Cognizant vs NCR Voyix
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KIRA’s take AI analyst
I put Cognizant and NCR Voyix side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Cognizant turned more of its sales into free cash flow (12.3% FCF margin, against −14.0%).
- 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 19.9x against 15.1x for Cognizant.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Cognizant
CTSH
9/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
NCR Voyix
VYX
1/10
Share count change
Side by side
Best in the row
| Latest fiscal year | CTSH FY25 | VYX FY25 |
|---|---|---|
| Size | ||
| Market cap | $33.1B | $1.1B |
| 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 | 15.1x | 19.9x |
| Piotroski F-score | 6 | 3 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.