Infosys Limited (INFY) 10-Year Financial Performance & Capital Metrics

INFY • • Industrial / General

TechnologyIT ServicesIT Consulting & Professional ServicesGlobal IT Consulting Giants

AboutInfosys Limited, together with its subsidiaries, provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, metaverse, data analytics and AI, applied AI, generative AI, sustainability, blockchain, engineering, Internet of Things, enterprise agile DevOps, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; API economy and microservices; and Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies. The company's products and platforms include Finacle, a core banking solution; Edge suite of products; Panaya platform, Infosys Equinox, Infosys Helix, Infosys Applied AI, Infosys Cortex, and Stater digital platforms; and Infosys McCamish, an insurance platform. It serves aerospace and defense, agriculture, automotive, chemical manufacturing, communication, consumer packaged goods, education, engineering procurement and construction, healthcare, high technology, industrial manufacturing, information services and publishing, insurance, life science, logistics and distribution, media, entertainment, mining, oil and gas, private equity, professional, public, retail, travel, hospitality, utilities, and waste management industries. The company was formerly known as Infosys Technologies Limited and changed its name to Infosys Limited in June 2011. Infosys Limited was incorporated in 1981 and is headquartered in Bengaluru, India.Show more

Revenue $19.28B +3.9%
EBITDA $4.64B +5.5%
Net Income $3.16B -0.2%
EPS (Diluted) 0.76
Gross Margin 30.46% +1.2%
EBITDA Margin 24.07% +1.6%
Operating Margin 21.12% +2.2%
Net Margin 16.39% -3.9%
ROE 28.91% -9.5%
ROIC 31.83% +2.8%
Debt/Equity 0.09 -9.6%
Interest Coverage 82.74 +20.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 30.6%
✓FCF machine: 21.2% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 3.1%
✓Healthy 5Y average net margin of 17.5%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.27%

5Y8.57%

3Y5.73%

TTM4.51%

Profit (Net Income) CAGR

10Y4.61%

5Y6.27%

3Y2.16%

TTM0.98%

EPS CAGR

10Y5.62%

5Y6.68%

3Y2.78%

TTM0%

ROCE

10Y Avg30.06%

5Y Avg33.55%

3Y Avg34.35%

Latest33.53%

Peer Comparison

Global IT Consulting Giants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IBMInternational Business Machines Corporation	278.5B	297.95	46.34	1.44%	12.09%	28.25%	4.22%	2.13
INFYInfosys Limited	76.14B	18.82	24.76	3.85%	16.58%	27.92%	5.37%	0.09
ACNAccenture plc	177.1B	287.77	23.68	7.36%	10.76%	23.84%	6.14%	0.25
CTSHCognizant Technology Solutions Corporation	40.94B	84.82	18.81	1.98%	10.2%	14.28%	4.46%	0.10
SAICScience Applications International Corporation	4.99B	110.65	15.43	0.47%	5.05%	24.54%	9.17%	1.52
GIBCGI Inc.	17.8B	92.64	12.60	8.43%	10.42%	16.13%	11.89%	0.43
DXCDXC Technology Company	2.58B	14.84	7.07	-5.82%	2.93%	11.18%	31.81%	1.30
WITWipro Limited	31.11B	2.97	0.24	-0.75%	15.06%	15.66%	100%	0.23

Profit & Loss

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	9.5B	10.21B	10.94B	11.8B	12.78B	13.56B	16.31B	18.21B	18.56B	19.28B
Revenue Growth %	0.09%	0.07%	0.07%	0.08%	0.08%	0.06%	0.2%	0.12%	0.02%	0.04%
Cost of Goods Sold+	5.95B	6.45B	7B	7.69B	8.55B	8.83B	11B	12.71B	12.97B	13.4B
COGS % of Revenue	0.63%	0.63%	0.64%	0.65%	0.67%	0.65%	0.67%	0.7%	0.7%	0.7%
Gross Profit+	3.55B	3.76B	3.94B	4.11B	4.23B	4.73B	5.32B	5.5B	5.59B	5.87B
Gross Margin %	0.37%	0.37%	0.36%	0.35%	0.33%	0.35%	0.33%	0.3%	0.3%	0.3%
Gross Profit Growth %	0.06%	0.06%	0.05%	0.04%	0.03%	0.12%	0.12%	0.04%	0.02%	0.05%
Operating Expenses+	1.18B	1.24B	1.28B	1.42B	1.5B	1.41B	1.56B	1.68B	1.75B	1.8B
OpEx % of Revenue	0.12%	0.12%	0.12%	0.12%	0.12%	0.1%	0.1%	0.09%	0.09%	0.09%
Selling, General & Admin	1.03B	1.24B	1.28B	1.42B	1.5B	1.41B	1.56B	1.68B	1.58B	1.63B
SG&A % of Revenue	0.11%	0.12%	0.12%	0.12%	0.12%	0.1%	0.1%	0.09%	0.09%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	141M	0	0	0	0	0	0	0	175M	170M
Operating Income+	2.38B	2.52B	2.66B	2.7B	2.72B	3.33B	3.75B	3.83B	3.83B	4.07B
Operating Margin %	0.25%	0.25%	0.24%	0.23%	0.21%	0.25%	0.23%	0.21%	0.21%	0.21%
Operating Income Growth %	0.05%	0.06%	0.06%	0.01%	0.01%	0.22%	0.13%	0.02%	0%	0.06%
EBITDA+	2.6B	2.77B	2.95B	2.98B	3.13B	3.77B	4.22B	4.35B	4.4B	4.64B
EBITDA Margin %	0.27%	0.27%	0.27%	0.25%	0.25%	0.28%	0.26%	0.24%	0.24%	0.24%
EBITDA Growth %	0.07%	0.07%	0.06%	0.01%	0.05%	0.2%	0.12%	0.03%	0.01%	0.05%
D&A (Non-Cash Add-back)	222M	253.96M	288.99M	287.52M	408.01M	440.09M	466.52M	525.72M	565M	569.15M
EBIT	2.37B	2.52B	2.66B	3B	2.72B	3.61B	4.06B	4.18B	4.4B	4.5B
Net Interest Income+	402M	380M	407M	300M	240M	190M	194M	191M	431M	254.77M
Interest Income	402M	380M	366M	300M	264M	217M	221M	226M	487M	303.97M
Interest Expense	0	0	0	0	24M	26.27M	27M	35M	56M	49.2M
Other Income/Expense	476M	454M	484M	307M	371M	271M	281M	300M	512M	376M
Pretax Income+	2.85B	2.97B	3.14B	3B	3.1B	3.6B	4.04B	4.13B	4.35B	4.45B
Pretax Margin %	0.3%	0.29%	0.29%	0.25%	0.24%	0.27%	0.25%	0.23%	0.23%	0.23%
Income Tax+	799M	834M	657M	803M	757M	973M	1.07B	1.14B	1.18B	1.28B
Effective Tax Rate %	0.72%	0.72%	0.79%	0.73%	0.75%	0.73%	0.73%	0.72%	0.73%	0.71%
Net Income+	2.05B	2.14B	2.49B	2.2B	2.33B	2.61B	2.96B	2.98B	3.17B	3.16B
Net Margin %	0.22%	0.21%	0.23%	0.19%	0.18%	0.19%	0.18%	0.16%	0.17%	0.16%
Net Income Growth %	0.02%	0.04%	0.16%	-0.12%	0.06%	0.12%	0.13%	0.01%	0.06%	-0%
Net Income (Continuing)	2.05B	2.14B	2.49B	2.2B	2.34B	2.62B	2.97B	2.98B	3.17B	3.16B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	153.32K	9M	55M	60M	53M	52M	41.37M	45.04M
EPS (Diluted)+	0.45	0.47	0.55	0.51	0.55	0.61	0.70	0.71	0.76	0.76
EPS Growth %	0.02%	0.04%	0.17%	-0.07%	0.08%	0.11%	0.15%	0.01%	0.07%	0%
EPS (Basic)	0.45	0.47	0.55	0.51	0.55	0.61	0.70	0.71	0.77	0.76
Diluted Shares Outstanding	4.57B	4.57B	4.52B	4.35B	4.27B	4.25B	4.22B	4.19B	4.14B	4.15B
Basic Shares Outstanding	4.57B	4.57B	4.51B	4.35B	4.26B	4.24B	4.21B	4.18B	4.14B	4.14B
Dividend Payout Ratio	0.52%	0.48%	0.47%	0.89%	0.58%	0.47%	0.57%	0.57%	0.56%	0.76%

Balance Sheet

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	7.8B	8.28B	7.67B	7.64B	7.21B	8.31B	8.87B	8.63B	10.72B	11.36B
Cash & Short-Term Investments	4.95B	5.03B	4.02B	3.79B	3.08B	3.75B	3.23B	2.36B	3.35B	4.51B
Cash Only	4.93B	3.49B	3.04B	2.83B	2.46B	3.38B	2.31B	1.48B	1.77B	2.86B
Short-Term Investments	11M	1.54B	982M	958M	620M	371M	924M	878M	1.57B	1.65B
Accounts Receivable	2.17B	2.46B	2.67B	2.92B	3.38B	4.06B	4.87B	5.45B	6.52B	5.96B
Days Sales Outstanding	83.25	88.03	89.09	90.36	96.65	109.33	108.87	109.19	128.23	112.77
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	462M	484M	651M	567M	354M	35M	187M	169M	98M	133M
Total Non-Current Assets+	3.58B	4.57B	4.58B	4.61B	5.05B	6.52B	6.69B	6.69B	5.8B	6.06B
Property, Plant & Equipment	1.59B	1.81B	1.86B	1.93B	2.36B	2.52B	2.43B	2.52B	2.32B	2.24B
Fixed Asset Turnover	5.98x	5.65x	5.87x	6.11x	5.41x	5.38x	6.72x	7.24x	7.99x	8.62x
Goodwill	568M	563M	339M	512M	699M	832M	817M	882M	875M	1.18B
Intangible Assets	149M	120M	38M	100M	251M	283M	225M	213M	167M	323.61M
Long-Term Investments	289M	995M	883M	670M	602M	1.68B	1.87B	1.68B	1.54B	1.43B
Other Non-Current Assets	900M	1B	1.26B	1.2B	904M	1.05B	1.19B	1.24B	843M	765M
Total Assets+	11.38B	12.85B	12.26B	12.25B	12.26B	14.82B	15.55B	15.31B	16.52B	17.42B
Asset Turnover	0.84x	0.79x	0.89x	0.96x	1.04x	0.91x	1.05x	1.19x	1.12x	1.11x
Asset Growth %	0.07%	0.13%	-0.05%	-0%	0%	0.21%	0.05%	-0.02%	0.08%	0.05%
Total Current Liabilities+	2B	2.16B	2.16B	2.69B	2.76B	3.26B	4.43B	4.77B	4.65B	5.01B
Accounts Payable	58M	91M	127M	255M	387M	364M	547M	470M	474M	487M
Days Payables Outstanding	3.56	5.15	6.62	12.11	16.52	15.05	18.16	13.5	13.33	13.26
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	693M	604M	799M	1.11B	944M	1.04B	1.23B	1.92B	1.26B	1.3B
Current Ratio	3.90x	3.83x	3.55x	2.84x	2.62x	2.55x	2.00x	1.81x	2.31x	2.27x
Quick Ratio	3.90x	3.83x	3.55x	2.84x	2.62x	2.55x	2.00x	1.81x	2.31x	2.27x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	56M	56M	131M	159M	802M	1.06B	1.13B	1.32B	1.27B	1.15B
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	530M	627M	607M	859M	767M	675M
Deferred Tax Liabilities	39M	32M	82M	98M	128M	120M	153M	149M	216M	201.47M
Other Non-Current Liabilities	17M	11M	37M	51M	135M	302M	359M	305M	284M	275.64M
Total Liabilities	2.05B	2.22B	2.29B	2.85B	3.56B	4.32B	5.56B	6.09B	5.92B	6.17B
Total Debt+	0	0	0	0	612M	728M	722M	1.01B	1B	962M
Net Debt	-4.93B	-3.49B	-3.04B	-2.83B	-1.85B	-2.65B	-1.58B	-471M	-771M	-1.9B
Debt / Equity	-	-	-	-	0.07x	0.07x	0.07x	0.11x	0.09x	0.09x
Debt / EBITDA	-	-	-	-	0.20x	0.19x	0.17x	0.23x	0.23x	0.21x
Net Debt / EBITDA	-1.90x	-1.26x	-1.03x	-0.95x	-0.59x	-0.70x	-0.37x	-0.11x	-0.18x	-0.41x
Interest Coverage	-	-	-	-	113.50x	126.58x	139.07x	109.29x	68.46x	82.74x
Total Equity+	9.32B	10.64B	9.96B	9.4B	8.7B	10.5B	9.99B	9.22B	10.6B	11.26B
Equity Growth %	0.06%	0.14%	-0.06%	-0.06%	-0.07%	0.21%	-0.05%	-0.08%	0.15%	0.06%
Book Value per Share	2.04	2.33	2.21	2.16	2.04	2.47	2.37	2.20	2.56	2.71
Total Shareholders' Equity	9.32B	10.64B	9.96B	9.39B	8.65B	10.44B	9.94B	9.17B	10.56B	11.21B
Common Stock	199M	199M	190M	339M	332M	332M	328M	325M	325M	325M
Retained Earnings	11.08B	12.19B	11.59B	11.25B	11.01B	12.09B	11.67B	11.4B	12.56B	14.94B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.13B	6M	244M	387M	592M	910M	1.17B	1.37B	1.62B	-4.56B
Minority Interest	0	0	153.32K	9M	55M	60M	53M	52M	41.37M	45.04M

Cash Flow

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	1.86B	2.1B	2.26B	2.26B	2.61B	3.26B	3.35B	2.85B	3.15B	4.35B
Operating CF Margin %	0.2%	0.21%	0.21%	0.19%	0.2%	0.24%	0.21%	0.16%	0.17%	0.23%
Operating CF Growth %	0.06%	0.13%	0.08%	0%	0.15%	0.25%	0.03%	-0.15%	0.1%	0.38%
Net Income	2.05B	2.14B	2.49B	2.2B	2.34B	2.62B	2.97B	2.98B	3.17B	3.16B
Depreciation & Amortization	222M	254M	289M	287M	407M	441M	466M	524M	565M	569M
Stock-Based Compensation	1M	17M	13M	29M	34M	45M	56M	64M	79M	95M
Deferred Taxes	799M	834M	657M	803M	757M	973M	1.07B	1.14B	1.18B	1.28B
Other Non-Cash Items	-868M	-856M	-1.17B	-972M	-653M	-910M	-1.05B	-1.06B	-1.22B	-690M
Working Capital Changes	-344M	-290M	-17M	-85M	-272M	86M	-158M	-804M	-623M	-70M
Change in Receivables	-252M	-260M	-237M	-411M	-542M	-248M	-1.06B	-875M	-322M	-209M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	37M	-3M	51M	131M	-52M	-33M	200M	-35M	11M	21M
Cash from Investing+	-474M	-2.55B	482M	-225M	-242M	-1.13B	-1B	-218M	-708M	-361M
Capital Expenditures	-413M	-411M	-310M	-349M	-465M	-285M	-290M	-319M	-266M	-263M
CapEx % of Revenue	0.04%	0.04%	0.03%	0.03%	0.04%	0.02%	0.02%	0.02%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-7M	11M	51M	41M	81M	22M	88M	92M	110M	61M
Cash from Financing+	-1.06B	-1.03B	-3.2B	-2.07B	-2.51B	-1.32B	-3.33B	-3.29B	-2.12B	-2.88B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.06B	-1.03B	-1.16B	-1.96B	-1.36B	-1.23B	-1.7B	-1.7B	-1.78B	-2.42B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	1M	1M	-4M	979.39K	6M	-42M	-94.6M	-63.71M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.45B	1.69B	1.95B	1.91B	2.15B	2.97B	3.06B	2.53B	2.88B	4.09B
FCF Margin %	0.15%	0.17%	0.18%	0.16%	0.17%	0.22%	0.19%	0.14%	0.16%	0.21%
FCF Growth %	0.04%	0.16%	0.15%	-0.02%	0.12%	0.39%	0.03%	-0.17%	0.14%	0.42%
FCF per Share	0.32	0.37	0.43	0.44	0.50	0.70	0.72	0.61	0.70	0.98
FCF Conversion (FCF/Net Income)	0.91x	0.98x	0.91x	1.03x	1.12x	1.25x	1.13x	0.96x	0.99x	1.38x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	22.69%	21.44%	24.14%	22.72%	25.76%	27.21%	28.91%	31.02%	31.95%	28.91%
Return on Invested Capital (ROIC)	42.96%	32.76%	28.35%	29.98%	30.45%	33.93%	34.64%	33.43%	30.95%	31.83%
Gross Margin	37.38%	36.85%	36%	34.85%	33.08%	34.9%	32.59%	30.22%	30.1%	30.46%
Net Margin	21.6%	20.96%	22.73%	18.64%	18.24%	19.27%	18.17%	16.37%	17.06%	16.39%
Debt / Equity	-	-	-	-	0.07x	0.07x	0.07x	0.11x	0.09x	0.09x
Interest Coverage	-	-	-	-	113.50x	126.58x	139.07x	109.29x	68.46x	82.74x
FCF Conversion	0.91x	0.98x	0.91x	1.03x	1.12x	1.25x	1.13x	0.96x	0.99x	1.38x
Revenue Growth	9.07%	7.44%	7.16%	7.86%	8.31%	6.11%	20.28%	11.65%	1.92%	3.85%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024	2025
Software Services	10.62B	-	-	12.6B	15.22B	17.07B	17.55B	18.38B
Software Services Growth	-	-	-	-	20.79%	12.13%	2.79%	4.73%
Software Products And Platforms	-	11.18B	12B	957M	1.09B	1.14B	1.01B	898M
Software Products And Platforms Growth	-	-	7.32%	-92.03%	13.48%	4.97%	-11.14%	-11.35%
Software Products	320M	615M	777M	-	-	-	-	-
Software Products Growth	-	92.19%	26.34%	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024	2025
North America	6.61B	7.14B	7.86B	8.32B	10.07B	11.26B	11.16B	11.17B
North America Growth	-	8.12%	10.00%	5.92%	20.99%	11.88%	-0.88%	0.03%
Europe	2.6B	2.85B	3.08B	3.28B	4.04B	4.67B	5.11B	5.75B
Europe Growth	-	9.67%	8.36%	6.32%	23.14%	15.62%	9.31%	12.54%
Rest Of World	1.39B	1.52B	1.51B	1.57B	1.73B	1.8B	1.82B	1.77B
Rest Of World Growth	-	9.12%	-0.79%	4.11%	10.01%	4.40%	1.28%	-2.85%
INDIA	346M	-	-	-	-	-	469M	593M
INDIA Growth	-	-	-	-	-	-	-	26.44%

Frequently Asked Questions

Valuation & Price

Infosys Limited (INFY) has a price-to-earnings (P/E) ratio of 24.8x. This is roughly in line with market averages.

Growth & Financials

Infosys Limited (INFY) reported $19.69B in revenue for fiscal year 2025. This represents a 181% increase from $6.99B in 2012.

Infosys Limited (INFY) grew revenue by 3.9% over the past year. Growth has been modest.

Yes, Infosys Limited (INFY) is profitable, generating $3.26B in net income for fiscal year 2025 (16.4% net margin).

Dividend & Returns

Yes, Infosys Limited (INFY) pays a dividend with a yield of 3.09%. This makes it attractive for income-focused investors.

Infosys Limited (INFY) has a return on equity (ROE) of 28.9%. This is excellent, indicating efficient use of shareholder capital.

Infosys Limited (INFY) generated $4.17B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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