Accenture plc
ACN 6.5Price and target zones价格与目标区间
What the company does公司做什么
Accenture is hired by large companies and governments to plan, build, and run their technology and their operations. It employs about 779,000 people who do this work, billed mostly by the hour or by result.Accenture受大企业和政府雇用，去规划、搭建并运行他们的技术和业务运营。它雇有约779,000人来做这些工作，收费主要按小时或按成果计。
Earns from营收来源 consulting projects and multi-year contracts to run a client's systems.咨询项目，以及为客户运行系统的多年期合同。
Read the full description查看完整介绍
Accenture plc provides strategy and consulting, industry X, song, and technology and operation services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers systems integration and application management; security; intelligent platform; infrastructure; software engineering; data, AI, cloud; and automation and global delivery services. The company also operates business processes for specific enterprise functions, including finance and accounting, sourcing and procurement, supply chain, marketing and sales, and human resources, as well as industry-specific services, such as platform trust and safety, banking, insurance, network and health services; and designs, manufactures, and assembles automation equipment, robotics, and other commercial hardware products. It serves communications, media, and technology; financial services; banking and capital markets, and insurance; health and public service; consumer goods, retail, travel services; industrial; life science; and chemicals, natural resources, energy, and utilities sectors. Accenture plc has collaboration with Amazon Web Services (AWS) to deliver transformative digital services to public sector, defense, and national security organizations. It has a collaboration with OpenAI to help enterprise clients unlock new levels of innovation and growth by bringing agentic AI systems; has a strategic collaboration with Microsoft and Avanade for the development of an agentic factory intelligence system; and INFRONEER Holdings Inc. and SAP Japan Co., Ltd. to develop a new financial data and insights platform. It also has strategic partnership with Netomi, Inc. to help enterprises reinvent customer experience using agentic AI systems. The company has a strategic alliance with ServiceNow for integrated risk management and third-party risk management solutions. Accenture plc was founded in 1951 and is based in Dublin, Ireland.
Revenue breakdown营收构成 share of revenue营收占比
Accenture's advisory and project engine. Teams here design a client's strategy, redesign a business process, or build new software, usually as a one-time engagement billed by the hour or by project outcome. This is where new work gets sold and where Accenture proves itself before a client hands over ongoing operations, so it often seeds future Managed Services contracts. Demand rises and falls with corporate technology budgets, making this the more cyclical half of the business.埃森哲的咨询与项目业务引擎。团队在此为客户设计战略、重新设计业务流程，或构建新软件，通常作为一次性项目按小时或按项目成果计费。这是新业务达成的入口，也是埃森哲在客户将持续运营外包之前证明自身能力的环节，因此常常是未来Managed Services合同的起点。需求随企业技术预算涨跌波动，使其成为业务中周期性更强的一半。
Accenture's outsourcing engine. Once a strategy or system is built, Accenture can take over running it day to day — IT operations, back-office finance, supply chain, or customer service — under a multi-year contract for a recurring fee. Because the work is embedded in a client's daily operations, it is slow and costly to switch away from, giving this half of the business steadier, more predictable revenue than Consulting.埃森哲的外包运营引擎。战略或系统建成后，埃森哲可以按多年期合同、以经常性费用接手日常运营——包括IT运维、后台财务、供应链或客户服务。由于这部分工作已嵌入客户的日常运营，客户想要更换服务商既缓慢又代价高昂，这使得这一半业务比Consulting更加稳定、更可预测。
Company facts公司资料
- Founded成立时间
- 1951
- Employees员工人数
- 799,000
- Industry行业
- Information Technology Services
- Country国家
- Ireland
Investment thesis投资逻辑 from the watchlist来自关注列表
Re-analyzed 8/27 — HOLD, conviction 6.5 confirmed. Capital-light compounder; the GenAI question stays open — the headcount-vs-revenue divergence read near-flat (headcount +2.6% vs revenue guide +3-4% LC), neither a clean tailwind nor a clean threat. Q3 bookings −2% ($19.3B, book-to-bill 1.0), FY26 guide cut to 3-4% LC — tested the break triggers, didn't breach. FCF +24% YoY and buyback raised 62% to $7.5B offset it; the +11.8% run erased the discount. Caught a baseline transcription error (Q2 was $18.04B/$2.93, not $18.7B/$3.94). Entry $155-175 (replaces stale $130-145). Trim 16x fwd (~$235).
Watch
- Correlated with CTSH/EPAM/IBM — see Concentration Map
8/27 重新分析——持有，信念 6.5 确认。 轻资产复利机；GenAI 之问仍未决——员工数与营收背离读数近乎持平（员工 +2.6% vs 营收指引 +3-4% LC），既非明确顺风也非明确威胁。 Q3 订单 -2%（$19.3B，订单出货比 1.0），FY26 指引下调至 3-4% LC——测试了止损但未触发。 FCF 同比 +24%、回购上调 62% 至 $7.5B 对冲；+11.8% 涨幅抹去折价。 修正了基线转录错误（Q2 实为 $18.04B/$2.93）。 入场 $155-175，减持 16x fwd。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 24%
- Revenue growth营收增长
- +6%
- Dividend yield股息率
- 3.70%
Competitors竞争对手
Why customers stay客户为什么留下
About half the revenue is recurring work embedded in a client's operations, which is slow and risky to remove. But the honest weakness is real: the revenue is headcount-driven labour, so AI that automates coding and back-office work threatens the billing model. FY2025 new bookings fell 1% and gross margin slipped to 31.9%.大约一半的收入是嵌在客户运营里的持续性工作，要移除既慢又有风险。但它诚实的弱点是真实存在的：收入靠人头驱动的人力，所以能把编程和后台工作自动化的AI威胁到了这套收费模式。2025财年新签订单下降1%，毛利率滑落到31.9%。
Related companies相关公司 🔴 AI-services repricing (widened 8/11…
One bet: does AI destroy labor-arbitrage IT services? They rise and fall together — proven twice now (−40% together, then +17-22% together).
Manage as one position. Do not add a second name to raise exposure.
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