INFYInfosys Limited
Is the business good?
A genuinely good business: earnings fully cash-backed (1.3×) and elite returns on assets.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
High-quality, exceptional returns on the assets themselves, not leverage. ROE 34% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is INFY?
Infosys Limited keeps 20% of every revenue dollar as operating profit, against 9.5% for the median Information Technology Services name.
Operating margin · Information Technology Services median 9.5% · fiscal year to FY2026
- Cash conversion
- 1.34×
Cash conversion · 1.50× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.77%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 1.0%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2021 | 25% |
| FY2022 | 23% |
| FY2023 | 21% |
| FY2024 | 21% |
| FY2025 | 21% |
| FY2026 | 20% |
Details›
- Gross marginfiscal year to FY2026
- 30%
- Operating marginfiscal year to FY2026
- 20%
- Net marginfiscal year to FY2026
- 16%
- R&D as % of revenue
- 1.0%
- Revenue, trailing twelve months
- $20.2B
- Net income, trailing twelve months
- $3.31B
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 INFY and who it buys from, as the companies report it.
- Ten largest clients21%
Combined share of revenue · FY2026 20-F
- Five largest clients13%
Combined share of revenue · FY2026 20-F
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; INFY’s own figures are from its FY2026 20-F. Smaller customers and suppliers go unreported.
Information Technology Services
Ranks #4 of 30 by RyuScore