CGI (GIB)


Market Price (10/1/2026): $70.96 | Market Cap: $14.7 BilSector: Information Technology | Industry: IT Consulting & Other Services

CGI (GIB)


Market Price (10/1/2026): $70.96
Market Cap: $14.7 Bil
Sector: Information Technology
Industry: IT Consulting & Other Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 16%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 2.6 Bil, FCF LTM is 2.3 Bil

Stock buyback support
Stock Buyback 3Y Total is 4.1 Bil

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cybersecurity, and Cloud Computing. Themes include AI Software Platforms, Show more.

Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -108%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.45

Key risks
GIB key risks include [1] significant revenue concentration with the U.S. Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%, FCF Yield is 16%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 2.6 Bil, FCF LTM is 2.3 Bil
2 Stock buyback support
Stock Buyback 3Y Total is 4.1 Bil
3 Low stock price volatility
Vol 12M is 31%
4 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cybersecurity, and Cloud Computing. Themes include AI Software Platforms, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -73%, 3Y Excs Rtn is -108%
6 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.45
7 Key risks
GIB key risks include [1] significant revenue concentration with the U.S. Show more.

GIB in ETFs

Weight = GIB's share of each fund

VEA0.04%
VEU0.03%
VXUS0.03%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/30/2026

CGI (GIB) stock has gained about 5% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance.

CGI reported robust results for its fiscal third quarter ended June 30, 2026, which were released on July 29, 2026. The company's revenue increased by 2.5% year-over-year to CAD 4.2 billion, or 1.3% in constant currency. Adjusted diluted EPS grew by 9.0% year-over-year to CAD 2.29. Furthermore, CGI generated strong cash from operating activities, reaching CAD 605 million. The company maintained healthy demand indicators with bookings of CAD 4.2 billion for a book-to-bill ratio of 100% in the quarter, and a trailing 12-month book-to-bill ratio of 108%, contributing to a substantial backlog of CAD 31.8 billion, representing 1.9 times annual revenue.

2. Strategic Expansion and Growing Client Demand in Advanced Technologies.

CGI made significant moves in advanced technologies during the period, enhancing its market position and addressing evolving client needs. On September 8, 2026, CGI acquired Callibrity, expanding its capabilities in production-ready enterprise AI, platform engineering, and digital product development. This was complemented by a strategic partnership with D-Wave Quantum, announced on September 23, 2026, aimed at accelerating enterprise adoption of quantum computing for complex optimization challenges. These initiatives align with strong client demand, as highlighted in the fiscal Q3 2026 earnings, where management noted that clients are increasingly turning to CGI for enterprise-scale initiatives embedding advanced AI.

Show more
Updated on 9/30/2026

CGI (GIB) stock has gained about 5% since 6/30/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance.

CGI reported robust results for its fiscal third quarter ended June 30, 2026, which were released on July 29, 2026. The company's revenue increased by 2.5% year-over-year to CAD 4.2 billion, or 1.3% in constant currency. Adjusted diluted EPS grew by 9.0% year-over-year to CAD 2.29. Furthermore, CGI generated strong cash from operating activities, reaching CAD 605 million. The company maintained healthy demand indicators with bookings of CAD 4.2 billion for a book-to-bill ratio of 100% in the quarter, and a trailing 12-month book-to-bill ratio of 108%, contributing to a substantial backlog of CAD 31.8 billion, representing 1.9 times annual revenue.

2. Strategic Expansion and Growing Client Demand in Advanced Technologies.

CGI made significant moves in advanced technologies during the period, enhancing its market position and addressing evolving client needs. On September 8, 2026, CGI acquired Callibrity, expanding its capabilities in production-ready enterprise AI, platform engineering, and digital product development. This was complemented by a strategic partnership with D-Wave Quantum, announced on September 23, 2026, aimed at accelerating enterprise adoption of quantum computing for complex optimization challenges. These initiatives align with strong client demand, as highlighted in the fiscal Q3 2026 earnings, where management noted that clients are increasingly turning to CGI for enterprise-scale initiatives embedding advanced AI.

3. Attractive Valuation and Analyst Confidence.

Despite broader market pressures on the IT services sector due to concerns about generative AI, CGI's stock was viewed as attractively valued. As of October 1, 2026, CGI was considered significantly undervalued, trading at a 42.1% discount to its GuruFocus Value™ estimate of $122.60, and its trailing P/E ratio of 12.2x was notably below its 5-year median of 19.3x. The consensus analyst rating as of September 29, 2026, was "Hold," with an average 12-month price target of $82.97, suggesting a 22.53% upside from the price of $67.71. This perceived undervaluation, coupled with long-term growth prospects, contributed to investor confidence.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 5.5% change in GIB stock from 6/30/2026 to 9/30/2026 was primarily driven by a 2.7% change in the company's Net Income Margin (%).
(LTM values as of)63020269302026Change
Stock Price ($)64.4668.035.5%
Change Contribution By: 
Total Revenues ($ Mil)16,33916,4410.6%
Net Income Margin (%)10.3%10.5%2.7%
P/E Multiple8.18.20.2%
Shares Outstanding (Mil)2122081.9%
Cumulative Contribution5.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 9/30/2026
ReturnCorrelation
GIB5.5% 
Market (SPY)2.1%7.8%
Sector (XLK)2.7%-28.5%

Fundamental Drivers

The -6.6% change in GIB stock from 3/31/2026 to 9/30/2026 was primarily driven by a -13.8% change in the company's P/E Multiple.
(LTM values as of)33120269302026Change
Stock Price ($)72.8468.03-6.6%
Change Contribution By: 
Total Revenues ($ Mil)16,20616,4411.5%
Net Income Margin (%)10.3%10.5%2.8%
P/E Multiple9.58.2-13.8%
Shares Outstanding (Mil)2162083.9%
Cumulative Contribution-6.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 9/30/2026
ReturnCorrelation
GIB-6.6% 
Market (SPY)17.6%0.4%
Sector (XLK)47.5%-16.6%

Fundamental Drivers

The -23.2% change in GIB stock from 9/30/2025 to 9/30/2026 was primarily driven by a -28.9% change in the company's P/E Multiple.
(LTM values as of)93020259302026Change
Stock Price ($)88.5368.03-23.2%
Change Contribution By: 
Total Revenues ($ Mil)15,55916,4415.7%
Net Income Margin (%)11.0%10.5%-4.2%
P/E Multiple11.58.2-28.9%
Shares Outstanding (Mil)2222086.7%
Cumulative Contribution-23.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 9/30/2026
ReturnCorrelation
GIB-23.2% 
Market (SPY)15.4%10.6%
Sector (XLK)39.4%-5.8%

Fundamental Drivers

The -30.2% change in GIB stock from 9/30/2023 to 9/30/2026 was primarily driven by a -43.3% change in the company's P/E Multiple.
(LTM values as of)93020239302026Change
Stock Price ($)97.4468.03-30.2%
Change Contribution By: 
Total Revenues ($ Mil)14,03616,44117.1%
Net Income Margin (%)11.3%10.5%-6.3%
P/E Multiple14.48.2-43.3%
Shares Outstanding (Mil)23320812.2%
Cumulative Contribution-30.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 9/30/2026
ReturnCorrelation
GIB-30.2% 
Market (SPY)84.5%34.8%
Sector (XLK)143.1%22.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
GIB Return12%-3%24%2%-15%-26%-14%
Peers Return19%-11%16%13%5%-29%3%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
GIB Win Rate67%33%67%50%50%33% 
Peers Win Rate60%45%60%62%52%33% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
GIB Max Drawdown-10%-17%-13%-17%-31%-35% 
Peers Max Drawdown-20%-32%-22%-26%-31%-49% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ACN, IBM, CTSH, DXC, LDOS.
[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 9/30/2026 (YTD)

How Low Can It Go

EventGIBS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-16.6%-24.5%
  % Gain to Breakeven19.8%32.4%
  Time to Breakeven65 days427 days
2020 COVID-19 Crash
  % Loss-38.8%-33.7%
  % Gain to Breakeven63.3%50.9%
  Time to Breakeven256 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-10.1%-12.2%
  % Gain to Breakeven11.2%13.9%
  Time to Breakeven71 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-23.2%-17.9%
  % Gain to Breakeven30.2%21.8%
  Time to Breakeven252 days123 days
2008-2009 Global Financial Crisis
  % Loss-42.6%-53.4%
  % Gain to Breakeven74.2%114.4%
  Time to Breakeven331 days1085 days
Summer 2007 Credit Crunch
  % Loss-17.4%-8.6%
  % Gain to Breakeven21.1%9.5%
  Time to Breakeven41 days47 days

Compare to ACN, IBM, CTSH, DXC, LDOS

In The Past

CGI's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% 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.

EventGIBS&P 500
2020 COVID-19 Crash
  % Loss-38.8%-33.7%
  % Gain to Breakeven63.3%50.9%
  Time to Breakeven256 days140 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-23.2%-17.9%
  % Gain to Breakeven30.2%21.8%
  Time to Breakeven252 days123 days
2008-2009 Global Financial Crisis
  % Loss-42.6%-53.4%
  % Gain to Breakeven74.2%114.4%
  Time to Breakeven331 days1085 days

Compare to ACN, IBM, CTSH, DXC, LDOS

In The Past

CGI's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% 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 CGI (GIB)

CGI Inc. (GIB) is a global information technology (IT) and business process services firm. It helps organizations across various sectors manage and modernize their IT operations and business functions. The company provides essential services such as IT and business outsourcing, systems integration, and strategic consulting to ensure clients' technology landscapes are efficient, integrated, and aligned with their business objectives.

CGI's comprehensive service portfolio includes application development, integration, maintenance, and modernization, alongside specialized business process services tailored for specific industries. They also offer IT infrastructure services and business consulting, acting as a strategic partner to clients. CGI serves a diverse range of primary customers, including governments and large enterprises in sectors such as banking, healthcare, utilities, communications, manufacturing, insurance, and transportation.

AI Analysis | Feedback

CGI is like an Accenture or IBM Global Services for global IT and business consulting.

CGI is similar to Capgemini or Deloitte for large-scale IT integration and outsourcing services.

AI Analysis | Feedback

  • IT and Business Outsourcing: Provides comprehensive management of clients' IT functions and business processes.
  • Systems Integration and Consulting: Offers services for integrating disparate IT systems and providing expert advisory.
  • Software Solutions: Engages in selling, developing, integrating, maintaining, testing, and modernizing software applications.
  • Business Process Services: Delivers a suite of specialized services designed to address the operational needs of specific industries.
  • IT Infrastructure Services: Manages and supports the underlying IT hardware, networks, and operational systems for clients.

AI Analysis | Feedback

Major Customers of CGI (GIB)

CGI Inc. primarily provides information technology (IT) and business process services to other companies and governmental entities across a wide range of sectors globally. The provided company description does not list specific customer companies by name, but rather the industries and types of organizations it serves. Therefore, its major customers can be categorized by the sectors it operates in, which include:

  • Government
  • Banking and capital market
  • Health
  • Utility
  • Communication and media
  • Oil and gas
  • Retail, consumer and services
  • Space
  • Manufacturing
  • Insurance
  • Life sciences
  • Transportation and logistics

AI Analysis | Feedback

null

AI Analysis | Feedback

François Boulanger
President and Chief Executive Officer

François Boulanger was appointed President and CEO of CGI and a member of the Board of Directors in October 2024. Prior to this role, he served as President and Chief Operating Officer (COO) for CGI's operations in Canada, U.S. Commercial and State Government, Asia Pacific Global Delivery Centers of Excellence, and Global Intellectual Property Solutions since 2022. Mr. Boulanger was CGI's Executive Vice-President and Chief Financial Officer from October 2014 until his appointment as COO. In his CFO role, he oversaw global financial operations, internal audit, investment management, procurement, real estate, investor relations, and environmental, social, and governance (ESG) functions. He has been actively involved in numerous transformational mergers for CGI, including IMRGlobal, Cognicase, AMS, Stanley, and Logica, playing a pivotal role in consolidating teams in different countries after the Logica merger in 2012. Before joining CGI, Mr. Boulanger was a financial controller at SHLSystem House and Alex Informatique, and a senior auditor at Deloitte.

Steve Perron
Executive Vice-President and Chief Financial Officer

Steve Perron was appointed as CGI's Executive Vice-President and Chief Financial Officer in October 2022, overseeing the company's global financial operations. His responsibilities include controllership, treasury, taxation, investment management, internal audit, real estate functions, risk management, and global procurement. Mr. Perron has been a leader within CGI's finance organization for over 20 years, contributing to the company's growth strategy, including its international expansion. He is recognized as an expert in international taxation. Before joining CGI in 1999, he was part of the finance team at a Canadian telecommunications company and began his career in corporate tax and audit with a leading professional accounting firm.

Serge Godin
Founder and Co-Chair of the Board of Directors

Serge Godin founded CGI in 1976. He served as President and Chief Executive Officer from the company's founding until 2006, when he became Executive Chairman of the Board. In 2025, he became Co-Chair of CGI's Board of Directors, with responsibilities for overseeing transformational acquisitions and large-scale client engagements. Mr. Godin is the controlling shareholder of CGI. Under his leadership, CGI expanded through both organic growth and over 70 acquisitions, growing from two consultants in 1976 to 94,000 today.

Julie Godin
Co-Chair of the Board and Executive Vice-President, Strategic Planning and Corporate Development

Julie Godin is the Co-Chair of the Board of Directors and Executive Vice-President, Strategic Planning and Corporate Development at CGI. She plays a key role in the company's strategic direction and corporate development initiatives.

George D. Schindler
Member of the Board of Directors and Strategic Advisor

George D. Schindler served as President and Chief Executive Officer of CGI from 2016 to 2024. During his tenure as CEO, CGI's annual revenue grew to over $14 billion. He joined CGI through its acquisition of American Management Systems, Inc. (AMS) in 2004, where he started his career as a coder. Following the acquisition, he led CGI's U.S. strategy and growth for commercial and government clients and oversaw Canadian operations. From 2006 to 2011, Mr. Schindler was president of CGI Federal, leading a significant acquisition that expanded U.S. capabilities. He then served as President and Chief Operating Officer before becoming CEO. Mr. Schindler retired as CEO on September 30, 2024, and now serves on the Board of Directors and as a strategic advisor to Serge Godin.

AI Analysis | Feedback

```html

Here are the key risks to CGI Inc.'s business:

  1. Intense Competition and Slower Organic Growth, particularly in emerging technologies like AI: CGI faces significant competition from larger global integrators such as Accenture, and lower-cost models from firms like TCS and Infosys, leading to pricing pressure and potential margin compression in its consulting segment. The company's business model is not designed to aggressively capture high-growth technology frontiers like generative AI, where competitors are investing more, potentially leading to slower organic growth and limiting its ability to win the largest digital transformation projects. The rapid evolution of AI and machine learning could also necessitate substantial resource allocation and investments in proprietary datasets and models, which may negatively impact profitability.
  2. Risks Associated with its Acquisition Strategy: CGI's growth relies heavily on a "buy-and-build" strategy, which involves frequent acquisitions. While this strategy helps in scaling the business, it also leads to increased debt to fund these acquisitions. Additionally, this strategy introduces integration challenges and costs, such as those related to redundancy of employment, contractual agreements, and aligning acquired entities with CGI's operating model, which can impact net earnings and operational efficiency.
  3. Exposure to U.S. Federal Government Spending Fluctuations and Political Volatility: CGI has a notable portion of its revenue, estimated around 13-16%, derived from contracts with the U.S. federal government. This exposure makes the company vulnerable to reductions in U.S. government IT consulting projects, budget cuts, and political events, such as government shutdowns, which can directly result in revenue loss or delayed projects. Broader geopolitical risks, trade disputes, or economic downturns can also cause clients across various sectors to delay or reduce large IT projects.
```

AI Analysis | Feedback

The rapid advancement and adoption of generative artificial intelligence (AI) and intelligent automation tools pose a clear emerging threat to traditional IT and business process services providers like CGI.

Generative AI has the potential to automate significant portions of tasks involved in application development, integration, maintenance, testing, and various business process outsourcing activities. This could lead to a reduction in demand for human-centric services, drive down service costs, and enable clients to perform more tasks in-house or with highly automated solutions. Furthermore, new competitors specializing in AI-native service delivery models could emerge, offering more efficient and cost-effective alternatives to established integrators.

AI Analysis | Feedback

CGI Inc. (GIB) operates in several large addressable markets for its information technology (IT) and business process services. These include the broad IT services market, IT consulting, business process outsourcing (BPO), systems integration, and application development and maintenance.

Addressable Markets for CGI's Main Products or Services:

  • IT Services Market
    • The global IT services market was valued at approximately USD 1.22 trillion in 2024 and is projected to reach USD 2.29 trillion by 2033, growing at a compound annual growth rate (CAGR) of 7.26% from 2025 to 2033. Other estimates place the global market size at USD 1.65 trillion in 2025, projected to reach USD 3.30 trillion by 2033 with a CAGR of 8.9% from 2026 to 2033.
    • North America is a dominant region in the IT services market, holding a significant share of 36.5% in 2024.
  • IT Consulting Services Market
    • The global IT consulting services market was estimated at USD 69.59 billion in 2025 and is expected to rise to USD 106.58 billion by 2034, with a CAGR of 6.4%. Another report states the market reached approximately USD 103.2 billion in 2023 and is expected to grow to USD 181.8 billion in 2028, with a CAGR of 12%.
    • North America accounts for a significant portion of global IT consulting demand, contributing around 38%. Europe holds approximately 25%, and Asia-Pacific accounts for nearly 28% of global activity.
  • Business Process Outsourcing (BPO) Market
    • The global business process outsourcing market was valued at USD 327.01 billion in 2025 and is projected to grow to USD 741.60 billion by 2034, exhibiting a CAGR of 9.7% during the forecast period. Another estimate indicates the global market size was USD 347.95 billion in 2025 and is predicted to increase to approximately USD 906.27 billion by 2035, expanding at a CAGR of 10.05% from 2026 to 2035.
    • North America held the largest business process outsourcing market share, valued at 36.62% in 2024.
  • Systems Integration Market
    • The global system integration market size was valued at USD 385.95 billion in 2023 and is expected to grow at a CAGR of 13.8% from 2024 to 2030. Another source reports the global market size was estimated at USD 516.8 billion in 2024 and is predicted to increase to approximately USD 1.95 trillion by 2034, expanding at a CAGR of 14.18% from 2025 to 2034.
    • North America dominated the system integration market with a share of over 35% in 2022. Asia-Pacific currently dominates the market, holding a market share of 35% in 2025 and is the fastest-growing region.
  • Application Development and Maintenance (ADM) Market
    • The global Application Development and Maintenance (ADM) Market was valued at USD 423.15 billion in 2024 and is expected to reach USD 685.85 billion by 2030, with a CAGR of 8.38% through 2030.
    • For the broader application development software market, the global size was estimated at USD 257.94 billion in 2024 and is projected to reach USD 862.67 billion by 2030, growing at a CAGR of 22.8% from 2025 to 2030.
    • North America led the market with 36.8% of the global revenue share in 2024. The application management services market, a component of ADM, is valued to increase by USD 70.89 billion, at a CAGR of 21.5% from 2025 to 2030. North America accounts for over 41% of the application management services market's incremental growth.

AI Analysis | Feedback

CGI Inc. (GIB) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

  1. Expansion of AI-embedded Managed Services and Digital Transformation Solutions: CGI is actively leveraging artificial intelligence within its managed services offerings and focusing on digital transformation initiatives for its clients. This strategic emphasis addresses the rising demand for advanced technology solutions, contributing significantly to revenue expansion.
  2. Strategic Mergers and Acquisitions (M&A): Acquisitions have been a notable contributor to CGI's past revenue growth and are anticipated to continue fueling future expansion. The company's disciplined capital allocation priorities include pursuing accretive acquisitions to deepen its market position and extend its service capabilities.
  3. Robust Order Backlog and Sustained Client Demand: CGI consistently maintains a strong backlog of contracted work, demonstrating a healthy pipeline for future projects. For instance, in Q1 Fiscal 2026, the backlog stood at $31.32 billion, representing 1.9 times its annual revenue, coupled with a book-to-bill ratio of 109.5%. This strong booking performance indicates continued client trust and demand for CGI's services.
  4. Growth in the Government Sector: The company has identified the government sector as a significant growth area, with its pipeline of new opportunities in this segment increasing by 30% year-over-year. This indicates a targeted expansion within a key industry vertical.

AI Analysis | Feedback

Here is a summary of CGI's capital allocation decisions over the last 3-5 years:

Share Repurchases

  • CGI consistently utilizes Normal Course Issuer Bids (NCIB) as a primary method of returning capital to shareholders, with annual expenditures on share buybacks typically ranging between C$870 million and C$1.5 billion.
  • Under the NCIB that concluded on February 5, 2026, CGI repurchased 12,945,271 Class A Shares for approximately $1.72 billion at a weighted average price of $133.10 per share.
  • In the NCIB that ended on February 5, 2025, the company repurchased 7,088,507 Class A Shares for a total consideration of approximately $1.03 billion at a weighted average price of $145.37 per share.

Share Issuance

  • CGI has not reported significant share issuances over the last 3-5 years. Instead, the number of shares outstanding has consistently declined due to ongoing share repurchase programs.

Outbound Investments

  • CGI actively pursues a "buy-and-build" acquisition strategy to expand its market presence and enhance its service offerings.
  • Recent acquisitions include Online Business Systems (December 2025), which strengthened its presence in Winnipeg and capabilities in digital transformation, cybersecurity, and AI, and Stratfield Consulting (February 2026).
  • Other strategic acquisitions in the past three years include Comarch Polska SA (January 2026), BJSS (January 2025), Apside (March 2025), Novatec (January 2025), and Daugherty (December 2024), which aimed to expand local presence in various regions and enhance data and AI capabilities.

Capital Expenditures

  • CGI is characterized as a low-capital-expenditure business, with reported and forecasted annual capital expenditures in the range of approximately $90 million to $123 million (USD) between 2021 and 2026.
  • In Q4 Fiscal 2025, CGI invested $80.5 million back into its business.
  • The primary focus of CGI's investments is on strategic priorities such as AI, digital transformation, data, cloud modernization, cybersecurity, and business process optimization.

Better Bets vs. CGI (GIB)

Peer Outperformance in IT Consulting & Other Services

GIB has outperformed 52% of its 27 IT Consulting & Other Services peers over 5Y. Among the peers that beat it are ADEA and IBM. IT Consulting & Other Services ranks 10th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of IT Consulting & Other Services constituents that GIB has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
50%
of 34 industry peers · -23.2% return
3Y
41%
of 29 industry peers · -30.2% return
5Y
52%
of 27 industry peers · -19.5% return
IT Consulting & Other Services peers with revenue growth within 4pp of GIB's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
GIB CGI 5.4% 8.2x -23.2%-30.2%-19.5% —
ADEA Adeia 7.0% 23.0x 53.9%150.1%189.5% +209pp
IBM International Business Machines 4.5% 19.3x -20.0%71.9%93.6% +113pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. IT Consulting & Other Services is GIB's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Electronic Manufacturing Services 9 63.9%180.7%305.5% TTMI 870% · FLEX 722% · SANM 449%
Semiconductor Materials & Equipment 28 106.8%103.7%125.8% AXTI 835% · AEHR 691% · KLAC 511%
Technology Distributors 9 37.8%81.3%97.4% CLMB 416% · AVT 199% · SNX 158%
Communications Equipment 36 9.1%76.4%70.3% AAOI 1281% · LITE 1038% · FEIM 935%
Electronic Components 26 41.1%72.7%67.7% CLS 3807% · BELFA 1339% · LPTH 386%
Technology Hardware, Storage & Peripherals 20 22.4%128.6%35.6% STX 1159% · DELL 1011% · SMCI 1000%
Semiconductors 55 29.8%46.2%35.0% POET 1736% · MU 1436% · NVDA 1006%
Internet Services & Infrastructure 6 -4.5%37.5%18.0% DOCN 65% · VRSN 39% · GDDY 33%
Electronic Equipment & Instruments 26 -22.0%19.5%-6.7% PI 220% · KEYS 120% · VPG 106%
IT Consulting & Other Services ← 28 -23.2%-10.3%-19.9% CHRN 519111% · APLD 1020% · TSSI 785%
Application Software 125 -30.1%-18.8%-47.2% VIDA 136567% · INLX 5104% · PLTR 669%
Systems Software 70 -16.6%21.3%-51.9% QNC 551% · PAYS 418% · ZETA 412%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

GIBACNIBMCTSHDXCLDOSMedian
NameCGI AccentureInternat.Cognizan.DXC Tech.Leidos  
Mkt Price70.96213.00226.0161.0011.65122.0496.50
Mkt Cap14.7130.4212.728.41.915.421.9
Rev LTM16,44173,10169,09721,64212,48417,63419,638
Op Inc LTM2,69711,51512,7053,5202432,0803,108
FCF LTM2,32512,58213,1442,5981,0292,1632,461
FCF 3Y Avg2,05810,49812,2952,1649821,6452,111
CFO LTM2,59113,18214,8882,9171,4802,3002,754
CFO 3Y Avg2,33211,09413,9742,4681,4331,8002,400

Growth & Margins

GIBACNIBMCTSHDXCLDOSMedian
NameCGI AccentureInternat.Cognizan.DXC Tech.Leidos  
Rev Chg LTM5.7%6.7%7.9%5.6%-2.4%3.4%5.7%
Rev Chg 3Y Avg5.4%4.8%4.5%3.8%-4.1%5.9%4.7%
Rev Chg Q2.5%5.6%1.1%4.5%-5.1%7.2%3.5%
QoQ Delta Rev Chg LTM0.6%1.4%0.3%1.1%-1.3%1.8%0.9%
Op Inc Chg LTM6.0%8.3%16.3%10.7%-64.7%2.9%7.1%
Op Inc Chg 3Y Avg6.0%5.7%13.3%7.0%896.5%21.9%10.1%
Op Mgn LTM16.4%15.8%18.4%16.3%1.9%11.8%16.0%
Op Mgn 3Y Avg16.4%15.6%17.0%15.7%2.5%11.2%15.7%
QoQ Delta Op Mgn LTM-0.0%0.1%-0.4%0.5%-0.4%-0.4%-0.2%
CFO/Rev LTM15.8%18.0%21.5%13.5%11.9%13.0%14.6%
CFO/Rev 3Y Avg15.0%16.1%21.4%12.0%11.1%10.6%13.5%
FCF/Rev LTM14.1%17.2%19.0%12.0%8.2%12.3%13.2%
FCF/Rev 3Y Avg13.3%15.2%18.9%10.5%7.6%9.7%11.9%

Valuation

GIBACNIBMCTSHDXCLDOSMedian
NameCGI AccentureInternat.Cognizan.DXC Tech.Leidos  
Mkt Cap14.7130.4212.728.41.915.421.9
P/S0.91.83.11.30.20.91.1
P/Op Inc5.511.316.78.17.87.47.9
P/EBIT5.911.917.28.02.77.67.8
P/E8.516.719.812.815.311.214.1
P/CFO5.79.914.39.71.36.78.2
Total Yield13.3%10.4%8.2%10.6%7.0%10.4%10.4%
Dividend Yield1.0%3.5%3.0%2.3%0.0%1.4%1.9%
FCF Yield 3Y Avg11.4%8.9%5.6%8.4%44.4%10.2%9.5%
D/E0.30.10.30.12.20.40.3
Net D/E0.3-0.00.30.01.20.40.3

Returns

GIBACNIBMCTSHDXCLDOSMedian
NameCGI AccentureInternat.Cognizan.DXC Tech.Leidos  
1M Rtn-5.7%12.2%-3.4%-5.5%3.1%-12.7%-4.5%
3M Rtn8.6%64.4%-20.5%49.4%22.1%18.8%20.5%
6M Rtn-1.5%10.3%-5.7%0.9%-7.1%-21.2%-3.6%
12M Rtn-19.8%-10.8%-17.8%-7.0%-14.5%-34.7%-16.2%
3Y Rtn-27.2%-25.8%76.7%-4.9%-44.1%36.9%-15.4%
1M Excs Rtn-5.2%12.8%-2.9%-5.1%3.6%-12.2%-4.0%
3M Excs Rtn6.2%61.8%-22.8%47.0%19.7%16.5%18.1%
6M Excs Rtn-20.5%-10.3%-23.1%-17.6%-25.8%-38.2%-21.8%
12M Excs Rtn-35.2%-28.2%-32.4%-22.8%-30.5%-48.4%-31.5%
3Y Excs Rtn-108.2%-116.9%-9.3%-88.8%-125.4%-38.4%-98.5%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Managed Information Technology (IT) and business process services8,8218,0427,6746,9816,723
Business and strategic Information Technology (IT) consulting and systems integration services7,0926,6346,6225,8865,404
Total15,91314,67614,29612,86712,127


Operating Income by Segment
$ Mil201520052004
United States454  
Canada344  
United Kingdom164  
Nordics154  
France147  
Eastern, Central and Southern Europe118  
Asia Pacific77  
Adjustment-129  
BPS 7074
IT Services 361341
Corporate  -79
Total1,329431336


Assets by Segment
$ Mil20112010200920072006
United States and India2,2652,1662,341  
Canada1,687181198  
GIS544    
Europe and Asia Pacific1902,084985  
Corporate 176376  
BPS   576598
IT Services   2,6952,859
Total4,6864,6073,9003,2713,457


Price Behavior

Price Behavior
Market Price$68.03 
Market Cap ($ Bil)14.1 
First Trading Date10/07/1998 
Distance from 52W High-27.9% 
   50 Days200 Days
DMA Price$71.82$73.94
DMA Trenddownup
Distance from DMA-5.3%-8.0%
 3M1YR
Volatility30.2%31.4%
Downside Capture61.0970.93
Upside Capture75.3128.11
Correlation (SPY)8.0%10.5%
GIB Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta0.960.960.210.010.260.56
Up Beta1.320.86-0.59-0.55-0.170.49
Down Beta0.560.76-0.69-0.640.070.43
Up Capture54%71%74%22%20%22%
Bmk +ve Days6162766132424
Stock +ve Days9193264129393
Down Capture189%155%54%67%78%94%
Bmk -ve Days16263760120328
Stock -ve Days13233262123356

[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 GIB
GIB-23.1%31.4%-0.81-
Sector ETF (XLK)40.4%26.5%1.25-5.8%
Equity (SPY)15.9%13.0%0.8710.6%
Gold (GLD)8.1%29.6%0.26-9.0%
Commodities (DBC)43.1%20.8%1.61-21.4%
Real Estate (VNQ)2.2%13.6%-0.0923.3%
Bitcoin (BTCUSD)-27.1%44.5%-0.5813.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GIB
GIB-5.2%23.8%-0.26-
Sector ETF (XLK)21.3%25.9%0.7340.0%
Equity (SPY)13.2%17.2%0.5949.2%
Gold (GLD)18.2%18.9%0.786.2%
Commodities (DBC)10.6%19.6%0.422.9%
Real Estate (VNQ)0.5%18.9%-0.0843.8%
Bitcoin (BTCUSD)13.9%52.3%0.4424.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with GIB
GIB3.8%22.8%0.15-
Sector ETF (XLK)24.9%25.0%0.9051.2%
Equity (SPY)15.4%17.9%0.7358.0%
Gold (GLD)11.8%16.4%0.586.5%
Commodities (DBC)8.4%18.1%0.3815.5%
Real Estate (VNQ)4.5%20.7%0.1849.1%
Bitcoin (BTCUSD)63.6%66.2%1.0317.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity5.4 Mil
Short Interest: % Change Since 8312026-2.4%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest12.4 days
Basic Shares Quantity207.8 Mil
Short % of Basic Shares2.6%

Returns Analyses

Earnings Returns History

Updated 6/3/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/29/20266-K
03/31/202604/29/20266-K
09/30/202512/17/202540-F
06/30/202507/30/20256-K
03/31/202504/30/20256-K
12/31/202401/29/20256-K
09/30/202412/18/202440-F
06/30/202407/31/20246-K
03/31/202405/01/20246-K
12/31/202301/31/20246-K
09/30/202312/15/202340-F
06/30/202307/26/20236-K
03/31/202304/26/20236-K
12/31/202202/01/20236-K
09/30/202212/16/202240-F
06/30/202207/27/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/29/20266-K
03/31/202604/29/20266-K
09/30/202512/17/202540-F
06/30/202507/30/20256-K
03/31/202504/30/20256-K
12/31/202401/29/20256-K
09/30/202412/18/202440-F
06/30/202407/31/20246-K
03/31/202405/01/20246-K
12/31/202301/31/20246-K
09/30/202312/15/202340-F
06/30/202307/26/20236-K
03/31/202304/26/20236-K
12/31/202202/01/20236-K
09/30/202212/16/202240-F
06/30/202207/27/20226-K
03/31/202204/27/20226-K
12/31/202102/02/20226-K
09/30/202112/17/202140-F
06/30/202107/28/20216-K
03/31/202104/28/20216-K
12/31/202001/27/20216-K
09/30/202012/18/202040-F
06/30/202007/29/20206-K
03/31/202004/29/20206-K
12/31/201901/29/20206-K
09/30/201912/19/201940-F
06/30/201907/31/20196-K

Investor Activity (13F)

Updated Oct 1, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Rempart Asset Management Inc.$13.7 Mil2.9%36Hold13F
Scheer, Rowlett & Associates Investment Management Ltd.$28.1 Mil2.0%33Hold13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Walter Public Investments Inc.$10.7 Mil1.9%49Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Scheer, Rowlett & Associates Investment Management Ltd.$28.1 Mil2.0%33Hold13F
Rempart Asset Management Inc.$13.7 Mil2.9%36Hold13F
Core Cache Last Updated: 9/30/2026