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what it is
Conduent runs back-office work for companies, governments, and transit agencies, then tries to make that work cheaper and more digital.
how it gets paid
Last year Conduent made $3.0B in revenue. Commercial operations services was the main engine at $1.2B, or 40% of sales.
why growth slowed
Revenue fell 9.4% last year. EDGAR shows the latest quarter at $2.3B of revenue and EPS of -$0.90.
what just happened
The loud number was $2.3B in Revenue, but the cleaner read is a business that still lost money and shrank to $3.0B for the year.
At a glance
C+ balance sheet — struggling to keep the lights on
25/100 earnings predictability — expect surprises
0.7% return on capital — nothing to write home about
-$0.14 fy2024 eps est
$3B fy2024 rev est
xvary composite: 38/100 — weak
What they do
Conduent runs back-office work for companies, governments, and transit agencies, then tries to make that work cheaper and more digital.
Conduent sits inside messy, mission-critical workflows you do not replace casually. If your state benefits system, payment flow, or tolling lane runs through Conduent, ripping it out can break real services for real people. That installed base supports $3.0B in annual revenue across 53,000 employees, even after sales fell 9.4%.
How they make money
$3.0B
annual revenue · their business grew -9.4% last year
Commercial operations services
$1.2B
Government program administration
$0.9B
Transportation systems and tolling
$0.6B
Transaction processing and payments
$0.3B
The products that matter
business process outsourcing
Commercial Services
$1.8B · 60% of revenue
this is the larger segment at $1.8B, but it still declined 10%. scale is useful only if it stops shrinking.
largest segment
government payments and benefits processing
Government Services
$1.2B · 40% of revenue
this $1.2B segment is the one most exposed to the 25 million-person breach narrative. 40% of revenue is enough that reputational damage stops being a side issue.
breach exposure
Key numbers
$814M
long-term debt
Debt is more than 4x the company's roughly $200M market cap, which means lenders matter more than stockholders right now.
5.0%
operating margin
Jargon → operating margin → profit after running the business → so what: there is very little buffer if revenue slips again.
0.7%
return on capital
For every $1 Conduent puts into the business, it earns less than a penny back. That is a survival metric, not a victory lap.
9.4%
annual revenue change
A shrinking top line makes debt, low margins, and restructuring all harder at the same time.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- long-term debt $814M (80% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CNDT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The loud number was $2.3B in Revenue, but the cleaner read is a business that still lost money and shrank to $3.0B for the year.
EDGAR shows the latest quarter at $2.3B of revenue and EPS of -$0.90, while full-year revenue was down 9.4% to $3.0B. also pegs FY2024 EPS at -$0.14, which keeps the core story simple: scale is still not turning into dependable profit.
$2.3B
revenue
$0.90
eps
5.0%
operating margin
the number that mattered
The number that mattered was 5.0% operating margin, because on $3.0B of annual revenue that leaves almost no room for another sales decline.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is breach-driven client loss in government services. This is company-specific and immediate: a vendor trusted with sensitive public-sector data just gave the market a reason to question that trust.
med
breach liability gets larger than the equity cushion
The breach involved 25 million people. At a ~$200M market cap, you do not need heroic assumptions for legal costs, remediation, or customer losses to matter.
so what: the equity is small enough that a bad liability outcome can dominate the valuation fast.
med
debt limits room to recover
Conduent carries $814M in long-term debt, equal to 80% of capital, while the stock market values the whole company at roughly $200M.
so what: when leverage is this visible, management has fewer easy options and shareholders are not first in line.
med
revenue keeps shrinking before the turnaround starts
Revenue is expected at $3B for fy2024 versus $3.3B two years earlier, and both major segments declined last year. That is not the backdrop you want entering a trust crisis.
so what: if the top line keeps sliding, even small breach-related costs hit harder because there is less operating leverage left.
A ~$200M equity value sitting under 25 million-person breach exposure and $814M in long-term debt is a very thin cushion.
source: institutional data · regulatory filings · risk analysis
Pay attention to
breach fallout
first quantified cost disclosure
The market has the headline — 25 million people affected — but not the full bill. Your next real datapoint is a hard dollar disclosure, not another apology.
next catalyst
q1 2026 earnings and legal update
Watch for breach reserves, client retention commentary, and whether operating margin can recover from 3.9% instead of sliding further.
balance sheet
debt versus liquidity
$814M in long-term debt is the financial reality check. If liquidity tightens while revenue keeps shrinking, the capital structure becomes the story.
turnaround
whether the new ceo can stop the slide
A new ceo arrived in january 2026. You are looking for fewer shrinking segments, not better corporate language.
Analyst rankings
earnings predictability
25 / 100
Low predictability means the numbers move around more than you want. In human-speak: analysts do not have a stable business to model here.
risk rank
3
A 3 rank says the stock is around the middle of the pack on this system. That sounds calmer than the actual setup feels.
price stability
20 / 100
Price stability is exactly what it sounds like. At 20/100, this has not traded like a stock you forget about for six months.
source: institutional data
Institutional activity
institutional ownership data for CNDT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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