−5.0	−54.0	9.0	−21.0	−21.0
Non-cash items	26.0	−663	313	221	78.0	34.0
Changes in working capital	−101	−12.0	−138	−134	−138	−193
Cash from operations	−73.0	−50.0	89.0	144	243	161
Investing activities
Capital expenditures	−81.0	−56.0	−93.0	−153	−147	−139
Other investing cash flows	53.0	851	0	326	5.0	5.0
Cash from investing	−28.0	795	−93.0	173	−142	−134
Financing activities
Financing cash flow items	−13.0	−9.0	−3.0	−1.0	−19.0	−14.0
Cash dividends paid	−10.0	−10.0	−10.0	−10.0	−10.0	−10.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−16.0	−858	−68.0	−120	−103	−50.0
Cash from financing	−39.0	−877	−81.0	−131	−132	−74.0
Foreign exchange effects	6.0	−10.0	6.0	−8.0	−7.0	0
Net change in cash	−134	−142	−79.0	178	−38.0	−47.0
Free cash flow	−154	−106	−4.0	−9.0	96.0	22.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.