# Conduent Incorporated (CNDT)

> Source: Nexqual · https://nexqual.com/CNDT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Conduent Incorporated (CNDT), nexqual.com/CNDT" · informational, not investment advice.

**Price:** USD 1.49 (+1.36% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1.47 · day 1.47–1.56 · 52w 1.15–2.66 · market cap $232M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.79B, net income -$228M (-8.2% margin), free cash flow -$49.0M (SEC filings).
- 1 of 80 tracked superinvestors hold CNDT (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Total return with dividends: 1Y -42.5% vs S&P 500 +14.9%; 5Y -78.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD -0.09, revenue estimate $537M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.14B | $3.86B | $3.72B | $3.36B | $3.04B | $2.79B |
| Gross profit | $1.00B | $840M | $834M | $626M | $552M | — |
| Net income | -$28.0M | -$182M | -$296M | $426M | -$170M | -$228M |
| EPS (diluted) | -$0.18 | -$0.89 | -$1.41 | $2.23 | -$1.14 | — |
| Free cash flow | $163M | $52.0M | $38.0M | -$78.0M | -$132M | -$49.0M |
| Gross margin | 24.2% | 21.8% | 22.4% | 18.7% | 18.1% | — |
| Net margin | -0.7% | -4.7% | -8.0% | 12.7% | -5.6% | -8.2% |
| Revenue growth | -0.6% | -6.8% | -3.5% | -9.8% | -9.4% | — |
| Cash + short-term investments | $415M | $582M | $498M | $366M | $233M | — |
| Total debt | $1.41B | $1.31B | $1.28B | $639M | $687M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · P/B 0.4x · FCF yield -21.15% · Earnings yield -98.39%
P/E at fiscal year-ends: Dec 2024 1.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CNDT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 4.48% | $19.0M | Added +29.6% |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -42.5% | -78.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -42.6% | -26.3% |
| Volatility (annualized) | 72.5% | 56.0% |
| Max drawdown | -55.4% (Oct 2025→Mar 2026) | -82.5% (Oct 2021→Mar 2026) |

## Peers (Information Technology Services)
PONY (Pony AI Inc.) USD 5.02 -0.40% · CHRN (ChronoScale Holdings Corporatio) USD 15.46 -6.98% · CSQR (Csquare, Inc.) USD 14.9 -11.83% · DXC (DXC Technology Company) USD 16.08 +4.42% · PENG (Penguin Solutions, Inc.) USD 51.91 -11.08% · KD (Kyndryl Holdings, Inc.) USD 15.2 +5.92%

## More
Full page: https://nexqual.com/CNDT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CNDT's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1677703/000167770326000024/cndt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Related party | Xerox Holdings Corp (XRX) | "Xerox Corporation ("Xerox") was historically classified as a related party due to significant shares of both Xerox and the Company being held by entities controlled by one individual." |
| Competitor | Accenture (ACN) | "•Large multinational service providers such as Accenture, Cognizant, TTEC and Teleperformance;" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commercial: | $316.0M | 59.5% | -13.4% |
| Government: | $215.0M | 40.5% | -9.7% |
| Total revenue | $531.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Government Services & Health | $117.0M | 22.0% | -14.6% |
| B Paa S | $114.0M | 21.5% | -0.9% |
| Integrated Digital Solutions | $111.0M | 20.9% | -13.3% |
| Government Services Solutions | $98.0M | 18.5% | -3.0% |
| Customer Experience Management | $91.0M | 17.1% | -25.4% |
| Total revenue | $531.0M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.54B | 83.7% | -11.8% |
| Europe | $298.0M | 9.8% | +2.4% |
| Geographicalothercountries | $199.0M | 6.5% | +11.8% |
| Total revenue | $3.04B | 100% | — |

## Company outlook (8-K filed 2026-08-10)

- "Outlook (3) FY 2026 Outlook (3) Revenue $2,150M - $2,250M Adj."
- "(3) Refer to the Appendix for additional information regarding non-GAAP outlook. 4 EXHIBIT 99.1 Conference Call Management will present the results during a conference call and webcast on August 10, 2026 at 9:00 a.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $-0.13 | -30.8% | $537.0M | 1 |
| Next quarter (ends 2026-12-31) | $-0.04 | $-0.06 | -33.3% | $545.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.37 | $-0.43 | -14.0% | $2.34B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.01 | $-0.20 | -105.0% | $2.19B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±16.8%; last 8 reports averaged ±9.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 149.9% | ±16.8% |
| 2027-01-15 | 84 | 124.7% | ±45.3% |
| 2027-04-16 | 175 | 81.2% | ±45.3% |