# Infosys (INFY.US)

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

Analysis as of: 2026-10-16T07:29:20.130Z. Financial observations: FY1999–FY2027.

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: $12.13 per share; close as of 2026-10-15.

Estimated value: low $12.75 per share, central $16.93 per share, high $19.72 per share. Buy at or below the central value $16.93 per share. Valuation as of 2026-10-16T07:29:20.130Z; 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: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.24×

- FY2019: 0.23×

- FY2020: 0.21×

- FY2021: 0.25×

- FY2022: 0.23×

- FY2023: 0.21×

- FY2024: 0.21×

- FY2025: 0.21×

- FY2026: 0.20×

- LTM to Jun 2026: 0.20×

### moat: pass

- ROIC, median of available years: 39.0%

- ROIC, second-lowest year: 33.9%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 31.5%

- Recent gross margin (lower of latest and 3-year median): 30.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 37.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 33.9%

- FY2019: 35.7%

- FY2020: 4.6%

- FY2021: 36.8%

- FY2022: 41.7%

- FY2023: 39.9%

- FY2024: 38.1%

- FY2025: 44.7%

- FY2026: 52.5%

- LTM to Jun 2026: 51.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $17B

- Net income, five-year total: $16B

- Return on incremental invested capital: 71.6%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 29.8%

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

- FY2022: 1.06×

- FY2023: 1.07×

- FY2024: 1.09×

- FY2025: 1.10×

- FY2026: 1.07×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 33.9% vs 44.7%

- Per-share earnings: 0.47 to 0.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: $19B

- Cumulative retained earnings: $1.3B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 6.3%

- Per-share value change: $0.30

- Per-share value, starting three-year median: $0.47

- Per-share value, ending three-year median: $0.77

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 2.2%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: $27B

- ROIC, first three-year median: 33.9%

- ROIC, last three-year median: 44.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: $0.47

- FY2018: $0.57

- FY2019: $0.53

- FY2020: $0.55

- FY2021: $0.62

- FY2022: $0.71

- FY2023: $0.72

- FY2024: $0.75

- FY2025: $0.77

- FY2026: $0.81

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.3%

- FY2018: 1.9%

- FY2019: -0.5%

- FY2020: -2.3%

- FY2021: -4.4%

- FY2022: -2.5%

- FY2023: 0.8%

- FY2024: 0.1%

- FY2025: -6.8%

- FY2026: -4.4%

## Holders

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

## Price story

Down 52% since Dec 2021 · "Infosys Cuts Revenue Forecast as IT Service Demand Remains Muted" (finance.yahoo.com, Jul 2026) · sales +0.7%

Story as of 2026-10-16T09:58:56.966Z; price observation 2026-10-15.

Price needs cash profits to grow 1.2% a year for ten years

- 2025-04-17: Infosys forecasts weak fiscal 2026, stoking growth concerns for Indian IT sector ([sg.finance.yahoo.com](https://sg.finance.yahoo.com/news/indias-infosys-misses-fourth-quarter-110355766.html))

- 2025-09-22: Infosys, Other Indian Tech Stocks Drop After Trump Hikes H-1B Visa Fee ([finance.yahoo.com](https://finance.yahoo.com/m/d811c7a6-7ca8-32da-9e18-290e2408e099/infosys%2C-other-indian-tech.html))

- 2025-10-16: Infosys lifts growth floor amid steady deal wins ([finance.yahoo.com](https://finance.yahoo.com/news/infosys-lifts-growth-floor-amid-132659811.html))

- 2025-12-15: Tata and Infosys to Bear Brunt of Trump’s $100,000 H-1B Worker Fee ([finance.yahoo.com](https://finance.yahoo.com/news/tata-infosys-bear-brunt-trump-172928192.html))

- 2026-04-23: India's Infosys forecasts weak revenue growth as AI-driven caution dents IT spending ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/indias-infosys-beats-quarterly-revenue-113742321.html))

- 2026-07-23: Infosys Cuts Revenue Forecast as IT Service Demand Remains Muted ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/infosys-cuts-revenue-forecast-demand-110904155.html))

### Sales · FY2026–2027

sales +0.7%; source https://www.sec.gov/Archives/edgar/data/1067491/000119312526270520/infy-20260331.htm; observed 2026-06-15.

- FY2018: $11B 

- FY2019: $12B 

- FY2020: $13B 

- FY2021: $14B 

- FY2022: $16B 

- FY2023: $18B 

- FY2024: $19B 

- FY2025: $19B 

- FY2026: $20B 

- FY2027: $20B 

### Gross margin · FY2027

gross margin 30.3%; source https://www.sec.gov/Archives/edgar/data/1067491/000119312526270520/infy-20260331.htm; observed 2026-06-15.

- FY2018: 36.0% 

- FY2019: 34.9% 

- FY2020: 33.1% 

- FY2021: 34.9% 

- FY2022: 32.6% 

- FY2023: 30.2% 

- FY2024: 30.1% 

- FY2025: 30.5% 

- FY2026: 30.2% 

- FY2027: 30.3% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are USD 20.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1067491/000119312526270520/infy-20260331.htm (filed 2026-06-15); FY2026: revenue 20158000000; grossProfit 6079000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INFY.US: Infosys Limited provides consulting, technology, outsourcing, and digital services worldwide. The company offers insight services, such as applied and generative AI, sustainability services, and Infosys Topaz, an AI-first set of services, solutions, and platforms; blockchain, Internet of Things, and engineering services; cybersecurity and quality engineering services; and enterprise agile DevOps, API economy and microservices, application modernization, and digital process automation. It also provides digital supply chain, Microsoft business application services, Microsoft cloud business, Oracle, SAP, service experience transformation, Salesforce, energy transition, network transformation services, infrastructure services, global capability center, and Infosys Cobalt, a suite of services, solutions, and platforms. In addition, the company offers experience services, including digital marketing, digital commerce, digital interactions, digital workplace services, digital experience, metaverse, and Infosys Aster, a marketing suite; and EdgeVerve, Infosys Finacle, Infosys Live Enterprise Suite, Infosys Cortex, Infosys Meridian, Panaya, Infosys Equinox, Infosys Topaz Fabric, Infosys Wingspan, Infosys Helix, and Infosys Polycloud platforms. It serves aerospace and defense, agriculture, automotive, chemical manufacturing, communication services, consumer packaged goods, education, engineering procurement and construction, financial services, oil and gas, private equity, professional services, public sector, healthcare, high technology, industrial manufacturing, information services and publishing, insurance, life sciences, logistics and distribution, media, entertainment, mining, retail, semiconductor, travel and hospitality, utilities, and waste management industries. The company was formerly known as Infosys Technologies Limited and changed its name to Infosys Limited in June 2011. Infosys Limited was incorporated in 1981 and is headquartered in Bengaluru, India.

### Why customers stay

Margins ranged from 30.1% to 30.5% during 2024–26; it earns 39% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2024: grossProfit / revenue = 30.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2025: grossProfit / revenue = 30.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1067491/000119312526270520/infy-20260331.htm (filed 2026-06-15); FY2026: grossProfit / revenue = 30.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); 10-year return on capital observations [[2018,0.3389481710248245],[2019,0.35690126040686215],[2020,0.04558174208714128],[2021,0.3681989907312293],[2022,0.41731264621130093],[2023,0.398509515265026],[2024,0.38098415889047893],[2025,0.4467877522721515],[2026,0.5252809483292085],[2027,0.5172216988356223]]; median 0.3897468370777525. 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 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2017: growth capex 117700186.72524774; upkeep 293299813.27475226; owner earnings 2100700186.7252479. Growth capex / owner earnings = 0.05602902664026937.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2018: growth capex 21000000; upkeep 289000000; owner earnings 2486000000. Growth capex / owner earnings = 0.008447304907481898.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2019: growth capex 62000000; upkeep 287000000; owner earnings 2199000000. Growth capex / owner earnings = 0.02819463392451114.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2020: growth capex 58000000; upkeep 407000000; owner earnings 2331000000. Growth capex / owner earnings = 0.024882024882024883.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2021: growth capex 0; upkeep 285000000; owner earnings 2769000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2022: growth capex 0; upkeep 290000000; owner earnings 3139000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2023: growth capex 0; upkeep 319000000; owner earnings 3186000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2024: growth capex 0; upkeep 266000000; owner earnings 3466000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); FY2025: growth capex 0; upkeep 263000000; owner earnings 3465556000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1067491/000119312526270520/infy-20260331.htm (filed 2026-06-15); FY2026: growth capex 0; upkeep 306000000; owner earnings 3559000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); Dividend observations: [[2017,1032000000],[2018,1156000000],[2019,1956000000],[2020,1359000000],[2021,1226000000],[2022,1703000000],[2023,1697000000],[2024,1777000000],[2025,2416000000],[2026,2133000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1067491/000119312526270520/infy-20260331.htm (filed 2026-06-15); FY2026: cash repurchases 2006000000 USD.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); INFY.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.2% yearly over ten years; actual growth was 7.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-15); Ten-year compound average after fade. Initial solved rate -0.005174076137589745. Price 12.13; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.43490022424343067 → FY2026 0.8691086691086691. Closing-price date 2026-10-15.

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

- 2016-10: $7.63 per share

- 2016-11: $7.24 per share

- 2016-12: $7.42 per share

- 2017-01: $6.89 per share

- 2017-02: $7.57 per share

- 2017-03: $7.90 per share

- 2017-04: $7.28 per share

- 2017-05: $7.55 per share

- 2017-06: $7.51 per share

- 2017-07: $7.90 per share

- 2017-08: $7.50 per share

- 2017-09: $7.30 per share

- 2017-10: $7.43 per share

- 2017-11: $7.78 per share

- 2017-12: $8.11 per share

- 2018-01: $9.01 per share

- 2018-02: $8.83 per share

- 2018-03: $8.93 per share

- 2018-04: $8.84 per share

- 2018-05: $9.10 per share

- 2018-06: $9.72 per share

- 2018-07: $10.09 per share

- 2018-08: $10.39 per share

- 2018-09: $10.17 per share

- 2018-10: $9.47 per share

- 2018-11: $9.86 per share

- 2018-12: $9.52 per share

- 2019-01: $10.80 per share

- 2019-02: $10.72 per share

- 2019-03: $10.93 per share

- 2019-04: $10.76 per share

- 2019-05: $10.47 per share

- 2019-06: $10.70 per share

- 2019-07: $11.32 per share

- 2019-08: $11.49 per share

- 2019-09: $11.37 per share

- 2019-10: $9.59 per share

- 2019-11: $9.83 per share

- 2019-12: $10.32 per share

- 2020-01: $10.96 per share

- 2020-02: $10.07 per share

- 2020-03: $8.21 per share

- 2020-04: $9.23 per share

- 2020-05: $9.10 per share

- 2020-06: $9.66 per share

- 2020-07: $12.85 per share

- 2020-08: $12.60 per share

- 2020-09: $13.81 per share

- 2020-10: $14.27 per share

- 2020-11: $15.22 per share

- 2020-12: $16.95 per share

- 2021-01: $16.88 per share

- 2021-02: $17.12 per share

- 2021-03: $18.72 per share

- 2021-04: $18.08 per share

- 2021-05: $19.34 per share

- 2021-06: $21.19 per share

- 2021-07: $22.12 per share

- 2021-08: $23.82 per share

- 2021-09: $22.25 per share

- 2021-10: $22.28 per share

- 2021-11: $22.58 per share

- 2021-12: $25.31 per share

- 2022-01: $23.57 per share

- 2022-02: $22.46 per share

- 2022-03: $24.89 per share

- 2022-04: $19.87 per share

- 2022-05: $18.86 per share

- 2022-06: $18.51 per share

- 2022-07: $19.49 per share

- 2022-08: $18.30 per share

- 2022-09: $16.97 per share

- 2022-10: $18.73 per share

- 2022-11: $20.35 per share

- 2022-12: $18.01 per share

- 2023-01: $18.80 per share

- 2023-02: $17.94 per share

- 2023-03: $17.44 per share

- 2023-04: $15.54 per share

- 2023-05: $15.96 per share

- 2023-06: $16.07 per share

- 2023-07: $16.66 per share

- 2023-08: $17.37 per share

- 2023-09: $17.11 per share

- 2023-10: $16.42 per share

- 2023-11: $17.55 per share

- 2023-12: $18.38 per share

- 2024-01: $19.86 per share

- 2024-02: $19.96 per share

- 2024-03: $17.93 per share

- 2024-04: $16.71 per share

- 2024-05: $16.75 per share

- 2024-06: $18.62 per share

- 2024-07: $22.13 per share

- 2024-08: $23.28 per share

- 2024-09: $22.27 per share

- 2024-10: $20.91 per share

- 2024-11: $22.07 per share

- 2024-12: $21.92 per share

- 2025-01: $21.95 per share

- 2025-02: $20.10 per share

- 2025-03: $18.25 per share

- 2025-04: $17.60 per share

- 2025-05: $18.19 per share

- 2025-06: $18.53 per share

- 2025-07: $16.72 per share

- 2025-08: $16.82 per share

- 2025-09: $16.27 per share

- 2025-10: $16.57 per share

- 2025-11: $17.48 per share

- 2025-12: $17.82 per share

- 2026-01: $17.58 per share

- 2026-02: $14.44 per share

- 2026-03: $13.51 per share

- 2026-04: $12.46 per share

- 2026-05: $12.65 per share

- 2026-06: $10.49 per share

- 2026-07: $12.03 per share

- 2026-08: $12.06 per share

- 2026-09: $10.76 per share

- 2026-10: $11.40 per share

## Annual estimated value (USD per share)

- FY2017: low $7.42 per share, central $9.73 per share, high $11.23 per share

- FY2018: low $8.01 per share, central $10.59 per share, high $12.27 per share

- FY2019: low $8.47 per share, central $10.70 per share, high $12.37 per share

- FY2020: low $8.50 per share, central $11.07 per share, high $12.84 per share

- FY2021: low $9.52 per share, central $12.34 per share, high $14.30 per share

- FY2022: low $10.54 per share, central $13.70 per share, high $15.92 per share

- FY2023: low $11.20 per share, central $15.19 per share, high $17.73 per share

- FY2024: low $11.30 per share, central $15.10 per share, high $17.57 per share

- FY2025: low $12.74 per share, central $16.86 per share, high $19.58 per share

- FY2026: low $12.68 per share, central $16.79 per share, high $19.53 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 2026-10-15T06:35:03.516Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1067491/000119312526270520/infy-20260331.htm); period 2026-03-31, filed 2026-06-15.

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

- [Sarah Ketterer](https://gigainvestors.com/CAU): 526,963 INFY shares; USD 5,528,000 reported position value; 0.06% of portfolio; reduce; quarter 2026 Q2.

# INFY — Infosys Ltd.

Held by 1 investor · USD 5,528,000 total · 2026 Q2 · reported price USD 10.49 (split-adjusted).
Page: https://gigainvestors.com/s/INFY

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 5,528,000 | 0.1% | reduce -72.21% |

## Total held by quarter

- 2015 Q3: USD 8,976,118 · 1 holder · USD 19.09
- 2015 Q4: USD 3,671,600 · 1 holder · USD 16.75
- 2016 Q1: USD 3,671,600 · 1 holder · USD 16.75
- 2016 Q2: USD 4,100,712 · 1 holder · USD 19.02
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 478,005 · 1 holder · USD 15.33
- 2017 Q2: USD 440,067 · 1 holder · USD 14.37
- 2017 Q3: USD 463,152 · 1 holder · USD 14.61
- 2017 Q4: USD 46,496,252 · 1 holder · USD 16.22
- 2018 Q1: USD 63,309,541 · 1 holder · USD 17.85
- 2018 Q2: USD 75,249,359 · 1 holder · USD 19.43
- 2018 Q3: USD 47,351,306 · 1 holder · USD 10.17
- 2018 Q4: USD 31,496,910 · 1 holder · USD 9.52
- 2019 Q1: USD 39,790,282 · 1 holder · USD 10.93
- 2019 Q2: USD 39,300,437 · 1 holder · USD 10.70
- 2019 Q3: USD 40,793,684 · 1 holder · USD 11.37
- 2019 Q4: USD 0 · 0 holders
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 18,356,674 · 1 holder · USD 18.01
- 2023 Q1: USD 15,656,341 · 1 holder · USD 17.44
- 2023 Q2: USD 69,571,562 · 2 holders · USD 16.07
- 2023 Q3: USD 72,876,743 · 2 holders · USD 17.11
- 2023 Q4: USD 73,435,544 · 2 holders · USD 18.38
- 2024 Q1: USD 9,707,768 · 1 holder · USD 17.93
- 2024 Q2: USD 9,881,876 · 1 holder · USD 18.62
- 2024 Q3: USD 50,092,980 · 2 holders · USD 22.27
- 2024 Q4: USD 48,759,331 · 2 holders · USD 21.92
- 2025 Q1: USD 48,146,311 · 1 holder · USD 18.25
- 2025 Q2: USD 5,261,167 · 1 holder · USD 18.53
- 2025 Q3: USD 4,808,477 · 2 holders · USD 16.27
- 2025 Q4: USD 63,743,388 · 2 holders · USD 17.82
- 2026 Q1: USD 25,621,553 · 1 holder · USD 13.51
- 2026 Q2: USD 5,528,000 · 1 holder · USD 10.49