# Globant (GLOB.US)

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

Analysis as of: 2026-10-16T07:28:48.228Z. Financial observations: FY2010–FY2025.

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: $39.23 per share; close as of 2026-10-15.

Estimated value: low $72.74 per share, central $102.72 per share, high $120.18 per share. Buy at or below the central value $102.72 per share. Valuation as of 2026-10-16T07:28:48.228Z; scenarios are not confidence intervals.

Expected annual return: 21.1% at the stated quote. About 21.1% 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: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.08×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.10×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.09×

- FY2024: 0.09×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 27.0%

- ROIC, second-lowest year: 19.7%

- Typical minus recent gross margin: 1.9 pp

- Typical gross margin (annual median): 36.9%

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

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.8%

- ROIC including acquisitions, ten-year median: 12.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.5%

- FY2017: 24.4%

- FY2018: 31.8%

- FY2019: 22.8%

- FY2020: 19.7%

- FY2021: 26.4%

- FY2022: 28.2%

- FY2023: 27.7%

- FY2024: 28.9%

- FY2025: 17.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.49×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.0B

- Net income, five-year total: $672M

- Return on incremental invested capital: 60.0%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.9 pp

- Working capital / revenue, final three-year average: 23.7%

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

- FY2021: 1.03×

- FY2022: 1.08×

- FY2023: 1.08×

- FY2024: 1.81×

- FY2025: 2.64×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 31.8% vs 27.7%

- Per-share earnings: 0.90 to 3.61 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: $1.7B

- Cumulative retained earnings: $860M

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

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.0%

- Per-share value change: $2.71

- Per-share value, starting three-year median: $0.90

- Per-share value, ending three-year median: $3.61

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.5%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $1.9B

- Cumulative net income, 10 years: $898M

- ROIC, first three-year median: 31.8%

- ROIC, last three-year median: 27.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.01

- FY2017: $0.84

- FY2018: $1.40

- FY2019: $1.42

- FY2020: $1.33

- FY2021: $2.24

- FY2022: $3.46

- FY2023: $3.61

- FY2024: $3.68

- FY2025: $2.30

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 27.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.72×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.93×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.5%

- FY2017: -3.5%

- FY2018: -3.5%

- FY2019: -3.7%

- FY2020: -3.5%

- FY2021: -4.4%

- FY2022: -2.2%

- FY2023: -5.9%

- FY2024: -2.6%

- FY2025: -5.4%

## 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 88% since Oct 2021 · "But the transition is coming with slower revenue growth and restructuring costs." (finance.yahoo.com, Sep 2026) · sales +1.6%

Story as of 2026-10-16T09:58:49.615Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.2% a year for ten years

- 2025-08-15: Globant shares slide after weak outlook and in-line quarter ([investing.com](https://www.investing.com/news/stock-market-news/globant-shares-slide-after-weak-outlook-and-inline-quarter-4195434))

- 2025-09-11: Globant (GLOB) Sees 11% Stock Decline Last Week Amid Modest Earnings Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/globant-glob-sees-11-stock-184805080.html))

- 2025-11-20: Globant downgraded as weak demand and new business model weigh on 2026 growth ([finance.yahoo.com](https://finance.yahoo.com/news/globant-downgraded-weak-demand-business-140436128.html))

- 2025-12-04: Globant (GLOB) Is Up 10.2% After Securing Expanded FIFA Deal and Salesforce AI Recognition ([finance.yahoo.com](https://finance.yahoo.com/news/globant-glob-10-2-securing-131103460.html))

- 2026-03-18: How The Globant (GLOB) Narrative Is Shifting With AI Pods And Lower Growth Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/globant-glob-narrative-shifting-ai-061611562.html))

- 2026-08-14: Globant stock plunges after full-year outlook cut ([seekingalpha.com](https://seekingalpha.com/news/4633063-globant-stock-plunges-after-full-year-outlook-cut?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +1.6%; source https://www.sec.gov/Archives/edgar/data/1557860/000162828026012910/glob-20251231.htm; observed 2026-02-27.

- FY2016: $323M 

- FY2017: $413M 

- FY2018: $522M 

- FY2019: $659M 

- FY2020: $814M 

- FY2021: $1.3B 

- FY2022: $1.8B 

- FY2023: $2.1B 

- FY2024: $2.4B 

- FY2025: $2.5B 

### Gross margin · FY2025

gross margin 35%; source https://www.sec.gov/Archives/edgar/data/1557860/000162828026012910/glob-20251231.htm; observed 2026-02-27.

- FY2016: 40.9% 

- FY2017: 36.5% 

- FY2018: 35.8% 

- FY2019: 38.5% 

- FY2020: 37.4% 

- FY2021: 38.2% 

- FY2022: 37.6% 

- FY2023: 36.1% 

- FY2024: 35.7% 

- 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 2.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1557860/000162828026012910/glob-20251231.htm (filed 2026-02-27); FY2025: revenue 2454877000; grossProfit 859291000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GLOB.US: Globant S.A., together with its subsidiaries, provides technology services in the United States, rest of North America, Latin America, Europe, and internationally. The company offers Digital Studio, which integrates artificial intelligence into the software development; GUT Studio, which allows clients to better connect brands; and Enterprise Studio, which leverages technology for streamlined operations and productivity. It also provides AI Industry Studios for the financial services; media, entertainment, sports, and leisure; healthcare and life sciences; CPG, retail, and automotive; gaming and EdTech; airlines; energy, oil, and gas; and high tech and professional services sectors. In addition, the company offers AI Pods, a subscription-based delivery model for AI-powered services; Globant Enterprise AI, an agentic innovation platform; Corporate Hub, which grounds intelligence in how the organization operates; AI Hub, which connects and governs foundation and custom models, continuous evaluation, and optimization; and Agents Hub, which enables autonomous action through the creation and coordination of agents and agentic workflows. Further, it provides GeneXus for enterprise systems evolution; Globant CODA for software development; Navigate Digital Twin for process optimization; Navigate Service Assist for support; and Fusion, for marketing, communications, and advertising, as well as StarMeUp, an employee engagement and talent experience platform; and DaXia, an embedded finance accelerator platform. Globant S.A. has a strategic collaboration with Pharma Mar, S.A. for cancer drug discovery through artificial intelligence; and Viability and Cascadience LLC to launch AI-powered platform for students with disabilities. The company was formerly known as IT Outsourcing S.L. and changed its name to Globant S.A. in December 2012. Globant S.A. was founded in 2003 and is based in Luxembourg, Luxembourg.

### Why customers stay

Margins ranged from 35% to 36.1% during 2023–25; it earns 27% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 36.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 35.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1557860/000162828026012910/glob-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 35%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.3448855878137859],[2017,0.24359957843988733],[2018,0.31764530619530923],[2019,0.22790368592296403],[2020,0.19714988423475677],[2021,0.26353648719161427],[2022,0.28217215160700143],[2023,0.2768965089152788],[2024,0.28942835400747163],[2025,0.17934618345999734]]; median 0.2702164980534465. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years; bought back USD 56.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 6704537.825514801; upkeep 17329462.1744852; owner earnings 29450537.8255148. Growth capex / owner earnings = 0.22765417274336666.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 9189141.774469621; upkeep 18862858.22553038; owner earnings 27728141.77446962. Growth capex / owner earnings = 0.33140128354834153.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 8339000; upkeep 20543000; owner earnings 51596000. Growth capex / owner earnings = 0.1616210558958059.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 31992000; owner earnings 60862000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 4982000; upkeep 48480000; owner earnings 54217000. Growth capex / owner earnings = 0.09188999760222809.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 77634000; owner earnings 98717000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 95430000; owner earnings 161394000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 126801000; owner earnings 171598000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 27733000; owner earnings 300730000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1557860/000162828026012910/glob-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 19223000; owner earnings 271477000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,12489000],[2023,44833000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1557860/000162828026012910/glob-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 56126000 USD.

### Are managers owners

Insiders own 2.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); GLOB.US SharesStats.PercentInsiders = 2.817 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 6.2% yearly over ten years; actual growth was 22.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate -0.099646228480131. Price 39.23; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8003113846203117 → FY2025 6.055294091405884. Closing-price date 2026-10-15.

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

- 2016-10: $43.50 per share

- 2016-11: $34.26 per share

- 2016-12: $33.35 per share

- 2017-01: $33.15 per share

- 2017-02: $36.30 per share

- 2017-03: $36.40 per share

- 2017-04: $37.89 per share

- 2017-05: $39.16 per share

- 2017-06: $43.44 per share

- 2017-07: $45.97 per share

- 2017-08: $38.89 per share

- 2017-09: $40.07 per share

- 2017-10: $37.72 per share

- 2017-11: $40.00 per share

- 2017-12: $46.46 per share

- 2018-01: $45.44 per share

- 2018-02: $52.08 per share

- 2018-03: $51.54 per share

- 2018-04: $45.01 per share

- 2018-05: $51.50 per share

- 2018-06: $56.79 per share

- 2018-07: $55.44 per share

- 2018-08: $64.88 per share

- 2018-09: $58.99 per share

- 2018-10: $51.48 per share

- 2018-11: $58.65 per share

- 2018-12: $56.32 per share

- 2019-01: $67.60 per share

- 2019-02: $68.89 per share

- 2019-03: $71.40 per share

- 2019-04: $83.99 per share

- 2019-05: $92.84 per share

- 2019-06: $101.05 per share

- 2019-07: $106.00 per share

- 2019-08: $94.93 per share

- 2019-09: $91.58 per share

- 2019-10: $93.26 per share

- 2019-11: $107.00 per share

- 2019-12: $106.05 per share

- 2020-01: $122.70 per share

- 2020-02: $113.01 per share

- 2020-03: $87.88 per share

- 2020-04: $115.67 per share

- 2020-05: $140.21 per share

- 2020-06: $149.85 per share

- 2020-07: $172.94 per share

- 2020-08: $177.58 per share

- 2020-09: $179.22 per share

- 2020-10: $180.61 per share

- 2020-11: $188.68 per share

- 2020-12: $217.61 per share

- 2021-01: $192.00 per share

- 2021-02: $214.72 per share

- 2021-03: $207.61 per share

- 2021-04: $229.18 per share

- 2021-05: $217.87 per share

- 2021-06: $219.18 per share

- 2021-07: $239.16 per share

- 2021-08: $322.28 per share

- 2021-09: $281.01 per share

- 2021-10: $319.19 per share

- 2021-11: $265.01 per share

- 2021-12: $314.09 per share

- 2022-01: $255.18 per share

- 2022-02: $274.00 per share

- 2022-03: $262.07 per share

- 2022-04: $215.99 per share

- 2022-05: $189.51 per share

- 2022-06: $174.00 per share

- 2022-07: $199.24 per share

- 2022-08: $210.77 per share

- 2022-09: $187.08 per share

- 2022-10: $188.68 per share

- 2022-11: $187.38 per share

- 2022-12: $168.16 per share

- 2023-01: $162.18 per share

- 2023-02: $165.08 per share

- 2023-03: $164.01 per share

- 2023-04: $156.87 per share

- 2023-05: $183.81 per share

- 2023-06: $179.72 per share

- 2023-07: $174.73 per share

- 2023-08: $204.47 per share

- 2023-09: $197.85 per share

- 2023-10: $170.29 per share

- 2023-11: $220.80 per share

- 2023-12: $237.98 per share

- 2024-01: $235.81 per share

- 2024-02: $223.17 per share

- 2024-03: $201.90 per share

- 2024-04: $178.59 per share

- 2024-05: $161.12 per share

- 2024-06: $178.26 per share

- 2024-07: $194.71 per share

- 2024-08: $202.24 per share

- 2024-09: $198.14 per share

- 2024-10: $209.89 per share

- 2024-11: $227.76 per share

- 2024-12: $214.42 per share

- 2025-01: $213.32 per share

- 2025-02: $150.53 per share

- 2025-03: $117.72 per share

- 2025-04: $117.57 per share

- 2025-05: $98.09 per share

- 2025-06: $90.84 per share

- 2025-07: $84.26 per share

- 2025-08: $67.26 per share

- 2025-09: $57.38 per share

- 2025-10: $61.58 per share

- 2025-11: $63.63 per share

- 2025-12: $65.37 per share

- 2026-01: $66.88 per share

- 2026-02: $49.76 per share

- 2026-03: $46.11 per share

- 2026-04: $41.23 per share

- 2026-05: $40.36 per share

- 2026-06: $28.94 per share

- 2026-07: $36.60 per share

- 2026-08: $40.71 per share

- 2026-09: $34.70 per share

- 2026-10: $39.23 per share

## Annual estimated value (USD per share)

- FY2016: low $10.56 per share, central $11.81 per share, high $13.47 per share

- FY2017: low $12.78 per share, central $14.35 per share, high $16.43 per share

- FY2018: low $17.37 per share, central $19.48 per share, high $22.29 per share

- FY2019: low $19.42 per share, central $21.84 per share, high $25.05 per share

- FY2020: low $31.59 per share, central $42.16 per share, high $48.32 per share

- FY2021: low $41.51 per share, central $54.93 per share, high $62.75 per share

- FY2022: low $58.09 per share, central $79.91 per share, high $92.62 per share

- FY2023: low $59.55 per share, central $82.28 per share, high $95.52 per share

- FY2024: low $62.13 per share, central $87.71 per share, high $102.60 per share

- FY2025: low $71.98 per share, central $100.90 per share, high $117.74 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 2026-10-15T06:34:30.647Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1557860/000162828026012910/glob-20251231.htm); period 2025-12-31, filed 2026-02-27.

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.