Capgemini SE
PAR:CAP
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Capgemini SE
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Capgemini SE
Capgemini SE is a global technology services company that helps large organizations plan, build, and run their IT systems. It sells consulting, software development, cloud migration, data and analytics work, cybersecurity services, and ongoing managed services for applications and infrastructure. Its customers are mainly big companies and public agencies that need help modernizing older systems, moving work to the cloud, and keeping digital operations running smoothly. Capgemini makes money by charging for project work, long-term service contracts, and support agreements. A client may hire it to redesign a business process, implement new software, or manage part of its IT environment day to day. The company also supports engineering and business process work in areas like customer service, operations, and back-office functions, which gives it a broader role than a pure software vendor. What makes Capgemini’s business model different is that it sits between the technology vendors that sell software and the enterprises that need those tools to work in practice. It combines advisory work with hands-on delivery, so clients can use one provider for planning, implementation, and ongoing support. That mix makes Capgemini a service partner rather than a product company, and it ties its revenue closely to the long-term IT needs of large organizations.
Capgemini SE is a global technology services company that helps large organizations plan, build, and run their IT systems. It sells consulting, software development, cloud migration, data and analytics work, cybersecurity services, and ongoing managed services for applications and infrastructure. Its customers are mainly big companies and public agencies that need help modernizing older systems, moving work to the cloud, and keeping digital operations running smoothly.
Capgemini makes money by charging for project work, long-term service contracts, and support agreements. A client may hire it to redesign a business process, implement new software, or manage part of its IT environment day to day. The company also supports engineering and business process work in areas like customer service, operations, and back-office functions, which gives it a broader role than a pure software vendor.
What makes Capgemini’s business model different is that it sits between the technology vendors that sell software and the enterprises that need those tools to work in practice. It combines advisory work with hands-on delivery, so clients can use one provider for planning, implementation, and ongoing support. That mix makes Capgemini a service partner rather than a product company, and it ties its revenue closely to the long-term IT needs of large organizations.
Revenue beat: Capgemini reported first-half revenue of EUR 12.082 billion, up 11.3% at constant currency, and said it outperformed the market again on strong commercial momentum.
Guidance raised: Management lifted full-year constant-currency revenue growth guidance to 8.5% to 9.0% from 6.5% to 8.5%, while keeping operating margin guidance at 13.6% to 13.8% and free cash flow guidance at about EUR 1.8 billion to EUR 1.9 billion.
AI demand: The company said AI is now the main driver of new demand, with clients shifting from pilots to end-to-end transformation, and it sees strong traction in technology modernization and agentic enterprise processes.
WNS impact: The WNS and Cloud4C acquisitions are already helping growth, with the combined Intelligent Business Operations pipeline at EUR 13.3 billion and double-digit like-for-like growth, while cost synergies are expected to ramp more in 2027.
Margin pressure: H1 operating margin was 12.5%, up 10 bps year-on-year, but France and rest of Europe were hurt by underutilization; management said Fit-for-growth benefits should start in H2 and build further in 2027.
Macro caution: Management said client decision-making is still generally stable, but it remains cautious on Q4 because of the global macro backdrop, inflation, and the Middle East.
Bookings strength: H1 bookings reached EUR 12.6 billion and the book-to-bill ratio was 1.04, with double-digit growth in generative and agentic AI-related bookings.