CTSH vs LDOS: Cognizant Technology Solutions and Leidos compared
Cognizant Technology Solutions is the larger company, worth $29.0B, about 1.8 times Leidos.
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Cognizant Technology Solutions is the larger company, worth $29.0B, about 1.8 times Leidos.
- Cognizant Technology Solutions grew revenue faster over the last year (+5.0% vs +2.7%).
- Cognizant Technology Solutions keeps more of each dollar of revenue as operating profit (15.7% vs 11.5%).
- On earnings, Cognizant Technology Solutions is the cheaper stock (11.8x vs 11.9x).
- Cognizant Technology Solutions's price assumes faster free cash flow growth: about -3% a year, against -4% for Leidos (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CTSH | LDOS |
|---|---|---|
| Market cap | $29.0B | $16.2B |
| Share price | $64.72 | $132.68 |
| Revenue (last fiscal year) | $21.1B | $17.2B |
| Free cash flow (last fiscal year) | $2.6B | $1.6B |
| Revenue growth, last year | +5.0% | +2.7% |
| Revenue growth per year, last 5 fiscal years | +3.3% | +5.7% |
| Operating margin | 15.7% | 11.5% |
| Net margin | 11.8% | 8.0% |
| Return on equity | 17.5% | 27.4% |
| P/E (trailing) | 11.8x | 11.9x |
| Price / free cash flow | 12.3x | 8.26x |
| EV / EBITDA | 7.08x | 9.25x |
| FCF growth the price implies | -2.7% | -4.2% |
| Dividend yield | 2.0% | 1.3% |
| Debt / equity | 0.11x | 1.17x |
| Fundamental grade | B | C |
| Superinvestors holding it | 28 | 19 |
| Insider purchases, last 12 months | 1 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cognizant Technology Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $18.5B | $2.2B | 15.3% |
| 2022 | $19.4B | $2.2B | 15.3% |
| 2023 | $19.4B | $2.0B | 13.9% |
| 2024 | $19.7B | $1.8B | 14.7% |
| 2025 | $21.1B | $2.6B | 16.1% |
Leidos
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.7B | $929M | 8.4% |
| 2022 | $14.4B | $863M | 7.6% |
| 2023 | $15.4B | $980M | 4.0% |
| 2024 | $16.7B | $1.3B | 11.0% |
| 2025 | $17.2B | $1.6B | 12.3% |
Where the revenue comes from
Cognizant Technology Solutions · by segments, 2025
Leidos · by segments, 2025
Questions
Which is bigger, Cognizant Technology Solutions or Leidos?
Cognizant Technology Solutions (CTSH), at $29.0B against $16.2B.
Is CTSH or LDOS cheaper?
By trailing P/E, Cognizant Technology Solutions (11.8x) is cheaper than Leidos (11.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, CTSH or LDOS?
Cognizant Technology Solutions: revenue grew +5.0% over the last year, against +2.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.