Cognizant vs IBM
IBM reported revenue of $67.5 billion in fiscal 2025, 3.2 times Cognizant's $21.1 billion in fiscal 2025. Cognizant's revenue grew 7.0% in its latest year, and IBM's grew 7.6%. Free cash flow was $2.6 billion at Cognizant and $12.1 billion at IBM.
Side by side
| Cognizant | IBM | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $21.1B | $67.5B |
| Revenue growth | 7.0% | 7.6% |
| Revenue growth a year, last 5 years | 4.9% | 4.1% |
| Gross margin | — | 58.2% |
| Operating margin | 16.1% | — |
| Net margin | 10.6% | 15.7% |
| Free cash flow | $2.6B | $12.1B |
| Free cash flow margin | 12.3% | 17.9% |
| Return on capital | 16.1% | 15.4% |
| Net debt to EBITDA | −0.3x | 3.1x |
| Dividends and buybacks | $2.0B | $6.3B |
| Change in diluted share count | −1.6% | 1.2% |
| Last close | $69.34 | $253.44 |
| P/E at the last close | 15.1× | 21.6× |
| Insider trades, last 12 months | bought $209,768, sold $6.3 million | bought $417,157, sold $5.8 million |
| Piotroski F-score | 6 of 8 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CognizantIBM
Operating margin
Percent of revenue
CognizantIBM
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CognizantIBM