ACN
Accenture · Information Technology · IT Consulting & Other Services
$186.53
52w 118.15 – 291.09
20y monthly, adjusted
Mkt cap
$118.8B
P/E
15.0
P/FCF
10.6
FCF yield
9.4%
ROE
24.6%
Shldr yield
4.0%
div 0.0% + bb 4.0%
What today's price assumes
At $118.8B, the market is pricing in -1.0% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 11.1% per year — expectations look undemanding relative to history.
Simple DCF per-share range: $260 · $439 · $548 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 14.0× across 18 years, ACN would trade near $253/share (25th–75th percentile: $181–$293); it trades at 10.4× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+4.2%
Rev 5y
+9.5%
Rev 10y
+7.8%
EPS 5y
+9.0%
EPS 10y
+9.8%
FCF 5y
+7.4%
FCF 10y
+11.1%
Fundamentals
Fiscal 2008–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q3'26 | $18.7B | +5.6% | $2.3B | +6.4% | 3.80 | $3.8B |
| Q2'26 | $18.0B | +8.3% | $1.8B | +2.1% | 2.93 | $3.8B |
| Q1'26 | $18.7B | +6.0% | $2.2B | −3.0% | 3.54 | $1.7B |
| Q4'25 | $17.6B | +7.3% | $1.4B | −16.1% | 2.25 | $3.9B |
| Q3'25 | $17.7B | +7.7% | $2.2B | +13.7% | 3.49 | $3.7B |
| Q2'25 | $16.7B | +5.4% | $1.8B | +6.8% | 2.82 | $2.9B |
| Q1'25 | $17.7B | +9.0% | $2.3B | +15.5% | 3.59 | $1.0B |
| Q4'24 | $16.4B | +2.6% | $1.7B | +22.7% | 2.66 | $3.4B |
| Q3'24 | $16.5B | −0.6% | $1.9B | −3.9% | 3.04 | $3.1B |
| Q2'24 | $15.8B | −0.1% | $1.7B | +9.9% | 2.63 | $2.1B |
| Q1'24 | $16.2B | +3.0% | $2.0B | +0.4% | 3.10 | $498.6M |
| Q4'23 | $16.0B | +3.6% | $1.4B | −17.5% | 2.15 | $3.4B |
| Q3'23 | $16.6B | +2.5% | $2.0B | +12.5% | 3.15 | $3.3B |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +4.2% | +9.5% | +7.8% | +7.6% |
| Operating cash flow | +6.3% | +6.9% | +10.6% | +9.1% |
| Free cash flow | +7.2% | +7.4% | +11.1% | +9.3% |
| EPS (diluted) | +4.3% | +9.0% | +9.8% | +10.7% |
| Equity | +12.2% | +12.9% | +17.7% | +17.3% |
| LT debt | +378.7% | +147.6% | +69.6% | +72.2% |
| Diluted shares | −0.5% | −0.5% | −0.7% | −1.3% |
| Stock price | −15.3% | −9.6% | +6.7% | +10.7% |
$100, 3 years ago
$61vs $176 in SPY
-15.3% vs 20.7%/yr
$100, 5 years ago
$60vs $181 in SPY
-9.6% vs 12.6%/yr
$100, 10 years ago
$192vs $412 in SPY
6.7% vs 15.2%/yr
$100, 15 years ago
$462vs $813 in SPY
10.7% vs 15.0%/yr
The $1 test — market value created per $1 of earnings retained (Buffett's hurdle: at least $1)
Last 5 years
$0.66
$19.8B created / $29.9B retained
Last 10 years
$2.28
$97.6B created / $42.8B retained
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
31.7%
OCF ÷ (equity + debt)
OCF / EV yield
10.5%
MC vs 10× OCF
1.01
≤1 = priced under 10× OCF
Debt / FCF
0.5y
SBC / FCF
19.3%
Owner earnings
$8.8B
OCF − capex − SBC
OE yield
7.6%
Share count 5y
−1.5%
per year; negative = buybacks
Capital intensity
2.2%
net PP&E ÷ revenue
Sales efficiency
$0.00
new PP&E per $1 new revenue, 5y
Growth engine (5y): reinvested 33.1% of operating cash flow at an incremental return of 20.2% — an organically fundable growth rate of about 6.7% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
24 of 26 checks pass · 92%. Checks with structurally missing inputs are excluded.
Growth & Consistency
6/7
- pass
Revenue growth
9.5% · 5y CAGR ≥ 5%
- pass
EPS growth
9.0% · 5y CAGR ≥ 5%
- pass
FCF growth
7.4% · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
9 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
6.9% vs 9.5% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
6/6
- pass
Net margin
11.0% · ≥ 8%
- pass
Operating margin
14.7% · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- pass
Return on equity
24.6% · ≥ 12%
- pass
Cash ROIC
31.7% · ≥ 12%
- pass
FCF margin
15.6% · ≥ 5%
- pass
Earnings back their cash
OCF $11.5B vs NI $7.7B · OCF ≥ net income (latest FY)
Balance Sheet
5/5
- pass
Debt payable from cash flow
0.5y · LT debt ≤ 3× FCF
- pass
Cash cushion
228% · cash ≥ 50% of LT debt
- pass
Leverage
0.16 · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$31.2B · equity > 0 and grew over ~5y
- pass
Interest burden
2% · interest ≤ 15% of operating income
Capital Allocation
3/4
- pass
Share count flat or shrinking
-1.5% · ≤ +0.5%/yr over ~5y
- fail
Stock comp restrained
19% · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
42% · dividends + buybacks ≤ 100% of FCF
- pass
Repurchases are a habit
10 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
4/4
- pass
FCF yield
9.4% · ≥ 3%
- pass
Earnings multiple
15.0 · P/E ≤ 25
- pass
Price asks less than history delivered
-1.0% vs 11.1% · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
4.0% · dividends + buybacks ≥ 2% of market cap
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 69,673 | — | 10,226 | 7,678 | 12.15 | 11,474 | 600 | 10,874 | — | 4,619 | 2,094 | 11,479 | 5,034 | 31,195 | 632 |
| 2024 | 64,896 | — | 9,596 | 7,265 | 11.44 | 9,131 | 517 | 8,615 | — | 4,525 | 1,942 | 5,004 | 79 | 28,289 | 636 |
| 2023 | 64,112 | — | 8,810 | 6,872 | 10.77 | 9,524 | 528 | 8,996 | — | 4,330 | 1,913 | 9,045 | 43 | 25,693 | 639 |
| 2022 | 61,594 | — | 9,367 | 6,877 | 10.71 | 9,541 | 718 | 8,823 | 2,457 | 4,116 | 1,680 | 7,890 | 46 | 22,106 | 643 |
| 2021 | 50,533 | — | 7,622 | 5,907 | 9.16 | 8,975 | 580 | 8,395 | 2,236 | 3,703 | 1,343 | 8,168 | 53 | 19,529 | 646 |
| 2020 | 44,327 | — | 6,514 | 5,108 | 7.89 | 8,215 | 599 | 7,616 | 2,038 | 2,916 | 1,198 | 8,415 | 54 | 17,001 | 648 |
| 2019 | 43,215 | — | 6,305 | 4,779 | 7.36 | 6,627 | 599 | 6,028 | 1,864 | 2,691 | 1,093 | 6,127 | 16 | 14,409 | 650 |
| 2018 | 40,993 | — | 5,899 | 4,060 | 6.34 | 6,027 | 619 | 5,408 | 1,709 | 2,639 | 977 | 5,061 | 20 | 10,365 | 655 |
| 2017 | 36,177 | — | 5,191 | 3,445 | 5.44 | 4,973 | 516 | 4,457 | 1,568 | 2,649 | 795 | 4,127 | 22 | 8,949 | 660 |
| 2016 | 34,798 | — | 4,810 | 4,112 | 6.45 | 4,667 | 497 | 4,171 | 1,438 | 2,605 | 758 | 4,906 | 24 | 7,555 | 668 |
| 2015 | 32,914 | — | 4,436 | 3,054 | 4.76 | 4,176 | 395 | 3,781 | 1,353 | 2,453 | 680 | 4,361 | 26 | 6,134 | 679 |
| 2014 | 31,875 | — | 4,301 | 2,941 | 4.52 | 3,486 | 322 | 3,164 | 1,255 | 2,559 | 671 | 4,921 | 26 | 5,732 | 692 |
| 2013 | 30,394 | — | 4,339 | 3,282 | 4.93 | 3,303 | 370 | 2,934 | 1,122 | 2,544 | 616 | 5,632 | 26 | 4,960 | 713 |
| 2012 | 29,778 | — | 3,872 | 2,554 | 3.84 | 4,257 | 372 | 3,885 | 951 | 2,099 | 538 | 6,641 | 0 | 4,146 | 727 |
| 2011 | 27,353 | — | 3,470 | 2,278 | 3.39 | 3,442 | 404 | 3,038 | 644 | 2,172 | 450 | 5,701 | 0 | 3,879 | 743 |
| 2010 | 23,094 | — | 2,915 | 1,781 | 2.66 | 3,092 | 238 | 2,853 | 824 | 2,071 | 426 | 4,838 | 1 | 2,836 | 767 |
| 2009 | 23,171 | — | 2,644 | 1,590 | 2.44 | 3,160 | 243 | 2,917 | 378 | 1,855 | 453 | 4,542 | 0 | 2,835 | 787 |
| 2008 | 25,314 | — | 3,012 | 1,692 | 2.64 | 2,803 | 320 | 2,483 | 334 | 2,261 | 377 | 3,603 | — | 3,019 | 824 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.