# Gartner (IT.US)

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

Analysis as of: 2026-10-16T07:29:25.292Z. Financial observations: FY1996–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: $207.31 per share; close as of 2026-10-15.

Estimated value: low $250.14 per share, central $348.11 per share, high $405.15 per share. Buy at or below the central value $348.11 per share. Valuation as of 2026-10-16T07:29:25.292Z; scenarios are not confidence intervals.

Expected annual return: 14.9% at the stated quote. About 14.9% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.00×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.12×

- FY2021: 0.19×

- FY2022: 0.20×

- FY2023: 0.21×

- FY2024: 0.18×

- FY2025: 0.16×

- LTM to Jun 2026: 0.17×

### 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: 25.5%

- ROIC, second-lowest year: 19.6%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 67.4%

- Recent gross margin (lower of latest and 3-year median): 67.7%

- Years with nonpositive capital: 6

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 31.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.1%

- FY2017: -0.7%

- FY2018: >100%

- FY2019: 38.5%

- FY2020: >100%

- FY2021: 20.7%

- FY2022: 25.5%

- FY2023: 25.4%

- FY2024: 24.5%

- FY2025: 19.6%

### economics: pass

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $5.0B

- Net income, five-year total: $4.5B

- Return on incremental invested capital: 545.7%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -4.0 pp

- Working capital / revenue, final three-year average: 25.8%

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

- FY2021: 1.19×

- FY2022: 1.10×

- FY2023: 1.10×

- FY2024: 1.08×

- FY2025: 1.12×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 27.1% vs 24.5%

- Per-share earnings: 2.06 to 11.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.2%

- Ordinary dilution, 5-year annual growth: -3.4%

- Market cap gain: $11B

- Cumulative retained earnings: $5.1B

- Diluted shares, 10-year annual growth: -1.2%

- Diluted shares, 5-year annual growth: -3.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.4%

- Per-share value change: $9.01

- Per-share value, starting three-year median: $2.06

- Per-share value, ending three-year median: $11.08

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 3.0%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.8B

- Cumulative net income, 10 years: $5.3B

- ROIC, first three-year median: 27.1%

- ROIC, last three-year median: 24.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.31

- FY2017: $0.04

- FY2018: $1.33

- FY2019: $2.56

- FY2020: $2.96

- FY2021: $9.21

- FY2022: $9.96

- FY2023: $11.08

- FY2024: $16.00

- FY2025: $9.64

### accounting: pass

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 12.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 9.62×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.3%

- FY2017: -3.4%

- FY2018: -5.6%

- FY2019: -4.6%

- FY2020: -8.7%

- FY2021: -7.0%

- FY2022: -4.0%

- FY2023: -3.5%

- FY2024: -2.7%

- FY2025: -6.9%

## Holders

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

## Price story

Down 62% since Jan 2025 · "Is Gartner (IT) Ready if Enterprise AI Tools Cannibalize Its Core Advisory Revenue Model?" (finance.yahoo.com, Jan 2026) · sales -0.5%

Story as of 2026-10-16T09:58:58.166Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.6% a year for ten years

- 2025-08-05: Gartner cuts annual revenue forecast on slower research demand ([finance.yahoo.com](https://finance.yahoo.com/news/gartner-cuts-annual-revenue-forecast-110257906.html))

- 2026-01-19: Is Gartner (IT) Ready if Enterprise AI Tools Cannibalize Its Core Advisory Revenue Model? ([finance.yahoo.com](https://finance.yahoo.com/news/gartner-ready-enterprise-ai-tools-050625861.html))

- 2026-02-03: Gartner Stock Falls Sharply on Disappointing Guidance ([finance.yahoo.com](https://finance.yahoo.com/m/954ac178-d481-36fc-9fcd-42579d0fa773/gartner-stock-falls-sharply.html))

- 2026-05-05: Gartner raises profit forecast on strong AI service demand ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/gartner-raises-profit-forecast-strong-121050708.html))

- 2026-06-17: Renaissance Investment Management Exited Gartner (IT) Amid Reduced Demand and Disappointing Operating Results ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/renaissance-investment-management-exited-gartner-140229809.html))

- 2026-08-04: Gartner Q2 Earnings Beat Estimates, '26 EPS Outlook Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/gartner-q2-earnings-beat-estimates-172400389.html))

### Sales · FY2025–2026

sales -0.5%; source https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm; observed 2026-02-12.

- FY2017: $3.3B 

- FY2018: $4.0B 

- FY2019: $4.2B 

- FY2020: $4.1B 

- FY2021: $4.7B 

- FY2022: $5.5B 

- FY2023: $5.9B 

- FY2024: $6.3B 

- FY2025: $6.5B 

- FY2026: $6.5B 

### Gross margin · FY2025

gross margin 67.7%; source https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm; observed 2026-02-12.

- FY2016: 61.3% 

- FY2017: 60.1% 

- FY2018: 63.1% 

- FY2019: 63.5% 

- FY2020: 67.2% 

- FY2021: 69.5% 

- FY2022: 69.1% 

- FY2023: 67.8% 

- FY2024: 67.7% 

- FY2025: 67.7% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are USD 6.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm (filed 2026-02-12); FY2025: revenue 6497256000; grossProfit 4395777000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IT.US: Gartner, Inc. provides business and technology insights to support decision-making and performance on an organization's mission-critical priorities in the United States, Canada, Europe, the Middle East, Africa, and internationally. It operates through three segments: Insights, Conferences, and Consulting. The Insights segment delivers insights through subscription services, such as access to published content, data and benchmarks, and direct access to a network of business and technology experts. The Conferences segment enables executives and teams to learn, share, and network through its Symposium/Xpo series and peer-driven sessions, as well as through its conferences focused on specific business roles and topics. The Consulting segment provides technology-driven strategic initiatives, including custom analysis and on-the-ground support to senior executives. This segment also offers actionable solutions for IT-related priorities, including IT cost optimization, digital transformation, and IT sourcing optimization. The company was formerly known as Gartner Group, Inc. and changed its name to Gartner, Inc. in November 2001. Gartner, Inc. was founded in 1979 and is headquartered in Stamford, Connecticut.

### Why customers stay

Margins ranged from 67.7% to 67.8% during 2023–25; it earns 25.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 67.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 67.7%.

- Source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 67.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.27115770062221195],[2017,-0.006792359273367495],[2018,3.3168387472280028],[2019,0.3852822296463517],[2020,1.4566301446946197],[2021,0.2069165349701452],[2022,0.25549120275393944],[2023,0.25368275196769874],[2024,0.24532704567963354],[2025,0.19617693751308782]]; median 0.2545869773608191. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 69% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.6949504453140942],[2022,0.6906832295868073],[2023,0.6777968212392305]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 49863000; cash acquisitions 48196000; owner earnings 205688000. Growth capex plus acquisitions / owner earnings = 0.23431605149546886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 110765000; cash acquisitions 2641780000; owner earnings 132685000. Growth capex plus acquisitions / owner earnings = 19.910163168406378.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 126873000; cash acquisitions 15855000; owner earnings 251184000. Growth capex plus acquisitions / owner earnings = 0.06312105866615708.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 149016000; cash acquisitions 25989000; owner earnings 296053000. Growth capex plus acquisitions / owner earnings = 0.0877849574231641.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 83888000; cash acquisitions 0; owner earnings 401841000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 59834000; cash acquisitions 22939000; owner earnings 946131000. Growth capex plus acquisitions / owner earnings = 0.024245056974139943.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 108050000; cash acquisitions 9508000; owner earnings 891695000. Growth capex plus acquisitions / owner earnings = 0.010662838750918195.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 103124000; cash acquisitions 3800000; owner earnings 970445000. Growth capex plus acquisitions / owner earnings = 0.003915729381881508.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 101737000; cash acquisitions 2000000; owner earnings 1354293000. Growth capex plus acquisitions / owner earnings = 0.0014767853042140808.

- Source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 115142000; cash acquisitions 0; owner earnings 814346000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,17629000],[2020,18085000],[2021,18173000],[2022,22231000],[2023,588881000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 1991147000 USD.

### Are managers owners

Insiders own 2.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IT.US SharesStats.PercentInsiders = 2.6710000000000003 percentage points; cache date 2026-10-16.

### What could break it

"Strategic and Operational Risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm (filed 2026-02-12); Strategic and Operational Risks

### What the price says

The price assumes cash profits shrink 0.6% yearly over ten years; actual growth was 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate -0.021038871952439753. Price 207.31; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.0767259217456733 → FY2025 10.771060115071755. Closing-price date 2026-10-15.

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

- 2016-10: $86.04 per share

- 2016-11: $102.82 per share

- 2016-12: $101.07 per share

- 2017-01: $99.36 per share

- 2017-02: $103.21 per share

- 2017-03: $107.99 per share

- 2017-04: $114.09 per share

- 2017-05: $119.60 per share

- 2017-06: $123.51 per share

- 2017-07: $128.32 per share

- 2017-08: $120.59 per share

- 2017-09: $124.41 per share

- 2017-10: $125.31 per share

- 2017-11: $120.89 per share

- 2017-12: $123.15 per share

- 2018-01: $138.74 per share

- 2018-02: $113.41 per share

- 2018-03: $117.62 per share

- 2018-04: $121.29 per share

- 2018-05: $132.74 per share

- 2018-06: $132.90 per share

- 2018-07: $135.43 per share

- 2018-08: $149.76 per share

- 2018-09: $158.50 per share

- 2018-10: $147.52 per share

- 2018-11: $153.19 per share

- 2018-12: $127.84 per share

- 2019-01: $135.89 per share

- 2019-02: $142.30 per share

- 2019-03: $151.68 per share

- 2019-04: $158.97 per share

- 2019-05: $151.30 per share

- 2019-06: $160.94 per share

- 2019-07: $139.33 per share

- 2019-08: $133.67 per share

- 2019-09: $142.99 per share

- 2019-10: $154.08 per share

- 2019-11: $160.46 per share

- 2019-12: $154.10 per share

- 2020-01: $160.78 per share

- 2020-02: $129.39 per share

- 2020-03: $99.57 per share

- 2020-04: $118.81 per share

- 2020-05: $121.70 per share

- 2020-06: $121.33 per share

- 2020-07: $124.64 per share

- 2020-08: $129.82 per share

- 2020-09: $124.95 per share

- 2020-10: $120.10 per share

- 2020-11: $152.00 per share

- 2020-12: $160.19 per share

- 2021-01: $151.91 per share

- 2021-02: $179.04 per share

- 2021-03: $182.55 per share

- 2021-04: $195.88 per share

- 2021-05: $231.84 per share

- 2021-06: $242.20 per share

- 2021-07: $264.73 per share

- 2021-08: $308.74 per share

- 2021-09: $303.88 per share

- 2021-10: $331.91 per share

- 2021-11: $312.25 per share

- 2021-12: $334.32 per share

- 2022-01: $293.89 per share

- 2022-02: $280.42 per share

- 2022-03: $297.46 per share

- 2022-04: $290.55 per share

- 2022-05: $262.40 per share

- 2022-06: $241.83 per share

- 2022-07: $265.48 per share

- 2022-08: $285.32 per share

- 2022-09: $276.69 per share

- 2022-10: $301.92 per share

- 2022-11: $350.37 per share

- 2022-12: $336.14 per share

- 2023-01: $338.14 per share

- 2023-02: $327.81 per share

- 2023-03: $325.77 per share

- 2023-04: $302.46 per share

- 2023-05: $342.86 per share

- 2023-06: $350.31 per share

- 2023-07: $353.59 per share

- 2023-08: $349.68 per share

- 2023-09: $343.61 per share

- 2023-10: $332.04 per share

- 2023-11: $434.84 per share

- 2023-12: $451.11 per share

- 2024-01: $457.44 per share

- 2024-02: $465.56 per share

- 2024-03: $476.67 per share

- 2024-04: $412.59 per share

- 2024-05: $419.67 per share

- 2024-06: $449.06 per share

- 2024-07: $501.19 per share

- 2024-08: $491.96 per share

- 2024-09: $506.76 per share

- 2024-10: $502.50 per share

- 2024-11: $517.93 per share

- 2024-12: $484.47 per share

- 2025-01: $542.83 per share

- 2025-02: $498.32 per share

- 2025-03: $419.74 per share

- 2025-04: $421.08 per share

- 2025-05: $436.42 per share

- 2025-06: $404.22 per share

- 2025-07: $338.65 per share

- 2025-08: $251.19 per share

- 2025-09: $262.87 per share

- 2025-10: $248.34 per share

- 2025-11: $232.74 per share

- 2025-12: $252.28 per share

- 2026-01: $209.61 per share

- 2026-02: $157.20 per share

- 2026-03: $158.34 per share

- 2026-04: $148.49 per share

- 2026-05: $162.20 per share

- 2026-06: $129.62 per share

- 2026-07: $151.02 per share

- 2026-08: $198.11 per share

- 2026-09: $186.54 per share

- 2026-10: $207.31 per share

## Annual estimated value (USD per share)

- FY2016: low $43.77 per share, central $61.52 per share, high $71.42 per share

- FY2017: low $39.18 per share, central $43.86 per share, high $50.09 per share

- FY2018: low $44.34 per share, central $57.07 per share, high $66.59 per share

- FY2019: low $46.40 per share, central $65.36 per share, high $76.40 per share

- FY2020: low $49.77 per share, central $67.51 per share, high $78.04 per share

- FY2021: low $59.64 per share, central $81.73 per share, high $94.65 per share

- FY2022: low $97.28 per share, central $135.85 per share, high $158.31 per share

- FY2023: low $179.19 per share, central $249.52 per share, high $290.47 per share

- FY2024: low $201.77 per share, central $278.34 per share, high $322.93 per share

- FY2025: low $213.00 per share, central $295.26 per share, high $343.15 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 2026-10-15T06:35:09.332Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/749251/000074925126000112/it-20251231.htm); period 2025-12-31, filed 2026-02-12.

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 Nygren](https://gigainvestors.com/HA): 2,846,799 IT shares; USD 369,002,000 reported position value; 0.49% of portfolio; reduce; quarter 2026 Q2.

# IT — Gartner Inc.

Held by 1 investor · USD 369,002,000 total · 2026 Q2 · reported price USD 129.62 (split-adjusted).
Page: https://gigainvestors.com/s/IT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Nygren (https://gigainvestors.com/HA) | USD 369,002,000 | 0.5% | reduce -9.22% |

## Total held by quarter

- 2022 Q1: USD 744,000 · 1 holder · USD 297.60
- 2022 Q2: USD 726,000 · 1 holder · USD 242.00
- 2022 Q3: USD 1,245,015 · 1 holder · USD 276.67
- 2022 Q4: USD 1,915,998 · 1 holder · USD 336.14
- 2023 Q1: USD 47,559,276 · 2 holders · USD 325.79
- 2023 Q2: USD 109,859,897 · 3 holders · USD 350.31
- 2023 Q3: USD 186,449,370 · 3 holders · USD 343.61
- 2023 Q4: USD 178,253,519 · 3 holders · USD 451.11
- 2024 Q1: USD 131,709,266 · 5 holders · USD 476.67
- 2024 Q2: USD 32,258,674 · 3 holders · USD 449.06
- 2024 Q3: USD 35,976,002 · 4 holders · USD 507.50
- 2024 Q4: USD 33,973,003 · 2 holders · USD 484.47
- 2025 Q1: USD 39,298,614 · 2 holders · USD 419.82
- 2025 Q2: USD 37,845,041 · 2 holders · USD 404.22
- 2025 Q3: USD 28,225,666 · 1 holder · USD 262.87
- 2025 Q4: USD 249,355,823 · 2 holders · USD 252.28
- 2026 Q1: USD 496,518,455 · 1 holder · USD 158.34
- 2026 Q2: USD 369,002,000 · 1 holder · USD 129.62