# Accenture (ACN.US)

Canonical: https://gigainvestors.com/s/ACN

Analysis as of: 2026-10-16T07:26:11.208Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $224.92 per share; close as of 2026-10-15.

Estimated value: low $225.83 per share, central $313.81 per share, high $365.28 per share. Buy at or below the central value $313.81 per share. Valuation as of 2026-10-16T07:26:11.208Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.14×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.15×

- FY2022: 0.15×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.15×

- FY2026: 0.15×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 45.6%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 31.9%

- Recent gross margin (lower of latest and 3-year median): 32.0%

- Years with nonpositive capital: 2

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 41.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 45.6%

- FY2018: 41.2%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

- FY2026: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $41B

- Net income, five-year total: $37B

- Return on incremental invested capital: 543.9%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 17.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.05×

- FY2023: 1.08×

- FY2024: 1.08×

- FY2025: 1.14×

- FY2026: 1.19×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 45.6% vs 145.6%

- Per-share earnings: 6.16 to 12.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.0%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: $28B

- Cumulative retained earnings: $18B

- Diluted shares, 10-year annual growth: -1.0%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 8.9%

- Per-share value change: $5.98

- Per-share value, starting three-year median: $6.16

- Per-share value, ending three-year median: $12.14

- Buybacks concentrated in cheaper years (correlation): 0.88

- Average buyback yield: 2.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $23B

- Cumulative net income, 10 years: $60B

- ROIC, first three-year median: 45.6%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2017: $5.22

- FY2018: $6.20

- FY2019: $7.35

- FY2020: $7.88

- FY2021: $9.14

- FY2022: $10.70

- FY2023: $10.76

- FY2024: $11.42

- FY2025: $12.14

- FY2026: $13.82

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 17.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.85×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.7%

- FY2018: -8.0%

- FY2019: -6.2%

- FY2020: -8.4%

- FY2021: -7.1%

- FY2022: -5.6%

- FY2023: -5.2%

- FY2024: -3.3%

- FY2025: -5.8%

- FY2026: -5.4%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 46% since Dec 2021 · "Accenture Lowers Top End of Revenue Growth Outlook; Announces Cybersecurity Deals Worth $4.18 Billion" (finance.yahoo.com, Jun 2026) · sales +6.5%

Story as of 2026-10-16T09:58:13.731Z; price observation 2026-10-15.

Price needs cash profits to grow 2.5% a year for ten years

- 2025-05-23: Accenture, Nvidia, and Dell Technologies Partner to Capitalize on Growing AI Demand ([finance.yahoo.com](https://finance.yahoo.com/news/accenture-nvidia-dell-technologies-partner-163524387.html))

- 2025-06-20: Accenture Shares Fall on Bookings Decline, Concerns over Federal Contract ([finance.yahoo.com](https://finance.yahoo.com/m/493c2935-9a9b-327f-87ec-78b2872e6d8a/accenture-shares-fall-on.html))

- 2025-09-25: Accenture Fiscal 2026 Revenue Outlook Light Amid Lower U.S. Spending ([finance.yahoo.com](https://finance.yahoo.com/m/1f4ab787-0ae6-37fc-9c02-15d285029a98/accenture-fiscal-2026-revenue.html))

- 2025-12-18: Accenture beats quarterly revenue estimate on strong demand for AI services ([finance.yahoo.com](https://finance.yahoo.com/news/accenture-beats-quarterly-revenue-estimate-114316992.html))

- 2026-06-18: Accenture Lowers Top End of Revenue Growth Outlook; Announces Cybersecurity Deals Worth $4.18 Billion ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/accenture-lowers-top-end-revenue-130934084.html))

- 2026-10-02: Accenture (ACN) Soars 15.8% as Q4 Earnings, AI Bookings Crush Disruption Fears ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/accenture-acn-soars-15-8-002914087.html))

### Sales · FY2025–2026

sales +6.5%; source https://www.sec.gov/Archives/edgar/data/1467373/000146737325000217/acn-20250831.htm; observed 2025-10-10.

- FY2017: $36B 

- FY2018: $41B 

- FY2019: $43B 

- FY2020: $44B 

- FY2021: $51B 

- FY2022: $62B 

- FY2023: $64B 

- FY2024: $65B 

- FY2025: $70B 

- FY2026: $74B 

### Gross margin · FY2026

gross margin 32%; source https://www.sec.gov/Archives/edgar/data/1467373/000146737325000217/acn-20250831.htm; observed 2025-10-10.

- FY2017: 30.5% 

- FY2018: 30.4% 

- FY2019: 30.8% 

- FY2020: 31.5% 

- FY2021: 32.4% 

- FY2022: 32.0% 

- FY2023: 32.3% 

- FY2024: 32.6% 

- FY2025: 31.9% 

- FY2026: 32.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 74.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2026: revenue 74183445000; grossProfit 23775598000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACN.US: Accenture plc provides strategy and consulting, industry X, song, and technology and operation services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers systems integration and application management; security; intelligent platform; infrastructure; software engineering; data, AI, cloud; and automation and global delivery services. The company also operates business processes for specific enterprise functions, including finance and accounting, sourcing and procurement, supply chain, marketing and sales, and human resources, as well as industry-specific services, such as platform trust and safety, banking, insurance, network and health services; and designs, manufactures, and assembles automation equipment, robotics, and other commercial hardware products. It serves communications, media, and technology; financial services; banking and capital markets, and insurance; health and public service; consumer goods, retail, travel services; industrial; life science; and chemicals, natural resources, energy, and utilities sectors. Accenture plc has collaboration with Amazon Web Services (AWS) to deliver transformative digital services to public sector, defense, and national security organizations. It has a collaboration with OpenAI to help enterprise clients unlock new levels of innovation and growth by bringing agentic AI systems; has a strategic collaboration with Microsoft and Avanade for the development of an agentic factory intelligence system; and INFRONEER Holdings Inc. and SAP Japan Co., Ltd. to develop a new financial data and insights platform. It also has strategic partnership with Netomi, Inc. to help enterprises reinvent customer experience using agentic AI systems. The company has a strategic alliance with ServiceNow for integrated risk management and third-party risk management solutions. Accenture plc was founded in 1951 and is based in Dublin, Ireland.

### Why customers stay

Margins ranged from 31.9% to 32.6% during 2024–26; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2024: grossProfit / revenue = 32.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1467373/000146737325000217/acn-20250831.htm (filed 2025-10-10); FY2025: grossProfit / revenue = 31.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2026: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); 10-year return on capital observations [[2017,0.45551177049823766],[2018,0.41198228485015875],[2019,2.3318972469680284],[2020,1.1685617630461946],[2021,1.5738849077300856],[2022,1.6161920233835976],[2023,1.6000604063598858],[2024,1.1689552036074073],[2025,1.4556590712469195],[2026,1.6107295107585726]]; median 1.5147719894885026. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1467373/000146737325000217/acn-20250831.htm (filed 2025-10-10); Gross margin observations: [[2021,0.3238280337778256],[2022,0.31985975002072026],[2023,0.32336675596647696]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 7.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2017: growth capex 0; upkeep 515919000; owner earnings 3731019000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2018: growth capex 0; upkeep 619187000; owner earnings 4367496000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2019: growth capex 0; upkeep 599009000; owner earnings 5072863000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2020: growth capex 0; upkeep 599132000; owner earnings 6281831000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2021: growth capex 0; upkeep 580132000; owner earnings 7217919000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2022: growth capex 0; upkeep 717998000; owner earnings 7189816000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2023: growth capex 0; upkeep 528172000; owner earnings 7405001000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2024: growth capex 0; upkeep 516509000; owner earnings 7826275000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1467373/000146737325000217/acn-20250831.htm (filed 2025-10-10); FY2025: growth capex 0; upkeep 600039000; owner earnings 8783851000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2026: growth capex 0; upkeep 742748000; owner earnings 9979590000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); Dividend observations: [[2017,1567578000],[2018,1708724000],[2019,1861725000],[2020,2037733000],[2021,2236094000],[2022,2457306000],[2023,2827394000],[2024,3241479000],[2025,3700169000],[2026,3987313000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); FY2026: cash repurchases 7520965000 USD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACN.US SharesStats.PercentInsiders = 0.038 percentage points; cache date 2026-10-16.

### What could break it

"Risks and uncertainties related to the development and use of AI" (SEC filing, Oct 2025)

- Source: https://www.sec.gov/Archives/edgar/data/1467373/000146737325000217/acn-20250831.htm (filed 2025-10-10); Risks and uncertainties related to the development and use of AI

### What the price says

The price assumes cash profits grow 2.5% yearly over ten years; actual growth was 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-10); Ten-year compound average after fade. Initial solved rate 0.019929899724446032. Price 224.92; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 6.505797231698876 → FY2026 16.4874559669365. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $116.24 per share

- 2016-11: $119.43 per share

- 2016-12: $117.13 per share

- 2017-01: $113.87 per share

- 2017-02: $122.50 per share

- 2017-03: $119.88 per share

- 2017-04: $121.30 per share

- 2017-05: $124.47 per share

- 2017-06: $123.68 per share

- 2017-07: $128.82 per share

- 2017-08: $130.76 per share

- 2017-09: $135.07 per share

- 2017-10: $142.36 per share

- 2017-11: $148.01 per share

- 2017-12: $153.09 per share

- 2018-01: $160.70 per share

- 2018-02: $161.01 per share

- 2018-03: $153.50 per share

- 2018-04: $151.20 per share

- 2018-05: $155.74 per share

- 2018-06: $163.59 per share

- 2018-07: $159.33 per share

- 2018-08: $169.07 per share

- 2018-09: $170.20 per share

- 2018-10: $157.62 per share

- 2018-11: $164.52 per share

- 2018-12: $141.01 per share

- 2019-01: $153.55 per share

- 2019-02: $161.38 per share

- 2019-03: $176.02 per share

- 2019-04: $182.67 per share

- 2019-05: $178.07 per share

- 2019-06: $184.77 per share

- 2019-07: $192.58 per share

- 2019-08: $198.17 per share

- 2019-09: $192.35 per share

- 2019-10: $185.42 per share

- 2019-11: $201.16 per share

- 2019-12: $210.57 per share

- 2020-01: $205.21 per share

- 2020-02: $180.59 per share

- 2020-03: $163.26 per share

- 2020-04: $185.19 per share

- 2020-05: $201.62 per share

- 2020-06: $214.72 per share

- 2020-07: $224.78 per share

- 2020-08: $239.93 per share

- 2020-09: $225.99 per share

- 2020-10: $216.91 per share

- 2020-11: $249.09 per share

- 2020-12: $261.21 per share

- 2021-01: $241.92 per share

- 2021-02: $250.90 per share

- 2021-03: $276.25 per share

- 2021-04: $289.97 per share

- 2021-05: $282.16 per share

- 2021-06: $294.79 per share

- 2021-07: $317.68 per share

- 2021-08: $336.56 per share

- 2021-09: $319.92 per share

- 2021-10: $358.79 per share

- 2021-11: $357.40 per share

- 2021-12: $414.55 per share

- 2022-01: $353.58 per share

- 2022-02: $316.02 per share

- 2022-03: $337.23 per share

- 2022-04: $300.36 per share

- 2022-05: $298.46 per share

- 2022-06: $277.65 per share

- 2022-07: $306.26 per share

- 2022-08: $288.46 per share

- 2022-09: $257.30 per share

- 2022-10: $283.90 per share

- 2022-11: $300.93 per share

- 2022-12: $266.84 per share

- 2023-01: $279.05 per share

- 2023-02: $265.55 per share

- 2023-03: $285.81 per share

- 2023-04: $280.29 per share

- 2023-05: $305.92 per share

- 2023-06: $308.58 per share

- 2023-07: $316.35 per share

- 2023-08: $323.77 per share

- 2023-09: $307.11 per share

- 2023-10: $297.09 per share

- 2023-11: $333.14 per share

- 2023-12: $350.91 per share

- 2024-01: $363.88 per share

- 2024-02: $374.78 per share

- 2024-03: $346.61 per share

- 2024-04: $300.91 per share

- 2024-05: $282.29 per share

- 2024-06: $303.41 per share

- 2024-07: $330.62 per share

- 2024-08: $341.95 per share

- 2024-09: $353.48 per share

- 2024-10: $344.82 per share

- 2024-11: $362.37 per share

- 2024-12: $351.79 per share

- 2025-01: $384.95 per share

- 2025-02: $348.50 per share

- 2025-03: $312.04 per share

- 2025-04: $299.15 per share

- 2025-05: $316.82 per share

- 2025-06: $298.89 per share

- 2025-07: $267.10 per share

- 2025-08: $259.97 per share

- 2025-09: $246.60 per share

- 2025-10: $250.10 per share

- 2025-11: $250.00 per share

- 2025-12: $268.30 per share

- 2026-01: $263.64 per share

- 2026-02: $208.72 per share

- 2026-03: $198.29 per share

- 2026-04: $178.71 per share

- 2026-05: $187.07 per share

- 2026-06: $124.44 per share

- 2026-07: $165.92 per share

- 2026-08: $189.76 per share

- 2026-09: $183.37 per share

- 2026-10: $213.56 per share

## Annual estimated value (USD per share)

- FY2017: low $75.57 per share, central $97.12 per share, high $112.72 per share

- FY2018: low $76.99 per share, central $86.72 per share, high $99.66 per share

- FY2019: low $98.30 per share, central $128.59 per share, high $149.19 per share

- FY2020: low $115.09 per share, central $151.16 per share, high $175.08 per share

- FY2021: low $144.44 per share, central $205.62 per share, high $239.75 per share

- FY2022: low $173.68 per share, central $248.61 per share, high $290.40 per share

- FY2023: low $173.92 per share, central $235.18 per share, high $273.73 per share

- FY2024: low $180.73 per share, central $255.54 per share, high $299.09 per share

- FY2025: low $208.21 per share, central $295.46 per share, high $344.44 per share

- FY2026: low $228.32 per share, central $317.26 per share, high $369.30 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:31:46.365Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1467373/000146737325000217/acn-20250831.htm); period 2025-08-31, filed 2025-10-10.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.