GGenpact LTD

Services-Management Consulting Services

Revenue: $5.1B; 6.6% YoY
Operating margin: 14.8%; 0.3% YoY
EBITDA: $821M; 6.4% YoY
Market cap: $6.7B
Employees: 146,500; $35K revenue each
Net debt / EBITDA: 0.8×; $663M net debt
AI in 10-K: 16.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
147% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
46% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
33% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$35K · 8th pct
Bottom quartile of its SIC industry
Quiet on AINo
16.0 per 10K words · 97th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.0B	$4.4B	$4.5B	$4.8B	$5.1B	6.6%
Operating income	$509M	$502M	$631M	$702M	$750M	6.9%
Net income	$369M	$353M	$631M	$514M	$552M	7.6%
Operating cash flow	$694M	$444M	$491M	$615M	$813M	32%
Capex	$53M	$51M	$55M	$83M	$78M	5.5%
Stock-based comp	$82M	$77M	$89M	$66M	$90M	35%
Buybacks	$298M	$214M	$225M	$253M	—
Dividends	$80M	$92M	$100M	$108M	$118M	8.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 27, 2019	Glory Investments B Ltd	SC 13D/A	0.0%	Passive
Aug 19, 2019	Glory Investments B Ltd	SC 13D/A	1.9%	Passive
May 28, 2019	Glory Investments B Ltd	SC 13D/A	3.4%	Passive
Feb 19, 2019	Glory Investments B Ltd	SC 13D/A	4.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 16
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.