CNXCConcentrix Corporation
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CNXC?
Concentrix Corporation earns −28% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 37 points below what the capital costs: growth destroys value
- Operating margin
- −21%
Operating margin · Information Technology Services median 9.5% · 12 months to Q3 2026
- Share count, year on year
- −2.9%
Share count, year on year · bought back, each share owns more of the company
- Gross margin
- 34%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 6.5% |
| FY2021 | 10% |
| FY2022 | 10% |
| FY2023 | 9.3% |
| FY2024 | 6.2% |
| FY2025 | −9.3% |
Details›
- Gross margin12 months to Q3 2026
- 34%
- Operating margin12 months to Q3 2026
- −21%
- Net margin12 months to Q3 2026
- −24%
- Free cash flow margin
- 5.8%
- Revenue, trailing twelve months
- $9.97B
- Free cash flow, trailing twelve months
- $575M
- Net income, trailing twelve months
- −$2.39B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −28%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from CNXC and who it buys from, as the companies report it.
- Five largest clients19%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; CNXC’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Information Technology Services
Ranks #22 of 30 by RyuScore