olivLaw · US equity research
Conduent Incorporated CNDT
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Conduent delivers digital business process solutions to commercial and government clients and transportation agencies, with a focus on automation and artificial intelligence. The company is in a 2026 transformation program, with asset sales and fiscal 2026 revenue guidance of 2,150 - 2,250 million USD, which makes its profile relevant for readers following modernization of public services and outsourcing.
At the close of 04 Nov 2026, Conduent Incorporated (CNDT) stock was 1.65 USD (+10.74% on the day), with market capitalisation 256.6 m USD, beta 1.18, 52-week range 1.16–2.31 USD. Latest reported quarter (Q2 2026): revenue of 531.0 m USD (−11.9% YoY), net income of -116.0 m USD, diluted EPS -0.76 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.4
- neutral
- Bollinger (20, 2)
- 1.36 – 1.73
- in the upper half of the band · %B 0.78 · band width 24.2%
- SMA 50 / 200
- 1.62 / 1.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.01
- MACD above 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.6% | −1.1% | +1.7 pp | — |
| 3 months | −4.1% | −0.5% | −3.6 pp | — |
| 6 months | −5.7% | +4.4% | −10.1 pp | — |
| Year to date | −14.1% | +12.3% | −26.4 pp | — |
| 1 year | −27.6% | +13.5% | −41.2 pp | −3.2% |
| 3 years | −39.1% | +76.4% | −115.5 pp | +1.1% |
| 5 years | −73.4% | +63.7% | −137.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 807.0 m | 800.0 m | 751.0 m | 603.0 m | 767.0 m | 770.0 m | 723.0 m | 531.0 m |
| Cost of revenue | 656.0 m | 662.0 m | 618.0 m | 489.0 m | 631.0 m | 624.0 m | 587.0 m | 435.0 m |
| Research & development | 1.0 m | 2.0 m | 1.0 m | 1.0 m | 1.0 m | 1.0 m | 1.0 m | 0 |
| SG&A | 115.0 m | 109.0 m | 120.0 m | 90.0 m | 96.0 m | 96.0 m | 91.0 m | 80.0 m |
| Depreciation & amortisation | 44.0 m | 47.0 m | 48.0 m | 41.0 m | 48.0 m | 50.0 m | 47.0 m | 37.0 m |
| Interest expense | 16.0 m | 13.0 m | 12.0 m | 12.0 m | 12.0 m | 12.0 m | 12.0 m | 13.0 m |
| Pre-tax income | 159.0 m | -82.0 m | -56.0 m | -43.0 m | -38.0 m | -28.0 m | -27.0 m | -57.0 m |
| Income tax | 36.0 m | -70.0 m | -5.0 m | -1.0 m | 8.0 m | 5.0 m | 6.0 m | 12.0 m |
| Net income | 123.0 m | -12.0 m | -51.0 m | -40.0 m | -46.0 m | -33.0 m | -33.0 m | -116.0 m |
| Diluted EPS | 0.72 | -0.07 ≈ | -0.33 | -0.26 | -0.30 | -0.21 ≈ | -0.23 | -0.76 |
| Operating cash flow | -13.0 m ≈ | 41.0 m | -58.0 m | -15.0 m ≈ | -39.0 m ≈ | 39.0 m | -8.0 m | 7.0 m ≈ |
| Capex | 8.0 m ≈ | -11.0 m | 14.0 m | 15.0 m ≈ | 15.0 m ≈ | 15.0 m | 9.0 m | 9.0 m ≈ |
≈ 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.4 bn | 4.5 bn | 4.2 bn | 4.1 bn | 3.9 bn | 3.7 bn | 3.4 bn | 3.0 bn |
| Revenue YoY | −10.4% | −17.2% | −6.8% | −0.6% | −6.8% | −3.5% | −9.8% | −9.4% |
| Net income | -416.0 m | -1.9 bn | -118.0 m | -28.0 m | -182.0 m | -296.0 m | 426.0 m | -170.0 m |
| Net income YoY | −329.8% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −139.9% |
| Diluted EPS | -2.06 | -9.29 | -0.61 | -0.18 | -0.89 | -1.41 | 2.23 | -1.14 |
| Diluted EPS YoY | −348.2% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −151.1% |
| net % | -7.7% | -43.3% | -2.8% | -0.7% | -4.7% | -8.0% | 12.7% | -5.6% |
| Free cash flow | 104.0 m | -16.0 m | 85.0 m | 163.0 m | 52.0 m | 38.0 m | -78.0 m | -132.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 233.0 m USD
- Financial debt
- 22.0 m USD
- Net debt
- -211.0 m USD
- Equity
- 685.0 m USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 0.03x
- Current ratio
- 1.65x
- ROE
- -22.3%
- ROA
- -6.8%
- FCF margin
- -4.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.2 bn | 4.1 bn | 3.9 bn | 3.7 bn | 3.4 bn | 3.0 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 3.2 bn | 3.1 bn | 3.0 bn | 2.9 bn | 2.7 bn | 2.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 954.0 m ≈ | 1.0 bn ≈ | 840.0 m ≈ | 834.0 m ≈ | 626.0 m ≈ | 552.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Research & development | 1.0 m | 4.0 m | 7.0 m | 7.0 m | 6.0 m | 4.0 m | SEC (XBRL)· 19 Feb 2026verified |
| SG&A | 468.0 m | 544.0 m | 440.0 m | 458.0 m | 455.0 m | 412.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 459.0 m | 352.0 m | 230.0 m | 264.0 m | 204.0 m | 194.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Interest expense | 60.0 m | 55.0 m | 84.0 m | 111.0 m | 75.0 m | 48.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -139.0 m | -25.0 m | -127.0 m | -332.0 m | 504.0 m | -160.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | -21.0 m | 3.0 m | 55.0 m | -36.0 m | 78.0 m | 10.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -118.0 m | -28.0 m | -182.0 m | -296.0 m | 426.0 m | -170.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -0.61 | -0.18 | -0.89 | -1.41 | 2.23 | -1.14 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | — | — | 215.9 m | 216.8 m | 191.1 m | 158.4 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 450.0 m | 415.0 m | 582.0 m | 498.0 m | 366.0 m | 233.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 670.0 m | 699.0 m | 630.0 m | 559.0 m | 493.0 m | 341.0 m | SEC (XBRL)· 10 Aug 2026verified |
| Current assets | 1.6 bn | 1.7 bn | 1.6 bn | 1.7 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 10 Aug 2026verified |
| Property, plant & equipment, net | 305.0 m | 281.0 m | 266.0 m | 197.0 m | 167.0 m | 167.0 m | SEC (XBRL)· 10 Aug 2026verified |
| Goodwill | 1.5 bn | 1.3 bn | 955.0 m | 651.0 m | 609.0 m | 617.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 187.0 m | 52.0 m | 39.0 m | 32.0 m | 14.0 m | 12.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 4.3 bn | 4.0 bn | 3.6 bn | 3.2 bn | 2.6 bn | 2.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 182.0 m | 198.0 m | 228.0 m | 174.0 m | 157.0 m | 108.0 m | SEC (XBRL)· 10 Aug 2026verified |
| Short-term debt | 90.0 m | 30.0 m | 35.0 m | 34.0 m | 24.0 m | 22.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 1.1 bn | 1.0 bn | 923.0 m | 868.0 m | 744.0 m | 728.0 m | SEC (XBRL)· 10 Aug 2026verified |
| Total liabilities | 2.9 bn | 2.8 bn | 2.5 bn | 2.4 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 1.2 bn | 1.1 bn | 917.0 m | 633.0 m | 843.0 m | 685.0 m | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 161.0 m | 243.0 m | 144.0 m | 89.0 m | -50.0 m | -73.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 76.0 m | 80.0 m | 92.0 m | 51.0 m | 28.0 m | 59.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 85.0 m ≈ | 163.0 m ≈ | 52.0 m ≈ | 38.0 m ≈ | -78.0 m ≈ | -132.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -134.0 m | -142.0 m | 173.0 m | -93.0 m | 795.0 m | -28.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -74.0 m | -132.0 m | -131.0 m | -81.0 m | -877.0 m | -39.0 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 256.6 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
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: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -8.2% | 18 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -7.6% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.6x | 63 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -19.1% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial63/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
CONDUENT INC (CNDT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.0 bn USD in 2025; YoY growth -9.4%; net margin -8.2%; ROE -35.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -8.2%
- Revenue CAGR 3Y: -7.6%
- FCF yield: -19.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| ETSYEtsy, Inc | 8.3 bn | 11.4 | — | 32.8% | +2.7% | +77% / +27% |
| RELYRemitly Global, Inc. | 5.8 bn | 16.4 | 35.9% | 19.1% | +29.4% | +100% / +26% |
| SEZLSezzle Inc. | 4.6 bn | 30.0 | 88.9% | 30.4% | +66.1% | +121% / +8,110% |
| TICTIC Solutions, Inc. | 2.3 bn | — | -7.1% | -5.6% | unavailable | +10% / unavailable |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +56% / +144% |
| QNSTQuinStreet, Inc. | 1.1 bn | 13.8 | 28.6% | 6.3% | +18.3% | +38% / +54% |
| CTEVClaritev Corporation | 367.3 m | — | — | -28.5% | +3.7% | −60% / −58% |
| FVRRFiverr International Ltd. | 314.4 m | 15.6 | 5.4% | 4.9% | +10.1% | −58% / −67% |
| POWWOutdoor Holding Company | 278.4 m | 70.8 | 2.8% | 12.1% | +3.5% | +30% / +18% |
| CNDTConduent Inc | 256.6 m | — | -35.0% | -8.2% | −9.4% | −28% / −39% |
| ZHZhihu Inc. | 159.4 m | — | -5.0% | -7.1% | −20.3% | −27% / −38% |
1- and 3-year price returns: for CNDT 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 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 |
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
Conduent delivers digital business process solutions to commercial and government clients and transportation agencies, with a focus on automation and artificial intelligence. The company is in a 2026 transformation program, with asset sales and fiscal 2026 revenue guidance of 2,150 - 2,250 million USD, which makes its profile relevant for readers following modernization of public services and outsourcing 123.
SWOT
Strengths
- The company has relationships with major clients in healthcare, banking and the automotive industry, and an end-to-end portfolio of solutions 1.
- Independent analysts recognize several solutions, including benefits administration and experience-led HR transformation 1.
- The company runs government payment and Medicaid platforms with long experience and multi-year contracts 3.
Weaknesses
Opportunities
- Sales of the Transit and Tolling units could reduce debt and strengthen the balance sheet if the deals close 3.
- A pipeline of new contracts and healthcare expansions could support growth if it converts into revenue 23.
- Modernizing Medicaid and EBT systems could generate new contracts in states seeking modern platforms 3.
Risks
- Dependence on government contractshigh
Government contracts can be terminated or reduced for lack of funding, and audits can lead to penalties 1.
- January 2025 cyber eventmedium
The company was affected by unauthorized access to client data, with notification costs and possible litigation 12.
- Execution of the transformationhigh
The restructuring program and asset sales must be executed without disrupting clients, otherwise savings could be delayed 2.
- International exposurelow
Part of revenue comes from outside the United States, creating currency and regulatory risks 1.
- Dependence on third-party providersmedium
The company relies on a limited number of software vendors and subcontractors, and their problems can affect services 1.
Investment thesis
What would need to be true (bull case)
- If the pipeline of new contracts converts into revenue and the restructuring delivers the promised savings, profitability could recover 23.
- Asset sales could reduce debt and let the company focus on its core segments 3.
- A position in Medicaid and government payments gives an advantage in multi-year contracts that are hard to replace 13.
What would break the thesis
- Revenue has fallen steadily, and guidance for 2026 could stay under expectations if the transformation is delayed 13.
- The Government segment is sensitive to budgets and audits, which can lead to contract reductions 13.
- Net losses and restructuring costs could continue if savings do not arrive quickly 2.
What to watch
- Closing of the Transit and Tolling sales and use of proceeds to reduce debtsecond half of 2026
- Progress of the restructuring program and savings of at least 100 million USDQ3 2026
- Delivery against fiscal 2026 revenue and Adj. EBITDA outlook2026
- Development of the new contract pipeline and new business signings ACVnext quarterly report
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
Conduent provides digital business process services to commercial and government clients, using cloud computing, AI, machine learning and automation 1. The company had about 51,000 associates on December 31, 2025, and about 46,000 by mid 2026 12. Its activity is organized in segments aligned to client industries, with a profile dominated by North America but delivery centers in Asia Pacific, Latin America and Europe 1.
Revenue in fiscal 2025 fell to 3,042 million USD, mainly because of divestitures and lost business 1. In 2026 the company is focusing on growth, efficiency and quality, and Adj. EBITDA from continuing operations in the second quarter was 16 million USD 3.
The company has agreed to exit the transportation business by selling its Transit and Tolling units, which would be reported as discontinued operations if the deals close in the second half of 2026 2. If the transactions complete, the remaining profile would be built mainly on the Commercial and Government segments.
Segments
Market context
The company estimates its addressable market in the global business process services industry at 219 billion USD in 2025, according to third-party industry reports 1. Outsourcing demand is supported by competitive pressure and AI adoption, but there is a risk that organizations perform these processes in-house or that the model moves to as-a-service offerings 1.
Government clients are funded through appropriated budgets, which makes revenue sensitive to funding gaps, shutdowns and audits 1. In the commercial market, price pressure rises with competition, while demand for automation and AI could open new contracts 1.
Trends
- Interest in outsourcingmixed
Competitive pressure and globalization push organizations to outsource processes, which could support demand for Conduent services 1. If organizations choose to perform these processes themselves, demand could fall 1.
- Government budgetsheadwind
Funding interruptions, spending cuts and government shutdowns can lead to projects being reduced or cancelled 1. This could especially affect the Government segment 1.
- Transformation and cost reductiontailwind
The 2026 restructuring program targets annual savings of at least 100 million USD and better margins 2. If the savings materialize, profitability could recover 3.
Competitive position
Conduent faces larger competitors with greater financial and marketing resources and operations in lower-cost countries 1. In niche regional or metropolitan markets, smaller competitors with specialized capabilities also operate 1.
Most contracts are awarded through competitive bidding, which carries high preparation costs and the risk of protests against awards 1. The company is ranked among leaders by some analysts in certain segments, but does not hold a dominant position across the market 1.
- Large competitors with lower-cost country operations
The sources mention competitors with larger operations in lower-cost countries, without naming them.
- Regional niche providers
Smaller competitors in regional or metropolitan markets with specialized capabilities and economic efficiency.
- Software and AI platform vendors
Technology firms may compete through automation and AI solutions, though the sources do not name them.
- Other BPO outsourcing providers
The company appears in business process outsourcing rankings alongside other industry players, without detail in the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report23 Oct 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Oct 2026Material agreement · Financial statements and exhibits
- Current report15 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report06 Oct 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report10 Sept 2026Other events
- Current report28 Aug 2026Termination of a material agreement · Departure or appointment of officers
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Conduent Incorporated · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Conduent Incorporated · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Conduent Incorporated · 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.