Conduent Incorporated (CNDT) Stock

Conduent Incorporated (CNDT) is a Technology stock trading at $1.60 (as of 2026-08-21), with a market capitalization of $249.61M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Conduent Incorporated provides business process services, including transaction-intensive processing, analytics, and automation, for clients in the United States, Europe, and internationally. It operates through Commercial Industries, Government Services, and Transportation segments, serving commercial organizations and government agencies with solutions such as customer experience management, public assistance and program administration, payment and healthcare-related services, and mobility and tolling systems.

Understand Conduent Incorporated: how it makes money

Conduent provides business process services, including transaction-intensive processing, analytics, and automation, it sells and delivers customized services and customer experience management for commercial clients, government agencies, and transportation customers, typically through contract-based work.

Conduent’s profit model is driven by turning contract work into adjusted revenue, where visibility on future demand is reflected in its qualified pipeline and the company’s ability to generate new business annual contract value signings.

Revenue by segment (latest quarter)
Commercial	$0.4B
Government	$0.2B
Transportation	$0.2B

Business quality (Weak): Business is diversified across Commercial, Government, and Transportation, but the latest quarter shows negative operating profitability (operating margin of -3.7%), so investors should watch whether contract pipeline and new signings translate into improved execution and margins.

Bull case

Diversified service footprint across segments: Revenue is split across Commercial (0.37B), Government (0.24B), and Transportation (0.16B), which can help reduce reliance on any single end market.
Contract pipeline metrics are disclosed: Conduent reports high-quality pipeline opportunities (21.0B), a qualified annual contract value pipeline (3.2B), and new business annual contract value signings (0.15B), giving investors operating visibility into future demand and conversion activity.

Bear case

Negative operating margin in the latest quarter: For the period ending 2026-03-31, operating margin is -3.7%, indicating that costs exceeded operating performance even with reported gross margin of 18.8%.
Segment profitability signals are mixed: Transportation adjusted earnings before interest, taxes, depreciation and amortization are shown as 0.0B, while other segments have positive figures (for example, Government segment 0.06B and Commercial segment 0.04B), suggesting uneven contribution to operating profitability.

Valuation — source: SEC EDGAR (first-party)
Price	$1.60
Market Cap	$249.61M
EV / EBITDA	1.0
Price / Book	0.47
Price / Sales	0.09
FCF Yield	-41.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$3.04B
Net Margin	-5.6%
Revenue Growth (YoY)	-29.6%
EPS Growth (YoY)	192.3%
FCF Growth (YoY)	-93.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	-0.20 (distress)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	29.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	NEUBERGER BERMAN GROUP LLC ($19.44M)
Institutional Holders Tracked	10

Company
Sector	Technology
Industry	Business Services
CEO	Harsha V. Agadi
Employees	53,000
Country	US
IPO Date	2016-12-13

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Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.