# Concentrix (CNXC.US)

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

Analysis as of: 2026-10-16T07:27:35.712Z. Financial observations: FY2017–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $27.67 per share; close as of 2026-10-15.

Estimated value: low $133.91 per share, central $152.27 per share, high $176.71 per share. Buy at or below the central value $152.27 per share. Valuation as of 2026-10-16T07:27:35.712Z; scenarios are not confidence intervals.

Expected annual return: 45.6% at the stated quote. About 45.6% 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: 2

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.06×

- FY2025: 0.06×

- LTM to May 2026: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.8%

- ROIC, second-lowest year: 10.0%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 35.9%

- Recent gross margin (lower of latest and 3-year median): 35.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 5.7%

- FY2019: 11.8%

- FY2020: 10.0%

- FY2021: 21.6%

- FY2022: 19.6%

- FY2023: 11.7%

- FY2024: 11.9%

- FY2025: 14.2%

### economics: pass

- Owner earnings / net income, 5-yr: 12.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $127M

- Working capital / revenue, annual change: -1.0 pp

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

- FY2021: 1.32×

- FY2022: 1.39×

- FY2023: 1.66×

- FY2024: 2.86×

- FY2025: 0.67×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 1.40 to 3.86 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.1%

- Diluted shares, 5-year annual growth: 4.1%

- Per-share value growth: 18.5%

- Per-share value change: $2.46

- Per-share value, starting three-year median: $1.40

- Per-share value, ending three-year median: $3.86

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 3.5%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 11.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.40

- FY2018: $0.93

- FY2019: $2.27

- FY2020: $3.19

- FY2021: $7.81

- FY2022: $8.41

- FY2023: $5.81

- FY2024: $3.86

- FY2025: -$20.30

### accounting: pass

- Sloan accruals: -19.4%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 11.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.05×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -3.4%

- FY2019: -7.1%

- FY2020: -6.6%

- FY2021: -2.2%

- FY2022: -2.5%

- FY2023: -2.9%

- FY2024: -3.5%

- FY2025: -19.4%

## Holders

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

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

## Price story

Down 86% since Jan 2022 · "Why Concentrix (CNXC) Is Down 7.9% After Trimming 2026 Outlook Amid Index Shift" (finance.yahoo.com, Jul 2026) · sales +1.8%

Story as of 2026-10-16T09:58:32.505Z; price observation 2026-10-15.

Price needs cash profits to shrink 21.9% a year for ten years

- 2025-09-26: Concentrix Cuts Fiscal-Year Profit Outlook as Tariffs Continue to Faze Clients ([finance.yahoo.com](https://finance.yahoo.com/m/41bff144-9316-32ed-a6ce-a46a3fd82268/concentrix-cuts-fiscal-year.html))

- 2025-10-06: Concentrix (CNXC): Reassessing Valuation After Margin Pressures and Updated Full-Year Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/concentrix-cnxc-reassessing-valuation-margin-121918264.html))

- 2026-03-25: Why Concentrix (CNXC) Is Down 14.0% After Margin Squeeze and Cautious 2026 Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/why-concentrix-cnxc-down-14-180657159.html))

- 2026-06-30: Concentrix plummets 23% as FY EPS outlook disappoints ([seekingalpha.com](https://seekingalpha.com/news/4608323-concentrix-plummets-23-as-fy-eps-outlook-disappoints?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-14: Concentrix Conference: AI Bookings Surge 400% as Offshoring Pressures Sales ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/concentrix-conference-ai-bookings-surge-100413070.html))

- 2026-09-30: Update: Concentrix Shares Fall Pre-Bell Amid Lower Fiscal Q3 Revenue, Lower Fiscal 2026 Revenue ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/concentrix-shares-fall-pre-bell-082930069.html))

### Sales · FY2025–2026

sales +1.8%; source https://www.sec.gov/Archives/edgar/data/1803599/000180359926000027/cnxc-20251130.htm; observed 2026-01-28.

- FY2017: $2.0B 

- FY2018: $2.5B 

- FY2019: $4.7B 

- FY2020: $4.7B 

- FY2021: $5.6B 

- FY2022: $6.3B 

- FY2023: $7.1B 

- FY2024: $9.6B 

- FY2025: $9.8B 

- FY2026: $10.0B 

### Gross margin · FY2025

gross margin 35%; source https://www.sec.gov/Archives/edgar/data/1803599/000180359926000027/cnxc-20251130.htm; observed 2026-01-28.

- FY2017: 37.6% 

- FY2018: 38.1% 

- FY2019: 37.1% 

- FY2020: 35.2% 

- FY2021: 35.3% 

- FY2022: 35.7% 

- FY2023: 36.2% 

- FY2024: 35.9% 

- FY2025: 35.0% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are USD 9.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1803599/000180359926000027/cnxc-20251130.htm (filed 2026-01-28); FY2025: revenue 9825771000; grossProfit 3435011000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CNXC.US: Concentrix Corporation designs, builds, and runs integrated customer experience (CX) solutions worldwide. It provides CX process optimization, technology innovation and design engineering, front- and back-office automation, analytics, and business transformation services to clients in various industry verticals comprising technology and consumer electronics; retail, travel, and e-commerce; communications and media; banking, financial services, and insurance; and healthcare. The company also offers customer lifecycle management; CX and user experience strategy and design; data analytics, enterprise intelligence, artificial intelligence readiness, and actionable insights; digital operations, such as B2B sales, performance marketing, customer loyalty, trust and safety, collections, and financial compliance; and GenAI and agentic AI technologies. In addition, it provides digital transformation services that designs and engineer CX solutions to enable efficient customer self-service and build customer loyalty; customer engagement solutions and services that address the entirety of the customer lifecycle; and AI technology that can intelligently act on customer intent to improve customer experience with non-human engagement. Further, the company offers self-service GenAI and agentic AI assistants for applications in data analysis, language translations, and internal chatbots; voice of the customer and analytics solutions to gather and analyze customer feedback; analytics and consulting solutions that synthesize data and provide professional insight to improve clients' customer experience strategies; specialized support to specific industry verticals; and back office services that support clients in non-customer facing areas. It serves technology and consumer electronics, retail, travel and e-commerce, communications and media, banking, financial services and insurance, healthcare, and other industries. The company was founded in 2004 and is based in Newark, California.

### Why customers stay

Margins ranged from 35% to 36.2% during 2023–25; it earns 11.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2023: grossProfit / revenue = 36.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2024: grossProfit / revenue = 35.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1803599/000180359926000027/cnxc-20251130.htm (filed 2026-01-28); FY2025: grossProfit / revenue = 35%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); 9-year return on capital observations [[2018,0.05656048799869681],[2019,0.11778484277976362],[2020,0.0996340943356979],[2021,0.21606068247443974],[2022,0.1955119541051541],[2023,0.11708150615324153],[2024,0.11861540890353826],[2025,0.1423085904876401]]; median 0.11820012584165093. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 36% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1803599/000180359926000027/cnxc-20251130.htm (filed 2026-01-28); Gross margin observations: [[2021,0.352511672154093],[2022,0.35690926342795676],[2023,0.36233893571990183]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 8 of 9 years; bought back USD 188.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2017: growth capex 0; upkeep 78702000; owner earnings 123416000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2018: growth capex 0; upkeep 92518000; owner earnings 110351000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2019: growth capex 0; upkeep 111122000; cash acquisitions 9426000; owner earnings 311822000. Growth capex plus acquisitions / owner earnings = 0.03022878437057039.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2020: growth capex 0; upkeep 171332000; cash acquisitions 5560000; owner earnings 270045000. Growth capex plus acquisitions / owner earnings = 0.0205891610657483.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2021: growth capex 0; upkeep 149079000; cash acquisitions 3279000; owner earnings 533673000. Growth capex plus acquisitions / owner earnings = 0.006144211905042976.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2022: growth capex 0; upkeep 140018000; cash acquisitions 1698261000; owner earnings 604568000. Growth capex plus acquisitions / owner earnings = 2.8090487753238675.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2023: growth capex 0; upkeep 180532000; cash acquisitions 1914079000; owner earnings 521605000. Growth capex plus acquisitions / owner earnings = 3.669594808331975.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); FY2024: growth capex 0; upkeep 238762000; cash acquisitions 5504000; owner earnings 718300000. Growth capex plus acquisitions / owner earnings = 0.00766253654461924.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); Dividend observations: [[2017,0],[2018,13082000],[2019,13082000],[2020,13082000],[2021,13082000],[2022,53430000],[2023,63495000],[2024,83807000],[2025,89618000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1803599/000180359926000027/cnxc-20251130.htm (filed 2026-01-28); FY2025: cash repurchases 188713000 USD.

### Are managers owners

Insiders own 17.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CNXC.US SharesStats.PercentInsiders = 17.485 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 21.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-01-28); Ten-year compound average after fade. Initial solved rate -0.3124862825061757. Price 27.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2020-11: $80.00 per share

- 2020-12: $98.70 per share

- 2021-01: $106.92 per share

- 2021-02: $123.51 per share

- 2021-03: $149.72 per share

- 2021-04: $155.38 per share

- 2021-05: $152.72 per share

- 2021-06: $160.80 per share

- 2021-07: $163.73 per share

- 2021-08: $173.39 per share

- 2021-09: $177.00 per share

- 2021-10: $177.68 per share

- 2021-11: $166.00 per share

- 2021-12: $178.62 per share

- 2022-01: $200.99 per share

- 2022-02: $199.89 per share

- 2022-03: $166.56 per share

- 2022-04: $157.48 per share

- 2022-05: $154.89 per share

- 2022-06: $135.64 per share

- 2022-07: $133.76 per share

- 2022-08: $125.78 per share

- 2022-09: $111.63 per share

- 2022-10: $122.23 per share

- 2022-11: $122.38 per share

- 2022-12: $133.16 per share

- 2023-01: $141.81 per share

- 2023-02: $136.84 per share

- 2023-03: $121.55 per share

- 2023-04: $96.51 per share

- 2023-05: $87.70 per share

- 2023-06: $80.75 per share

- 2023-07: $83.24 per share

- 2023-08: $79.83 per share

- 2023-09: $80.11 per share

- 2023-10: $76.21 per share

- 2023-11: $93.99 per share

- 2023-12: $98.21 per share

- 2024-01: $88.87 per share

- 2024-02: $72.45 per share

- 2024-03: $66.22 per share

- 2024-04: $54.67 per share

- 2024-05: $61.33 per share

- 2024-06: $63.28 per share

- 2024-07: $70.50 per share

- 2024-08: $75.23 per share

- 2024-09: $51.25 per share

- 2024-10: $42.51 per share

- 2024-11: $44.95 per share

- 2024-12: $43.27 per share

- 2025-01: $52.28 per share

- 2025-02: $45.16 per share

- 2025-03: $55.64 per share

- 2025-04: $51.06 per share

- 2025-05: $55.97 per share

- 2025-06: $52.86 per share

- 2025-07: $51.97 per share

- 2025-08: $52.76 per share

- 2025-09: $46.15 per share

- 2025-10: $40.31 per share

- 2025-11: $36.21 per share

- 2025-12: $41.58 per share

- 2026-01: $37.35 per share

- 2026-02: $32.80 per share

- 2026-03: $27.36 per share

- 2026-04: $23.82 per share

- 2026-05: $28.29 per share

- 2026-06: $22.41 per share

- 2026-07: $24.60 per share

- 2026-08: $30.10 per share

- 2026-09: $24.95 per share

- 2026-10: $27.67 per share

## Annual estimated value (USD per share)

- FY2021: low $74.32 per share, central $84.38 per share, high $97.77 per share

- FY2022: low $89.09 per share, central $101.29 per share, high $117.53 per share

- FY2023: low $112.49 per share, central $127.04 per share, high $146.42 per share

- FY2024: low $124.30 per share, central $140.93 per share, high $163.08 per share

- FY2025: low $129.35 per share, central $146.90 per share, high $170.26 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/1803599/000180359926000027/cnxc-20251130.htm); period 2025-11-30, filed 2026-01-28.

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.