Cognizant - Public Comps and Valuation Multiples

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

Employees

336.8K+

Website

cognizant.com

Sectors

IT Consulting
BPO Services
Business Consulting
Service Providers

Financials

LTM Revenue $21.0B

LTM EBITDA $3.8B

EV

$37.1B

Valuation Multiples

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Cognizant Financials

As of November 2025, Cognizant reported last 12-month revenue of $21.0B and EBITDA of $3.8B.

In the same period, Cognizant generated $7.1B in LTM gross profit and $2.3B in net income.

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Cognizant P&L

In the most recent fiscal year, Cognizant reported revenue of $19.7B and EBITDA of $3.5B.

Cognizant expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$21.0B	XXX	$19.7B	XXX	XXX	XXX
Gross Profit	$7.1B	XXX	$6.8B	XXX	XXX	XXX
Gross Margin	34%	XXX	34%	XXX	XXX	XXX
EBITDA	$3.8B	XXX	$3.5B	XXX	XXX	XXX
EBITDA Margin	18%	XXX	18%	XXX	XXX	XXX
EBIT	$3.3B	XXX	$3.0B	XXX	XXX	XXX
EBIT Margin	16%	XXX	15%	XXX	XXX	XXX
Net Profit	$2.3B	XXX	$2.2B	XXX	XXX	XXX
Net Margin	11%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cognizant including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $21.0B. EBITDA for the last twelve months was $3.8B. In the most recent fiscal year, Cognizant achieved $19.7B in revenue and $3.5B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$21.0B	Analyst estimates available to subscribers	$19.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$7.1B	Analyst estimates available to subscribers	$6.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	33.8% gross margin	Analyst estimates available to subscribers	34.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$3.8B	Analyst estimates available to subscribers	$3.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	18.3% EBITDA margin	Analyst estimates available to subscribers	17.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$3.3B	Analyst estimates available to subscribers	$3.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	15.7% EBIT margin	Analyst estimates available to subscribers	15.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$2.3B	Analyst estimates available to subscribers	$2.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	10.8% net profit margin	Analyst estimates available to subscribers	11.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cognizant

This financial data table provides comprehensive performance metrics for Cognizant, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Cognizant generated $21.0B in revenue over the last twelve months.
The company achieved $3.8B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $7.1B.
Net income over the last twelve months reached $2.3B.

Fiscal Year Performance

In the most recent fiscal year, Cognizant reported $19.7B in total revenue.
Fiscal year EBITDA was $3.5B.
The company maintained a gross profit margin of 34.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 17.9%.
Net profit margin reached 11.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Cognizant. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Cognizant Stock Performance

Cognizant has current market cap of $38.2B, and EV of $37.1B.

Market Cap Evolution

Cognizant Stock Data

As of December 4, 2025, Cognizant's stock price is $79.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$37.1B	$38.2B	XXX	XXX	XXX	XXX	$5.15

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Cognizant Valuation Multiples

Cognizant's trades at 1.9x EV/Revenue multiple, and 10.5x EV/EBITDA.

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Cognizant Financial Valuation Multiples

As of December 4, 2025, Cognizant has market cap of $38.2B and EV of $37.1B.

Equity research analysts estimate Cognizant's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Cognizant has a P/E ratio of 16.9x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$38.2B	XXX	$38.2B	XXX	XXX	XXX
EV (current)	$37.1B	XXX	$37.1B	XXX	XXX	XXX
EV/Revenue	1.8x	XXX	1.9x	XXX	XXX	XXX
EV/EBITDA	9.6x	XXX	10.5x	XXX	XXX	XXX
EV/EBIT	11.2x	XXX	12.2x	XXX	XXX	XXX
EV/Gross Profit	5.2x	XXX	n/a	XXX	XXX	XXX
P/E	16.9x	XXX	17.1x	XXX	XXX	XXX
EV/FCF	14.9x	XXX	20.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Cognizant Margins & Growth Rates

Cognizant's last 12 month revenue growth is 5%

Cognizant's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $11K for the same period.

Cognizant's rule of 40 is 22% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cognizant's rule of X is 31% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Cognizant Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	6%	XXX	XXX	XXX
EBITDA Margin	18%	XXX	18%	XXX	XXX	XXX
EBITDA Growth	6%	XXX	7%	XXX	XXX	XXX
Rule of 40	22%	XXX	23%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	31%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$11K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	19%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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