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olivLaw · US equity research

TTEC Holdings, Inc. TTEC

Services-Help Supply Services · SIC 7363 · Vertical: Services-Help Supply Services (SIC 7363)

1.48USD−3.27% · 1 dayClose 05 Nov 2026

TTEC Holdings is a global customer experience technology and services provider that designs and operates AI-enabled customer interactions for large brands and public sector clients. In the second quarter of 2026 revenue fell 11.3% to 455.5 million USD, and the company is reviewing strategic alternatives for its TTEC Digital segment.

At the close of 05 Nov 2026, TTEC Holdings, Inc. (TTEC) stock was 1.48 USD (−3.27% on the day), with market capitalisation 73.0 m USD, dividend yield 4.05%, beta 1.22, 52-week range 1.21–3.88 USD. Latest reported quarter (Q2 2026): revenue of 455.5 m USD (−11.3% YoY), net income of -15.4 m USD, diluted EPS -0.31 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
73.0 m USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -4.30 · TTM to 30 Jun 2026
E/P (TTM)
-290.75%
TTM to 30 Jun 2026
Dividend yield
4.05%
DPS 12m 0.06
Beta (2y)
1.22
Volatility (1y) 86%
52-week range
1.213.88

Price history

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Technical reading

RSI (14)
48.1
neutral
Bollinger (20, 2)
1.41 – 1.69
in the lower half of the band · %B 0.25 · band width 17.8%
SMA 50 / 200
1.41 / 2.23
mixed trend
MACD (12, 26, 9)
0.02 / 0.02
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+9.6%−5.9%+15.6 pp—
3 months−43.1%−4.6%−38.5 pp—
6 months−51.6%+0.2%−51.9 pp—
Year to date−58.9%+7.4%−66.3 pp—
1 year−54.7%+8.2%−62.9 pp+51.3%
3 years−93.3%+68.4%−161.7 pp−37.6%
5 years−98.6%+56.5%−155.1 pp—
Max drawdown (1y)
−68.8%
11 Dec 2025 → 16 Sept 2026
Max drawdown (5y)
−98.8%
09 Nov 2021 → 16 Sept 2026
Compound annual growth (5y)
−57.1%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
455.5 m USD
−11.3% YoY
Net income
-15.4 m USD
unavailable YoY
Diluted EPS
-0.31
unavailable YoY
net / operating
-3.4% / 2.4%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue529.4 m567.4 m534.2 m513.6 m519.1 m570.0 m496.2 m455.5 m
Cost of revenue415.2 m448.9 m414.5 m399.3 m413.6 m443.2 m387.9 m357.8 m
SG&A71.6 m73.2 m70.0 m70.7 m68.9 m70.7 m66.5 m61.3 m
Operating income12.9 m15.3 m24.2 m18.9 m12.3 m-172.5 m18.5 m11.0 m
Depreciation & amortisation24.0 m23.7 m22.7 m22.9 m22.0 m22.1 m21.3 m21.1 m
Interest expense21.7 m21.1 m19.8 m18.2 m16.6 m17.0 m17.0 m16.7 m
Pre-tax income-9.6 m12.9 m12.6 m3.6 m51.0 k-186.4 m2.6 m-4.4 m
Income tax9.4 m8.3 m9.3 m10.3 m11.1 m-15.9 m7.8 m8.6 m
Net income-21.1 m2.0 m1.4 m-8.0 m-13.4 m-172.5 m-7.6 m-15.4 m
Diluted EPS-0.440.04 ≈0.03-0.17-0.28-3.55 ≈-0.16-0.31
Operating cash flow-91.4 m ≈-1.1 m21.6 m92.7 m ≈4.2 m ≈2.6 m27.5 m51.3 m ≈
Capex8.8 m ≈8.7 m5.4 m7.2 m ≈13.8 m ≈11.7 m6.4 m12.6 m ≈
Dividends paid0 ≈0——————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue1.5 bn1.6 bn1.9 bn2.3 bn2.4 bn2.5 bn2.2 bn2.1 bn
Revenue YoY+2.2%+8.9%+18.6%+16.6%+7.5%+0.8%−10.4%−3.2%
Net income35.8 m77.2 m118.6 m141.0 m103.2 m8.4 m-321.0 m-192.5 m
Net income YoY+393.6%+115.4%+53.8%+18.8%−26.8%−91.8%−3,908.3%unavailable
Diluted EPS0.771.652.522.972.180.18-6.74-3.99
Diluted EPS YoY+381.3%+114.3%+52.7%+17.9%−26.6%−91.7%−3,844.4%unavailable
net %2.4%4.7%6.1%6.2%4.2%0.3%-14.5%-9.0%
Free cash flow124.9 m177.2 m212.1 m190.9 m53.0 m76.9 m-104.0 m83.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
82.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
112.9 m USD
Total assets
1.5 bn USD
Debt / equity
unavailable
Current ratio
1.89x
ROE
-101.0%
ROA
-11.8%
FCF margin
3.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
2.5 bn
2024
2.2 bn
2025
2.1 bn

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
1.9 bn
2024
1.7 bn
2025
1.7 bn

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
529.9 m ≈
2024
471.7 m ≈
2025
466.2 m ≈

SEC (XBRL)· 26 Feb 2026derived

SG&A
2023
290.9 m
2024
293.0 m
2025
280.3 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
118.0 m
2024
-173.5 m
2025
-117.1 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
101.3 m
2024
98.0 m
2025
89.8 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
219.3 m ≈
2024
-75.6 m ≈
2025
-27.4 m ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
78.3 m
2024
84.3 m
2025
71.7 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
40.7 m
2024
-236.5 m
2025
-170.2 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
22.5 m
2024
74.1 m
2025
14.8 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
8.4 m
2024
-321.0 m
2025
-192.5 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
0.18
2024
-6.74
2025
-3.99

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
47.4 m
2024
47.6 m
2025
48.2 m

SEC (XBRL)· 26 Feb 2026verified

Dividend per share
2023
1.04
2024
0.06
2025
—

SEC (XBRL)· 27 Feb 2025verified

Balance sheet · USD

Cash
2023
172.7 m
2024
85.0 m
2025
82.9 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
394.9 m
2024
452.6 m
2025
455.8 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
681.2 m
2024
652.3 m
2025
673.4 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
809.0 m
2024
571.2 m
2025
368.7 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
198.4 m
2024
164.8 m
2025
133.7 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
2.2 bn
2024
1.8 bn
2025
1.5 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
96.6 m
2024
84.2 m
2025
72.6 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
403.0 m
2024
353.9 m
2025
356.0 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
1.6 bn
2024
1.5 bn
2025
1.4 bn

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
615.5 m
2024
268.1 m
2025
112.9 m

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
144.8 m
2024
-58.8 m
2025
121.1 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
67.8 m
2024
45.2 m
2025
38.1 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
76.9 m ≈
2024
-104.0 m ≈
2025
83.0 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-67.6 m
2024
477.0 k
2025
-33.6 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-68.2 m
2024
-38.3 m
2025
-83.3 m

SEC (XBRL)· 26 Feb 2026verified

Dividends paid
2023
49.2 m
2024
2.8 m
2025
0

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-3.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
-4.4%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
1.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
21.5%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-2.2%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-6.4%
computed by olivLawTTM to 30 Jun 2026
Net margin
-10.2%
computed by olivLawTTM to 30 Jun 2026
FCF margin
2.0%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-108.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-13.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-12.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
0.0%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-1.9x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
85.7 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
44.6 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
41.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
73 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
16 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
73.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-290.8%
computed by olivLawTTM to 30 Jun 2026
P/B
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
1.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
56.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
4.1%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Risk

Altman Z
1.78
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.48 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 73.0 m USD

Key indicators

Market capitalisation
73.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-108.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-10.2%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-3.2%
computed by olivLawFY 2025
Dividend yield
4.1%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 2463derived 154

Score by group

44% · Insufficient data

Estimated value range

Low
0.79
USD per share
Mid
0.90
USD per share
High
1.06
USD per share
Price: 1.48 USD
The price is above the range
Potential to the central value: -38.9% (value / price − 1)
Margin of safety: -63.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.79 – 1.06 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)0.79 – 1.06 (Mid 0.90)
Multiple comparisons use the SIC vertical: Services-Help Supply Services (SIC 7363)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-10.2%13 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-4.4%0 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-1.9x0 (on a fixed band)14%
Current ratio · Balance sheet1.9x89 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation56.3%100 (on a fixed band)19%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)14%
Payout ratio (FCF) · Returns0.0%100 (on a fixed band)10%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet36/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial13/100 · 1/3 factors with a value
  • Returns40/100 · 2/2 factors with a value
  • Valuation· partial100/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

TTEC Holdings, Inc. (TTEC). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 2.1 bn USD in 2025; YoY growth -3.2%; net margin -10.2%; ROE -108.2%.

The estimated value range is 0.79–1.06 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.90 USD, the price of 1.48 USD leaves a potential of -38.9% (value / price − 1) and a margin of safety of -63.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 1.9x
  • FCF yield: 56.3%
  • Payout ratio (FCF): 0.0%

What contradicts it

  • Net margin: -10.2%
  • Revenue CAGR 3Y: -4.4%
  • Interest coverage: -1.9x
  • Shareholder yield (distributions): 0.0%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.

Versus the vertical median

Services-Help Supply Services (SIC 7363) · same industry (4-digit SIC) · compared with 16 companies

Multiples and returns vs the median

P/E
—
vertical median 23.4x
EV/EBITDA
—
vertical median 9.9x
P/S
0.0x
vertical median 0.4x
below median (−90.2%)
P/B
0.8x
vertical median 1.9x
below median (−58.7%)
ROE
-108.2%
vertical median 4.6%
below median (−2,462.6%)
Net margin
-10.2%
vertical median 0.3%
below median (−3,113.6%)
EBIT margin
-6.4%
vertical median 0.8%
below median (−877.7%)
Revenue YoY
-3.2%
vertical median -1.9%
below median
Net debt/EBITDA
—
vertical median 1.8x
Dividend yield
4.1%
vertical median 2.1%
above median (+89.9%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
RHIRobert Half Inc.4.4 bn35.69.8%2.3%−7.2%+59% / −48%
MANManpowergroup Inc.2.2 bn18.25.8%0.6%+0.6%+61% / −38%
NSPInsperity, Inc.1.9 bn554.94.6%0.0%+3.5%+44% / −55%
AMNAmn Healthcare Services, Inc.1.8 bn17.715.6%3.1%−8.5%+185% / −30%
EFOREverforth, Inc.1.5 bn21.83.7%1.7%−2.9%−21% / −60%
KFRCKforce Inc997.7 m23.430.5%3.0%−5.4%+89% / −20%
BBSIBarrett Business Services, Inc.728.3 m24.213.9%2.4%+8.4%−13% / +11%
TBITrueBlue, Inc.376.8 m—-15.9%-2.6%+3.1%+152% / −11%
HQIHireQuest, Inc.239.2 m30.012.1%27.1%−11.4%+98% / +16%
RCMTRcm Technologies, Inc.226.3 m13.839.5%5.1%unavailable+63% / +18%
TTECTTEC Holdings, Inc.73.0 m—-108.2%-10.2%−3.2%−55% / −93%
DLHCDlh Holdings Corp.52.6 m—-20.8%-8.5%−13.0%−42% / −74%
BGSFBgsf, Inc37.5 m—-4.4%-2.3%−10.6%−24% / −64%
STRRStar Equity Holdings, Inc.35.0 m—-18.2%-4.3%+22.9%−6% / −40%
CIRCCircle8 Group Inc.23.5 m——-19.4%−1.5%−90% / −95%
YFORYY Group Holding Ltd.3.9 m—-94.1%-11.8%+29.4%−100% / unavailable
KELYAKelly Services, Inc.——-11.9%-3.1%−1.9%+63% / −32%

1- and 3-year price returns: for TTEC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    TTEC Holdings is a global customer experience technology and services provider that designs and operates AI-enabled customer interactions for large brands and public sector clients 1. In the second quarter of 2026 revenue fell 11.3% to 455.5 million USD 23, and the company is reviewing strategic alternatives for its TTEC Digital segment 3.

    SWOT

    Strengths

    • The company has long-term client relationships and an offering that combines technology with operations, with partnerships with major cloud providers 1.
    • Global delivery capacity, with offshore centers covering most of its capability, gives cost flexibility 12.
    • Deep industry expertise allows solutions tailored to each sector's regulatory requirements 1.

    Weaknesses

    • High leverage limits financial flexibility and exposes the company to refinancing risk 13.
    • Revenue has declined in recent quarters and operating margins have narrowed, pointing to execution difficulties 23.
    • Reliance on a few large clients means losing one could significantly affect results 1.

    Opportunities

    • Data, AI and security solutions could accelerate growth in the TTEC Digital segment 3.
    • A possible strategic transaction for TTEC Digital could unlock value and reduce debt 3.
    • Expansion into new offshore markets could reduce delivery costs 2.

    Threats

    • AI automation could reduce demand for traditional call center services 1.
    • Credit terms and covenants could limit options if results stay below expectations 13.
    • Competitors with greater resources could win clients through aggressive pricing 1.

    Risks

    • Debt and refinancinghigh

      Debt is significant, and the credit facility could need extension or restructuring, which is not assured on acceptable terms 13.

    • Financial covenantshigh

      The credit agreement sets leverage and interest coverage limits; failure to comply could trigger a default 13.

    • Client concentrationmedium

      A small number of clients generate a large share of revenue, and losing them could affect results 1.

    • Client AI adoptionmedium

      Clients could replace services with AI solutions, which could reduce volumes and prices 1.

    • Cyber and compliance risksmedium

      Remote work and data privacy rules raise the risk of security incidents and non-compliance 1.

    Investment thesis

    What would need to be true (bull case)

    • If the TTEC Digital segment reaches its growth goals in data and AI, the company could return to profitable growth 3.
    • Long client relationships and high revenue retention could stabilize the revenue base 1.
    • A strategic transaction for TTEC Digital could reduce debt and unlock value for shareholders 3.

    What would break the thesis

    • If revenue declines in the Engage segment continue, margins could remain under pressure 23.
    • High leverage and the need to refinance could limit investment needed for growth 13.
    • AI automation could reduce demand for traditional services faster than the company adapts 1.

    What to watch

    • Third quarter 2026 results and any revision to full year 2026 guidanceQ3 2026
    • Outcome of the review of strategic alternatives for TTEC Digital2026
    • Negotiations to extend the credit facility beyond 20272026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Founded in 1982, TTEC Holdings offers customer experience outsourcing and technology solutions, combining technology platforms with managed operations for clients in financial services, healthcare, the public sector, communications and retail 1. Revenue for fiscal 2025 was 2,137 million USD 1, and the company served over 720 clients as of December 31, 2025 1. Services were delivered from 22 countries with about 51,000 associates in 2025 1.

    Trends

    • Client adoption of artificial intelligencemixed

      Clients using AI tools could reduce demand for traditional services, but the company could benefit if it adapts its offers with AI-enabled solutions 1.

    • Vendor consolidationtailwind

      Multinational companies tend to reduce the number of strategic technology vendors in customer experience, which could favor providers with integrated solutions 1.

    • Cybersecurityheadwind

      Clients expect providers to invest in security controls, and remote work increases operational risks 1.

    • Outsourcing trendheadwind

      Demand depends on clients' willingness to outsource services, and price pressure could increase if they choose in-house or technology alternatives 1.

    Competitive position

    Competition varies by segment: TTEC Digital faces systems integrators and technology consultancies, while TTEC Engage competes with in-house captive units and specialized customer experience companies 1. Industry consolidation has brought larger competitors with greater financial resources 1.

    • Deloitte

      Consultancy named as a rival of TTEC Digital in technology consulting 1.

    • Accenture

      Systems integrator named as a rival for TTEC Digital 1.

    • Concentrix

      Customer experience services provider named as a rival of TTEC Engage 1.

    • TaskUs

      Customer service provider named among TTEC Engage competitors 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TTEC Holdings, Inc. · 26 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TTEC Holdings, Inc. · 10 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / TTEC Holdings, Inc. · 10 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.