Gartner, Inc.
IT 6Price and target zones价格与目标区间
What the company does公司做什么
Gartner sells research and advice to technology buyers and executives on a yearly subscription. It is best known for the "Magic Quadrant" — its ranked grid of vendors in a market that buyers use to shortlist software.Gartner 以年度订阅的方式向科技买家和高管出售研究和建议。它最为人所知的是“Magic Quadrant”——一张对某个市场里各家厂商排名的方格图，买家用它来筛选软件候选名单。
Earns from营收来源 research subscriptions, conference fees, and consulting projects.研究订阅费、会议费和咨询项目费。
Read the full description查看完整介绍
Gartner, Inc. provides business and technology insights to support decision-making and performance on an organization's mission-critical priorities in the United States, Canada, Europe, the Middle East, Africa, and internationally. It operates through three segments: Insights, Conferences, and Consulting. The Insights segment delivers insights through subscription services, such as access to published content, data and benchmarks, and direct access to a network of business and technology experts. The Conferences segment enables executives and teams to learn, share, and network through its Symposium/Xpo series and peer-driven sessions, as well as through its conferences focused on specific business roles and topics. The Consulting segment provides technology-driven strategic initiatives, including custom analysis and on-the-ground support to senior executives. This segment also offers actionable solutions for IT-related priorities, including IT cost optimization, digital transformation, and IT sourcing optimization. The company was formerly known as Gartner Group, Inc. and changed its name to Gartner, Inc. in November 2001. Gartner, Inc. was founded in 1979 and is headquartered in Stamford, Connecticut.
Revenue breakdown营收构成 share of revenue营收占比
This segment sells yearly subscriptions that give technology buyers and executives access to Gartner analysts, written reports, and rankings such as the Magic Quadrant, which many buyers use to shortlist software vendors. The subscriptions renew each year, so this segment gives Gartner steady, repeating revenue. Growth has slowed: contract value grew only about 1% in 2025.该部门销售按年订阅，让科技买家和高管获得Gartner分析师、书面报告，以及Magic Quadrant等排名——许多买家用它来筛选软件供应商。订阅每年自动续订，因此该部门为Gartner带来稳定、可重复的收入。增长近期放缓：2025年合同价值仅增长约1%。
This segment runs Gartner's paid industry events, where analysts present research and vendors meet buyers face to face. In 2025, Gartner held 53 conferences with more than 83,000 attendees. Revenue depends on event size and ticket sales, so it can swing with travel and event budgets, but it was the fastest-growing segment in 2025, up about 11%.该部门负责Gartner的付费行业活动，分析师在会上发布研究成果，供应商与买家面对面交流。2025年，Gartner举办了53场大会，参会人数超过83,000人。收入取决于活动规模和门票销售，因此会随差旅和活动预算波动，但该部门是2025年增长最快的部门，增幅约11%。
This segment sells custom advisory and benchmarking projects, where Gartner analysts apply their research to a single client's specific problem. It is smaller and less repeatable than the subscription business, since each project is a one-time engagement rather than a renewing contract. Consulting revenue fell in 2025, making it the weakest of the three segments.该部门销售定制咨询和基准评估项目，Gartner分析师将其研究应用于单一客户的具体问题。与订阅业务相比，该业务规模较小且可重复性较低，因为每个项目都是一次性合作，而非续订合同。2025年咨询收入下降，是三个部门中表现最弱的一个。
Company facts公司资料
- Founded成立时间
- 1979
- Headquarters总部
- Stamford, Connecticut
- Employees员工人数
- 19,285
- Industry行业
- Information Technology Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 STILL GATED — Gartner (IT), the Magic Quadrant research franchise, remains gated: the 8/4 print was quarter 1 of the 2 the gate requires.
What's working
- Moat intact: Magic Quadrant moat real
- CV growth turning: Q2 CV ex-Fed +3.3%, total growth +70bps to ≈+1.7%
Red flags
- Net CV still negative: Q1 CY26 net CV addition was −$56M
- Growth not converting to profit: revenue +18.6% over 4yr produced only +6.3% operating income, and FY26 revenue is guided −1.9% with FCF flat
- EPS is financial engineering: Adj EPS +24% is share count — buyback ran 169% of FCF on $800M new debt, equity down to $320M
Watch
- Valuation: FV $155-195; spot is top-quartile and 13.7% above the $160.38 consensus target. Entry $140-160. Trim 13x fwd
📋 仍在门槛观察中 — 8/4 的财报只是门槛所需两个季度中的第 1 个（2026 财年 Q1 的合约价值净增为 −$56M）。 Q2 合约价值剔除联邦业务后 +3.3%，总体增速改善 70bps 至约 +1.7%。 魔力象限护城河真实存在，但过去 4 年收入 +18.6% 只带来 +6.3% 的营业利润增长，FY26 收入指引为 −1.9%，自由现金流指引持平。 调整后每股收益 +24% 靠的是股本收缩：回购花掉了自由现金流的 169%，并新增 $800M 债务，股东权益降至 $320M。 合理价值 $155-195；现价处于区间上四分位，且比 $160.38 的一致目标价高 13.7%。 买入区间 $140-160。 减持 13x 前瞻市盈率。
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
- 114%
- Revenue growth营收增长
- -1%
Competitors竞争对手
Why customers stay客户为什么留下
The Magic Quadrant is an industry standard that both buyers and vendors feel they must be part of, and the subscriptions renew at a high rate. The honest caveat: growth has slowed sharply — the value of contracted subscriptions grew only about 1% in 2025, and consulting revenue fell.Magic Quadrant 是一个行业标准，买家和厂商都觉得自己必须身在其中，而且订阅的续费率很高。坦白的隐忧是：增长已大幅放慢——2025年已签约订阅的价值只增长了约 1%，咨询收入还下降了。
Related companies相关公司 🟡 Financial data
The same AI-disruption-to-data narrative, resolving differently per name (FDS ASV accelerating vs. IT's CV collapsing).
FDS anchors. IT is gated.