Genpact LTDG · NYSE

Results over the years

Fiscal years from SEC filings (10-K).

Why the market may be pricing it low

• Born as GE's internal shared-services captive doing labor-intensive outsourcing, the market keeps valuing it as a legacy outsourcer.

  Genpact was established more than 25 years ago as the global capability center for the General Electric CompanyBusiness

• The company itself admits AI will replace part of the services it currently performs, and investors price in shrinking existing revenue.

  we expect that some services that we currently perform for our clients will be replaced, in whole or in part, by AIRisk factors

• Revenue concentration among top clients is rising each year, and dependence on a handful of large clients weighs on the valuation.

  Top ten clients 22.4 % 23.4 %MD&A

What could close the gap

• Splitting revenue disclosure into Advanced Technology Solutions vs. Core Business Services could let AI-driven growth become visible and shift perception.

  we now also disaggregate our revenue as revenue from Advanced Technology Solutions and Core Business ServicesMD&A

• If clients pick Genpact to guide their shift from AI experimentation to autonomous agentic operations, the market could stop viewing it as a mere subcontractor.

  we believe we are well positioned to help clients move from experimentation with AI to agentic operationsBusiness

• A string of executive-change filings could signal a new leadership team altering capital allocation or strategy, shifting market perception.

  2026-09-08 Item 5.02,9.018-K filings

How a buyer could still lose (value trap)

• With debt of $1,180 million against cash of only $517 million, if AI-driven demand erosion hits this labor-intensive model, profitability could shrink while leverage remains.

  Based on the figures below

• Despite a Piotroski score of 7, ROA and the current ratio have not improved year-over-year, so the apparent cheapness may reflect an unfinished balance-sheet repair rather than a bargain.

  Based on the figures below

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✗ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✗Current ratio up on last year
• ✓No new shares issued
• ✓Gross margin up on last year
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

$5.3bn

Operating profit

$798m

Net profit

$588m

Operating cash flow

$429m

Cash

$499m

Debt

$1.2bn

Equity

$2.7bn

Latest twelve months to 2026-09-30; F-score for the fiscal year to 2025-12-31