Concentrix Corp
CNXC
Concentrix Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 5.2B is 120% of equity (4.3B) - tangible book value is NEGATIVE (-2.9B), creating material impairment risk[Goodwill]
- Interest expense TTM of 297M consumes 49% of operating income (609M) - debt service severely constrains flexibility[Interest Expense]
- P/E of 8.4x vs industry median 26.7x while generating 516M FCF TTM - deep value or value trap territory[P/E Ratio]
Watch Triggers
- Goodwill: Any impairment charge announced — 5.2B goodwill vs 4.3B equity - even 20% impairment wipes out 25% of book value
- Operating Margin: Falls below 5% TTM — At 6.3% now with 297M interest - margin compression triggers covenant concerns
- Free Cash Flow: Drops below 400M TTM — Current 516M barely covers interest + dividend - decline forces dividend cut
Bull Case
Extreme valuation discount: P/E 8.4x (69% below industry median 26.7x), P/S 0.25x, PCF 3.3x - priced for permanent decline that may not materialize
FCF generation of 516M TTM (21% of market cap) provides deleveraging path and 5.3% dividend yield cushion
Bear Case
Balance sheet fragility: 4.8B debt, negative tangible equity (-2.9B), goodwill 120% of book - any impairment destroys equity
Structural headwinds: negative 3Y EPS CAGR (-13%), thin 3.3% net margin, ROIC (3.5%) below cost of capital
Bull vs Bear Balance
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Forward Thesis
Debt reduction will be primary capital allocation priority, limiting growth investment
- 4.8B total debt at 1.1x D/E ratio
- Interest expense consuming half of operating income
- Only 350M cash vs 4.8B debt
Margin compression risk as AI disrupts BPO services model
- Operating margin 6.3% already thin
- Revenue 9.7B but net margin only 3.3%
- High fixed cost structure with labor
Public Strategies Rankings
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CNXC Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.71B | — | ||
$7.18B | — | ||
9.1 | — | ||
$9.72B | +3.4% | — | |
$4.72 | +56.3% | — | |
6.26% | -0.5% | — | |
3.25% | +1.1% | — | |
$515.81M | +39.9% | — | |
0.07 | +1.6% | — | |
Beta 5Y (Monthly) | unknown | — |
CNXC Dividend History
2026
$0.36002025
$1.35822024
$1.24032023
$1.12752022
$1.02502021
$0.2500CNXC Stock Splits
CNXC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/03/25 | 08/31/25 | 10-Q | |
07/03/25 | 05/31/25 | 10-Q | |
04/04/25 | 02/28/25 | 10-Q | |
01/28/25 | 11/30/24 | Unknown | |
10/04/24 | 08/31/24 | 10-Q | |
07/05/24 | 05/31/24 | 10-Q | |
04/05/24 | 02/29/24 | 10-Q | |
01/29/24 | 11/30/23 | 10-K | |
10/06/23 | 08/31/23 | 10-Q | |
07/07/23 | 05/31/23 | 10-Q | |
04/07/23 | 02/28/23 | 10-Q | |
01/27/23 | 11/30/22 | 10-K | |
10/07/22 | 08/31/22 | 10-Q | |
07/08/22 | 05/31/22 | 10-Q | |
04/08/22 | 02/28/22 | 10-Q | |
01/28/22 | 11/30/21 | 10-K | |
10/08/21 | 08/31/21 | 10-Q | |
07/09/21 | 05/31/21 | 10-Q | |
04/09/21 | 02/28/21 | 10-Q | |
02/16/21 | 11/30/20 | 10-K | |
11/04/20 | 08/31/20 | 10-12B/A | |
07/09/21 | 05/31/20 | 10-Q | |
04/09/21 | 02/29/20 | 10-Q | |
11/04/20 | 11/30/19 | 10-12B/A |