Latest Ratios: P/E Ratio -1.4x · EV/EBITDA 6.3x · ROE -18.8%. (2014–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $244M | $304M | $772M | $791M | $874M | $1.1B | $1.0B | $1.3B | $2.2B | $3.5B | $3.0B |
| Enterprise Value | $852M | $912M | $1.2B | $1.8B | $1.8B | $2.4B | $2.4B | $2.6B | $3.0B | $4.9B | $4.6B |
| P/E Ratio → | -1.38 | — | 1.81 | — | — | — | — | — | — | 19.47 | — |
| P/S Ratio | 0.08 | 0.10 | 0.23 | 0.21 | 0.23 | 0.27 | 0.24 | 0.29 | 0.41 | 0.59 | 0.47 |
| P/B Ratio | 0.30 | 0.37 | 0.78 | 1.25 | 0.95 | 1.00 | 0.85 | 1.00 | 0.68 | 1.00 | 0.92 |
| P/FCF | — | — | — | — | — | 6.97 | 45.82 | — | 37.13 | 20.73 | — |
| P/OCF | — | — | — | 8.89 | 6.07 | 4.67 | 6.26 | 9.83 | 7.74 | 11.67 | 27.96 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.30 | 0.37 | 0.48 | 0.47 | 0.58 | 0.57 | 0.59 | 0.56 | 0.82 | 0.71 |
| EV / EBITDA | 6.26 | 6.71 | 4.26 | 3.44 | 4.63 | 5.26 | 2.66 | 2.94 | 4.69 | 7.36 | 8.69 |
| EV / EBIT | — | — | — | 19.85 | — | 79.63 | 102.44 | 85.02 | — | 27.68 | — |
| EV / FCF | — | — | — | — | — | 14.66 | 107.09 | — | 50.87 | 28.98 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.1% | 18.1% | 18.7% | 22.4% | 21.8% | 24.2% | 22.9% | 21.8% | 22.5% | 17.4% | 14.2% |
| Operating Margin | -1.9% | -1.9% | 4.9% | 9.9% | 4.2% | 2.5% | 11.7% | 10.9% | 3.3% | 2.9% | -1.4% |
| Net Profit Margin | -5.6% | -5.6% | 12.7% | -8.0% | -4.7% | -0.7% | -2.8% | -43.3% | -7.7% | 3.0% | -15.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -18.8% | -18.8% | 52.7% | -38.2% | -17.8% | -2.4% | -9.5% | -85.5% | -12.3% | 5.3% | -23.3% |
| ROA | -6.8% | -6.8% | 14.8% | -8.8% | -4.8% | -0.7% | -2.7% | -34.6% | -5.8% | 2.4% | -11.7% |
| ROIC | -3.0% | -3.0% | 8.0% | 15.9% | 5.8% | 3.1% | 14.1% | 10.9% | 3.0% | 2.7% | -1.3% |
| ROCE | -3.2% | -3.2% | 8.0% | 14.9% | 5.8% | 3.3% | 14.9% | 11.0% | 3.1% | 2.8% | -1.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 0.84 | 2.36 | 1.67 | 1.47 | 1.51 | 1.41 | 0.49 | 0.58 | 0.59 |
| Debt / EBITDA | 6.18 | 6.18 | 2.86 | 2.88 | 3.89 | 3.67 | 2.03 | 2.05 | 2.45 | 3.08 | 3.69 |
| Net Debt / Equity | — | 0.74 | 0.47 | 1.57 | 1.03 | 1.11 | 1.13 | 1.03 | 0.25 | 0.40 | 0.47 |
| Net Debt / EBITDA | 4.47 | 4.47 | 1.60 | 1.92 | 2.41 | 2.76 | 1.52 | 1.49 | 1.27 | 2.10 | 2.95 |
| Debt / FCF | — | — | — | — | — | 7.69 | 61.27 | — | 13.75 | 8.25 | — |
| Interest Coverage | -2.33 | -2.33 | -0.65 | 0.81 | -0.51 | 0.55 | 0.38 | 0.40 | -2.53 | 1.30 | -29.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.57 | 1.57 | 1.68 | 1.91 | 1.76 | 1.64 | 1.44 | 1.35 | 1.64 | 1.98 | 1.37 |
| Quick Ratio | 1.57 | 1.57 | 1.68 | 1.91 | 1.76 | 1.64 | 1.44 | 1.35 | 1.63 | 1.43 | 1.34 |
| Cash Ratio | 0.34 | 0.34 | 0.49 | 0.57 | 0.63 | 0.40 | 0.41 | 0.42 | 0.63 | 0.48 | 0.28 |
| Asset Turnover | — | 1.27 | 1.29 | 1.18 | 1.08 | 1.03 | 0.98 | 0.99 | 0.81 | 0.80 | 0.83 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 278.80 | 6.57 | 134.10 |
| Days Sales Outstanding | — | 77.27 | 75.59 | 76.79 | 80.61 | 80.32 | 82.68 | 74.93 | 69.51 | 69.40 | 73.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 3.3% | 1.3% | 1.3% | 1.1% | 0.9% | 1.0% | 0.8% | 0.5% | 0.3% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 55.2% | — | — | — | — | — | — | 5.1% | — |
| FCF Yield | — | — | — | — | — | 14.3% | 2.2% | — | 2.7% | 4.8% | — |
| Buyback Yield | 11.9% | 9.5% | 23.6% | 3.4% | 0.0% | 0.9% | 0.0% | 1.6% | 0.5% | 8.7% | 0.0% |
| Total Shareholder Yield | 15.9% | 12.8% | 24.9% | 4.7% | 1.1% | 1.8% | 1.0% | 2.4% | 0.9% | 9.0% | 0.0% |
| Shares Outstanding | — | $158M | $191M | $217M | $216M | $213M | $210M | $209M | $206M | $218M | $203M |
Structural margin erosion
As reported in recent financial filings, Conduent trades at a P/S ratio of 0.07 and a negative TTM P/E of -1.16, suggesting that the market is pricing the firm as a distressed asset rather than a viable growth-oriented technology services provider within the current competitive landscape.
The extremely low P/S multiple indicates that investors are heavily discounting the company's revenue base, likely due to the persistent contraction and lack of clear path to profitability. While the EV/EBITDA of 5.98 appears inexpensive relative to broader tech peers, it likely masks the underlying operational risks and the potential for further margin compression.
Based on historical quarterly data, Conduent's ROIC has trended downward from 4.4% in 2023Q4 to -0.2% in 2026Q1, illustrating a fundamental inability to generate positive returns on capital as the company struggles to scale its operations amidst a shrinking revenue base and rising cost structure.
The erosion of ROIC suggests that the capital deployed into the business is failing to create value, likely exacerbated by the high fixed costs associated with legacy government and transportation infrastructure. Investors should monitor whether management's divestiture strategy can eventually improve capital efficiency or if the core business remains structurally incapable of exceeding its cost of capital.
According to recent financial statements, Conduent's asset turnover has remained stagnant at approximately 0.30, while DSO has fluctuated between 77 and 92 days, indicating that the company faces persistent challenges in accelerating its cash conversion cycle and optimizing its working capital management against its government client base.
The lack of improvement in asset turnover suggests that the company's infrastructure is underutilized, which is a significant drag on overall operational efficiency. The extended collection cycles, while common in government contracting, appear to be a structural bottleneck that limits the company's ability to generate the liquidity needed for internal reinvestment.
As reported in quarterly filings, Conduent's debt-to-equity ratio reached 1.12 in 2026Q1, which, when viewed alongside the company's negative retained earnings, suggests that the firm's leverage profile is increasingly vulnerable to further operational volatility and potential credit market tightening in the coming fiscal periods.
The high debt-to-EBITDA ratio of 19.98 in 2026Q1 highlights a precarious debt service position that warrants close scrutiny by investors. The company's reliance on debt to fund operations while equity is being eroded by persistent net losses indicates a balance sheet that is becoming increasingly fragile.
The P/E ratio is the most commonly misapplied metric for Conduent, as it obscures the company's true earning power by failing to account for the significant non-recurring charges and divestiture-related accounting that frequently distort the bottom line in this specific business model.
Investors should instead focus on EV/EBITDA or free cash flow yield to better understand the company's operational cash generation potential, as these metrics are less sensitive to the accounting noise inherent in a business undergoing constant restructuring. Relying on P/E in this context may lead to a fundamental misunderstanding of the firm's actual cash-generating capacity.
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Quick answers to the most common questions about buying CNDT stock.
Conduent Incorporated's current P/E ratio is -1.4x. The historical average is 10.6x.
Conduent Incorporated's current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.1x.
Conduent Incorporated's return on equity (ROE) is -18.8%. The historical average is -13.3%.
Based on historical data, Conduent Incorporated is trading at a P/E of -1.4x. Compare with industry peers and growth rates for a complete picture.
Conduent Incorporated's current dividend yield is 4.02%.
Conduent Incorporated has 18.1% gross margin and -1.9% operating margin.
Conduent Incorporated's Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.