Forensic Analysis · Professional & Commercial Services · as of Sep 25, 2026
Concentrix Corp (CNXC)
A forensic read on Concentrix Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.2
Distress distance
Clean
Earnings quality
4
Forensic signals
-1.3
P / E (ttm)
-46.6%
ROE
$1.8B
Market cap
1.33%
Dividend yield
2.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Concentrix Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8.7%
FY2025
Return on invested capital.Return on invested capital is -8.7% in the latest fiscal year and slipping across FY2023–FY2025 from 5.0%. After-tax operating profit was $508M in FY2023 and ($725M) in FY2025, with operating income at 9.3% of revenue in FY2023, 6.2% in FY2024 and -9.3% in FY2025. The capital base behind it came down -18% across FY2023–FY2025, from $10.1B to $8.3B, so this is a return struck on a smaller base rather than a record of money put to work. FY2025's operating profit carried a $1.5B asset write-down and a $1.5B goodwill write-off that alone took about 29.0 points off that year's return, so more than the whole 13.7-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less.
+8.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +17% over the last 2 years to FY2025 (+8.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~8.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~14%.
1.0% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.0% of revenue and 17% of free cash flow in FY2025 — about $1.53 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 8.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$1.5B
FY2025–FY2025
Key fundamentals
Latest Revenue$9.83B
Revenue Growth YoY+2.2%
Revenue CAGR (2yr)+17.5%
Net Margin-13.0%
Free Cash Flow$572.5M
Return on Equity-46.6%
Debt / Equity1.70x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Concentrix Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Goodwill impairments.Took $1.5B of goodwill writedowns across 1 year (FY2025 ($1.5B)). Writedowns mean past acquisitions underperformed what was paid for them.