Artificial intelligence, frozen federal budgets in the US, and maximum uncertainty amongst major clients: there are many causes for concern weighing on Accenture's valuation this year, whose operating profit multiple has been halved.

Regarding the first issue, Accenture, like others, argues that it is an opportunity rather than a risk. Regarding the second, which represents 8% of consolidated revenue, the impact should be felt from 2026 onwards. As for the third, there is no alternative, other than being patient.

Nevertheless, revenue for the year increased by 7% to $69.7bn. This performance should be tempered by the fact that it is largely due to the record of $6.6bn invested in acquisitions in the previous year.

Over half of Accenture's revenue remains linked to the cloud segment, which is still growing at 12% in 2025. The second pillar, marketing services, which accounts for over a quarter of consolidated revenue, posted a surprisingly positive growth rate of 8%.

The strongest growth comes from the cybersecurity segment, which has tripled its sales in five years. It posted a 16% increase in sales and now accounts for one-sixth of consolidated revenue. The last segment, business transformation, remains – just – in double-digit growth territory.

As usual, caution is warranted with regard to the $10.9bn in free cash flow highlighted by management, as it does not restate $2.1bn in stock options. It is more accurate to base the assessment on returns to shareholders, which will reach $8.3bn in 2025, including $4.6bn in share buybacks.

For some time now, MarketScreener analysts have been questioning the relevance of Accenture's massive share buybacks, which are sometimes executed at valuation multiples that are undoubtedly too high. However, in light of the recent stockmarket slump, they make much more sense.

Management has announced outright that 2026 will see a decline in revenue growth and a decrease in free cash flow. However, it promises to increase returns to shareholders, which are expected to reach $9.3bn next year, more than the expected free cash flow.

This policy of distributing more while profits are falling may also raise questions. Accenture can easily afford it, but it will be important to ensure that things remain well managed.

The stock is currently trading at its lowest multiples in ten years. Nevertheless, if we use cash returned to shareholders as the main valuation metric, the group promises to return $9.3bn next year, while it has a market capitalization of $149bn at this price; in other words, the valuation represents a multiple of sixteen times the actual distributable profit.

All in all, this seems rather fair for a group which, due to economies of scale, may have hit a growth ceiling at the same time as it faces serious headwinds.