Concentrix

CNXC · Nasdaq · Industrials · Financials, fiscal 2019 to 2025

CNXC · Last close · November 6, 2026

$30.32

Concentrix's revenue rose 2.1% to $9.8 billion in fiscal 2025. Its operating margin was −9.3%, down from 6.2% a year earlier. Free cash flow was $572 million, up 33.5%. It paid out $258 million in dividends and buybacks, 45% of free cash flow. The diluted share count fell 3.2%.

Concentrix Corporation Latest fiscal year ended November 30, 2025 10-K filed January 28, 2026 · 0001803599-26-000027 Updated November 5, 2026

Revenue

$9.8B

2.1%

Operating margin

−9.3%

15.5 pts

Net income

−$1.3B

$251M a year earlier

Free cash flow

$572M

33.5%

Return on capital

−9.3%

15.1 pts

Market cap

$1.8B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Concentrix's 2025 loss of about US$1.3 billion (mostly a goodwill write-down) leaves its earnings before interest, tax, depreciation and amortization negative, so net debt to EBITDA is blank for that year.

Charts show fiscal years, from the 10-K filings.

What Concentrix does

Concentrix sells outsourced customer service and related business services. It designs, builds and runs customer experience work for its clients, including support by voice, chat, email and social media, sales and marketing, collections, data analysis and automation. It serves more than 2,000 clients, mainly in technology and consumer electronics, retail and travel, communications and media, banking and insurance, and healthcare.

Clients pay for services delivered by its staff and technology. Concentrix says its five largest clients together made up about 19% of fiscal 2025 revenue. It competes in an industry it describes as intensely competitive, and its client contracts can often be ended for convenience.

It has about 455,000 employees and staff working across about 483 locations in 74 countries. It has grown through purchases, including Webhelp in September 2023 and SAI Digital in September 2025. It also says the rise of generative AI and agentic AI (software that carries out tasks on its own) creates risks for its business.

Its biggest risks, as it describes them

Depending on a limited number of clients for a large part of its revenue, and losing one of them.
Client contracts that can be ended for convenience, with demand that can change quickly.
Intense competition and the effect of new AI technologies on its services.
Running delivery centers around the world, which brings business and operating risks.
Acquisitions that may not work out, and goodwill that may have to be written down.

From Concentrix's annual report on Form 10-K, filed January 28, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2019 to 2024, earnings per share grew 10.3% a year and net income 16.5% a year, as new shares raised the share count by 26% and diluted each share's earnings. Concentrix then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	182	145	295	241	327
Debt incl. finance leases	802	2,224	4,940	4,733	4,573
Net debt (negative means net cash)	620	2,079	4,644	4,492	4,246
Net debt to EBITDA	0.7x	2.2x	4.4x	3.5x	—
Debt to equity	0.3x	0.8x	1.2x	1.2x	1.7x
Interest coverage	24.8x	9.1x	3.3x	1.9x	−3.2x
Current ratio	1.6x	1.6x	1.4x	1.4x	1.4x
Quick ratio	1.6x	1.6x	1.4x	1.4x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Concentrix's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Concentrix's projections

What Concentrix says to expect

Fourth quarter fiscal 2026: revenueFourth quarter reported revenue of $2.410 billion to $2.460 billion. Based on current exchange rates, these expectations assume an approximate 65-basis point negative impact of foreign exchange rates compared with the prior year period. The guidance implies constant currency revenue decline for the quarter ranging from (5.0)% to (3.0)%.
Full year 2026: revenueFull year reported revenue of $9.827 billion to $9.877 billion. Based on current exchange rates, these expectations assume an approximate 80-basis point positive impact of foreign exchange rates compared with the prior year. The guidance implies constant currency revenue decline for the full year of (0.8)% to (0.3)%.
Fiscal year 2026: adjusted free cash flowIn addition, the Company expects to generate approximately $630.0 million to $650.0 million of adjusted free cash flow in fiscal year 2026.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 29, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $155,165 of Concentrix shares on the open market, and 2 insiders sold $133.5 million, $17,750 of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 8, 2026	Christopher A CaldwellPresident and CEO, Director	Bought	1,000	$21.25	$21,250	Form 4
Apr 29, 2026	Verwaltung S.A. GBL10% owner	Sold	6,000,000	$22.25	$133.5 million	Form 4
Apr 9, 2026	Andre S ValentineChief Financial Officer	Bought	2,500	$27.95	$69,875	Form 4
Mar 26, 2026	Christopher A CaldwellPresident and CEO, Director	Bought	1,000	$26.97	$26,970	Form 4
Jan 29, 2026	Christopher A CaldwellPresident and CEO, Director	Bought	1,000	$37.07	$37,070	Form 4
Nov 28, 2025	Cormac J TwomeyEVP, Global Ops & Delivery	Sold plan	500	$35.50	$17,750	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 9	5 of 9	4 of 9
Rule of 40	19.5%	39.6%	8.0%
Altman Z''	1.56	1.65	0.27
Accruals ratio	−3.8%	−3.4%	−18.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	4 of 9	5 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Concentrix side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Concentrix	FY25	2.1%	−9.3%	5.8%	−9.3%	—	4
Broadridge Financial Solutions	FY26	8.5%	17.4%	17.1%	18.3%	2.0x	9	Compare
Maximus	FY25	2.4%	9.7%	6.7%	13.6%	1.9x	7	Compare
Genpact	FY25	6.6%	14.8%	14.5%	19.4%	0.4x	7	Compare
EXL	FY25	13.6%	15.0%	14.3%	28.4%	−0.1x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

7 years of figures

Fiscal year	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,708	4,720	5,587	6,324	7,115	9,619	9,826
Revenue growth	—	0.2%	18.4%	13.2%	12.5%	35.2%	2.1%
Gross profit	1,748	1,662	1,970	2,257	2,578	3,449	3,435
Research and development	—	—	—	—	—	—	—
Operating income	294	309	572	640	661	596	−918
Net income	117	165	406	435	314	251	−1,279
Diluted EPS (US$)	2.27	3.19	7.70	8.28	5.70	3.71	−20.36
Diluted shares (millions)	52	52	52	52	54	65	63
Cash flow
Cash from operations	450	508	514	601	678	668	807
Capital expenditure	111	171	149	140	180	239	234
Free cash flow	339	336	365	461	497	429	572
Dividends paid	0	0	13	53	64	84	90
Share buybacks	0	0	25	121	64	136	169
Acquisitions	9	6	3	1,698	1,914	6	16
Stock-based compensation	10	16	36	47	62	96	96
Balance sheet at fiscal year end
Cash and short-term investments	84	153	182	145	295	241	327
Debt incl. finance leases	—	1,111	802	2,224	4,940	4,733	4,573
Total assets	—	5,178	5,046	6,670	12,492	11,991	10,761
Total liabilities	—	2,876	2,426	3,974	8,348	7,952	8,017
Shareholders' equity	1,470	2,302	2,620	2,696	4,143	4,040	2,744
Margins and ratios
Gross margin	37.1%	35.2%	35.2%	35.7%	36.2%	35.9%	35.0%
Operating margin	6.2%	6.5%	10.2%	10.1%	9.3%	6.2%	−9.3%
Net margin	2.5%	3.5%	7.3%	6.9%	4.4%	2.6%	−13.0%
Free cash flow margin	7.2%	7.1%	6.5%	7.3%	7.0%	4.5%	5.8%
Rule of 40 (growth + FCF margin)	—	7.4%	24.9%	20.5%	19.5%	39.6%	8.0%
Return on capital	—	—	12.8%	11.5%	7.5%	5.8%	−9.3%
Return on equity	—	—	16.5%	16.4%	9.2%	6.1%	−37.7%
Return on assets	—	—	7.9%	7.4%	3.3%	2.0%	−11.2%
Net debt to EBITDA	—	2.2x	0.7x	2.2x	4.4x	3.5x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Concentrix's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Concentrix.