Cognizant
CTSH · IT Consulting & Other Services
$70.54
4.3%NCR Voyix
VYX · IT Consulting & Other Services
$8.39
2.9%The short version
- Cognizant is the larger business, with $21.1B of revenue in fiscal 2025 against $2.7B for NCR Voyix, about 7.9 times as much.
- Cognizant grew revenue faster (7.0%, against −4.7%).
- Cognizant kept more of each dollar of sales as operating profit (16.1% operating margin, against 1.0% operating margin).
- Cognizant turned more of its sales into free cash flow (12.3% FCF margin, against −14.0% FCF margin).
- Cognizant earned a higher return on the capital invested in it (16.2%, against 1.3%).
- Investors pay more for each dollar of NCR Voyix’s earnings: a P/E of 20.5x against 15.3x for Cognizant.
| Latest fiscal year | CTSH · FY25 | VYX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $33.6B | $1.2B |
| Revenue | $21.1B | $2.7B |
| Free cash flow | $2.6B | −$375M |
| Net income | $2.2B | $62.0M |
| Growth | ||
| Revenue growth | 7.0% | −4.7% |
| 5-year growth | 4.9% | −15.4% |
| Share count change | −1.6% | −2.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 16.1% | 1.0% |
| Net margin | 10.6% | 2.3% |
| FCF margin | 12.3% | −14.0% |
| Return on capital | 16.2% | 1.3% |
| Return on equity | 15.2% | 6.6% |
| Balance sheet | ||
| Net debt | −$1.3B | $893M |
| Net debt / EBITDA | −0.3x | 3.5x |
| Dividends and buybacks | $2.0B | $74.0M |
| Valuation & quality | ||
| P/E | 15.3x | 20.5x |
| Piotroski F-score | 6 | 3 |
FY16
CTSH $13.5B
VYX $6.5B
FY17
CTSH $14.8B
VYX $6.5B
FY18
CTSH $16.1B
VYX $6.4B
FY19
CTSH $16.8B
VYX $6.9B
FY20
CTSH $16.7B
VYX $6.2B
FY21
CTSH $18.5B
VYX $7.2B
FY22
CTSH $19.4B
VYX $3.2B
FY23
CTSH $19.4B
VYX $3.2B
FY24
CTSH $19.7B
VYX $2.8B
FY25
CTSH $21.1B
VYX $2.7B
CTSH
VYX
FY16
CTSH 17.0%
VYX 10.3%
FY17
CTSH 16.8%
VYX 10.6%
FY18
CTSH 17.4%
VYX 3.0%
FY19
CTSH 14.6%
VYX 8.8%
FY20
CTSH 12.7%
VYX 3.6%
FY21
CTSH 15.3%
VYX 0.4%
FY22
CTSH 15.3%
VYX −1.6%
FY23
CTSH 13.9%
VYX −4.2%
FY24
CTSH 14.7%
VYX −1.4%
FY25
CTSH 16.1%
VYX 1.0%
CTSH
VYX
FY16
CTSH $1.3B
VYX $821M
FY17
CTSH $2.1B
VYX $624M
FY18
CTSH $2.2B
VYX $429M
FY19
CTSH $2.1B
VYX $543M
FY20
CTSH $2.9B
VYX $610M
FY21
CTSH $2.2B
VYX $903M
FY22
CTSH $2.2B
VYX $335M
FY23
CTSH $2.0B
VYX $564M
FY24
CTSH $1.8B
VYX −$162M
FY25
CTSH $2.6B
VYX −$375M
CTSH
VYX
FY16
CTSH 25.8%
VYX 14.5%
FY17
CTSH 21.8%
VYX 10.5%
FY18
CTSH 29.9%
VYX 2.9%
FY19
CTSH 22.9%
VYX 15.7%
FY20
CTSH 16.3%
VYX 4.1%
FY21
CTSH 22.7%
VYX 0.4%
FY22
CTSH 22.0%
VYX −0.6%
FY23
CTSH 18.8%
VYX −2.2%
FY24
CTSH 18.0%
VYX −1.6%
FY25
CTSH 16.2%
VYX 1.3%
CTSH
VYX
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