Detailed financial statements for Concentrix Corporation (CNXC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Concentrix Corporation operates globally, specializing in providing technology-enhanced solutions to optimize customer experiences (CX). The company's services encompass a wide array of offerings, including streamlining CX processes, driving technological innovation, automating both front-end and back-end operations, delivering insightful analytics, and facilitating comprehensive business transformations.
Analysis Summary
Concentrix Corporation reported revenue of $9.83B in the most recent fiscal year, growing at a 5-year CAGR of 15.8%.
Trailing-twelve-month margins: gross margin 32.4%, operating margin 5.1%, net margin -13.1%. Free cash flow grew at 11.2% CAGR over 5 years.
At the current price of $29.16, CNXC has negative trailing earnings (P/E not meaningful) and an ROE of -41.80%. Market capitalisation stands at $1.8B.
Balance sheet quality for CNXC: current ratio of 1.4, net debt of $4.31B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.99B | $2.46B | $4.71B | $4.72B | $5.59B | $6.32B | $7.11B | $9.62B | $9.83B |
| Cost of Revenue | $1.24B | $1.53B | $2.96B | $3.06B | $3.62B | $4.07B | $4.54B | $6.17B | $6.39B |
| Gross Profit | $749.2M | $937.6M | $1.75B | $1.66B | $1.97B | $2.26B | $2.58B | $3.45B | $3.44B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $634.5M | $792.8M | $1.45B | $1.35B | $1.40B | $1.62B | $1.92B | $2.85B | $2.83B |
| Operating Expenses | $634.5M | $792.8M | $1.45B | $1.35B | $1.40B | $1.62B | $1.92B | $2.85B | $2.83B |
| Operating Income | $114.6M | $144.8M | $294.3M | $308.8M | $572.4M | $640.2M | $661.3M | $596.4M | $609.5M |
| EBITDA | $242.2M | $303.7M | $602.4M | $592.8M | $855.9M | $984.6M | $997.5M | $1.33B | -$241.8M |
| Interest Expense | $24.0M | $38.2M | $92.2M | $48.3M | $23.0M | $70.1M | $201.0M | $321.8M | $290.3M |
| Pre-tax Income | $88.3M | $110.9M | $204.4M | $267.9M | $555.7M | $605.0M | $408.2M | $299.3M | -$1.18B |
| Income Tax | $16.0M | $62.6M | $87.3M | $103.1M | $150.1M | $169.4M | $94.4M | $48.1M | $96.7M |
| Net Income | $72.2M | $48.3M | $117.2M | $164.8M | $405.6M | $435.0M | $313.8M | $251.2M | -$1.28B |
| EPS | $1.40 | $0.94 | $2.27 | $3.19 | $7.78 | $8.34 | $5.72 | $3.72 | $-20.36 |
| EPS (Diluted) | $1.40 | $0.93 | $2.27 | $3.19 | $7.70 | $8.28 | $5.70 | $3.71 | $-20.36 |
| Shares Outstanding (Diluted) | $51.7M | $51.7M | $51.6M | $51.6M | $51.9M | $51.7M | $54.0M | $65.1M | $63.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $2.48B | $2.55B | $2.50B | $2.46B |
| Gross Profit | $855.0M | $712.8M | $849.7M | $823.3M |
| Operating Income | $147.0M | $145.3M | $118.6M | $95.4M |
| EBITDA | $352.0M | -$1.21B | $263.4M | $297.7M |
| Net Income | $88.1M | -$1.48B | $21.6M | $55.3M |
| EPS | $1.34 | $-23.85 | $0.33 | $0.87 |
| EPS (Diluted) | $1.34 | $-23.85 | $0.33 | $0.87 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | $83.5M | $156.4M | $183.0M | $157.5M | $516.5M | $429.6M | $327.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $943.6M | $1.02B | $1.08B | $1.21B | $1.39B | $1.89B | $1.93B | $2.00B |
| Inventory | $4.5M | $3.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.30B | $1.30B | $1.42B | $1.54B | $1.75B | $2.86B | $2.84B | $3.08B |
| Property, Plant & Equipment | $419.6M | $411.5M | $451.6M | $407.1M | $403.8M | $748.7M | $714.5M | $735.5M |
| Goodwill | $1.78B | $1.83B | $1.84B | $1.81B | $2.90B | $5.08B | $4.99B | $3.67B |
| Intangible Assets | $1.10B | $934.1M | $799.0M | $655.5M | $985.6M | $2.80B | $2.29B | $1.96B |
| Total Assets | 0 | $4.65B | $5.18B | $5.05B | $6.67B | $12.49B | $11.99B | $10.76B |
| Accounts Payable | $136.6M | $192.0M | $140.6M | $129.4M | $161.2M | $243.6M | $209.8M | $244.8M |
| Short-term Debt | 0 | $2.07B | $219.6M | $153.3M | $158.8M | $231.3M | $238.4M | $65.6M |
| Total Current Liabilities | 0 | $2.70B | $1.01B | $968.2M | $1.13B | $2.07B | $2.00B | $2.20B |
| Long-term Debt | 0 | 0 | $1.11B | $802.0M | $2.22B | $4.94B | $4.73B | $4.57B |
| Total Liabilities | 0 | $3.18B | $2.88B | $2.43B | $3.97B | $8.35B | $7.95B | $8.02B |
| Retained Earnings | 0 | 0 | 0 | $392.5M | $774.1M | $1.02B | $1.19B | -$177.0M |
| Total Equity | $1.32B | $1.47B | $2.30B | $2.62B | $2.70B | $4.14B | $4.04B | $2.74B |
| Total Debt | 0 | $2.07B | $1.70B | $1.31B | $2.72B | $5.79B | $5.60B | $4.64B |
| Net Debt | 0 | $1.98B | $1.55B | $1.13B | $2.57B | $5.28B | $5.17B | $4.31B |
| Working Capital | $1.30B | -$1.40B | $414.7M | $574.9M | $622.2M | $784.6M | $846.6M | $888.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $538.5M | $327.3M | $222.7M | $255.6M |
| Total Assets | $12.41B | $10.76B | $10.67B | $10.51B |
| Total Liabilities | $8.07B | $8.02B | $7.89B | $7.81B |
| Total Equity | $4.34B | $2.74B | $2.79B | $2.70B |
| Total Debt | $5.72B | $4.64B | $4.75B | $4.58B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $72.2M | $48.3M | $117.2M | $164.8M | $405.6M | $435.6M | $313.8M | $251.2M | -$1.28B |
| Depreciation & Amortization | $129.9M | $154.6M | $305.8M | $276.6M | $277.2M | $309.5M | $388.3M | $705.8M | $660.4M |
| Stock-based Compensation | $5.1M | 0 | $10.4M | $15.6M | $36.2M | $47.1M | $62.1M | $96.1M | $96.4M |
| Change in Working Capital | -$19.4M | $14.7M | -$10.8M | $37.6M | -$165.5M | -$165.0M | -$10.7M | -$166.9M | -$85.8M |
| Operating Cash Flow | $168.4M | $212.3M | $449.7M | $507.6M | $514.2M | $600.7M | $678.0M | $667.5M | $807.0M |
| Capital Expenditure | -$78.7M | -$92.5M | -$111.1M | -$171.3M | -$149.1M | -$140.0M | -$180.5M | -$238.8M | -$234.5M |
| Acquisitions | -$57.8M | -$1.07B | -$9.4M | -$5.6M | $70.4M | -$1.70B | -$1.91B | -$5.5M | -$15.9M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$57.5M | -$133.3M | -$81.2M | -$149.5M | -$188.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | -$13.1M | -$53.4M | -$63.5M | -$83.8M | -$89.6M |
| Free Cash Flow | $89.7M | $119.8M | $338.6M | $336.3M | $365.1M | $460.7M | $497.5M | $428.7M | $572.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $224.8M | $344.2M | -$83.2M | $257.9M |
| Capital Expenditure | -$65.1M | -$63.0M | -$53.9M | -$48.2M |
| Free Cash Flow | $159.7M | $281.2M | -$137.1M | $209.7M |
| Dividends Paid | -$21.9M | -$23.2M | -$23.1M | -$23.1M |
| Stock-based Compensation | $24.8M | $18.5M | $27.7M | $24.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +23.8% | +91.1% | +0.2% | +18.4% | +13.2% | +12.5% | +35.2% | +2.2% |
| Net Income Growth (YoY) | | -33.2% | +142.7% | +40.7% | +146.1% | +7.3% | -27.9% | -20.0% | -609.1% |
| EPS Growth (YoY) | | -32.9% | +141.5% | +40.5% | +143.9% | +7.2% | -31.4% | -35.0% | -647.3% |
| Shares Change (YoY) | | +0.0% | -0.2% | +0.0% | +0.6% | -0.3% | +4.4% | +20.5% | -3.2% |
| FCF Growth (YoY) | | +33.6% | +182.6% | -0.7% | +8.6% | +26.2% | +8.0% | -13.8% | +33.5% |
| Gross Margin | 37.6% | 38.1% | 37.1% | 35.2% | 35.3% | 35.7% | 36.2% | 35.9% | 35.0% |
| Operating Margin | 5.8% | 5.9% | 6.3% | 6.5% | 10.2% | 10.1% | 9.3% | 6.2% | 6.2% |
| EBITDA Margin | 12.2% | 12.3% | 12.8% | 12.6% | 15.3% | 15.6% | 14.0% | 13.8% | -2.5% |
| Net Margin | 3.6% | 2.0% | 2.5% | 3.5% | 7.3% | 6.9% | 4.4% | 2.6% | -13.0% |
| FCF Margin | 4.5% | 4.9% | 7.2% | 7.1% | 6.5% | 7.3% | 7.0% | 4.5% | 5.8% |
| Effective Tax Rate | 18.2% | 56.5% | 42.7% | 38.5% | 27.0% | 28.0% | 23.1% | 16.1% | -8.2% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.73 | $2.32 | $6.56 | $6.52 | $7.03 | $8.90 | $9.21 | $6.59 | $9.09 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.25 | $1.03 | $1.18 | $1.29 | $1.42 |
| Shares Outstanding (Basic) | $51.7M | $51.6M | $51.6M | $51.6M | $51.4M | $51.4M | $53.8M | $65.0M | $63.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -41.80% |
| Return on Invested Capital | 5.90% |
| Return on Assets | -12.50% |
| Gross Margin | 32.41% |
| Operating Margin | 5.06% |
| Net Margin | -13.15% |
Financial Health
| Debt / Equity | 1.70 |
| Current Ratio | 1.18 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 57.14 | 85.11 | 35.24 | 25.08 | 21.34 | 14.67 | 16.43 | 12.08 | -1.79 |
| P/B | 0.00 | 3.13 | 2.81 | 1.79 | 3.25 | 2.33 | 1.22 | 0.72 | 0.84 |
| P/S | 2.08 | 1.68 | 0.88 | 0.87 | 1.53 | 0.99 | 0.71 | 0.30 | 0.23 |
| Gross Margin | 37.6% | 38.1% | 37.1% | 35.2% | 35.3% | 35.7% | 36.2% | 35.9% | 35.0% |
| Operating Margin | 5.8% | 5.9% | 6.3% | 6.5% | 10.2% | 10.1% | 9.3% | 6.2% | 6.2% |
| Net Margin | 3.6% | 2.0% | 2.5% | 3.5% | 7.3% | 6.9% | 4.4% | 2.6% | -13.0% |