MeritValue

CONDUENT Inc

CNDTdata completeness 100%12 fiscal years on file
The thesis, from the filings

CONDUENT Inc earns about -6% on invested capital, and has bought back 26% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.14B1$3.86B2$3.72B3$3.36B3$3.04B3
Net income−$28M4−$182M5−$296M5$426M5−$170M6
Operating cash flow$243M7$144M8$89M9−$50M9−$73M9
Capital expenditure$80M10$92M11$51M12$28M12$59M12
Free cash flow (derived)$163M7$52M8$38M9−$78M9−$132M9
Total debt$30M13$35M14$34M15$24M16$22M16
Cash & equivalents$415M17$582M18$498M19$366M20$233M20
Diluted shares212.7M215.9M216.8M191.1M158.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$43.24
your share of equity
Profit it earned you last year
−$10.73
Free cash flow it threw off
−$8.33
Debt you’d be carrying
$1.39

10 shares is a claim on $43.24 of net worth that earned you −$10.73 and generated −$8.33 of cash last year, against $1.39 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 3%FY22 -9%FY23 -106%FY24 98%FY25 -19%

It earned an average -6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−26% shares · 5y

Share count is down 26% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 27% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001677703-24-000037 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001677703-25-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001677703-26-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001677703-24-000037 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001677703-25-000029 (NetIncomeLoss)
  6. 10-K · period ending 2025-12-31 · accession 0001677703-26-000024 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001677703-24-000037 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001677703-25-000029 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001677703-26-000024 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001677703-24-000037 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001677703-25-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001677703-26-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001677703-23-000011 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001677703-24-000037 (LongTermDebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001677703-25-000029 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001677703-26-000024 (LongTermDebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001677703-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001677703-24-000037 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001677703-25-000029 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001677703-26-000024 (CashAndCashEquivalentsAtCarryingValue)