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Systems","tier":3,"returns_yearly":null},{"slug":"arianegroup","name":"아리안그룹","name_en":"ArianeGroup","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null}],"analysis":"글로벌 IT 서비스 기업. 2026년 -23.6%다. 공급단(평균 -2.4%)이 본주(-23.6%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 길리어드 사이언스(+24.5%), 가장 처진 곳은 맥도날드(-14.7%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Cognizant Technology Solutions Corporation operates across Global IT services firm. It is -23.6% in 2026. The supply side (avg -2.4%) has moved harder than the stock (-23.6%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Gilead Sciences, Inc. (+24.5%) and the furthest behind is McDonald's (-14.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It relies on enterprise software and cloud platforms such as Microsoft and Workday for delivery and internal operations, while acquisitions extend its engineering capabilities.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"벨칸","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"벨칸 지분 100% 취득대가, 현금 순액과 발행 주식 공정가치 합계","value":1308000000,"period":"2024 acquisition","basis_en":"Consideration for 100% of Belcan, comprising net cash paid and the fair value of issued shares","qualifier":null},"note":"코그니전트는 2024년 8월 벨칸 지분 100%를 취득해 항공우주·방산 중심의 엔지니어링 연구개발 서비스 역량을 편입했다. 실제 취득대가는 현금 11억9,500만 달러와 주식 1억1,300만 달러였다.","note_en":"Cognizant acquired 100% of Belcan in August 2024, adding engineering research and development capabilities focused on aerospace and defense. Actual consideration was $1.195 billion in cash and $113 million in shares.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829026000008/ctsh-20251231.htm","title":"코그니전트 테크놀러지 솔루션즈 2025 Form 10-K","title_en":"Cognizant Technology Solutions Corporation 2025 Form 10-K","excerpt":"코그니전트는 벨칸 지분 100%를 취득하고 현금 11억9,500만 달러와 147만589주를 지급했다.","excerpt_en":"we acquired 100% ownership in Belcan... We paid $1,195 million in cash... and issued 1,470,589 shares"},{"stance":"confirms","publisher":"매일경제 증권센터","publisher_en":"Maeil Business Newspaper Stock Center","kind":"news","lang":"ko","published_at":"2026-02-04","url":"https://stock.mk.co.kr/news/view/989693","title":"코그니전트, 2025년 매출 7% 증가…2026년 최대 7.4% 성장 전망","title_en":"Cognizant Revenue Rose 7% in 2025, Guides Up to 7.4% Growth in 2026","excerpt":"벨칸 인수가 2025년 매출 성장에 260bp 기여했다.","excerpt_en":"The Belcan acquisition contributed 260 basis points to 2025 revenue growth."},{"stance":"confirms","publisher":"코그니전트 투자자 관계","publisher_en":"Cognizant Investor Relations","kind":"ir","lang":"en","published_at":"2024-08-27","url":"https://investors.cognizant.com/news-and-events/news/news-details/2024/Cognizant-Completes-Acquisition-of-Belcan/","title":"코그니전트, 벨칸 인수 완료","title_en":"Cognizant Completes Acquisition of Belcan","excerpt":"코그니전트는 현금과 주식 약 13억 달러로 벨칸 인수를 완료했다고 발표했다.","excerpt_en":"completed the acquisition of Belcan for approximately $1.3 billion in cash and stock."}]},{"direction":"revenue","counterparty":"McDonald's","counterparty_slug":"mcdonalds","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2025-02-05","basis":"McDonald's 다년 전략 파트너십 연장 계약액","value":null,"period":"2025 multi-year extension","basis_en":"Value of the multi-year McDonald's strategic partnership extension","qualifier":"confirmed_no_disclosed_value"},"note":"코그니전트는 McDonald's의 글로벌 재무 시스템과 인적자본관리 애플리케이션을 지원한다. 2017년에 시작된 관계를 2025년 다년 계약으로 연장했지만 계약액은 공개하지 않았다.","note_en":"Cognizant supports McDonald's global finance systems and human capital management applications. The relationship that began in 2017 was extended through a multi-year agreement in 2025, but its value was not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-05","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829025000007/exhibit99112312024.htm","title":"코그니전트 2024년 4분기 및 연간 실적 발표, Exhibit 99.1","title_en":"Cognizant Reports Fourth Quarter and Full-Year 2024 Results, Exhibit 99.1","excerpt":"코그니전트는 McDonald's와의 전략적 파트너십을 다년 계약으로 갱신했다.","excerpt_en":"Renewed strategic partnership with McDonald's Corporation... As part of the multi-year agreement, Cognizant will focus on leveraging cutting-edge technology."},{"stance":"confirms","publisher":"코그니전트 투자자 관계","publisher_en":"Cognizant Investor Relations","kind":"ir","lang":"en","published_at":"2025-01-21","url":"https://investors.cognizant.com/news-and-events/news/news-details/2025/Cognizant-and-McDonalds-Renew-Strategic-Partnership-to-Transform-Global-Enterprise-Systems-Focus-on-AI--Cloud-Solutions/default.aspx","title":"코그니전트와 McDonald's, 글로벌 기업 시스템 혁신을 위한 전략적 파트너십 갱신","title_en":"Cognizant and McDonald's Renew Strategic Partnership to Transform Global Enterprise Systems, Focus on AI & Cloud Solutions","excerpt":"양사는 2017년에 시작된 전략적 파트너십을 다년간 연장한다고 발표했다.","excerpt_en":"announced a multi-year extension of their strategic partnership, which originated in 2017."}]},{"direction":"revenue","counterparty":"길리어드 사이언스","counterparty_slug":"gilead-sciences","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2025-02-05","basis":"길리어드 확대 계약액","value":null,"period":"2025 expanded agreement","basis_en":"Value of the expanded Gilead agreement","qualifier":"confirmed_no_disclosed_value"},"note":"코그니전트는 길리어드의 고객 서비스, 직원 경험과 사업가치 관리에 AI 기반 솔루션을 제공한다. 2025년 기존 관계를 확대했지만 계약액은 공개하지 않았다.","note_en":"Cognizant provides AI-driven solutions for Gilead's customer service, employee experience, and business value management. The companies expanded their existing relationship in 2025 without disclosing the contract value.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-05","url":"https://www.sec.gov/Archives/edgar/data/1058290/000105829025000007/exhibit99112312024.htm","title":"코그니전트 2024년 4분기 및 연간 실적 발표, Exhibit 99.1","title_en":"Cognizant Reports Fourth Quarter and Full-Year 2024 Results, Exhibit 99.1","excerpt":"코그니전트는 길리어드와의 장기 관계를 확대하고 AI 기반 솔루션을 제공한다고 밝혔다.","excerpt_en":"Expanded its longstanding relationship with biopharmaceutical leader Gilead Sciences. Cognizant will provide AI-driven solutions."},{"stance":"confirms","publisher":"코그니전트 투자자 관계","publisher_en":"Cognizant Investor Relations","kind":"ir","lang":"en","published_at":"2025-01-30","url":"https://investors.cognizant.com/news-and-events/news/news-details/2025/Cognizant-and-Gilead-Expand-Partnership-to-Drive-Greater-Value-Through-Advanced-Technology-Applications/","title":"코그니전트와 길리어드, 첨단 기술 적용을 위한 파트너십 확대","title_en":"Cognizant and Gilead Expand Partnership to Drive Greater Value Through Advanced Technology Applications","excerpt":"확대 계약은 고객 서비스와 직원 상호작용 등 여러 영역에 머신러닝과 생성형 AI를 적용한다.","excerpt_en":"the work addresses multiple use cases across customer service, employee interactions, and business value management."}]},{"direction":"cost","counterparty":"워크데이","counterparty_slug":"workday","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-08-13","basis":"Workday HCM·재무관리·급여 제품 이용 지출액","value":null,"period":"2025","basis_en":"Spending on Workday HCM, Financial Management, and payroll products","qualifier":"confirmed_no_disclosed_value"},"note":"코그니전트는 Workday의 고객으로서 전 세계 사무소에서 HCM과 재무관리 제품을 사용한다. 동시에 Workday 구현 파트너이기도 하며 이용 지출액은 공개되지 않았다.","note_en":"Cognizant is a Workday customer using HCM and Financial Management across its global offices. It is also an implementation partner, and its spending was not disclosed.","sources":[{"stance":"confirms","publisher":"HFS 리서치","publisher_en":"HFS Research","kind":"research","lang":"en","published_at":"2025-08-13","url":"https://assets.kpmg.com/content/dam/kpmgsites/xx/pdf/2026/01/hfs-hz-2025-workday-services.pdf","title":"HFS Horizons: Workday 서비스 2025","title_en":"HFS Horizons: Workday Services, 2025","excerpt":"HFS는 코그니전트가 Workday의 고객이자 구현 파트너, 공동 혁신자라고 평가했다.","excerpt_en":"Cognizant has been a Workday partner since 2007, with a uniquely embedded 360-degree relationship as a client, implementation partner, and co-innovator."}]},{"direction":"cost","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-09-09","basis":"Microsoft 클라우드 및 업무 소프트웨어 이용 지출액","value":null,"period":"2026","basis_en":"Spending on Microsoft cloud and workplace software","qualifier":"confirmed_no_disclosed_value"},"note":"코그니전트는 내부 프로젝트 관리와 업무 흐름에 Azure AI, Microsoft 365 Copilot과 Teams를 사용한다. 상용 이용 규모와 지출액은 공개되지 않았다.","note_en":"Cognizant uses Azure AI, Microsoft 365 Copilot, and Teams in internal project management and workflows. The commercial scale and spending were not disclosed.","sources":[{"stance":"confirms","publisher":"마이크로소프트 Source Asia","publisher_en":"Microsoft Source Asia","kind":"news","lang":"en","published_at":"2026-09-09","url":"https://news.microsoft.com/source/asia/features/how-microsoft-ai-is-helping-cognizant-scale-delivery-excellence-across-10000-projects/","title":"Microsoft AI가 코그니전트의 1만 개 프로젝트 딜리버리 관리를 확장하는 방법","title_en":"How Microsoft AI is helping Cognizant scale Delivery Excellence across 10,000 projects","excerpt":"코그니전트는 내부 딜리버리 관리에 Microsoft AI Foundry, Azure AI와 Microsoft 365 Copilot을 사용한다.","excerpt_en":"Using Microsoft AI Foundry, Azure AI services and Microsoft 365 Copilot, Cognizant is reimagining how those leaders work."},{"stance":"confirms","publisher":"마이크로소프트 고객 사례","publisher_en":"Microsoft Customer Stories","kind":"news","lang":"en","published_at":"2024-02-12","url":"https://www.microsoft.com/en/customers/story/1719466218077596326-cognizant-azureai-software-en-india","title":"코그니전트, Microsoft Azure Machine Learning으로 성과 관리를 개선","title_en":"Cognizant makes performance management more effective and meaningful with Microsoft Azure Machine Learning","excerpt":"코그니전트는 성과관리 솔루션을 Azure Machine Learning Service에 배포하기로 했다.","excerpt_en":"chose to deploy the AI-based performance-management enhancement using Azure Machine Learning Service."}]}]}