The company's financial position appears strained, with a debt-to-equity ratio of 1.12 and a total asset base that has contracted to $2.4 billion from $3.2 billion in 2023Q4.
Conduent Incorporated (CNDT) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Current Assets | 1.1B | 1.07B | 1.25B | 1.66B | 1.63B | 1.68B | 1.58B | 1.59B | 1.96B | 2.71B | 1.92B | 1.87B | 3.25B |
| Cash & Short-Term Investments | 228M | 233M | 366M | 498M | 582M | 415M | 450M | 496M | 756M | 658M | 390M | 140M | 159M |
| Cash Only | 228M | 233M | 366M | 498M | 582M | 415M | 450M | 496M | 756M | 658M | 390M | 140M | 159M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 337M | 644M | 695M | 783M | 852M | 911M | 943M | 917M | 1.03B | 1.15B | 1.29B | 1.52B | 1.61B |
| Days Sales Outstanding | 75.16 | 77.27 | 75.59 | 76.79 | 80.61 | 80.32 | 82.68 | 74.93 | 69.51 | 69.4 | 73.25 | 83.28 | 84.81 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 757M | 41M | 41M | 43M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 1.31 | 55.52 | 2.72 | 2.5 | 2.71 |
| Other Current Assets | 532M | 105M | 114M | 304M | 103M | 270M | 111M | 103M | 162M | 865M | 241M | 53M | 1.32B |
| Total Non-Current Assets | 1.15B | 1.33B | 1.35B | 1.51B | 1.95B | 2.36B | 2.68B | 2.93B | 4.72B | 4.84B | 5.79B | 7.18B | 7.7B |
| Property, Plant & Equipment | 262M | 317M | 336M | 388M | 463M | 512M | 551M | 613M | 328M | 257M | 283M | 280M | 291M |
| Fixed Asset Turnover | 10.65x | 9.60x | 9.99x | 9.59x | 8.33x | 8.09x | 7.56x | 7.29x | 16.44x | 23.43x | 22.64x | 23.79x | 23.84x |
| Goodwill | 614M | 617M | 609M | 651M | 955M | 1.34B | 1.53B | 1.5B | 3.41B | 3.37B | 3.89B | 4.87B | 4.78B |
| Intangible Assets | 0 | 169M | 193M | 267M | 338M | 326M | 422M | 616M | 651M | 891M | 1.14B | 1.82B | 2.28B |
| Long-Term Investments | 13M | 6M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123M | 62M | 178M |
| Other Non-Current Assets | 272M | 219M | 183M | 180M | 170M | 179M | 178M | 197M | 329M | 324M | 476M | 23M | 35M |
| Total Assets | 2.25B | 2.4B | 2.6B | 3.16B | 3.57B | 4.04B | 4.26B | 4.51B | 6.68B | 7.55B | 7.71B | 9.06B | 10.95B |
| Asset Turnover | 1.17x | 1.27x | 1.29x | 1.18x | 1.08x | 1.03x | 0.98x | 0.99x | 0.81x | 0.80x | 0.83x | 0.74x | 0.63x |
| Asset Growth % | -35.03% | -7.77% | -17.81% | -11.45% | -11.52% | -5.17% | -5.72% | -32.43% | -11.5% | -2.09% | -14.89% | -17.31% | - |
| Total Current Liabilities | 707M | 681M | 744M | 868M | 923M | 1.02B | 1.09B | 1.18B | 1.2B | 1.37B | 1.4B | 2.74B | 4.14B |
| Accounts Payable | 95M | 142M | 157M | 174M | 228M | 198M | 182M | 198M | 230M | 118M | 164M | 264M | 242M |
| Days Payables Outstanding | 19.83 | 20.82 | 20.99 | 21.99 | 27.57 | 23.03 | 20.7 | 20.68 | 20.07 | 8.65 | 10.89 | 16.12 | 15.23 |
| Short-Term Debt | 21M | 22M | 24M | 34M | 35M | 30M | 90M | 50M | 55M | 82M | 28M | 24M | 2.51B |
| Deferred Revenue (Current) | 276M | 74M | 103M | 91M | 81M | 82M | 133M | 108M | 112M | 151M | 206M | 227M | 230M |
| Other Current Liabilities | 379M | 217M | 42M | 295M | 250M | 300M | 269M | 216M | 374M | 486M | 730M | 2.16B | 1.08B |
| Current Ratio | 1.55x | 1.57x | 1.68x | 1.91x | 1.76x | 1.64x | 1.44x | 1.35x | 1.64x | 1.98x | 1.37x | 0.68x | 0.79x |
| Quick Ratio | 1.55x | 1.57x | 1.68x | 1.91x | 1.76x | 1.64x | 1.44x | 1.35x | 1.63x | 1.43x | 1.34x | 0.67x | 0.78x |
| Cash Conversion Cycle | 55.34 | - | - | - | - | - | - | - | 50.74 | 116.26 | 65.08 | 69.66 | 72.28 |
| Total Non-Current Liabilities | 870M | 889M | 870M | 1.66B | 1.73B | 1.88B | 1.97B | 2.04B | 2.26B | 2.65B | 3.02B | 1.16B | 1.4B |
| Long-Term Debt | 697M | 665M | 615M | 1.25B | 1.28B | 1.38B | 1.42B | 1.46B | 1.51B | 1.98B | 1.91B | 37M | 43M |
| Capital Lease Obligations | 410M | 102M | 138M | 157M | 160M | 184M | 207M | 229M | 0 | 0 | -142M | 0 | 0 |
| Deferred Tax Liabilities | 75M | 19M | 24M | 30M | 83M | 75M | 121M | 111M | 327M | 384M | 619M | 764M | 958M |
| Other Non-Current Liabilities | 31M | 34M | 41M | 171M | 169M | 189M | 197M | 212M | 280M | 146M | 271M | 254M | 287M |
| Total Liabilities | 1.58B | 1.57B | 1.61B | 2.53B | 2.65B | 2.9B | 3.07B | 3.21B | 3.46B | 4.02B | 4.42B | 3.9B | 5.54B |
| Total Debt | 840M | 841M | 829M | 1.49B | 1.53B | 1.67B | 1.8B | 1.83B | 1.57B | 2.06B | 1.94B | 61M | 311M |
| Net Debt | 612M | 608M | 463M | 995M | 947M | 1.25B | 1.35B | 1.34B | 811M | 1.4B | 1.55B | -79M | 152M |
| Debt / Equity | 1.26x | 1.02x | 0.84x | 2.36x | 1.67x | 1.47x | 1.51x | 1.41x | 0.49x | 0.58x | 0.59x | 0.01x | 0.06x |
| Debt / EBITDA | 4.75x | 6.18x | 2.86x | 2.88x | 3.89x | 3.67x | 2.03x | 2.05x | 2.45x | 3.08x | 3.69x | 0.21x | 0.32x |
| Net Debt / EBITDA | 3.46x | 4.47x | 1.60x | 1.92x | 2.41x | 2.76x | 1.52x | 1.49x | 1.27x | 2.10x | 2.95x | -0.28x | 0.16x |
| Interest Coverage | -2.06x | -2.33x | -0.65x | 0.81x | -0.51x | 0.55x | 0.38x | 0.40x | -2.53x | 1.30x | -29.68x | -7.32x | 1.08x |
| Total Equity | 668M | 827M | 985M | 633M | 917M | 1.13B | 1.19B | 1.3B | 3.22B | 3.53B | 3.29B | 5.16B | 5.41B |
| Equity Growth % | -62.59% | -16.04% | 55.61% | -30.97% | -18.99% | -4.87% | -8.46% | -59.65% | -8.7% | 7.33% | -36.3% | -4.6% | - |
| Book Value per Share | 4.30 | 5.22 | 5.15 | 2.92 | 4.25 | 5.32 | 5.67 | 6.21 | 15.64 | 16.18 | 16.22 | 25.47 | 26.70 |
| Total Shareholders' Equity | 668M | 827M | 981M | 629M | 917M | 1.13B | 1.19B | 1.3B | 3.22B | 3.53B | 3.29B | 5.16B | 5.41B |
| Common Stock | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 2M | 5.34B | 5.54B |
| Retained Earnings | -2.77B | -2.61B | -2.43B | -2.85B | -2.54B | -2.35B | -2.31B | -2.19B | -233M | 171M | -142M | 5.34B | 0 |
| Treasury Stock | -235M | -235M | -210M | -27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -443M | -437M | -472M | -435M | -466M | -429M | -398M | -407M | -425M | -494M | -526M | -181M | -129M |
| Minority Interest | 0 | 0 | 4M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CNDT stock.
As of 2025, Conduent Incorporated (CNDT) had total assets of $2.40B including $1.07B in current assets.
Conduent Incorporated (CNDT) carries total debt of $841.0M, offset by $233.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Conduent Incorporated (CNDT) has total shareholders' equity (book value) of $827.0M ($5.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Conduent Incorporated (CNDT) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Persistent negative equity accumulation
Metrics are mathematically derived from official filings.
Asset Base Erosion and Contraction
As reported in recent financial filings, Conduent's total asset base has contracted from $3.2 billion in 2023Q4 to $2.4 billion by 2026Q1, signaling a persistent reduction in the company's operational footprint as it navigates ongoing divestitures and a shrinking revenue base across its core business segments.
The consistent decline in total assets suggests that the company is actively shedding parts of its business, likely in an attempt to stabilize operations. Investors should monitor whether this reduction in asset intensity will eventually lead to improved capital efficiency or if it merely reflects a loss of competitive scale.
Leverage Dynamics Amidst Revenue Decline
Based on the provided quarterly data, Conduent's debt-to-equity ratio has fluctuated significantly, reaching 1.12 in 2026Q1, which, when viewed alongside the company's negative retained earnings of $2.6 billion, suggests that the firm's leverage is increasingly constrained by a deteriorating equity base rather than strategic capital management.
While the absolute debt level has decreased from $1.5 billion in 2023Q4 to $879 million in 2026Q1, the company's inability to generate consistent positive earnings makes this debt burden appear more precarious. The reliance on debt reduction to manage the balance sheet may limit the company's flexibility to invest in necessary technological upgrades.
Erosion of Shareholder Equity Value
According to the balance sheet data, Conduent's equity position has remained under severe pressure, with retained earnings persistently negative at $2.6 billion as of 2026Q1, indicating that historical losses continue to weigh heavily on the company's overall financial health and long-term shareholder value creation potential.
The persistent negative retained earnings suggest that the company has struggled to generate sustainable profits over an extended period. This structural deficit in equity warrants further investigation into whether future operational improvements can realistically overcome the accumulated losses that currently define the company's capital structure.
Liquidity Buffers Facing Operational Headwinds
As reported in recent financial statements, Conduent's cash position has declined from $498 million in 2023Q4 to $251 million in 2026Q1, which may indicate a tightening liquidity buffer as the company continues to burn cash while attempting to navigate its ongoing operational restructuring and revenue contraction.
While the current ratio of 1.59 suggests a degree of short-term coverage, the downward trend in absolute cash reserves is concerning given the company's negative operating margins. Investors should monitor whether this cash burn rate necessitates future external financing or further asset sales to maintain basic operational liquidity.