# Conduent (CNDT.US)

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

Analysis as of: 2026-10-16T07:27:32.959Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.57 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 10 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 10

- Years with a net loss: 8

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.01×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.02×

- FY2022: 0.04×

- FY2023: 0.10×

- FY2024: 0.05×

- FY2025: -0.02×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 17.1%

- ROIC, second-lowest year: -6.8%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 21.8%

- Recent gross margin (lower of latest and 3-year median): 18.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: -4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -7.2%

- FY2017: 8.8%

- FY2018: 22.8%

- FY2019: 33.8%

- FY2020: 37.9%

- FY2021: 7.7%

- FY2022: 14.2%

- FY2023: 30.0%

- FY2024: 20.1%

- FY2025: -6.8%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $271M

- Net income, five-year total: -$250M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.6 pp

- Working capital / revenue, final three-year average: 16.3%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $177M

- FY2022: -$105M

- FY2023: -$239M

- FY2024: $495M

- FY2025: -$57M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs 20.1%

- Per-share earnings: -2.04 to -1.07 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.4%

- Ordinary dilution, 5-year annual growth: -5.5%

- Market cap gain: -$2.7B

- Cumulative retained earnings: -$2.5B

- Diluted shares, 10-year annual growth: -2.4%

- Diluted shares, 5-year annual growth: -5.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.97

- Per-share value, starting three-year median: -$2.04

- Per-share value, ending three-year median: -$1.07

- Buybacks concentrated in cheaper years (correlation): -0.05

- Average buyback yield: 5.6%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $6.0M

- Cumulative net income, 10 years: -$3.5B

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 20.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$4.85

- FY2017: $0.88

- FY2018: -$2.02

- FY2019: -$9.24

- FY2020: -$0.56

- FY2021: -$0.13

- FY2022: -$0.84

- FY2023: -$1.37

- FY2024: $2.23

- FY2025: -$1.07

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.92×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.2%

- FY2017: -1.6%

- FY2018: -10.5%

- FY2019: -45.8%

- FY2020: -6.6%

- FY2021: -6.7%

- FY2022: -9.1%

- FY2023: -12.2%

- FY2024: 18.3%

- FY2025: -4.0%

## Holders

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

## Price story

Down 77% since Oct 2021 · sales -9.4%

Story as of 2026-10-16T09:58:31.960Z; price observation 2026-10-15.

- 2025-08-06: Conduent beats top-line and bottom-line estimates; updates FY25 outlook ([seekingalpha.com](https://seekingalpha.com/news/4479746-conduent-beats-top-line-and-bottom-line-estimates-updates-fy25-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-12: Conduent outlines accelerated turnaround and $3.2B ACV pipeline while advancing portfolio rationalization ([seekingalpha.com](https://seekingalpha.com/news/4551382-conduent-outlines-accelerated-turnaround-and-3_2b-acv-pipeline-while-advancing-portfolio?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -9.4%; source https://www.sec.gov/Archives/edgar/data/1677703/000167770326000024/cndt-20251231.htm; observed 2026-02-19.

- FY2016: $6.4B 

- FY2017: $6.0B 

- FY2018: $5.4B 

- FY2019: $4.5B 

- FY2020: $4.2B 

- FY2021: $4.1B 

- FY2022: $3.9B 

- FY2023: $3.7B 

- FY2024: $3.4B 

- FY2025: $3.0B 

### Gross margin · FY2025

gross margin 18.1%; source https://www.sec.gov/Archives/edgar/data/1677703/000167770326000024/cndt-20251231.htm; observed 2026-02-19.

- FY2016: 14.2% 

- FY2017: 17.4% 

- FY2018: 22.5% 

- FY2019: 21.8% 

- FY2020: 22.9% 

- FY2021: 24.2% 

- FY2022: 21.8% 

- FY2023: 22.4% 

- FY2024: 18.7% 

- FY2025: 18.1% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are USD 3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1677703/000167770326000024/cndt-20251231.htm (filed 2026-02-19); FY2025: revenue 3042000000; grossProfit 552000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); CNDT.US: Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government, and Transportation. The Commercial segment offers business process services and customized solutions, customer experience management, business process as a service, integrated digital solutions, healthcare claims and administration, and human capital solutions. Its Government segment provides government-centric business process services to the United States federal, state, local, and foreign governments for public assistance, healthcare program and administration, transaction processing, case management, and payment services; and digital payments, child support payments, government healthcare, and eligibility and enrollment solutions. The Transportation segment offers systems, support, and revenue-generating solutions that include road usage charging and management solutions; transit solutions; computer-aided dispatch/automatic vehicle location technology to help clients manage their fleet operations; and tolling, transit, and digital payment solutions that streamline operations. This segment also provides electronic tolling, urban congestion management, and mileage-based user solutions. Conduent Incorporated was founded in 2016 and is headquartered in Florham Park, New Jersey.

### Why customers stay

Margins ranged from 18.1% to 22.4% during 2023–25; it earns 17.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 18.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1677703/000167770326000024/cndt-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 18.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,-0.07234736842105263],[2017,0.08777777777777777],[2018,0.22752],[2019,0.33797535211267604],[2020,0.37935643564356436],[2021,0.07703632887189292],[2022,0.14166116611661167],[2023,0.2995991778006166],[2024,0.2012471655328798],[2025,-0.06778106508875739]]; median 0.17145416582474574. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 29 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 132000000; owner earnings 544000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 139000000; owner earnings 144000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 147000000; owner earnings 177000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 56000000; owner earnings 495000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,10000000],[2017,10000000],[2018,10000000],[2019,10000000],[2020,10000000],[2021,10000000],[2022,10000000],[2023,10000000],[2024,10000000],[2025,10000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1677703/000167770326000024/cndt-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 29000000 USD.

### Are managers owners

Insiders own 10.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); CNDT.US SharesStats.PercentInsiders = 10.084 percentage points; cache date 2026-10-05.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 1.57 USD; reporting-to-trading FX 1; FY2025 annual sales per share 19.201878526972266; price multiple 0.08176283366206442. FY2025 cash earnings/share -0.3597985128328136. Closing-price date 2026-10-15.

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

- 2016-12: $14.90 per share

- 2017-01: $14.96 per share

- 2017-02: $16.09 per share

- 2017-03: $16.78 per share

- 2017-04: $16.31 per share

- 2017-05: $16.41 per share

- 2017-06: $15.94 per share

- 2017-07: $16.51 per share

- 2017-08: $16.51 per share

- 2017-09: $15.67 per share

- 2017-10: $15.48 per share

- 2017-11: $15.26 per share

- 2017-12: $16.16 per share

- 2018-01: $16.40 per share

- 2018-02: $18.90 per share

- 2018-03: $18.64 per share

- 2018-04: $19.46 per share

- 2018-05: $19.25 per share

- 2018-06: $18.17 per share

- 2018-07: $17.96 per share

- 2018-08: $23.18 per share

- 2018-09: $22.52 per share

- 2018-10: $19.10 per share

- 2018-11: $12.82 per share

- 2018-12: $10.63 per share

- 2019-01: $12.75 per share

- 2019-02: $14.62 per share

- 2019-03: $13.83 per share

- 2019-04: $12.83 per share

- 2019-05: $8.90 per share

- 2019-06: $9.59 per share

- 2019-07: $9.10 per share

- 2019-08: $6.51 per share

- 2019-09: $6.22 per share

- 2019-10: $6.18 per share

- 2019-11: $6.77 per share

- 2019-12: $6.20 per share

- 2020-01: $4.28 per share

- 2020-02: $3.27 per share

- 2020-03: $2.45 per share

- 2020-04: $2.52 per share

- 2020-05: $2.39 per share

- 2020-06: $2.39 per share

- 2020-07: $1.91 per share

- 2020-08: $3.38 per share

- 2020-09: $3.18 per share

- 2020-10: $3.49 per share

- 2020-11: $4.22 per share

- 2020-12: $4.80 per share

- 2021-01: $4.82 per share

- 2021-02: $5.38 per share

- 2021-03: $6.66 per share

- 2021-04: $6.80 per share

- 2021-05: $7.58 per share

- 2021-06: $7.50 per share

- 2021-07: $6.71 per share

- 2021-08: $7.30 per share

- 2021-09: $6.59 per share

- 2021-10: $6.75 per share

- 2021-11: $5.04 per share

- 2021-12: $5.34 per share

- 2022-01: $4.73 per share

- 2022-02: $4.87 per share

- 2022-03: $5.16 per share

- 2022-04: $5.63 per share

- 2022-05: $5.30 per share

- 2022-06: $4.32 per share

- 2022-07: $4.66 per share

- 2022-08: $4.09 per share

- 2022-09: $3.34 per share

- 2022-10: $4.12 per share

- 2022-11: $4.04 per share

- 2022-12: $4.05 per share

- 2023-01: $4.77 per share

- 2023-02: $3.98 per share

- 2023-03: $3.43 per share

- 2023-04: $3.51 per share

- 2023-05: $3.03 per share

- 2023-06: $3.40 per share

- 2023-07: $3.46 per share

- 2023-08: $3.14 per share

- 2023-09: $3.48 per share

- 2023-10: $3.19 per share

- 2023-11: $3.04 per share

- 2023-12: $3.65 per share

- 2024-01: $3.60 per share

- 2024-02: $3.44 per share

- 2024-03: $3.38 per share

- 2024-04: $3.15 per share

- 2024-05: $3.50 per share

- 2024-06: $3.26 per share

- 2024-07: $4.08 per share

- 2024-08: $3.82 per share

- 2024-09: $4.03 per share

- 2024-10: $3.60 per share

- 2024-11: $3.73 per share

- 2024-12: $4.04 per share

- 2025-01: $3.96 per share

- 2025-02: $3.54 per share

- 2025-03: $2.70 per share

- 2025-04: $2.11 per share

- 2025-05: $2.24 per share

- 2025-06: $2.64 per share

- 2025-07: $2.66 per share

- 2025-08: $2.78 per share

- 2025-09: $2.80 per share

- 2025-10: $2.38 per share

- 2025-11: $1.94 per share

- 2025-12: $1.92 per share

- 2026-01: $1.39 per share

- 2026-02: $1.46 per share

- 2026-03: $1.28 per share

- 2026-04: $1.71 per share

- 2026-05: $1.73 per share

- 2026-06: $1.46 per share

- 2026-07: $1.57 per share

- 2026-08: $1.72 per share

- 2026-09: $1.56 per share

- 2026-10: $1.57 per share

## Annual estimated value (USD per share)

- FY2017: low $25.08 per share, central $28.18 per share, high $32.31 per share

- FY2021: low $8.92 per share, central $9.93 per share, high $11.29 per share

- FY2024: low $8.20 per share, central $9.12 per share, high $10.34 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1677703/000167770326000024/cndt-20251231.htm); period 2025-12-31, filed 2026-02-19.

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.

## Reported holder observations

- [Bill Miller](https://gigainvestors.com/LMM): 12,986,100 CNDT shares; USD 18,960,000 reported position value; 4.48% of portfolio; add; quarter 2026 Q2.

# CNDT — Conduent Inc.

Held by 1 investor · USD 18,960,000 total · 2026 Q2 · reported price USD 1.46 (split-adjusted).
Page: https://gigainvestors.com/s/CNDT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Miller (https://gigainvestors.com/LMM) | USD 18,960,000 | 4.5% | add +29.55% |

## Total held by quarter

- 2017 Q1: USD 332,344,680 · 1 holder · USD 16.78
- 2017 Q2: USD 315,707,640 · 1 holder · USD 15.94
- 2017 Q3: USD 310,360,020 · 1 holder · USD 15.67
- 2017 Q4: USD 320,064,960 · 1 holder · USD 16.16
- 2018 Q1: USD 369,183,840 · 1 holder · USD 18.64
- 2018 Q2: USD 359,875,020 · 1 holder · USD 18.17
- 2018 Q3: USD 446,031,120 · 1 holder · USD 22.52
- 2018 Q4: USD 210,537,780 · 1 holder · USD 10.63
- 2019 Q1: USD 273,916,980 · 1 holder · USD 13.83
- 2019 Q2: USD 303,386,497 · 1 holder · USD 9.59
- 2019 Q3: USD 237,288,870 · 1 holder · USD 6.22
- 2019 Q4: USD 236,525,883 · 1 holder · USD 6.20
- 2020 Q1: USD 93,465,873 · 1 holder · USD 2.45
- 2020 Q2: USD 91,176,913 · 1 holder · USD 2.39
- 2020 Q3: USD 121,314,888 · 1 holder · USD 3.18
- 2020 Q4: USD 183,116,813 · 1 holder · USD 4.80
- 2021 Q1: USD 255,825,825 · 2 holders · USD 6.66
- 2021 Q2: USD 288,520,020 · 2 holders · USD 7.50
- 2021 Q3: USD 253,512,924 · 2 holders · USD 6.59
- 2021 Q4: USD 205,484,861 · 2 holders · USD 5.34
- 2022 Q1: USD 200,006,946 · 2 holders · USD 5.16
- 2022 Q2: USD 167,291,616 · 2 holders · USD 4.32
- 2022 Q3: USD 129,018,642 · 2 holders · USD 3.34
- 2022 Q4: USD 155,804,152 · 2 holders · USD 4.05
- 2023 Q1: USD 132,092,339 · 2 holders · USD 3.43
- 2023 Q2: USD 131,119,082 · 2 holders · USD 3.40
- 2023 Q3: USD 134,971,142 · 2 holders · USD 3.48
- 2023 Q4: USD 141,889,866 · 2 holders · USD 3.65
- 2024 Q1: USD 131,373,624 · 2 holders · USD 3.38
- 2024 Q2: USD 2,436,443 · 1 holder · USD 3.26
- 2024 Q3: USD 3,630,768 · 1 holder · USD 4.03
- 2024 Q4: USD 6,259,010 · 1 holder · USD 4.04
- 2025 Q1: USD 5,063,526 · 1 holder · USD 2.70
- 2025 Q2: USD 7,273,794 · 1 holder · USD 2.64
- 2025 Q3: USD 11,286,310 · 1 holder · USD 2.80
- 2025 Q4: USD 10,720,099 · 1 holder · USD 1.92
- 2026 Q1: USD 12,830,630 · 1 holder · USD 1.28
- 2026 Q2: USD 18,960,000 · 1 holder · USD 1.46