MeritValue

Genpact LTD

Gdata completeness 100%18 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Genpact LTD earns about 11% on invested capital, comfortably above its ~9% cost of capital, and has bought back 8% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $30.13 and $32.76 a share.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$4.02B1$4.37B2$4.48B3$4.77B3$5.08B3
Net income$369.4M4$353.4M5$631.3M6$513.7M6$552.5M6
Operating cash flow$694.3M7$443.7M8$490.8M9$615.4M9$812.9M9
Capital expenditure$53.3M10$50.6M11$55.4M12$82.8M12$78.2M12
Free cash flow (derived)$640.9M7$393.1M8$435.4M9$532.7M9$734.7M9
Total debt$3.31B13$2.7B14$2.52B15$2.44B16$3.08B16
Cash & equivalents$899.5M17$646.8M18$583.7M19$648.2M20$853.8M20
Diluted shares193.0M188.1M185.1M180.4M176.6M

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
$144.32
your share of equity
Profit it earned you last year
$31.28
Free cash flow it threw off
$41.59
Debt you’d be carrying
$174.62

10 shares is a claim on $144.32 of net worth that earned you $31.28 and generated $41.59 of cash last year, against $174.62 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 9%FY22 9%FY23 14%FY24 12%FY25 12%

It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−8% shares · 5y

Share count is down 8% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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

The 3 estimate methods that apply put fair value between $30.13 and $32.76 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$30.91
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth1.2%
  • fcfBase$532.7M
DCF · Growth Exit 5Y
$32.76
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth1.2%
  • fcfBase$532.7M
Earnings Power Value
$30.13
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$513.7M
  • growthAssumed0.0%
Graham Number
$31.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years1.2%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $32.76
The three cases
Bear0.0%$30.45
Base1.2%$32.76
Bull6.2%$43.65

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 1.2%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001398659-24-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001398659-25-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001398659-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001398659-24-000031 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001398659-25-000035 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001398659-26-000004 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001398659-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001398659-25-000035 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001398659-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001398659-24-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001398659-25-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001398659-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001398659-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001398659-24-000031 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001398659-25-000035 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001398659-26-000004 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001398659-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001398659-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001398659-25-000035 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001398659-26-000004 (CashAndCashEquivalentsAtCarryingValue)