Conduent (CNDT)
Market Price (7/29/2026): $1.625 | Market Cap: $251.7 MilSector: Information Technology | Industry: IT Consulting & Other Services
Conduent (CNDT)
Market Price (7/29/2026): $1.625Market Cap: $251.7 MilSector: Information TechnologyIndustry: IT Consulting & Other Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Automation & Robotics, and Cloud Computing. Themes include Digital Payments, Show more. | Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -116% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 259% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.4%, Rev Chg QQuarterly Revenue Change % is -3.7% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -65% Key risksCNDT key risks include [1] substantial financial and legal fallout from a recent major data breach and [2] significant financial distress characterized by declining revenue, Show more. |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Automation & Robotics, and Cloud Computing. Themes include Digital Payments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -116% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -27 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.9% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 259% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.4%, Rev Chg QQuarterly Revenue Change % is -3.7% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.3% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -65% |
| Key risksCNDT key risks include [1] substantial financial and legal fallout from a recent major data breach and [2] significant financial distress characterized by declining revenue, Show more. |
Qualitative Assessment
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Conduent (CNDT) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Stronger-than-anticipated Q1 2026 Earnings Per Share (EPS) and Improved Profitability Metrics.
Conduent reported its fiscal Q1 2026 earnings on May 11, 2026, revealing an EPS of -$0.07, which significantly surpassed analysts' consensus estimates of -$0.19 by $0.12. This beat signaled improved operational efficiency, as the company's Adjusted EBITDA increased to $49 million, a $12 million year-over-year improvement, with the Adjusted EBITDA Margin expanding by 190 basis points to 6.8%. Furthermore, operating cash flow dramatically improved by $50 million year-over-year, narrowing the loss to $(8) million.
2. Strategic Divestitures to Simplify Portfolio and Strengthen Financials.
Conduent announced two key divestitures during the period, aiming to streamline its business and bolster its financial position. In May 2026, the company agreed to sell its Public Transit business to Modaxo for $164 million. Subsequently, in June 2026, Conduent entered into a definitive agreement to sell its Tolling business to Quarterhill Inc. for $70 million in cash, while also retaining a 7% interest in Quarterhill. These transactions are expected to generate over $200 million in proceeds, enhance financial flexibility, and improve the predictability of Conduent's earnings profile.
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Conduent (CNDT) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Stronger-than-anticipated Q1 2026 Earnings Per Share (EPS) and Improved Profitability Metrics.
Conduent reported its fiscal Q1 2026 earnings on May 11, 2026, revealing an EPS of -$0.07, which significantly surpassed analysts' consensus estimates of -$0.19 by $0.12. This beat signaled improved operational efficiency, as the company's Adjusted EBITDA increased to $49 million, a $12 million year-over-year improvement, with the Adjusted EBITDA Margin expanding by 190 basis points to 6.8%. Furthermore, operating cash flow dramatically improved by $50 million year-over-year, narrowing the loss to $(8) million.
2. Strategic Divestitures to Simplify Portfolio and Strengthen Financials.
Conduent announced two key divestitures during the period, aiming to streamline its business and bolster its financial position. In May 2026, the company agreed to sell its Public Transit business to Modaxo for $164 million. Subsequently, in June 2026, Conduent entered into a definitive agreement to sell its Tolling business to Quarterhill Inc. for $70 million in cash, while also retaining a 7% interest in Quarterhill. These transactions are expected to generate over $200 million in proceeds, enhance financial flexibility, and improve the predictability of Conduent's earnings profile.
3. Implementation of a Significant Cost Reduction Plan and AI Integration.
The company initiated a comprehensive review of its cost structure, identifying opportunities to reduce costs by $100 million over the next 18 months. Conduent is also actively integrating Artificial Intelligence (AI) into its operations, deploying AI for fraud detection in the Government segment, enhancing contact center operations, and utilizing its GenAI assistant 'Conni' in Human Capital Solutions, which is expected to drive cost savings and efficiencies.
4. Positive Analyst Upgrades and Reaffirmed 2026 and 2027 Outlook.
Analyst sentiment turned more positive, with Zacks Research upgrading Conduent from a "hold" to a "strong-buy" rating on July 15, 2026. Noble Financial also raised Conduent to a "strong-buy" rating on May 12, 2026. The company's management provided a forward-looking outlook, targeting revenues between $2.8 billion and $2.9 billion and Adjusted EBITDA between $160 million and $190 million for fiscal year 2026. For 2027, Conduent anticipates flat-to-positive revenue growth with Adjusted EBITDA of $190 million to $220 million and positive cash generation.
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Stock Movement Drivers
Fundamental Drivers
The 26.6% change in CNDT stock from 3/31/2026 to 7/28/2026 was primarily driven by a 28.5% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.28 | 1.62 | 26.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,042 | 3,014 | -0.9% |
| P/S Multiple | 0.1 | 0.1 | 28.5% |
| Shares Outstanding (Mil) | 154 | 155 | -0.6% |
| Cumulative Contribution | 26.6% |
Market Drivers
3/31/2026 to 7/28/2026| Return | Correlation | |
|---|---|---|
| CNDT | 26.6% | |
| Market (SPY) | 13.9% | 27.0% |
| Sector (XLK) | 28.7% | 12.5% |
Fundamental Drivers
The -15.6% change in CNDT stock from 12/31/2025 to 7/28/2026 was primarily driven by a -15.2% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.92 | 1.62 | -15.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,072 | 3,014 | -1.9% |
| P/S Multiple | 0.1 | 0.1 | -15.2% |
| Shares Outstanding (Mil) | 157 | 155 | 1.4% |
| Cumulative Contribution | -15.6% |
Market Drivers
12/31/2025 to 7/28/2026| Return | Correlation | |
|---|---|---|
| CNDT | -15.6% | |
| Market (SPY) | 8.9% | 32.2% |
| Sector (XLK) | 19.0% | 19.3% |
Fundamental Drivers
The -38.6% change in CNDT stock from 6/30/2025 to 7/28/2026 was primarily driven by a -37.9% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.64 | 1.62 | -38.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,186 | 3,014 | -5.4% |
| P/S Multiple | 0.1 | 0.1 | -37.9% |
| Shares Outstanding (Mil) | 162 | 155 | 4.5% |
| Cumulative Contribution | -38.6% |
Market Drivers
6/30/2025 to 7/28/2026| Return | Correlation | |
|---|---|---|
| CNDT | -38.6% | |
| Market (SPY) | 20.9% | 33.3% |
| Sector (XLK) | 35.7% | 22.5% |
Fundamental Drivers
The -52.4% change in CNDT stock from 6/30/2023 to 7/28/2026 was primarily driven by a -57.2% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7282026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.40 | 1.62 | -52.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,813 | 3,014 | -21.0% |
| P/S Multiple | 0.2 | 0.1 | -57.2% |
| Shares Outstanding (Mil) | 218 | 155 | 41.0% |
| Cumulative Contribution | -52.4% |
Market Drivers
6/30/2023 to 7/28/2026| Return | Correlation | |
|---|---|---|
| CNDT | -52.4% | |
| Market (SPY) | 73.0% | 29.9% |
| Sector (XLK) | 100.5% | 22.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNDT Return | 11% | -24% | -10% | 11% | -52% | -21% | -69% |
| Peers Return | 32% | -14% | 13% | 20% | 5% | -28% | 16% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| CNDT Win Rate | 67% | 50% | 50% | 42% | 42% | 57% | |
| Peers Win Rate | 62% | 43% | 58% | 63% | 48% | 34% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| CNDT Max Drawdown | -40% | -46% | -49% | -27% | -60% | -44% | |
| Peers Max Drawdown | -13% | -30% | -20% | -17% | -28% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACN, IBM, ADP, CTSH, G. See CNDT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/28/2026 (YTD)
How Low Can It Go
| Event | CNDT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.4% | -9.5% |
| % Gain to Breakeven | 41.7% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.4% | -6.7% |
| % Gain to Breakeven | 59.9% | 7.1% |
| Time to Breakeven | 586 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.2% | -33.7% |
| % Gain to Breakeven | 204.5% | 50.9% |
| Time to Breakeven | 265 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -16.8% | -3.7% |
| % Gain to Breakeven | 20.2% | 3.9% |
| Time to Breakeven | 42 days | 6 days |
In The Past
Conduent's stock fell -7.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 8.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CNDT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -29.4% | -9.5% |
| % Gain to Breakeven | 41.7% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.4% | -6.7% |
| % Gain to Breakeven | 59.9% | 7.1% |
| Time to Breakeven | 586 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.2% | -33.7% |
| % Gain to Breakeven | 204.5% | 50.9% |
| Time to Breakeven | 265 days | 140 days |
In The Past
Conduent's stock fell -7.6% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 8.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Conduent (CNDT)
Conduent Incorporated (CNDT) is a global provider of business process services, leveraging capabilities in transaction-intensive processing, analytics, and automation. The company helps organizations manage complex operations more efficiently, primarily by handling back-office functions and customer interactions. Its operations span the United States, Europe, and other international markets, offering specialized solutions tailored to distinct sectors.
The company's services are delivered through three primary segments. Its Commercial Industries segment offers a range of business process services and customized solutions to private sector clients, including end-user customer experience management, various transaction processing services, and specialized support for healthcare, human resources, and learning. The Government Services segment focuses on assisting federal, state, local, and foreign governments with critical public programs, providing services such as public assistance administration, medical management, payment solutions, and child support program management.
Conduent's Transportation segment provides essential systems and support for government clients managing mobility and payment solutions. This includes electronic tolling, urban congestion management, transit fare collection systems, parking enforcement, and citation administration. Through these offerings, Conduent plays a crucial role in enabling efficient public services and infrastructure management for a broad base of government agencies and commercial enterprises.
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- Conduent is like the Accenture or IBM Global Services for running critical, high-volume administrative and transactional processes for governments and large corporations, from electronic tolling to public assistance programs.
- Imagine a company like ADP that handles all the complex HR and payroll for businesses, but Conduent provides similar large-scale administrative services for governments and commercial clients across many areas, such as managing public benefits, processing healthcare claims, and running electronic toll systems.
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- Commercial Business Process Services: Provides operational support, customer experience management, transaction processing, healthcare, human resources, and learning services for commercial clients.
- Government Business Process Services: Offers program administration, public assistance, payment solutions, medical management, and child support services for federal, state, and local governments.
- Transportation Solutions: Delivers mission-critical mobility and payment solutions, including electronic tolling, urban congestion management, transit, parking enforcement, and vehicle location systems.
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Conduent (CNDT) primarily sells its business process services to other companies and government entities, rather than directly to individuals. Based on the provided description, the specific names of its major customer companies are not disclosed, but its customers fall into the following categories:
- Commercial Clients: Businesses across various industries that utilize Conduent's business process services and customized solutions, including end-user customer experience management, transaction processing services, healthcare and human resource services, and learning services.
- Government Entities (Government Services): United States federal, state, local, and foreign governments that employ Conduent for public assistance, program administration, transaction processing, payment services, medical management, fiscal agent care management services, and other government-centric business process services.
- Government Entities (Transportation Services): Government clients seeking mission-critical mobility and payment solutions, such as electronic tolling, urban congestion management, mileage-based user solutions, transit solutions, and citation and permit administration systems.
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Harsha V. Agadi, President and Chief Executive Officer
Harsha V. Agadi was appointed President and CEO of Conduent on January 16, 2026. He brings over 35 years of executive leadership and corporate governance experience across public and private companies. Mr. Agadi has served as CEO of six companies over the past 25 years, including President and CEO of Crawford & Company (2015-2020), Executive Chairman of Quiznos, LLC (2012-2014), Chairman and CEO of Friendly's Ice Cream LLC (2010-2012), and President and CEO of Church's Chicken (2004-2009). He currently serves as Chairman of GHS Holdings, LLC, and is the non-executive Chairman of the Board of Flotek Industries, Inc.
Giles Goodburn, Chief Financial Officer
Giles Goodburn was appointed Chief Financial Officer of Conduent on May 2, 2025. Prior to this, he served as the company’s Head of Investor Relations and Corporate FP&A from March 2020 until May 2025. Before joining Conduent, from 2012 to 2020, Mr. Goodburn was the CFO of a business segment and Vice President, Finance and Operations at Travelers. He also held various leadership positions at GE Capital from 2001 to 2012, including CFO of several business segments.
Adam Appleby, Group President, Public Sector Solutions
Adam Appleby is the Group President of Public Sector Solutions at Conduent, bringing expertise in operations and strategic management. His extensive background includes significant roles at Fiserv and Ally Financial Inc., where he focused on client operations and risk management.
Mark McGinn, Chief Transformation Officer
Mark McGinn is the Chief Transformation Officer at Conduent, responsible for overseeing administrative functions and ensuring operational efficiency across the organization. His expertise spans project management, governance, and business strategy. Mr. McGinn's career journey includes significant roles at Hertz, YP, and Fiserv, where he specialized in enterprise project management and transformation.
Chris Kujawa, Chief Human Resources Officer
Chris Kujawa serves as Conduent's Chief Human Resources Officer, overseeing the company's human capital strategy, talent management, and organizational development. Before joining Conduent in 2020, he held significant roles at American Express and Ally Financial Inc., where he developed expertise in human capital capabilities and strategic HR initiatives.
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The key risks to Conduent's business include:
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Persistent Revenue Decline and Negative Cash Flow: Conduent faces ongoing challenges with declining top-line revenue and negative operating and free cash flow. Despite efforts to improve profit margins, the company has lowered its revenue guidance, indicating that growth remains a significant hurdle. This decline is attributed to lost business, volume reductions in the Commercial segment, and unpredictable government contract revenue. The negative cash flow limits financial flexibility and is a primary concern for the company's turnaround efforts.
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Cybersecurity Threats and Data Breaches: Conduent is exposed to significant cybersecurity threats, as evidenced by recent ransomware attacks that have compromised the personal information of millions of individuals. Such breaches can lead to severe financial and legal repercussions, including regulatory fines and class-action lawsuits. Furthermore, a data breach can cause substantial reputational damage, potentially impacting the company's ability to secure and retain contracts.
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High Debt Levels and Leverage: The company carries a significant level of debt, which poses a risk to its financial health. With a notable debt-to-equity ratio and a low Piotroski F-Score, Conduent's debt burden limits its flexibility and can negatively impact returns for shareholders. This high leverage, coupled with negative cash flow, makes it more challenging for the company to invest in growth or navigate adverse economic conditions.
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The rapid advancement and widespread adoption of Artificial Intelligence (AI) and sophisticated Robotic Process Automation (RPA) tools pose a clear emerging threat. These technologies are increasingly enabling clients to automate complex, transaction-intensive business processes and customer experience management tasks directly, or through new, agile competitors focused solely on AI-driven solutions. This trend could diminish the demand for Conduent's traditional business process services, transaction processing, and analytics offerings by reducing the need for human intervention and disintermediating outsourced service providers.
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Conduent (symbol: CNDT) operates across several key segments, and the addressable markets for its main products and services are substantial globally and in specific regions.
Commercial Industries Segment
- Business Process Services (BPS): The global business process outsourcing market size was valued at approximately USD 347.95 billion in 2025, with projections to increase to about USD 906.27 billion by 2035. North America held the largest market share, at 36% in 2025.
- Customer Experience Management (CEM): The global customer experience management market size was valued at USD 22.35 billion in 2025 and is projected to reach USD 84.22 billion by 2034. North America dominated this market with a 37.30% share in 2025.
- Healthcare Business Process Outsourcing (BPO): The global healthcare BPO market size was valued at USD 396.80 billion in 2025 and is projected to grow to USD 756.55 billion by 2034. North America accounted for USD 196.8 billion in this market in 2025, holding a 49.60% share.
- Human Resource Outsourcing (HRO): The global human resource business process outsourcing market size was valued at approximately USD 36.37 billion in 2025 and is estimated to grow to USD 80.76 billion by 2033. North America was the largest revenue-generating market in 2025.
Government Services Segment
Conduent's government-centric business process services fall under the broader Business Process Services (BPS) market. The global BPS market size was approximately USD 347.95 billion in 2025. North America, a key region for Conduent's government services, dominated the global BPO market with a 36% market share in 2025.
Transportation Segment
- Electronic Tolling: The global electronic toll collection market size was valued at USD 11.21 billion in 2025 and is estimated to increase to USD 27.31 billion by 2034. North America held the largest market share, accounting for 35.52% in 2025.
- Intelligent Transportation Systems (ITS) (including urban congestion management, mileage-based user solutions, and CAD/AVL): The global intelligent transportation system (ITS) market size was calculated at USD 41.42 billion in 2025 and is predicted to increase to approximately USD 73.76 billion by 2034. North America captured nearly 43% of the total market revenue share in 2024.
- Smart Parking (including citation and permit administration, parking enforcement, and curbside demand management): The global smart parking systems market size was estimated at USD 11.18 billion in 2025 and is predicted to increase to approximately USD 74.20 billion by 2035. North America led this market in 2024, contributing 36% of the market share.
- Transit Solutions (including advanced public transportation systems): The global advanced public transportation system market size was valued at USD 6.4 billion in 2024 and is projected to grow at a CAGR of 8.3% between 2025 and 2034. The global Bus Rapid Transit Systems (BRT) market was valued at USD 2,796 million in 2025 and is projected to grow to USD 4,063 million by 2032.
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- Growth in Government and Transportation Segments: Conduent anticipates continued revenue growth specifically within its Government and Transportation segments. Both segments demonstrated positive momentum in Q4 2025, with the Government segment growing by 1.8% and the Transportation segment by 1.9%, positioning them well for growth in 2026. The Transportation segment, in particular, has shown strong performance, including a 14.9% revenue growth in Q3 2025 and a 14% increase in Annual Contract Value (ACV) year-over-year.
- Robust New Business Signings and Sales Pipeline: The company has consistently reported strong new business signings and a healthy sales pipeline, which are indicators of future long-term growth. In Q4 2025, new business ACV reached $152 million, contributing to a full-year ACV of $517 million, reflecting significant sales activity. Furthermore, Total Contract Value (TCV) was up 20% in 2023, representing the highest in the company's history, and the new business pipeline increased by 10% year-on-year.
- Portfolio Rationalization and Focus: Conduent is undergoing a strategic transformation involving the divestiture of non-core businesses to create a more focused and agile portfolio. This rationalization is expected to result in a more efficient company, aiming for a "3% to 5% growing company with reduced debt and an enhanced valuation at that 2025 exit." The intent is to concentrate on a narrower scope of products and capabilities, thereby driving growth in its core offerings.
- Investment in Technology-Led Solutions and Digital Platforms: Conduent is investing in modernizing its client-facing digital platforms across key areas such as healthcare, payments, transportation, and human resources. These technology-led solutions and infrastructure upgrades are intended to enhance service delivery, improve performance and security, and ultimately strengthen its product and service capabilities, which is crucial for attracting new clients and fostering revenue growth.
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Share Repurchases
- In June 2024, Conduent repurchased approximately $132 million worth of shares from Carl C. Icahn and affiliates at $3.47 per share, as part of a completed $75 million share repurchase program that bought back a total of 52 million common shares.
- In August 2025, Conduent announced a new share repurchase program authorizing the repurchase of up to $50 million worth of its shares over a three-year period.
- Conduent spent $5.0 million on share buybacks in the fourth quarter of 2025.
Share Issuance
- Information regarding the dollar amount of shares issued by Conduent over the last 3-5 years is not explicitly available in the provided search results. Shares outstanding decreased in 2024 and 2026.
Outbound Investments
- Conduent has been undergoing a portfolio rationalization strategy involving divestitures of non-core assets.
- In 2024, the company completed three divestitures, generating nearly $800 million in net proceeds.
- These divestitures included the sale of the BenefitWallet portfolio for $425 million in Q2 2024, the Curbside Management and Public Safety businesses for $230 million (with $50 million deferred to H1 2025) in Q2 2024, and the Casualty Claims Solutions Business for $224 million in cash in Q3 2024.
Capital Expenditures
- Conduent's capital expenditures were $73 million in 2024 and are projected to increase to approximately $80 million in 2025.
- In Q3 2024, capital expenditures represented 2.5% of revenue, with an expectation of around 2.8% for the full year 2024.
- The company's capital expenditures in Q4 2025 were $15.0 million, primarily focused on funding long-term assets and infrastructure, and leveraging technology like AI.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 107.48 |
| Mkt Cap | 62.4 |
| Rev LTM | 21,503 |
| Op Inc LTM | 4,553 |
| FCF LTM | 3,655 |
| FCF 3Y Avg | 3,095 |
| CFO LTM | 4,105 |
| CFO 3Y Avg | 3,530 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.6% |
| Rev Chg 3Y Avg | 4.7% |
| Rev Chg Q | 5.7% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 8.7% |
| Op Inc Chg 3Y Avg | 7.9% |
| Op Mgn LTM | 15.8% |
| Op Mgn 3Y Avg | 15.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 16.3% |
| CFO/Rev 3Y Avg | 14.6% |
| FCF/Rev LTM | 14.9% |
| FCF/Rev 3Y Avg | 13.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 62.4 |
| P/S | 1.3 |
| P/Op Inc | 8.2 |
| P/EBIT | 8.2 |
| P/E | 11.9 |
| P/CFO | 8.3 |
| Total Yield | 9.8% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 6.6% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 22.0% |
| 3M Rtn | -3.7% |
| 6M Rtn | -22.1% |
| 12M Rtn | -27.1% |
| 3Y Rtn | -10.6% |
| 1M Excs Rtn | 21.0% |
| 3M Excs Rtn | -5.6% |
| 6M Excs Rtn | -29.5% |
| 12M Excs Rtn | -44.1% |
| 3Y Excs Rtn | -76.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 1,511 | 1,606 | 1,668 | 1,992 | 2,017 |
| Government | 922 | 984 | 1,094 | 1,150 | 1,307 |
| Transportation | 609 | 586 | 558 | 709 | 746 |
| Divestitures | 402 | 7 | 70 | ||
| Other income (expenses), net | 0 | ||||
| Unallocated Costs | 0 | ||||
| Total | 3,042 | 3,176 | 3,722 | 3,858 | 4,140 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Government | 175 | 166 | 284 | 294 | 409 |
| Commercial | 66 | 77 | 36 | 124 | 95 |
| Amortization of acquired intangible assets | -2 | -5 | -7 | -13 | -135 |
| Transportation | -12 | -25 | -7 | 49 | 72 |
| Unallocated Costs | -285 | -287 | -304 | -293 | -372 |
| Divestitures profit | 35 | 103 | |||
| Divestitures | 2 | 32 | |||
| Other income (expenses), net | 0 | 1 | |||
| Total | -58 | -39 | 105 | 163 | 102 |
Price Behavior
| Market Price | $1.62 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 12/13/2016 | |
| Distance from 52W High | -45.3% | |
| 50 Days | 200 Days | |
| DMA Price | $1.54 | $1.72 |
| DMA Trend | down | down |
| Distance from DMA | 5.4% | -5.7% |
| 3M | 1YR | |
| Volatility | 78.1% | 67.5% |
| Downside Capture | 218.13 | 208.10 |
| Upside Capture | 149.79 | 107.13 |
| Correlation (SPY) | 25.5% | 32.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.94 | 2.03 | 1.42 | 1.91 | 1.87 | 1.13 |
| Up Beta | 1.33 | 0.61 | -0.24 | 0.55 | 1.74 | 0.58 |
| Down Beta | 1.46 | 2.13 | 2.36 | 2.32 | 2.46 | 1.39 |
| Up Capture | 138% | 159% | 174% | 215% | 111% | 107% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 7 | 16 | 30 | 56 | 111 | 337 |
| Down Capture | 269% | 285% | 243% | 208% | 163% | 110% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 22 | 28 | 60 | 122 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNDT | |
|---|---|---|---|---|
| CNDT | -41.9% | 67.4% | -0.53 | - |
| Sector ETF (XLK) | 31.3% | 24.9% | 1.04 | 23.1% |
| Equity (SPY) | 17.3% | 12.7% | 0.99 | 32.9% |
| Gold (GLD) | 20.2% | 28.1% | 0.64 | 4.1% |
| Commodities (DBC) | 29.1% | 19.5% | 1.19 | -7.7% |
| Real Estate (VNQ) | 14.4% | 14.1% | 0.72 | 20.0% |
| Bitcoin (BTCUSD) | -46.4% | 42.9% | -1.33 | 20.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNDT | |
|---|---|---|---|---|
| CNDT | -24.6% | 52.8% | -0.34 | - |
| Sector ETF (XLK) | 18.7% | 25.6% | 0.66 | 28.5% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 35.5% |
| Gold (GLD) | 16.9% | 18.4% | 0.74 | 0.1% |
| Commodities (DBC) | 9.1% | 19.5% | 0.36 | 4.2% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 31.4% |
| Bitcoin (BTCUSD) | 16.2% | 53.4% | 0.48 | 22.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CNDT | |
|---|---|---|---|---|
| CNDT | -20.3% | 63.5% | -0.11 | - |
| Sector ETF (XLK) | 23.7% | 24.8% | 0.87 | 25.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 34.4% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | -1.7% |
| Commodities (DBC) | 6.8% | 18.0% | 0.30 | 12.1% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 32.0% |
| Bitcoin (BTCUSD) | 57.5% | 66.2% | 0.98 | 12.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -12.4% | -8.8% | -20.6% |
| 2/12/2026 | 0.4% | 6.7% | -3.7% |
| 11/7/2025 | -19.8% | -9.5% | -9.5% |
| 8/6/2025 | -0.4% | 6.1% | 13.4% |
| 5/7/2025 | -3.4% | 12.2% | 23.4% |
| 2/12/2025 | -6.2% | -7.7% | -30.8% |
| 11/6/2024 | 11.3% | 15.1% | 9.4% |
| 8/7/2024 | -13.7% | -10.4% | 5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 11 |
| # Negative | 16 | 15 | 13 |
| Median Positive | 8.4% | 12.2% | 13.4% |
| Median Negative | -10.4% | -8.8% | -9.3% |
| Max Positive | 82.7% | 80.5% | 63.5% |
| Max Negative | -19.8% | -17.6% | -30.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -12.4% | -8.8% | -20.6% |
| 2/12/2026 | 0.4% | 6.7% | -3.7% |
| 11/7/2025 | -19.8% | -9.5% | -9.5% |
| 8/6/2025 | -0.4% | 6.1% | 13.4% |
| 5/7/2025 | -3.4% | 12.2% | 23.4% |
| 2/12/2025 | -6.2% | -7.7% | -30.8% |
| 11/6/2024 | 11.3% | 15.1% | 9.4% |
| 8/7/2024 | -13.7% | -10.4% | 5.0% |
| 5/1/2024 | 10.8% | 19.4% | 14.3% |
| 2/14/2024 | 2.1% | 3.2% | -5.9% |
| 11/1/2023 | -18.5% | -17.6% | -4.7% |
| 8/2/2023 | 7.9% | -4.7% | -9.3% |
| 5/3/2023 | -12.5% | -11.5% | -5.4% |
| 2/14/2023 | -1.4% | -4.2% | -21.5% |
| 11/1/2022 | -4.2% | -5.0% | 4.0% |
| 8/2/2022 | -9.1% | -3.5% | -11.1% |
| 5/3/2022 | -14.2% | -13.3% | -0.7% |
| 2/16/2022 | -1.1% | 6.3% | -0.2% |
| 11/4/2021 | -11.7% | -15.8% | -24.5% |
| 8/5/2021 | 8.9% | 12.9% | 16.8% |
| 5/5/2021 | 6.1% | -0.1% | 11.9% |
| 2/18/2021 | -12.1% | -4.8% | 22.5% |
| 11/5/2020 | -2.2% | -9.2% | 12.6% |
| 8/6/2020 | 82.7% | 80.5% | 63.5% |
| SUMMARY STATS | |||
| # Positive | 8 | 9 | 11 |
| # Negative | 16 | 15 | 13 |
| Median Positive | 8.4% | 12.2% | 13.4% |
| Median Negative | -10.4% | -8.8% | -9.3% |
| Max Positive | 82.7% | 80.5% | 63.5% |
| Max Negative | -19.8% | -17.6% | -30.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Insider Activity
Updated 7/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Agadi, Harshavardhan V | Chief Executive Officer | Agadi Family Irrevocable 2021 Trust account | Buy | 2232026 | 1.56 | 117,099 | 182,909 | 526,549 | Form |
| 2 | Agadi, Harshavardhan V | Chief Executive Officer | Agadi Family Irrevocable 2021 Trust account | Buy | 2202026 | 1.41 | 110,000 | 155,320 | 310,640 | Form |
| 3 | Fucci, Michael | Direct | Buy | 2202026 | 1.44 | 60,000 | 86,580 | 239,685 | Form | |
| 4 | Agadi, Harshavardhan V | Chief Executive Officer | Agadi Family Irrevocable 2021 Trust account | Buy | 2202026 | 1.44 | 110,000 | 158,400 | 158,400 | Form |
| 5 | Palau, Hernandez Margarita | Hernandez Family Trust of 1993 | Buy | 2202026 | 1.45 | 50,000 | 72,650 | 72,650 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Agadi, Harshavardhan V | Chief Executive Officer | Agadi Family Irrevocable 2021 Trust account | Buy | 2232026 | 1.56 | 117,099 | 182,909 | 526,549 | Form |
| 2 | Agadi, Harshavardhan V | Chief Executive Officer | Agadi Family Irrevocable 2021 Trust account | Buy | 2202026 | 1.41 | 110,000 | 155,320 | 310,640 | Form |
| 3 | Fucci, Michael | Direct | Buy | 2202026 | 1.44 | 60,000 | 86,580 | 239,685 | Form | |
| 4 | Agadi, Harshavardhan V | Chief Executive Officer | Agadi Family Irrevocable 2021 Trust account | Buy | 2202026 | 1.44 | 110,000 | 158,400 | 158,400 | Form |
| 5 | Palau, Hernandez Margarita | Hernandez Family Trust of 1993 | Buy | 2202026 | 1.45 | 50,000 | 72,650 | 72,650 | Form |
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Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| IT Consulting & Other Services Resources |
| IDC |
| Forrester |
| Consultancy.org |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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