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DXC, DXC Technology Company Common Stock

DXC Technology is a leading enterprise technology and innovation partner delivering software, services, and solutions to global enterprises and public sector organizations - helping them harness AI to drive outcomes at a time of exponential change with speed.

With deep expertise in Managed Infrastructure Services, Application Modernization, and Industry-Specific Software Solutions, DXC modernizes, secures, and operates some of the world's most complex technology estates.

Across these segments, we embed AI, automation and data-driven capabilities into our services and solutions to improve efficiency, enhance operations and support better business outcomes for clients.

Latest annual: FY2026 10-K

DXC · DXC Technology Company Common Stock

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$12.6B

−1.8% YoY · −7% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $12.6B 5-yr avg $14.0B

Operating margin 7.7% 5-yr avg 7.9%

Owner-earnings margin 8% 5-yr avg 8%

Free cash flow margin 8% 5-yr avg 8%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has run about 7.9% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from 6.2% to 16% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 12%). The steadier read is owner earnings: roughly 8% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

75% of revenue comes from outside the United States.

Revenue by geography, FY2026

Other Europe34%$4.2B
United States25%$3.2B
Other International18%$2.2B
United Kingdom15%$1.9B
Australia9%$1.1B

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMMar 2026
											Income statement
$7.6B	$21.7B	$20.8B	$19.6B	$17.7B	$16.3B	$14.4B	$13.7B	$12.9B	$12.6B	$12.6B	RevenueRevenue
17%	9%	9%	10%	12%	9%	10%	9%	10%	11%	11%	SG&A / revenueSG&A/rev
$618M	$3.0B	$3.3B	$2.1B	$1.1B	$1.4B	$1.1B	$1.0B	$1.0B	$970M	$970M	Operating incomeOp. inc.
8.1%	13.8%	15.8%	10.5%	6.2%	8.5%	7.9%	7.4%	7.9%	7.7%	7.7%	Operating marginOp. mgn
($123M)	$1.8B	$1.3B	($5.4B)	($149M)	$718M	($568M)	$91M	$389M	$18M	$18M	Net incomeNet inc.
—	—	19%	—	—	36%	—	20%	38%	—	—	Effective tax rateTax rate
											Cash flow & returns
$619M	$2.6B	$1.8B	$2.4B	$124M	$1.5B	$1.4B	$1.4B	$1.4B	$1.2B	$1.2B	Operating cash flowOp. cash
$658M	$2.0B	$2.0B	$2.0B	$2.0B	$1.7B	$1.6B	$1.4B	$1.3B	$1.2B	$1.2B	DepreciationDeprec.
$9M	($1.3B)	($1.6B)	$5.7B	($1.8B)	($1.1B)	$324M	($272M)	($383M)	($38M)	($38M)	Working capital & otherWC & other
$246M	$224M	$297M	$350M	$261M	$254M	$267M	$182M	$248M	$212M	$212M	CapexCapex
3.2%	1.0%	1.4%	1.8%	1.5%	1.6%	1.9%	1.3%	1.9%	1.7%	1.7%	Capex / revenueCapex/rev
$373M	$2.3B	$1.5B	$2.0B	($137M)	$1.2B	$1.1B	$1.2B	$1.1B	$1.0B	$1.0B	Owner earningsOwner earn.
4.9%	10.8%	7.2%	10.2%	−0.8%	7.7%	8.0%	8.6%	8.9%	8.2%	8.2%	Owner earnings marginOE mgn
$373M	$2.3B	$1.5B	$2.0B	($137M)	$1.2B	$1.1B	$1.2B	$1.1B	$1.0B	$1.0B	Free cash flowFCF
4.9%	10.8%	7.2%	10.2%	−0.8%	7.7%	8.0%	8.6%	8.9%	8.2%	8.2%	Free cash flow marginFCF mgn
$434M	$203M	$365M	$2.0B	$0	$0	$0	—	—	—	$0	AcquisitionsAcquis.
$78M	$174M	$210M	$214M	$53M	$0	$0	—	—	—	$0	Dividends paidDiv. paid
—	—	—	—	—	$628M	$669M	$898M	$14M	$249M	—	BuybacksBuybacks
—	—	—	—	8%	13%	—	—	12%	—	—	ROICROIC
-7%	13%	11%	-112%	-3%	14%	-16%	3%	12%	1%	1%	Return on equityROE
−11%	12%	9%	−117%	−4%	14%	−16%	—	—	—	1%	Retained to equityRetained/eq
											Balance sheet
$1.3B	$2.6B	$2.9B	$3.7B	$3.0B	$2.7B	$1.9B	$1.2B	$1.8B	$1.7B	$1.7B	Cash & investmentsCash+inv
$1.6B	$5.5B	$5.2B	$4.4B	$4.2B	$3.9B	$3.4B	$3.3B	$3.0B	$3.0B	$3.0B	ReceivablesReceiv.
$410M	$1.5B	$1.7B	$1.6B	$914M	$840M	$782M	$846M	$549M	$561M	$561M	Accounts payablePayables
$1.2B	$4.0B	$3.5B	$2.8B	$3.2B	$3.0B	$2.7B	$2.4B	$2.4B	$2.4B	$2.4B	Operating working capitalOper. WC
$3.2B	$9.6B	$9.1B	$9.0B	$8.2B	$7.4B	$6.1B	$5.1B	$5.4B	$5.4B	$5.4B	Current assetsCur. assets
$3.0B	$9.9B	$9.5B	$7.9B	$8.2B	$6.9B	$5.2B	$4.4B	$4.4B	$3.9B	$3.9B	Current liabilitiesCur. liab.
1.1×	1.0×	1.0×	1.1×	1.0×	1.1×	1.2×	1.2×	1.2×	1.4×	1.4×	Current ratioCurr. ratio
$1.9B	$7.6B	$7.6B	$2.0B	$641M	$617M	$539M	$532M	$526M	$527M	$527M	GoodwillGoodwill
$8.7B	$33.9B	$29.6B	$26.0B	$22.0B	$20.1B	$15.8B	$13.9B	$13.2B	$12.9B	$12.9B	Total assetsAssets
$2.3B	$7.1B	$6.7B	$9.4B	$5.3B	$4.6B	$4.3B	$4.1B	$3.9B	$3.6B	$3.6B	Total debtDebt
$1.0B	$4.6B	$3.8B	$5.7B	$2.3B	$1.9B	$2.4B	$2.9B	$2.1B	$1.8B	$1.8B	Net debt / (cash)Net debt
5.3×	9.3×	9.8×	5.4×	3.1×	6.7×	5.7×	3.4×	3.8×	4.5×	4.5×	Interest coverageInt. cov.
$1.9B	$13.5B	$11.4B	$4.8B	$5.0B	$5.1B	$3.5B	$2.8B	$3.2B	$2.9B	$2.9B	Shareholders’ equityEquity
1.0%	0.4%	0.4%	0.3%	0.3%	0.6%	0.7%	0.8%	0.6%	0.7%	0.7%	Stock comp / revenueSBC/rev
—	—	—	$6.8B	—	—	—	—	—	$14M	$14M	Goodwill written downGW imp.
											Per share
140M	290M	281M	259M	254M	255M	229M	199M	185M	179M	179M	Shares out (diluted)Shares
$54.18	$75.00	$73.74	$75.71	$69.76	$63.73	$63.02	$68.75	$69.60	$70.78	$70.78	Revenue / shareRev/sh
$-0.88	$6.04	$4.47	$-20.76	$-0.59	$2.81	$-2.48	$0.46	$2.10	$0.10	$0.10	EPS (diluted)EPS
$2.66	$8.09	$5.28	$7.73	$-0.54	$4.89	$5.01	$5.93	$6.22	$5.80	$5.80	Owner earnings / shareOE/sh
$2.66	$8.09	$5.28	$7.73	$-0.54	$4.89	$5.01	$5.93	$6.22	$5.80	$5.80	Free cash flow / shareFCF/sh
$0.56	$0.60	$0.75	$0.83	$0.21	$0.00	$0.00	—	—	—	$0.00	Dividends / shareDiv/sh
$1.75	$0.77	$1.06	$1.35	$1.03	$1.00	$1.17	$0.92	$1.34	$1.19	$1.19	Cap. spending / shareCapex/sh
$13.45	$46.54	$40.51	$18.51	$19.57	$19.80	$15.27	$14.14	$17.46	$16.46	$16.46	Book value / shareBVPS

The diluted share count moved ×2.06 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+3.0%/yr	+0.3%/yr
Owner earnings / share	+9.1%/yr	—
Capital spending / share	−4.2%/yr	+2.9%/yr
Book value / share	+2.3%/yr	−3.4%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked.

Share count

179Mpeak FY2018

ROIC

12%low FY2021

Net debt ÷ owner earnings

1.8×peak FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$1.0Bowner earningsvs.$18Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business turned $18M of profit into $1.0B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$18M

Owner earnings$1.0B · 8% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$18M	$389M	$91M	($568M)	$718M
Depreciation & amortizationnon-cash charge added back	+$1.2B	+$1.3B	+$1.4B	+$1.6B	+$1.7B
Stock-based compensationreal costnon-cash, but a real cost	+$86M	+$79M	+$109M	+$108M	+$101M
Working capital & othertiming of cash in and out, other non-cash items	−$38M	−$383M	−$272M	+$324M	−$1.1B
Cash from operations	$1.2B	$1.4B	$1.4B	$1.4B	$1.5B
Capital expenditurecash put back in to keep running and to grow	−$212M	−$248M	−$182M	−$267M	−$254M
Owner earnings	$1.0B	$1.1B	$1.2B	$1.1B	$1.2B
Owner-earnings marginowner earnings ÷ revenue	8%	9%	9%	8%	8%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $86M), owner earnings is nearer $950M.

Much of fiscal 2026's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 4.5×

Adequate

Operating income $970M ÷ interest expense $216M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $1.8B · 1.9× operating profit

Modest net debt

Cash $1.7B − debt $3.6B

What this means
Netting $1.7B of cash and short-term investments against $3.6B of debt leaves $1.8B owed, about 1.9× a year's operating profit (3.7× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 12%

Solid through the cycle

3-yr median, range 8%–13%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median -0%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

10-yr median margin, range -1%–11%; latest $1.0B = operating cash $1.2B − maintenance capex $212M

Industry peers: median 15%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 8% of revenue this year, a 8% median across 10 years. Treating stock comp as the real expense it is (less $86M of SBC) leaves $950M.
Are earnings backed by cash? 69.33×

Cash-backed

Cash from ops $1.2B ÷ net income $18M

In the filing’s words The filing leans on adjusted, non-GAAP earnings, but the GAAP profit is itself cash-backed — the adjustments are not papering over a cash shortfall here.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 24%

Reinvests most of it

Dividends + buybacks $249M ÷ Owner Earnings $1.0B

What this means
Of $1.0B Owner Earnings, $249M (24%) went back to shareholders, $0 dividends, $249M buybacks. Net of $86M stock comp, the real buyback was about $163M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 0.18×

Harvesting

Capex $212M ÷ depreciation $1.2B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $12.6B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.36×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $3.6B vs $1.4B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 4 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 5 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −83%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.02/share (latest year $0.11), the averaged base the calculator's gate runs on, and book value is $17.99/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 10

What this means
Lost money in 4 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 5 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 13% → 8% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about 13% early to 8% lately, median 8% — competition or costs are biting in.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −2%/yr

What this means
Owner earnings shrank about 2% a year over the record.
Worst year 2021 · 6.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +2.7%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record paid

What this means
Paid a dividend in 5 of the years on record.
How management talks about it Owner’s terms

What this means
Returns have thinned, but the filing discusses it in an owner’s vocabulary rather than selling past it — candor about a hard stretch counts for more than an adjective.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing A competitive risk, new this year

Its FY2026 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“If we are unable to develop, adopt, scale, or effectively integrate AI technologies, or if the AI enabled solutions we bring to market do not achieve sufficient customer acceptance, our competitive position, growth, and financial performance could be adversely affected.”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$5.4B

Cash & short-term investments$1.7B
Receivables$3.0B
Inventory$35M
Other current assets$617M

Current liabilities$3.9B

Debt due within a year$62M
Accounts payable$561M
Other current liabilities$3.3B

Current ratio1.36×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.35×stricter: inventory excluded

Cash ratio0.44×strictest: cash alone against what's due

Working capital$1.4Bthe cushion left after near-term bills

Debt due this year vs. cash$62M due · $1.7B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago−1.0%the freshest read on whether the business is still growing

Current ratio, recent quarters1.2× → 1.4×

Deeper floors

Tangible book value$802Mequity stripped of goodwill & intangibles

Net current asset value($4.3B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$3.1B$695M of it operating leases; with finance leases, “total fixed claims” below reaches $4.4B (annual-report basis)

Deferred revenue$1.3Bcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'27$428M

'28$867M

'29$652M

'30$2M

'31$734M

later$695M

Bars scaled to the largest single year; “later” is everything due after 2031, shown apart since it dwarfs the years.

Due in the next 12 months$428Mthe first rung: what must be repaid or rolled over within the year

Within two years$1.3Bthe near wall, the part most exposed to today’s credit conditions

Biggest single year$867Min 2028the lumpiest maturity, where a refinancing, if needed, is largest

Total scheduled principal$3.4Bevery year plus what lies beyond, as the footnote totals it

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$1.7B

One year of owner earnings (FY2026)$1.0B

Together, against $428M due next year6.5×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $2.8B against the $428M due in the twelve months after the Mar 31, 2026 schedule: 6.5 times it.

Maturity schedule extracted from the company’s Mar 31, 2026 annual report and reconciled to the total the table states.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'27$360M

'28$270M

'29$174M

'30$62M

'31$37M

later$51M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$360Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$954Mevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$869Mthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$3.6B

Lease obligations (present value)$869M

Total fixed claims on the business$4.4B

Counting the leases the way Buffett does, the fixed claims on this business come to $4.4B, of which the leases are 20%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Mar 31, 2026 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

How the cash was used, 2017–2026

Over the record, the business generated $14.4B of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$2.5B · 18%
Dividends$729M · 5%
Buybacks$2.5B · 17%
Retained (debt / cash)$8.6B · 60%

Returned to owners$3.2B
27% of the owner earnings the business produced over the span, $729M as dividends and $2.5B as buybacks.
Average price paid for buybacks$24.58
Across the years where the filing reports a share count, 99M shares were bought for $2.4B, about $24.58 each. Year to year the price paid ranged from $14.06 (2026) to $33.37 (2022); its heaviest year, 2024, paid $23.36 ($898M).
Net change in share count27.3%
The diluted count rose from 140M to 179M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.00/sh
Paid in 5 of the years on record. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$2.1B17% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity18%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$3.2Bover 10 years buying other businesses, against $2.5B of capital spent building

$6.8B written down across 2 years (2020, 2026): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Salvino	$28.7M	$30.7M	$1.2B
2023	Mr. Salvino	$20.3M	−$1.0M	$1.1B
2024	Mr. Fernandez	$9.7M	$9.7M	$1.2B
2024	Mr. Salvino	$19.8M	$7.9M	$1.2B
2025	Mr. Fernandez	$16.7M	$15.2M	$1.1B
2026	Mr. Fernandez	$47.8M	$36.4M	$1.0B

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

CEO pay ratio1,521:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$86M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 9% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why DXC Technology Company Common Stock is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

3 of the 5 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?27.3%
Diluted shares grew 27.3% over 2017–2026, even as the company spent $2.5B on buybacks. The repurchases were a treadmill: stock issued to staff outran them, so owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$2.3B → $3.6B
Debt rose from $2.3B to $3.6B while owner earnings went from about $1.4B to $1.1B — about 1.6 years of owner earnings in debt then, about 3.2 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereAre "one-time" charges a yearly habit?7 of 10 years
Management took an impairment or write-down in 7 of the last 10 years, $13.9B in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, IT Services & Consulting

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
ADPAutomatic Data Processing Inc.	$20.6B	43%	21.3%	46%	19%
FLUTFlutter Entertainment plc	$16.4B	48%	-0.4%	-0%	8%
KDKyndryl Holdings Inc.	$15.1B	15%	-2.5%	-7%	-0%
NOWServiceNow Inc.	$13.3B	77%	4.4%	6%	30%
DXCDXC Technology Company Common Stock	$12.6B	—	8.0%	12%	8%
SHOPShopify Inc.	$11.6B	49%	-1.3%	-0%	15%
WDAYWorkday Inc.	$9.6B	99%	-4.7%	-4%	22%
TOSTToast Inc.	$6.2B	19%	-13.4%	-38%	-1%
Group median	—	—	-0.8%	-0%	12%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what DXC Technology Company Common Stock has delivered.

Today’s price $

Through the cycle, DXC Technology Company Common Stock earns about $1.0B on its 8.1% median owner-earnings margin. This year’s 8.2% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($1.0B) Net of stock comp (−$86M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26−2%/yr

Owner-earnings growth · ’17→’26−2%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $1.0B on 163M shares outstanding, per the 10-K cover, as of 2026-05-01; net debt $1.8B. The if-converted diluted count is 179M, 9% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh DXC against another business →

Cite: Owner Scorecard, "DXC Technology Company Common Stock (DXC), the owner's record," https://ownerscorecard.com/c/DXC, data as of 2026-07-09.

Manual order: ← DX its page in the Manual DXCM →

Industry order: ← DOX the IT Services & Consulting chapter EPAM →