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Cognizant Valuation Multiples

Discover Cognizant's revenue and EBITDA valuation multiples, acquisitions, and investment history, alongside public comparables like Verisk Analytics, DCI Indonesia, TD Synnex, SGS and more.

Cognizant Overview

About Cognizant

Cognizant Technology Solutions is a multinational IT services provider that offers a range of consulting and business process outsourcing services. Originally founded in India, the company is headquartered in the US and serves enterprise customers spanning the financial services, healthcare, and resources industries. With most of its workforce located in India, Cognizant leverages a global delivery model that helps clients outsource their IT needs to offshore labor.


Founded

1988

HQ

United States

Employees

351.6K

Financials (LTM)

Revenue: $22B
EBITDA: $4B

EV

$24B

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Cognizant Financials

Cognizant reported last 12-month revenue of $22B and EBITDA of $4B.

In the same LTM period, Cognizant generated $7B in gross profit, $4B in EBITDA, and $2B in net income.

Revenue (LTM)


Cognizant P&L

In the most recent fiscal year, Cognizant reported revenue of $21B and EBITDA of $4B.

Cognizant is profitable as of last fiscal year, with gross margin of 34%, EBITDA margin of 19%, and net margin of 11%.

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LTMLast FY202320242025202620272028
Revenue$22B$21B$19B$20B$21B
Gross Profit$7B$7B$7B$7B$7B
Gross Margin33%34%35%34%34%
EBITDA$4B$4B$3B$4B$4B
EBITDA Margin18%19%17%18%19%
EBIT Margin16%16%15%15%16%
Net Profit$2B$2B$2B$2B$2B
Net Margin11%11%11%11%11%

Financial data powered by Morningstar, Inc.

Cognizant Stock Performance

Cognizant has current market cap of $25B, and enterprise value of $24B.

Market Cap Evolution


Cognizant's stock price is $52.17.

Cognizant share price decreased by 6.4% in the last 30 days, and by 33.1% in the last year.

Cognizant has an EPS (earnings per share) of $4.71.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$24B$25B0.0%-6.4%-15.0%-33.1%$4.71

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Cognizant Valuation Multiples

Cognizant trades at 1.1x EV/Revenue multiple, and 6.1x EV/EBITDA.

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EV / Revenue (LTM)


Cognizant Financial Valuation Multiples

As of June 14, 2026, Cognizant has market cap of $25B and EV of $24B.

Cognizant has a P/E ratio of 10.2x.

LTMLast FY202320242025202620272028
EV/Revenue1.1x1.1x1.3x1.2x1.1x
EV/EBITDA6.1x6.0x7.2x6.9x6.0x
EV/EBIT7.1x7.3x8.3x8.0x7.3x
EV/Gross Profit3.3x3.4x3.6x3.6x3.4x
P/E10.2x11.1x11.6x11.0x11.1x
EV/FCF9.7x9.3x12.0x13.3x9.3x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Cognizant Valuation Multiples

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Cognizant Margins & Growth Rates

Cognizant grew revenue by 6% and EBITDA by 1% in the last fiscal year.

In the most recent fiscal year, Cognizant reported gross margin of 34%, EBITDA margin of 19%, and net margin of 11%.

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Cognizant Margins

Last FY202420252026202720282029
Gross Margin34%34%34%33%
EBITDA Margin19%18%19%18%
EBIT Margin16%15%16%16%
Net Margin11%11%11%12%
FCF Margin12%9%12%11%

Cognizant Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth6%2%7%6%
Gross Profit Growth5%1%5%5%
EBITDA Growth1%4%15%1%
EBIT Growth7%4%10%7%
Net Profit Growth18%5%(0%)18%
FCF Growth(5%)(9%)42%(5%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Cognizant Operational KPIs

Cognizant's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.0M for the same period.

Cognizant's Rule of 40 is 24% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cognizant's Rule of X is 33% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Cognizant
LTMLast FY202320242025202620272028
Rule of 4024%24%---
Bessemer Rule of X32%33%---
Revenue per Employee-$0.1M---
Opex per Employee-$0.0M---
Opex to Revenue-18%19%19%18%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Cognizant Competitors

Cognizant competitors include Verisk Analytics, DCI Indonesia, TD Synnex, SGS, Fidelity Information Services, Wipro, Equifax, Capgemini, Experian and HCLTech.

Most Cognizant public comparables operate across IT Consulting, BPO Services and Business Consulting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Verisk Analytics9.2x9.0x16.3x16.0x
DCI Indonesia177.9x-354.7x-
TD Synnex0.4x0.4x13.5x12.2x
SGS2.8x2.8x12.5x12.2x
Fidelity Information Services3.8x3.4x9.4x8.1x
Wipro1.6x1.6x7.4x8.2x
Equifax4.1x3.9x12.7x12.1x
Capgemini1.0x1.0x6.2x6.1x

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Acquisitions by Cognizant

Cognizant has acquired 50 companies to date.

Last acquisition by Cognizant was on April 28th 2026. Cognizant acquired Astreya for $600M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Cognizant

Astreya
3Cloud
Belcan
Thirdera
Description
Astreya is a global IT services company delivering talent outsourcing and infrastructure solutions. Headquartered in Santa Clara, California, it employs professionals across more than 30 countries to serve clients like Apple, Google, and Meta in digital transformation projects including data centers and managed services.
3Cloud is a Chicago-based Microsoft Gold Partner specializing in Azure cloud services for strategy, migration, implementation, and managed operations. The firm assists enterprises with data analytics, AI integration, security, and infrastructure modernization on the Azure platform. It holds multiple Azure advanced specializations in compute, data, and security. 3Cloud supports clients across industries like manufacturing, finance, and healthcare in optimizing cloud workloads for performance and cost efficiency.
Belcan is a Cincinnati-headquartered engineering services provider supporting aerospace, defense, automotive, and industrial sectors worldwide. Founded in 1981, the company delivers design, software engineering, manufacturing support, supply chain management, and IT solutions. It staffs over 10,000 engineers for clients including Boeing, Lockheed Martin, and Ford.
Thirdera is a digital services firm that implements ServiceNow platforms for enterprise workflow automation. Cary, North Carolina-headquartered Thirdera delivers consulting, implementation, and managed services for IT service management, customer service, and HR operations. The company serves over 250 clients worldwide, including Coca-Cola and Panasonic, through its APAC CX practice in Sydney and EMEA operations in London. Founded in 2021 from Accenture's ServiceNow business, Thirdera employs more than 1,000 specialists globally.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
San Jose, CA
-
Cincinnati, OH
Denver, CO
Deal Date28 Apr 202613 Nov 202510 Jun 202413 Dec 2023
Valuation$600Mundisclosed$1B$430M
EV/Revenue
EV/EBITDA

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Investments by Cognizant

Cognizant has invested in 4 companies to date.

Latest investment by Cognizant was on July 24th 2020. Cognizant invested in Welltok in their $10M Series E round (EV/Revenue multiple available to Pro users).

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Latest Investments by Cognizant

Welltok
Rx.Health
Cybrary
AgEagle Aerial Sys
Description
Welltok is an enterprise SaaS company headquartered in Denver, Colorado, offering a consumer activation platform for the healthcare sector. Founded in 2009, it equips health plans, employers, providers, and public entities with tools to deliver personalized health resources. The platform simplifies consumer actions toward better health and wellbeing through targeted engagement strategies. Welltok serves organizations nationwide, emphasizing data-driven connections between consumers and improvement opportunities.
Rx.Health is a New York-based digital medicine platform spun off from Mount Sinai Health System in 2016. The RxUniverse system allows providers to prescribe mobile apps, wearables, educational videos, and therapeutics at the point of care. Deployed across clinical departments like cardiology and oncology, it integrates with electronic health records for over 20 evidence-based digital tools used by thousands of patients annually.
Cybrary is an online learning platform offering cybersecurity and IT training courses from industry experts. It features hands-on labs, capture-the-flag challenges, skill assessments, and a Teams product for corporate training and talent recruitment. Cyber companies contribute content to the catalog accessible anytime via web and mobile.
AgEagle Aerial Systems Inc is actively engaged in designing and delivering drones, sensors and software that solve important problems for its customers. It designs, produces, distributes, and supports technologically advanced small unmanned aerial systems (UAVs) that it offers for sale commercially to the precision agriculture industry. Its segments include Drones, Sensors and Software-as-a-Service (SaaS). The company's majority revenue is derived primarily through sensors.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
Denver, CO
New York City, NY
Riverdale, NJ
Washington, DC
Deal Date24 Jul 20205 Sep 201812 Sep 201717 Jan 2017
RoundSeries ESeedSeries ASeries B
Raised$10M$2M$4M$22M
InvestorsGrupo SURA; Silicon Valley Bank; CognizantCognizant; GSR Ventures; Gyan Kapur; Mount Sinai Innovation PartnersArthur Ventures; Cognizant; Ron GulaCognizant; PSP Capital Partners; The Flying Object
Valuation$860Mundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Cognizant

When was Cognizant founded?Cognizant was founded in 1988.
Where is Cognizant headquartered?Cognizant is headquartered in United States.
How many employees does Cognizant have?As of today, Cognizant has over 351K employees.
Who is the CEO of Cognizant?Cognizant's CEO is Ravi Kumar Singisetti.
Is Cognizant publicly listed?Yes, Cognizant is a public company listed on Nasdaq.
What is the stock symbol of Cognizant?Cognizant trades under CTSH ticker.
When did Cognizant go public?Cognizant went public in 1998.
Who are competitors of Cognizant?Cognizant main competitors include Verisk Analytics, DCI Indonesia, TD Synnex, SGS, Fidelity Information Services, Wipro, Equifax, Capgemini, Experian, HCLTech.
What is the current market cap of Cognizant?Cognizant's current market cap is $25B.
What is the current revenue of Cognizant?Cognizant's last 12 months revenue is $22B.
What is the current revenue growth of Cognizant?Cognizant revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of Cognizant?Current revenue multiple of Cognizant is 1.1x.
What is the current EBITDA of Cognizant?Cognizant's last 12 months EBITDA is $4B.
What is Cognizant's EBITDA margin?Cognizant's last 12 months EBITDA margin is 18%.
What is the current EV/EBITDA multiple of Cognizant?Current EBITDA multiple of Cognizant is 6.1x.
What is the current FCF of Cognizant?Cognizant's last 12 months FCF is $3B.
What is Cognizant's FCF margin?Cognizant's last 12 months FCF margin is 12%.
What is the current EV/FCF multiple of Cognizant?Current FCF multiple of Cognizant is 9.7x.
How many companies Cognizant has acquired to date?As of June 2026, Cognizant has acquired 50 companies.
What was the largest acquisition by Cognizant?$3B acquisition of Cognizant on 15th September 2014 was the largest M&A Cognizant has done to date.
What companies Cognizant acquired?Cognizant acquired Cognizant, Belcan, Astreya, Softvision, Bolder Healthcare Solutions, Thirdera, Collaborative Solutions, Servian, Mobica, New Signature, and 40 other companies.
In how many companies Cognizant has invested to date?As of June 2026, Cognizant has invested in 4 companies.
What was the last Cognizant investment?On 24th July 2020 Cognizant invested in Welltok, participating in a $10M Series E round at $860M valuation, alongside Grupo SURA and Silicon Valley Bank.
In what companies Cognizant invested in?Cognizant invested in AgEagle Aerial Sys, Welltok, Cybrary, and Rx.Health.

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