Concentrix Corporation (CNXC) valuation at a glance
Concentrix Corporation (CNXC) trades below the fair value estimate shown here. At $24.56 versus a $35.00 estimate, that is a 43% upside.
- Price
- $24.56
- Fair value estimate
- $35.00
- Upside
- +43%
- Forward P/E
- 2.1×
- Market cap
- $1.50B
- P/S (TTM)
- 0.1×
CompaniesCNXC
Overview
CNXC
Concentrix Corporation
TechnologyCustomer ExperienceBPOAI DisruptionAI VendorDividendDeleveragingDeep Value
$24.56+10.4%
Market Cap
$1.50B
SEC 10-K (FY2025, fiscal year ended Nov 30 2025, filed Jan 28 2026) + Q2 FY2026 results 8-K (filed Jun 29 2026) via yfinance
P/E (TTM)
–
via financials
Rev Growth YoY
2.2%
+2.2%SEC filing
Gross Margin
34.0%
SEC filing
FCF Yield
34.3%
calculated
Upside to FV
+42.5%
vs fair value
Conviction
3/5A $10.0B-revenue, 455,000-employee customer-experience outsourcer valued at $1.50B, or 0.15x sales, guiding to $10.83-11.18 of FY2026 non-GAAP EPS (about 2.2x the share price) and $630-650M of adjusted free cash flow against that same $1.50B market cap. The FY2025 GAAP loss of $1,278.9M was driven by a $1,523.3M non-cash goodwill write-down, triggered by the share price rather than by operations, that pushed GAAP operating income to a $918.2M loss even as operating cash flow set a record at $807.0M. The reason it is this cheap is $4.31B of net debt from the Webhelp deal, a 21% short interest, and a market that thinks large language models retire a third of a million service agents.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 73/100
Value4/4
Future1/2
Past2/3
Health2/4
Dividend3/3
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Concentrix runs customer service for other companies at industrial scale: roughly $10.0B of revenue, 455,000 employees, and about $21,600 of revenue per head. The market values the whole thing at $1.50B, which is 0.15x sales and 0.55x book. Management guides fiscal 2026 to $9.925-10.025B of revenue, $1,200-1,230M of non-GAAP operating income, non-GAAP diluted EPS of $10.83-11.18, and adjusted free cash flow of $630-650M. Against a $24.56 share price that is roughly 2.2x guided non-GAAP earnings, and the guided free cash flow alone is 42% of the market capitalization. Two qualifiers belong with those numbers. Fiscal 2025 actual non-GAAP diluted EPS was $11.22, so the fiscal 2026 guide is below last year at both ends of the range. And adjusted free cash flow is not free cash flow: fiscal 2025 free cash flow was $572.5M, being operating cash flow of $807.0M less capex of $234.5M, and the $626.4M adjusted figure adds back $53.9M for the change in outstanding factoring balances. The headline that scared people is the FY2025 GAAP net loss of $1,278.9M. Be precise about what it is. Concentrix recorded a $1,523.3M non-cash goodwill impairment inside operating expenses, which took GAAP operating income to a LOSS of $918.2M, a negative 9.3% margin, against positive $596.4M and 6.2% a year earlier. Strip the impairment line and gross profit less selling, general and administrative expenses was $609.5M. The charge itself was not triggered by the business deteriorating: the annual test on September 1 2025 passed, and only a sustained decline in the share price forced an interim test on November 1 2025 that wrote the goodwill down to a fair value reconciled to market capitalization. In the same year operating cash flow set a record at $807.0M and adjusted free cash flow was $626.4M. Free cash flow has been remarkably steady at $460.7M, $497.5M, $428.7M and $572.5M across FY2022 to FY2025. So why is it priced for liquidation? Two real reasons. First, leverage. The 2023 Webhelp acquisition left $4,638.5M of total debt against $327.3M of cash, net debt of about $4.31B, nearly three times the entire equity value, and $650.0M of that moved into current liabilities by May 31 2026. Second, the AI question, which is sharper here than almost anywhere else on the market: a third of a million people answering customer queries is precisely the workload large language models are pointed at. Management's answer is to sell the automation itself, and it reported iX Suite deals up 400% year over year in the second quarter while holding revenue roughly flat in constant currency. The most recent quarter was neither collapse nor recovery. Revenue rose 1.9% to $2,462.5M, non-GAAP operating margin slipped 70 basis points to 11.9%, non-GAAP EPS was $2.63 against $2.70, and cash generation hit a record second-quarter $257.9M. Meanwhile the Webhelp seller has been leaving: Groupe Bruxelles Lambert cut its stake from 14.24% to 4.55% between January and May 2026, six million shares into a falling market. That is the setup. Cheap, cash-generative, heavily indebted, structurally threatened, and with a known seller still holding stock.
Bull Case
Guided CashManagement guides FY2026 adjusted free cash flow to $630-650M against a $1.50B market cap, so the company expects to generate about 42% of its own equity value in cash this year. Trailing free cash flow is $513.5M, a 34.3% yield, and the four-year record is $460.7M, $497.5M, $428.7M and $572.5M. Whatever the market thinks is ending has not yet shown up in the cash.
Two Times EarningsFY2026 guidance is $10.83-11.18 of non-GAAP diluted EPS on about 61.1M shares. At $24.56 that is roughly 2.2x, and the GAAP line is guided positive at $509-539M of operating income. State the direction honestly though: FY2025 actual non-GAAP diluted EPS was $11.22, so the guide is BELOW last year at both ends of the range. This is a cheap declining earnings stream, not a cheap growing one. The question is only how fast it declines.
Loss Was Non-CashThe FY2025 net loss of $1,278.9M is a goodwill impairment, not a trading loss. The charge was $1,523.3M and it sits inside operating expenses, so GAAP operating income reads a $918.2M loss. Read the trigger, though: the annual test on September 1 2025 passed, and it was a sustained fall in the SHARE PRICE that forced an interim test on November 1 2025 whose fair value was reconciled to market capitalization. What the filing supports is narrow: the TEST was triggered by the share price, and the charge was measured against a fair value reconciled to market capitalization. It does not say operations were unchanged, and the underlying numbers below show they softened. Operating cash flow in the same year set a record at $807.0M and adjusted free cash flow was $626.4M.
Paid To WaitThe board declared a $0.36 quarterly dividend payable August 4 2026, an annualized $1.44 or about 5.9% at $24.56. It costs roughly $88M a year against guided free cash flow of $630-650M, so it is covered around seven times over. A $396.6M repurchase authorization also remains, though none was used in Q2 while cash went to debt.
Selling The AutomationConcentrix is not only the target of the AI trade, it sells into it. The company reported iX Suite deals up 400% year over year in Q2 FY2026 and frames a blended AI-and-services model that lowers client cost. If automation becomes the product rather than the threat, the terminal-decline multiple is wrong.
Bear Case
LeverageTotal debt was $4,638.5M against $327.3M of cash at FY2025, net debt of about $4.31B, which is nearly three times the $1.50B market cap. Interest expense ran $290.3M in FY2025 and $321.8M in FY2024, consuming roughly half of operating income. By May 31 2026 the current portion of long-term debt had jumped from $65.6M to $650.0M. Equity holders sit behind all of it, which is why the stock moves so violently on small changes in the outlook.
AI DisplacementThe bear case is unusually concrete here. Concentrix employs about 455,000 people at roughly $21,600 of revenue each, doing exactly the tier-one support work large language models target. Even if seats are replaced by software the company sells, the revenue per resolved query is likely far lower. Constant-currency revenue growth of 0.6% in Q2 and a guided 0.25% to 1.25% for the year is consistent with an industry treading water while pricing resets.
Margin ErosionUnderlying profit is falling while revenue rises, which is the whole bear case in one line. For fiscal 2025 non-GAAP operating income was $1,253.5M at a 12.8% margin against $1,317.9M and 13.7% the year before, down 4.9% and 90 basis points, and adjusted EBITDA was $1,469.3M at 15.0% against $1,554.9M and 16.2%, down 5.5% and 120 basis points. The trend continued in Q2 FY2026: GAAP operating margin 3.9% against 6.1%, non-GAAP 11.9% against 12.6%, adjusted EBITDA down 2.8% on revenue up 1.9%. Q3 revenue is guided at negative 0.75% to positive 0.25% on a reported basis, so the midpoint is an outright decline.
Known SellerGroupe Bruxelles Lambert, which sold Webhelp to Concentrix and took stock, cut its holding from 8,773,667 shares (14.24%) in January 2026 to 2,773,667 shares (4.55%) by May 1 2026. Six million shares went into a falling market in about three months, and 2.77M remain against average daily volume of only 1.88M. Short interest is 21.1% of the float on top of that.
Thin CoverageOnly four analysts publish estimates. The $35.25 mean target is not a market view, it is a handful of opinions on a $1.5B company carrying $4.3B of debt. Thin coverage plus high leverage plus a heavily shorted float is a recipe for the price to overshoot in both directions, and it means less external scrutiny of the numbers.
Key Metrics
Market Cap
$1.50B
SEC 10-K (FY2025, fiscal year ended Nov 30 2025, filed Jan 28 2026) + Q2 FY2026 results 8-K (filed Jun 29 2026) via yfinance
Enterprise Value
$5.83B
calculated
Revenue (TTM)
$10.00B
SEC filing
P/E (TTM)
–
via financials
Forward P/E
2.1×
consensus
P/S (TTM)
0.1×
via financials
P/B
0.6×
via financials
EV/EBITDA
5.0×
calculated
PEG
–
calculated
Revenue Growth
2.2%
SEC filing
Gross Margin
34.0%
SEC filing
Operating Margin
–
SEC filing
Net Margin
-13.2%
SEC filing
Free Cash Flow
$514M
SEC filing
FCF Yield
34.3%
calculated
Debt / Equity
1.7×
SEC filing
Current Ratio
1.2×
SEC filing
Short Interest
21.1%
exchange
Institutional Own.
–
13F
Insider Own.
17.5%
proxy
Shares Out.
61.0M
SEC filing
Float
45.5M
exchange
Valuation
Price vs Fair Value
Bear$13.00
Base$35.00
Bull$58.00
Now $24.56
Bear Case
$13.00
AI-driven pricing resets bite, constant-currency revenue turns negative, and adjusted free cash flow compresses toward $400M while the $650M current maturity forces a refinancing at higher rates. The dividend is cut to protect the balance sheet. The market capitalizes a levered, shrinking services book at about 2x that cash flow, so roughly $0.8B of equity across 61.0M shares, about $13. Below the published analyst low of $26.00. Probability ~30%.
Base Case
$35.00
Revenue lands inside the guided $9.925-10.025B, adjusted free cash flow reaches the guided $630-650M, and debt paydown continues with buybacks still paused. The market pays about 3.4x free cash flow, so roughly $2.15B of equity on 61.0M shares, about $35. That is close to the 4-analyst mean of $35.25 and the $35.00 median. Probability ~45%.
Bull Case
$58.00
The blended AI-and-services model proves margin-accretive rather than dilutive, iX Suite scales from the reported 400% deal growth, and net leverage falls far enough that the equity re-rates to about 5.5x free cash flow of $640M, roughly $3.5B of equity, near $58 a share. Above the $45.00 analyst high but still well below the $93.99 at which the stock closed FY2023. Probability ~25%.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
| Year | P/E | P/S | EV/EBITDA |
|---|---|---|---|
| FY22 | 14.4× | 1.0× | 8.5× |
| FY23 | 19.7× | 0.9× | 10.9× |
| FY24 | 11.5× | 0.3× | 5.6× |
| FY25 | – | 0.2× | – |
| TTM · | – | 0.1× | 5.0× |
Current multiple highlighted vs trailing history.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CNXC | $1.50B | – | 0.1× | 5.0× | +2.2% | 34.0% | -13.2% |
| TTEC | $0.11B | – | 0.1× | 5.6× | -7.1% | 23.5% | -9.6% |
| TASK | $0.53B | 4.9× | 0.4× | 4.2× | +10.3% | 39.2% | 8.7% |
| IBEX | $0.47B | 10.5× | 0.7× | 6.6× | +16.8% | 29.9% | 7.5% |
| EXLS | $4.36B | 17.6× | 2.0× | 12.4× | +13.8% | 38.5% | 11.7% |
| CTSH | $22.3B | 9.9× | 1.0× | 5.6× | +5.8% | 33.5% | 10.4% |
Financials
| Line Item | FY2024 | FY2025 | YoY |
|---|---|---|---|
| Total Revenue | $9,618.9M | $9,825.8M | +2.2% |
| Cost of Revenue | $6,170.0M | $6,390.8M | +3.6% |
| Gross Profit Gross margin about 35% | $3,448.9M | $3,435.0M | -0.4% |
| Selling, General & Administrative | $2,852.5M | $2,825.5M | -0.9% |
| Impairment Charges Of which $1,523.3M is the goodwill impairment. Equal to 15.5% of FY2025 revenue. None in FY2024 or any prior year. | $0.0M | $1,527.7M | – |
| Operating Income (Loss) GAAP. Margin 6.2% to negative 9.3%. Gross profit less SG&A before the impairment line was $609.5M, which is the figure the yfinance operating-income field reports. | $596.4M | ($918.2M) | – |
| Interest Expense Roughly half of operating income goes to lenders | $321.8M | $290.3M | -9.8% |
| Pretax Income | $299.3M | ($1,182.2M) | – |
| Net Income (GAAP) | $251.2M | ($1,278.9M) | – |
| EBITDA (GAAP) Negative only because the impairment runs through it. TTM EBITDA is positive $1,160.2M. | $1,326.9M | ($231.4M) | – |
| Diluted EPS (GAAP) Impairment alone accounts for $24.22 per share | $3.71 | ($20.36) | – |
| Diluted Average Shares | 65.1M | 63.0M | -3.2% |
| Item | FY2025 (Nov 30) | Notes |
|---|---|---|
| Cash & Equivalents | $327.3M | $255.6M at May 31 2026 |
| Goodwill | $3,671.7M | Impairment charge was $1,523.3M; the balance fell only $1,315.2M because a $193.2M currency translation gain offset part of it |
| Intangible Assets, net | $1,960.3M | $1,749.9M at May 31 2026 |
| Total Assets | $10,761.1M | Down from $11,991.4M |
| Total Debt | $4,638.5M | Net debt about $4,311.2M, roughly 2.9x the market cap |
| Current portion of debt | $650.0M | At May 31 2026, up from $65.6M at FY2025 year end |
| Principal due FY2026-FY2028 | $3,671.4M | The 10-K ladder is $865.6M in FY2026, $1,087.0M in FY2027 and $1,718.8M in FY2028, then $25.0M, $406.3M and $550.0M. Total $4,652.6M. |
| Stockholders' Equity | $2,744.3M | Down from $4,039.7M on the impairment |
| Assets held for sale | $202.7M | At May 31 2026, against $172.3M of liabilities held for sale. A disposal is in progress. |
| Component | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Operating Cash Flow | $678.0M | $667.5M | $807.0M |
| Capital Expenditure | ($180.5M) | ($238.8M) | ($234.5M) |
| Free Cash Flow Company-reported ADJUSTED free cash flow was $626.4M in FY2025 against $474.5M in FY2024. FY2026 adjusted free cash flow is guided to $630-650M against a $1.50B market cap. | $497.5M | $428.7M | $572.5M |
| Dividends Paid $0.36 per quarter, about 5.9% at $24.56, covered roughly 7x by guided free cash flow | ($63.5M) | ($83.8M) | ($89.6M) |
| Share Repurchases Paused in Q2 FY2026 to fund debt paydown; $396.6M of authorization remains | ($81.2M) | ($149.5M) | ($188.7M) |
Source: SEC 10-K for fiscal 2025 (year ended November 30 2025, filed January 28 2026) and the Q2 fiscal 2026 results 8-K (quarter ended May 31 2026, filed June 29 2026). Concentrix runs a NOVEMBER fiscal year, so FY2025 figures are not calendar 2025. Non-GAAP operating income, adjusted EBITDA, non-GAAP EPS and adjusted free cash flow are company-reported measures that exclude acquisition, integration and restructuring costs, intangible amortization, depreciation and share-based compensation. One reconciliation to flag: yfinance reports enterprise value as $6.75B while recomputing it from the raw statements gives $5.83B, and the harvest figure is the one used here. FY2025 EBITDA is negative on a GAAP basis because the goodwill impairment runs through it, so no EV/EBITDA is shown for that year. Source: SEC filed ↗
Catalysts
Sep '26
Earningshigh relevance
Q3 FY2026 results (quarter ends Aug 31)
Guided to $2.465-2.490B of revenue, $121-131M of GAAP operating income, $295-305M non-GAAP, and $2.65-2.77 of non-GAAP EPS on about 60.9M diluted shares. The guide implies reported revenue growth of negative 0.75% to positive 0.25%, so the midpoint is a decline and the FX assumption is a 75 basis point headwind. The tests are whether constant-currency growth stays positive, whether non-GAAP operating margin holds near 12% after falling 90 basis points in fiscal 2025, and whether iX Suite deal growth converts into disclosed revenue rather than remaining a deal-count statistic.
Dec '26
Guidancehigh relevance
FY2026 close and the FY2027 outlook
Full-year guidance is $9.925-10.025B of revenue, $1,200-1,230M non-GAAP operating income, $10.83-11.18 non-GAAP EPS and $630-650M of adjusted free cash flow. The FY2027 guide is the first real read on whether AI is compressing this revenue base or expanding it. Concentrix reports on a November year end, so this lands in the December to January window.
2026-27
Capital Structurehigh relevance
Deleveraging and the $650M current maturity
The current portion of long-term debt rose from $65.6M at FY2025 year end to $650.0M by May 31 2026. Buybacks were paused in Q2 with $396.6M of authorization unused, which says cash is going to debt. Watch the pace of paydown against guided free cash flow of $630-650M, and any refinancing terms.
2026
Portfolio
Disposal in progress
The May 31 2026 balance sheet carries $202.7M of assets held for sale and $172.3M of liabilities held for sale, which did not exist at the November 2025 year end. A completed disposal would bring proceeds toward the debt and would clarify what management considers core.
2026-27
Ownership
The remaining GBL overhang
Groupe Bruxelles Lambert cut its stake from 8,773,667 shares (14.24%) in January 2026 to 2,773,667 (4.55%) by May 1 2026. The remaining 2.77M shares are about 1.5 days of average volume. Further 13D amendments showing a full exit would remove the overhang; renewed selling would extend it.
2026-27
Capital Return
Dividend sustainability
The $0.36 quarterly dividend costs roughly $88M a year against guided free cash flow of $630-650M, so it is covered about seven times. Maintaining it through the deleveraging is the signal that management sees the cash flow as durable. Cutting it would be the clearest confirmation of the bear case.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Net debt of about $4.31B against a $1.50B market cap, and a front-loaded maturity ladder: the 10-K schedules $865.6M of principal due in FY2026, $1,087.0M in FY2027 and $1,718.8M in FY2028, which is $3,671.4M inside three years against guided annual adjusted free cash flow of $630-650M. | Capital Structure | High | Certain | Interest expense of $290.3M in FY2025 already absorbs a large share of underlying profit, and the near-term ladder means repayment is substantially mandatory rather than discretionary, which is the likeliest reason buybacks were paused. The credit agreement requires a consolidated leverage ratio no higher than 3.75 to 1.00 and interest coverage no lower than 3.00 to 1.00, and the company reported compliance with all covenants at November 30 2025 and 2024. Headroom exists but is finite, and equity sits behind nearly three times its own value in debt. |
| Large language models may permanently reduce the number of paid human agent hours, which is the unit Concentrix sells across roughly 455,000 employees. | Disruption | High | Medium | Even where Concentrix supplies the automation, revenue per resolved interaction is likely far below the staffed equivalent. Constant-currency growth of 0.6% in Q2 and a guided 0.25% to 1.25% for the year is what a repricing industry looks like. If it becomes negative, the bear scenario governs. |
| Margins are compressing. GAAP operating margin fell to 3.9% in Q2 FY2026 from 6.1%, non-GAAP to 11.9% from 12.6%, and adjusted EBITDA fell 2.8% on revenue up 1.9%. | Execution | Medium | High | Costs are growing faster than revenue. With this much leverage, a sustained margin slide converts a covered dividend and a deleveraging plan into a refinancing problem quickly. Guided free cash flow of $630-650M is the number that has to hold. |
| Groupe Bruxelles Lambert, the Webhelp seller, has been exiting, from 14.24% in January 2026 to 4.55% by May 2026, and 21.1% of the float is sold short. | Ownership | Medium | High | Six million shares were sold into a falling market in roughly three months. The remaining 2.77M is small in absolute terms but large against 1.88M shares of average daily volume. A known seller plus a heavily shorted float amplifies moves in both directions. |
| The same impairment methodology remains live. Fair value was reconciled to market capitalization, and at May 31 2026 goodwill of $3,653.5M and stockholders' equity of $2,701.3M still sit far above a market capitalization near $1.50B. | Accounting | Medium | Medium | The 10-K states goodwill may be more susceptible to impairment risk. No interim impairment was recorded in the first half of fiscal 2026, but the arithmetic that produced a $1,523.3M charge has not gone away while the share price stays here. Note also that the charge carried almost no tax benefit: the fiscal 2025 effective rate was negative 8.2%, which is why a $1,182.2M pretax LOSS still produced a $96.7M tax PROVISION and a net loss larger than the pretax loss. |
| Only four analysts publish estimates, and the company reports on a November fiscal year that is easy to misread against calendar comparisons. | Disclosure | Medium | High | Thin coverage means less independent scrutiny and a consensus that is a handful of opinions rather than a market view. The fiscal calendar regularly produces mistaken year-over-year comparisons in secondary sources, which is one reason the figures here are tied to the filings themselves. |
Technical Snapshot
52-Week Range
$19.12$24.56$60.96
RSI (14)
51.9
neutral
50-Day MA
$24.98
-1.7%below
200-Day MA
$32.81
-25.1%below
Avg Vol (30d)
1.9M
-30%vs average
Support Levels
$24.27$22.05$19.12
Resistance Levels
$30.24$30.84$35.28
Price path reconstructed from the 52-week range, current price, and 50/200-day moving averages. Connect a live market-data feed for production.
Ownership & Insider Activity
Top Institutional Holders via 13F filings
| Institution | Shares | % Held | Chg QoQ | Filing |
|---|---|---|---|---|
| Groupe Bruxelles Lambert | 2.77M | 4.55% | – |
Insider Activity
The ownership story here is one seller. Groupe Bruxelles Lambert, the Belgian holding company that sold Webhelp to Concentrix and took stock as part of the consideration, filed a Schedule 13D amendment on January 30 2026 reporting 8,773,667 shares, or 14.24% of the class, and a further amendment on May 1 2026 reporting 2,773,667 shares, or 4.55%. Six million shares left in roughly three months, into the same window in which the stock fell from about $36 to the mid twenties. GBL holds through Sapiens S.a r.l. and GBL Verwaltung S.A. with shared voting and dispositive power, alongside small positions in FINPAR V and FINPAR VI. The remaining 2.77M shares are roughly one and a half days of average volume, so the overhang is now modest in size but the direction of travel is established. Separately, short interest sits at 21.1% of a 45.5M-share float, one of the higher readings on any profitable-on-a-cash-basis mid-cap, and insiders are reported at about 17.5%. Note that the yfinance institutional-ownership percentage is not published here because the same field is unreliable across this dataset; holder detail should be taken from Schedule 13D, 13G and Form 4 filings directly.
No open-market insider transactions
None reported in the recent Form 4 window.
Insider & large-holder data from SEC Form 4 · SC 13D/G filings. Institutional holdings aggregated from 13F filers.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CNXC | $1.50B | – | 0.1× | 5.0× | +2.2% | 34.0% | -13.2% |
| TTEC | $0.11B | – | 0.1× | 5.6× | -7.1% | 23.5% | -9.6% |
| TASK | $0.53B | 4.9× | 0.4× | 4.2× | +10.3% | 39.2% | 8.7% |
| IBEX | $0.47B | 10.5× | 0.7× | 6.6× | +16.8% | 29.9% | 7.5% |
| EXLS | $4.36B | 17.6× | 2.0× | 12.4× | +13.8% | 38.5% | 11.7% |
| CTSH | $22.3B | 9.9× | 1.0× | 5.6× | +5.8% | 33.5% | 10.4% |
Recognizable sector comparables. Multiples are trailing-twelve-month figures from market and exchange data; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-07-28Internal (34-agent research workflow + yfinance ground truth)
DEEP INTEL: CNXC, two times guided earnings against three times leverage
Built from a 14-dimension research workflow with hostile verification and a separate audit stage, every financial figure locked to a yfinance harvest and every operational claim traced to a filing. The setup: $1.50B market cap on $10.0B of revenue, FY2026 guidance of $10.83-11.18 non-GAAP EPS and $630-650M adjusted free cash flow, against $4.31B of net debt, a 21% short interest and a genuine question about whether AI retires the workforce. Conviction 3/5. Cheap for identifiable reasons, not for no reason.
2026-01-28Concentrix FY2025 10-K, Note 5 and MD&A
The loss, and exactly where it sits
Concentrix reported a GAAP net loss of $1,278.9M for fiscal 2025, the year ended November 30 2025, and a diluted loss per share of $20.36 against positive $3.71 a year earlier. The cause was a non-cash goodwill impairment charge of $1,523.3M, recorded inside a $1,527.7M impairment-charges line that sits in OPERATING expenses. That is the detail most summaries get wrong, including the yfinance data feed. GAAP operating income was therefore a LOSS of $918.2M, a negative 9.3% margin, against positive $596.4M and 6.2% in fiscal 2024. The $609.5M figure that appears in feeds as operating income is gross profit less selling, general and administrative expenses, a subtotal taken before the impairment line. Impairment alone accounted for $24.22 of the per-share loss. Two things make this an accounting event rather than an operating one. First, the trigger: the annual test on September 1 2025 found the reporting unit's fair value exceeded its carrying value, and it was only a sustained decline in the share price afterwards that forced an interim quantitative assessment on November 1 2025, with fair value estimated by equally weighting income and market approaches and reconciled to market capitalization. The write-down followed the de-rating rather than causing it. Second, the cash: operating cash flow set a record at $807.0M and company-reported adjusted free cash flow was $626.4M. Note also that goodwill fell only $1,315.2M on the balance sheet, from $4,987.0M to $3,671.7M, because a $193.2M currency translation gain offset part of the $1,523.3M charge. Ernst and Young treated the impairment as a Critical Audit Matter. GAAP EBITDA for fiscal 2025 reads negative $231.4M purely because the charge passes through it, so no EV/EBITDA is shown for that year.
2026-06-29Concentrix Q2 FY2026 results (8-K Ex-99.1)
The most recent quarter, neither collapse nor recovery
For the quarter ended May 31 2026, Concentrix reported revenue of $2,462.5M, up 1.9% as reported and 0.6% in constant currency. GAAP operating income fell to $95.4M, a 3.9% margin, from $148.3M and 6.1%. Non-GAAP operating income was $292.0M, an 11.9% margin, against $303.7M and 12.6%. Adjusted EBITDA was $347.4M, down 2.8%. GAAP diluted EPS rose to $0.86 from $0.63 while non-GAAP diluted EPS slipped to $2.63 from $2.70. Cash generation was the bright spot: a record second-quarter $257.9M of operating cash flow and $242.3M of adjusted free cash flow. The company also reported iX Suite deals up 400% year over year, and CEO Chris Caldwell described a blended AI and services approach that lowers client costs. Revenue flat, margins slipping, cash strong.
2026-06-29Concentrix Q2 FY2026 results (Business Outlook)
What management is actually guiding to
For fiscal 2026 as a whole Concentrix guides revenue of $9.925B to $10.025B, implying constant-currency growth of 0.25% to 1.25%, GAAP operating income of $509M to $539M, non-GAAP operating income of $1,200M to $1,230M, non-GAAP diluted EPS of $10.83 to $11.18 on about 61.1M diluted shares, and adjusted free cash flow of approximately $630M to $650M. For the third quarter it guides revenue of $2.465B to $2.490B and non-GAAP diluted EPS of $2.65 to $2.77. Set the full-year EPS guide against the $24.56 share price and the multiple is roughly 2.2x. Set the free-cash-flow guide against the $1.50B market cap and the company expects to produce about 42% of its equity value in cash this year. The company explicitly declines to reconcile the non-GAAP EPS and free-cash-flow outlooks to GAAP, citing an inability to forecast contingent consideration and currency movements, so these are non-GAAP figures with no published GAAP bridge.
2026-05-01SEC Schedule 13D/A filings
The Webhelp seller has been leaving
Groupe Bruxelles Lambert received Concentrix stock as part of the consideration for Webhelp, which is why the share count rose from 51.1M in fiscal 2022 to 65.7M in fiscal 2023 rather than falling. GBL has since been selling. Its Schedule 13D amendment filed January 30 2026 reported 8,773,667 shares, 14.24% of the class, held through Sapiens S.a r.l. and GBL Verwaltung S.A. with shared voting and dispositive power. The amendment filed May 1 2026 reported 2,773,667 shares, 4.55%. That is six million shares in roughly three months, over the period in which the stock fell from around $36 to the mid twenties. What remains, 2.77M shares, is about one and a half days of average volume. A 13D shows position changes and never the reasoning, so intent is guesswork, but the direction is documented.
2026-06-29Concentrix Q2 FY2026 results
Capital allocation, debt before buybacks
Concentrix paid a $0.36 per share quarterly dividend on May 5 2026 and declared another for August 4 2026, an annualized $1.44 or about 5.9% at $24.56. Against guided adjusted free cash flow of $630-650M the dividend costs roughly $88M, covered about seven times. The company repurchased no shares at all in the second quarter and still holds $396.6M of unused repurchase authorization. With the current portion of long-term debt having risen from $65.6M at the November 2025 year end to $650.0M by May 31 2026, the priority is clearly debt. Note the contrast with a share-shrinkage story. The count ROSE from 51.1M in FY2022 to 61.7M in FY2025, because Webhelp was part stock-funded.
2026-07-28yfinance (computed, USD)
The de-rating, measured
Trailing price-to-sales has fallen from 0.99x at the fiscal 2022 year end to 0.87x, 0.30x, 0.23x and now 0.15x. The share price closed fiscal 2022 at $122.38, fiscal 2023 at $93.99, fiscal 2024 at $44.95 and fiscal 2025 at $36.21, and trades at $24.56 today, an 80% decline over roughly four years and 60% below the $60.96 twelve-month high. The 200-day moving average sits at $32.81. Free cash flow over the same span was $460.7M, $497.5M, $428.7M and $572.5M, so the cash generation did not fall at all; the multiple did. Note two data disagreements handled explicitly on this page: yfinance reports enterprise value at $6.75B while recomputation from the raw statements gives $5.83B, and the 52-week high reads $60.63 in the yfinance field against $60.96 computed from daily bars. Only four analysts publish targets, with a mean of $35.25, a median of $35.00, a low of $26.00 and a high of $45.00.
Concentrix Corporation valuation questions
Is Concentrix Corporation (CNXC) stock undervalued?
Against the fair value estimate shown on this page, Concentrix Corporation trades below: $24.56 today versus a $35.00 estimate, about +43%. The methodology and per-scenario sources are set out in the Valuation section. Treat it as research, not advice, and do your own homework.
What is Concentrix Corporation's fair value?
The fair value estimate shown for CNXC is $35.00. Its valuation scenarios span bear $13.00, base $35.00, bull $58.00. See the Valuation section for the basis of each.
What is Concentrix Corporation's forward P/E ratio?
Concentrix Corporation (CNXC) trades at a forward P/E of 2.1×, and 0.1× trailing sales.
What is Concentrix Corporation's market cap?
Concentrix Corporation (CNXC) has a market capitalization (its market value, often searched as "net worth") of $1.50B, and an enterprise value of $5.83B.
What is the bull and bear case for CNXC?
Valuation scenarios: bull $58.00, base $35.00, bear $13.00. Each reflects a distinct set of assumptions; the drivers and sources are detailed in the Valuation section above.