Cognyte Software Ltd. is a US-listed company in the application software industry. Its financial year ends in January.
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~$7.3
Cash-flow model
Base case. Range ~$5.8–$9.2 across our lower- and higher-growth cases (6.4%–16.4% a year).
Modestly overvalued
The price is inside our value range, 24% above our base value.
Price used: $9.08, November 2, 2026
Cognyte Software Ltd. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $400m, up 14.1% on a year earlier, faster than the 11.9% growth a quarter earlier. Free-cash-flow margin rose to 7.5% from -1.9% a year earlier. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $7.33 a share, against a share price of $9.51.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Cognyte Software Ltd.'s trailing-twelve-month revenue grew 14.1% year on year, with a free-cash-flow margin of 7.5%. Where it lags: days sales outstanding of 112 days ranks 143 of 162 application software companies we cover.
Our discounted-cash-flow model values the business at ~$7.3 per share in the base case (~$5.8–$9.2 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 17.3% while net income grew 94.7%: a 112pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for CGNT from the sources we follow. See filings →
The share price implies about 15.5% a year of cash-flow growth for five years.That is faster than the -2.0% a year revenue growth Cognyte Software has delivered.
Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($8.88, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
Our value per share comes from a discounted-cash-flow model of Cognyte Software Ltd.'s free cash flow after stock-based pay ( $15.6M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
We value Cognyte Software Ltd. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$7.3 ~$5.8–$9.2 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$11 ~$8.8–$18 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: the model gives no positive value |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$8.4 ~$7.3–$11 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cognyte Software Ltd. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| Discount rate ↓ / growth → | −5% growth | 0% growth | 5% growth | 10% growth | 15% growth | 20% growth |
|---|---|---|---|---|---|---|
| 7% | $4 | $5 | $7 | $9 | $11 | $15 |
| 8.5% | $4 | $4 | $6 | $7 | $9 | $11 |
| 10% | $3 | $4 | $5 | $6 | $7 | $9 |
| At fiscal year end | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Share price | $10.85 | $3.79 | $7.08 | $9.31 | $9.03 |
| Market value | $722m | $257m | $496m | $668m | $658m |
| + Net debt (− = net cash) | −$53m | −$35m | −$74m | −$113m | −$117m |
| Enterprise value | $670m | $223m | $422m | $556m | $541m |
| Multiples | |||||
| Price / sales | 1.5x | 0.8x | 1.6x | 1.9x | 1.6x |
| Price / earnings | — | — | — | — | — |
| Price / free cash flow | — | — | 18.0x | 18.5x | 22.0x |
| EV / EBITDA | 20.8x | — | — | 65.2x | 21.5x |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.
Next results: December 8, 2026, before the open. Analysts expect revenue of $113m and EPS of $0.12 (range $0.10 to $0.13) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $0.47 | +69% | $447m | +12% |
| Next | $0.77 | +63% | $493m | +10% |
Next year's EPS estimate has moved +0.4% in 90 days, across 3 analysts.
The consensus EPS forecast for the current fiscal year is +5.0% on 90 days ago. In the last 30 days, 2 analysts raised Cognyte Software Ltd.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $0.45 | $0.77 |
| 60 days ago | $0.45 | $0.77 |
| 30 days ago | $0.45 | $0.77 |
| 7 days ago | $0.47 | $0.77 |
| Now | $0.47 | $0.77 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jul 2026 | $0.09 | $0.15 | +71.4% |
| Apr 2026 | $0.09 | $0.03 | −64.7% |
| Jan 2026 | $0.04 | $0.10 | +185.7% |
| Oct 2025 | $0.01 | $0.03 | +349.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| CGNT | −80% | +107% | +35% | +9% | −3% |
| Industry peers (median) | −50% | +19% | +2% | −21% | −14% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| CGNT | 58% | 58% | 67% | 50% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| CGNT | −85% | −34% | −25% | −30% | −35% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since February 8, 2021: 93% from March 11, 2021 to December 19, 2022. Getting back needed a 1263% gain, and the shares have not yet recovered.
How Cognyte Software Ltd.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $433.5M |
| FY20 Q4 | $457.1M |
| FY21 Q4 | $443.5M |
| FY22 Q4 | $474M |
| FY23 Q4 | $312.1M |
| FY24 Q4 | $313.4M |
| FY25 Q4 | $350.6M |
| FY26 Q4 | $400M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | 5.5% |
| FY21 Q4 | -3.0% |
| FY22 Q4 | 6.9% |
| FY23 Q4 | -34.2% |
| FY24 Q4 | 0.4% |
| FY25 Q4 | 11.9% |
| FY26 Q4 | 14.1% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | 4.3% |
| FY20 Q4 | 6.0% |
| FY21 Q4 | 4.1% |
| FY22 Q4 | 2.3% |
| FY23 Q4 | -33.1% |
| FY24 Q4 | -5.8% |
| FY25 Q4 | -1.5% |
| FY26 Q4 | 3.3% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | 10.1% |
| FY20 Q4 | 11.7% |
| FY21 Q4 | 12.9% |
| FY22 Q4 | -1.9% |
| FY23 Q4 | -14.5% |
| FY24 Q4 | 8.8% |
| FY25 Q4 | 10.3% |
| FY26 Q4 | 7.5% |
| Fiscal year | 2019 Jan 2019 | 2020 Jan 2020 | 2021 Jan 2021 | 2022 Jan 2022 | 2023 Jan 2023 | 2024 Jan 2024 | 2025 Jan 2025 | 2026 Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 433 | 457 | 443 | 474 | 312 | 313 | 351 | 400 |
| Gross profit | 257 | 293 | 311 | 342 | 192 | 215 | 247 | 290 |
| EBITDA | 40 | 45 | 41 | 32 | −85 | −4 | 9 | 25 |
| Operating income | 19 | 27 | 18 | 11 | −103 | −18 | −5 | 13 |
| Net income | 9 | 20 | 14 | −15 | −114 | −16 | −12 | −1 |
| Diluted EPS | $0.13 | $0.31 | $0.22 | −$0.22 | −$1.68 | −$0.22 | −$0.17 | −$0.01 |
| Growth (year on year) | ||||||||
| Revenue | — | +5.5% | −3.0% | +6.9% | −34.2% | +0.4% | +11.9% | +14.1% |
| EBITDA | — | +12.4% | −8.6% | −21.0% | −364.5% | — | — | +196.0% |
| Operating income | — | +46.1% | −33.1% | −40.0% | <−999% | — | — | — |
| Net income | — | +131.3% | −29.7% | −204.8% | — | — | — | — |
| Diluted EPS | — | +138.5% | −29.0% | −200.0% | — | — | — | — |
| Margins | ||||||||
| Gross margin | 59.2% | 64.1% | 70.1% | 72.1% | 61.6% | 68.7% | 70.4% | 72.4% |
| EBITDA margin | 9.2% | 9.8% | 9.2% | 6.8% | −27.3% | −1.4% | 2.4% | 6.3% |
| Operating margin | 4.3% | 6.0% | 4.1% | 2.3% | −33.1% | −5.8% | −1.5% | 3.3% |
| Net margin | 2.0% | 4.4% | 3.2% | −3.1% | −36.6% | −5.0% | −3.4% | −0.2% |
| Free-cash-flow margin | 10.1% | 11.7% | 12.9% | −1.9% | −14.5% | 8.8% | 10.3% | 7.5% |
| Cash flow | ||||||||
| Cash from operations | 54 | 67 | 71 | 3 | −37 | 35 | 47 | 40 |
| Capital spending | 10 | 14 | 14 | 12 | 8 | 7 | 11 | 10 |
| Free cash flow | 44 | 53 | 57 | −9 | −45 | 28 | 36 | 30 |
| Stock-based pay | 26 | 31 | 27 | 33 | 25 | 12 | 19 | 21 |
| Free cash flow after stock pay | 18 | 22 | 30 | −42 | −71 | 15 | 17 | 9 |
| Balance sheet | ||||||||
| Cash | 240 | 201 | 79 | 153 | 35 | 74 | 113 | 117 |
| Total debt | 0 | 0 | 0 | 100 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −240 | −201 | −79 | −53 | −35 | −74 | −113 | −117 |
| Diluted shares | 66m | 66m | 66m | 67m | 68m | 70m | 72m | 73m |
| Last 12 months unless stated | CGNT | CERT | AMPL | YEXT | CCSI | QH | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $400m | $408m | $374m | $443m | $355m | $351m | $482m |
| Revenue growth, last 12 months | 14.1% | 3.8% | 18.3% | −1.5% | 1.5% | −17.0% | 12.0% |
| Revenue growth, 3-year average | — | 5.1% | 12.8% | 3.2% | −1.1% | — | 11.1% |
| Revenue growth, latest quarter | — | 1.0% | 21.2% | −1.8% | 4.1% | — | 11.9% |
| Gross margin | 72.4% | 60.2% | 72.4% | 74.0% | 80.2% | 0.5% | 69.2% |
| Operating margin | 3.3% | −0.2% | — | 8.3% | 41.8% | −7.0% | 1.1% |
| Operating margin, 3-year average | — | −4.6% | — | 2.5% | 42.4% | — | −0.8% |
| Net margin | −0.2% | −16.7% | −26.6% | 5.9% | 26.7% | −5.9% | 2.1% |
| Cash from operations / revenue | 10.1% | 20.3% | 8.5% | 12.4% | 41.1% | −1.5% | 18.2% |
| Free-cash-flow margin | 7.5% | 19.7% | 7.9% | 12.0% | 32.6% | −1.6% | 15.0% |
| Free-cash-flow margin, 3-year average | — | 21.2% | 6.8% | 13.3% | 28.6% | — | 16.2% |
| Stock pay / revenue | 5.3% | 7.6% | 25.1% | 9.7% | 5.4% | 0.1% | 9.3% |
| Change in share count | 1.6% | −2.2% | 3.2% | −8.5% | −1.8% | 235.2% | 2.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 14.1% | 12.0% | 81 of 184 |
| Change in growth rate Growth | +2.2pp | +0.2pp | 51 of 184 |
| Gross margin Profitability | 72.4% | 69.8% | 69 of 160 |
| Operating margin Profitability | 3.3% | 1.1% | 82 of 181 |
| Net margin Profitability | -0.2% | 2.1% | 100 of 185 |
| Free-cash-flow margin Cash generation | 7.5% | 15.2% | 116 of 180 |
| Stock pay as % of revenue Cash generation | 5.3% | 9.3% | 46 of 177 |
| Change in share count Balance sheet | 1.6% | 1.7% | 79 of 163 |
| Days sales outstanding Balance sheet | 112 days | 57 days | 143 of 162 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Edenbrook Capital, LLC | $63.7M | 7.3M | 14.3% | ▲ 3.7% |
| Value Base Ltd. | $56.7M | 6.5M | 12.7% | ▲ 3.4% |
| American Capital Management Inc | $54.3M | 6.2M | 12.2% | ▼ 4.8% |
| Neuberger Berman Group LLC | $48.2M | 5.5M | 10.8% | ▲ 3.6% |
| Topline Capital Management, LLC | $27.6M | 3.1M | 6.2% | ▼ 36.0% |
| Acadian Asset Management LLC | $25.6M | 2.9M | 5.7% | 0.0% |
| Y.D. More Investments Ltd | $16.3M | 1.9M | 3.6% | 0.0% |
| Samjo Management, LLC | $12M | 1.4M | 2.7% | ▲ 42.2% |
| Arrowstreet Capital, Limited Partnership | $8.8M | 998K | 2.0% | ▲ 49.4% |
| Ameriprise Financial Inc | $7.5M | 858K | 1.7% | ▲ 13.3% |
| Archon Capital Management LLC | $7M | 800K | 1.6% | ▲ 158.8% |
| Westerly Capital Management, LLC | $6.7M | 760K | 1.5% | ▼ 38.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cognyte Software Ltd.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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