Genpact

G · NYSE · Industrials · Financials, fiscal 2016 to 2025

G · Last close · October 26, 2026

$40.48

Genpact's revenue rose 6.6% to $5.1 billion in fiscal 2025. Its operating margin was 14.8%, about the same as 14.7% a year earlier. Free cash flow was $735 million, up 37.9%. It paid out $118 million in dividends and buybacks, 16% of free cash flow. The diluted share count fell 2.1%.

Genpact Limited Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001398659-26-000004 Updated October 11, 2026

Revenue

$5.1B

6.6%

Operating margin

14.8%

0.0 pts

Net income

$552M

7.6%

Free cash flow

$735M

37.9%

Return on capital

19.4%

1.3 pts

Market cap

$6.9B

Oct 26 close

P/E

12.0x

On $3.37 EPS, 4 qtrs

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.

What Genpact does

Genpact runs business operations for large companies and builds AI and data tools for them. It began about 25 years ago as General Electric's in-house back-office unit. Clients pay it to handle work such as accounts payable and collections, supply chain and procurement, insurance and banking back-office tasks, healthcare claims, and customer support. It also advises on process design and builds software that uses AI agents (programs that can carry out tasks on their own). It has over 146,500 employees working in more than 35 countries.

In 2025 its net revenues were $5.1 billion. It splits that revenue two ways. Advanced Technology Solutions (data and AI, digital technology, advisory and agentic services) was a smaller share, and Core Business Services (decision support, technology services and digital operations) was the larger. Its three reportable segments are Financial Services, Consumer and Healthcare, and High Tech and Manufacturing.

Revenue is concentrated in North America and Europe: 71% of 2025 revenue came from clients based in North America. A large part of its people and operations is in India. Contracts for operating a client's processes are often framework agreements with separate statements of work, and it also signs fixed-price and long-term contracts.

Its biggest risks, as it describes them

Changes in AI that could shift its market, and the risk that its own use of AI does not succeed.
Heavy dependence on India for a large part of its assets, employees and operations.
Revenue concentrated in North America and Europe and in a few client industries.
Fixed-price and long-term contracts that may be priced wrongly and cut profit.
Wage increases in the countries where it works and difficulty hiring skilled staff.

From Genpact's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

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

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 10.4% a year and net income 8.3% a year, as buybacks cut the share count by 16%.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Genpact yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Genpact's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Genpact's fiscal 2025 free cash flow of $735M, net cash of −$358M at December 31, 2025 and 177 million diluted shares, from its filings. The scenarios are fitted to Genpact: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 5.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Data Processing & Outsourced Services), plus 1 point as a smaller company, worth $6.9B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Genpact's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 11% discount rate. Base: growth of 5% then 4% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 7.5% then 5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $40.48
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Genpact's earnings per share of $3.37 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 19.3×, the middle of Genpact's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Maximus, Broadridge Financial Solutions, EXL, Carlisle Companies.

Earnings growth in the years ahead (% a year) Starts at Genpact's revenue growth over the last 3 years, 5.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $40.48
Value at this multiple, against the last close: —
Genpact's P/E at the last close: 12.0×

Company	Last close	Earnings per share	P/E today
EXLEXLS	$41.77	$1.56	26.8×
Carlisle CompaniesCSL	$345.97	$17.47	19.8×
Broadridge Financial SolutionsBR	$181.09	$9.60	18.9×
GenpactG	$40.48	$3.37	12.0×
MaximusMMS	$63.50	$6.76	9.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	900	647	584	672	1,204
Debt incl. finance leases	1,691	1,454	1,285	1,239	1,562
Net debt (negative means net cash)	791	807	701	567	358
Net debt to EBITDA	1.2x	1.3x	0.9x	0.7x	0.4x
Debt to equity	0.9x	0.8x	0.6x	0.5x	0.6x
Interest coverage	8.7x	8.6x	9.5x	8.8x	10.2x
Current ratio	1.5x	1.6x	1.4x	2.2x	1.7x
Quick ratio	1.5x	1.6x	1.4x	2.2x	1.7x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Genpact shares on the open market, and 7 insiders sold $8.1 million, $1.5 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 14, 2026	Balkrishan KalraPresident and CEO, Director	Sold	10,000	$36.79	$367,900	Form 4
Aug 19, 2026	Anil NanduruSenior Vice President	Sold	6,191	$37.03	$229,253	Form 4
Aug 14, 2026	Sameer DewanSenior Vice President	Sold	14,972	$34.10	$510,545	Form 4
Aug 13, 2026	Michael Hal WeinerChief Financial Officer	Sold	5,900	$34.04	$200,836	Form 4
Aug 12, 2026	Anil NanduruSenior Vice President	Sold	11,852	$33.92	$402,020	Form 4
Aug 11, 2026	Anil NanduruSenior Vice President	Sold	17,243	$33.96	$585,572	Form 4
Mar 4, 2026	Balkrishan KalraPresident and CEO, Director	Sold	2,800	$40.77	$114,156	Form 4
Jan 13, 2026	Riju VashishtSenior Vice President	Sold plan	16,016	$46.65	$747,146	Form 4
Jan 13, 2026	Sameer DewanSenior Vice President	Sold plan	15,088	$46.65	$703,855	Form 4
Nov 14, 2025	Michael Hal WeinerChief Financial Officer	Sold	13,365	$44.84	$599,287	Form 4
Nov 13, 2025	Heather WhiteSVP & Chief Legal Officer	Sold	45,703	$45.74	$2.1 million	Form 4
Nov 12, 2025	Heather WhiteSVP & Chief Legal Officer	Sold	4,351	$45.74	$199,015	Form 4

The latest 12 of 15 trades. 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

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Pass	Pass
F-score	6 of 9	8 of 9	7 of 9
Accruals ratio	3.0%	−2.1%	−4.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Genpact 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
Genpact	FY25	6.6%	14.8%	14.5%	19.4%	0.4x	7
Maximus	FY25	2.4%	9.7%	6.7%	13.6%	1.9x	7	Compare
Broadridge Financial Solutions	FY26	8.5%	17.4%	17.1%	18.3%	2.0x	9	Compare
EXL	FY25	13.6%	15.0%	14.3%	28.4%	−0.1x	8	Compare
Carlisle Companies	FY25	0.3%	20.0%	19.3%	21.9%	1.5x	6	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 above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,571	2,737	3,001	3,520	3,709	4,022	4,371	4,477	4,767	5,080
Revenue growth	—	6.5%	9.6%	17.3%	5.4%	8.4%	8.7%	2.4%	6.5%	6.6%
Gross profit	1,016	1,056	1,079	1,226	1,291	1,432	1,536	1,571	1,690	1,831
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	341	331	348	429	439	509	502	631	702	750
Net income	270	263	282	305	308	369	353	631	514	552
Diluted EPS (US$)	1.28	1.34	1.45	1.56	1.57	1.91	1.88	3.41	2.85	3.13
Diluted shares (millions)	210	197	194	195	196	193	188	185	180	177
Cash flow
Cash from operations	346	359	340	428	584	694	444	491	615	813
Capital expenditure	82	57	85	75	70	53	51	55	83	78
Free cash flow	264	302	255	353	514	641	393	435	533	735
Dividends paid	0	47	57	65	74	80	92	100	108	118
Share buybacks	345	220	154	30	137	298	214	226	253	0
Acquisitions	45	285	112	252	187	72	0	1	0	80
Stock-based compensation	25	36	49	84	74	82	77	89	66	90
Balance sheet at fiscal year end
Cash and short-term investments	423	504	368	467	680	900	647	584	672	1,204
Debt incl. finance leases	897	1,216	1,304	1,474	1,640	1,691	1,454	1,285	1,239	1,562
Total assets	2,886	3,450	3,529	4,454	4,874	4,975	4,589	4,806	4,987	5,843
Total liabilities	1,595	2,021	2,125	2,765	3,039	3,078	2,763	2,557	2,598	3,294
Shareholders' equity	1,287	1,424	1,404	1,689	1,834	1,897	1,826	2,248	2,390	2,549
Margins and ratios
Gross margin	39.5%	38.6%	36.0%	34.8%	34.8%	35.6%	35.1%	35.1%	35.5%	36.0%
Operating margin	13.3%	12.1%	11.6%	12.2%	11.8%	12.7%	11.5%	14.1%	14.7%	14.8%
Net margin	10.5%	9.6%	9.4%	8.7%	8.3%	9.2%	8.1%	14.1%	10.8%	10.9%
Free cash flow margin	10.3%	11.0%	8.5%	10.0%	13.9%	15.9%	9.0%	9.7%	11.2%	14.5%
Return on capital	16.2%	13.8%	12.1%	13.0%	12.3%	14.2%	14.3%	22.6%	18.0%	19.4%
Return on equity	20.8%	19.4%	19.9%	19.7%	17.5%	19.8%	19.0%	31.0%	22.1%	22.4%
Return on assets	9.5%	8.3%	8.1%	7.6%	6.6%	7.5%	7.4%	13.4%	10.5%	10.2%
Net debt to EBITDA	1.1x	1.7x	2.1x	1.8x	1.6x	1.2x	1.3x	0.9x	0.7x	0.4x

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