DXCDXC Technology Co

Services-Computer Processing & Data Preparation

Revenue: $12.6B; 1.8% YoY
Operating margin: 7.7%; 3.1% YoY
EBITDA: $2.2B; 7.7% YoY
Market cap: $2.3B
Employees: 115,000; $110K revenue each
Net debt / EBITDA: 0.2×; $525M net debt
AI in 10-K: 12.2; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
69× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentYes
50% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$110K · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
12.2 per 10K words · 95th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$462K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$16.3B	$14.4B	$13.7B	$12.9B	$12.6B	1.8%
Operating income	$1.4B	$1.1B	$1.0B	$1.0B	$970M	4.8%
Net income	$718M	−$568M	$91M	$389M	$18M	95%
Operating cash flow	$1.5B	$1.4B	$1.4B	$1.4B	$1.2B	11%
Capex	$254M	$267M	$182M	$248M	$212M	15%
Stock-based comp	$101M	$108M	$109M	$79M	$86M	8.9%
Buybacks	$628M	$669M	$898M	$14M	$249M	1679%
Dividends	$0	$0	—	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $500K · 3
Open-market sells, 12 mo: $38K · 3
Net: $462K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	40	134
FY2025	—	—	55	89
FY2024	—	—	68	103
FY2023	—	—	82	97
FY2022	—	—	104	102