Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
Economic Profit
Accenture PLC, economic profit calculation
US$ in thousands
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2026 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 9,276,242 – 18.08% × 52,369,506 = -191,768
The financial performance of the organization demonstrates a diverging trend between absolute operational profitability and the creation of economic value. While the Net Operating Profit After Taxes (NOPAT) shows a consistent long-term upward trajectory, this growth has been outpaced by a rapid expansion in the invested capital base, resulting in a steady erosion of economic profit over the analyzed period.
- Net Operating Profit After Taxes (NOPAT)
- NOPAT exhibits a general growth trend, increasing from US$ 6.77 billion in 2021 to US$ 9.28 billion by 2026. Although a slight contraction occurred in 2023, the subsequent years show significant acceleration, particularly between 2024 and 2025, indicating an increase in the absolute scale of operational earnings.
- Invested Capital Expansion
- There is a substantial and continuous increase in invested capital, which grew from US$ 26.22 billion in 2021 to US$ 52.37 billion in 2026. This represents an approximate doubling of the capital base over the six-year period, signaling an aggressive investment strategy or a significant increase in the assets required to generate revenue.
- Cost of Capital Stability
- The cost of capital remained relatively stable throughout the majority of the period, hovering around 19.2%. A gradual decline is observed in the final two years, reaching 18.08% by 2026. Despite this slight reduction in the required rate of return, the decrease was insufficient to offset the impact of the growing capital base.
- Economic Profit and Value Creation
- Economic profit shows a critical downward trend, falling from a peak of US$ 1.73 billion in 2021 to a negative value of US$ 191.77 million in 2026. The data reveals that the returns generated from the additional invested capital are lower than the cost of that capital. Consequently, the organization transitioned from generating economic value to destroying economic value by the end of the period, as the charge for capital exceeded the NOPAT.
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Net Operating Profit after Taxes (NOPAT)
Accenture PLC, NOPAT calculation
US$ in thousands
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowance for credit losses.
3 Addition of increase (decrease) in deferred revenues.
4 Addition of increase (decrease) in equity equivalents to net income attributable to Accenture plc.
5 2026 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 3,285,232 × 4.60% = 151,121
6 2026 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 454,518 × 21.00% = 95,449
7 Addition of after taxes interest expense to net income attributable to Accenture plc.
8 2026 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 363,205 × 21.00% = 76,273
9 Elimination of after taxes investment income.
An analysis of the financial performance from August 31, 2021, to August 31, 2026, reveals a consistent upward trajectory in both net income and net operating profit after taxes (NOPAT), indicating sustained growth in operational efficiency and overall profitability.
- Net Income Trends
- Net income attributable to Accenture plc demonstrated steady growth, increasing from 5,906,809 thousand US dollars in 2021 to 8,367,056 thousand US dollars by 2026. While a marginal plateau occurred between 2022 and 2023, the subsequent years showed accelerated growth, with the most significant increase occurring between 2025 and 2026.
- NOPAT Performance
- Net operating profit after taxes followed a similar growth pattern, beginning at 6,771,649 thousand US dollars in 2021 and reaching 9,276,242 thousand US dollars by 2026. A slight contraction was observed in 2023, followed by a substantial surge in 2025, where NOPAT increased by approximately 21.4% over the previous year, suggesting a significant improvement in core operational profitability during that period.
- Comparative Analysis of NOPAT and Net Income
- NOPAT consistently exceeded net income throughout the observed period, which indicates that the company's operational earnings are stronger than its final bottom-line results. The variance between these two metrics widened notably in 2025 and 2026. This diverging trend suggests that while operational profitability grew aggressively, non-operating expenses, interest obligations, or tax adjustments may have limited the full translation of these operational gains into net income.
The overall correlation between the two metrics suggests a robust operational foundation. The capacity to increase NOPAT to over 9.2 billion US dollars by 2026 reflects a strong ability to generate value from core business activities, providing a positive outlook for the company's economic value added (EVA) potential.
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Cash Operating Taxes
Accenture PLC, cash operating taxes calculation
US$ in thousands
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
The financial trajectory of tax obligations exhibits a general upward trend over the analyzed six-year period, characterized by an overall increase in both statutory tax expenses and actual cash outflows for taxes.
- Income Tax Expense Trends
- Income tax expense demonstrates a consistent growth pattern, rising from 1,770,571 thousand US$ in 2021 to 2,849,333 thousand US$ by 2026. Although a marginal contraction occurred in 2023, the subsequent years show a steady acceleration, with the most significant increase occurring between 2025 and 2026.
- Cash Operating Taxes Trends
- Cash operating taxes exhibit higher volatility compared to accrual-based expenses. After a sharp increase between 2021 and 2022, where payments rose to 2,446,374 thousand US$, a gradual downward trend was observed through 2025, reaching a period low of 2,085,412 thousand US$. This decline was sharply reversed in 2026, with payments increasing to 2,743,438 thousand US$.
- Analysis of Accrual versus Cash Divergence
- A notable divergence is observed between 2024 and 2025, during which income tax expenses continued to rise while cash operating taxes decreased. This suggests a temporary decoupling of recognized tax liabilities and actual cash disbursements. By 2026, both metrics converged toward a sharp upward trajectory, indicating a synchronization of tax recognition and payment outflows.
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Invested Capital
Accenture PLC, invested capital calculation (financing approach)
US$ in thousands
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of deferred revenues.
5 Addition of equity equivalents to total Accenture plc shareholders’ equity.
6 Removal of accumulated other comprehensive income.
7 Subtraction of short-term investments.
Invested capital exhibits a consistent and accelerating upward trajectory over the analyzed period, growing from 26,216,920 thousand US dollars in August 2021 to 52,369,506 thousand US dollars by August 2026. This expansion represents a doubling of the capital base over six years, reflecting a significant increase in the resources deployed to generate economic value.
- Invested Capital Components and Trends
- The growth in invested capital is driven by both shareholders' equity and reported debt and leases, although the contribution of each varies across the timeline. Between 2021 and 2024, the expansion was primarily fueled by a steady increase in shareholders' equity, while debt levels remained relatively stable or experienced minor fluctuations.
- Shareholders' Equity Analysis
- Shareholders' equity shows a sustained increase from 19,529,454 thousand US dollars in 2021 to 31,567,256 thousand US dollars in 2026. The growth rate is most pronounced between 2021 and 2025, after which a significant deceleration is observed, with equity increasing by only approximately 371,810 thousand US dollars between August 2025 and August 2026.
- Debt and Lease Obligations Analysis
- A distinct pivot in financing strategy is observable in the reported debt and leases. From 2021 to 2023, debt levels trended slightly downward, decreasing from 3,506,634 thousand US dollars to 3,149,034 thousand US dollars. However, starting in 2024, a sharp upward trend emerges, with debt increasing to 4,120,549 thousand US dollars in 2024, 8,182,866 thousand US dollars in 2025, and peaking at 13,396,990 thousand US dollars in 2026.
- Capital Structure Shift
- The composition of invested capital shifts markedly toward a higher reliance on leverage in the latter part of the period. In 2021, debt and leases accounted for approximately 13.4% of total invested capital. By 2026, this proportion increases to approximately 25.6%, indicating that recent growth in the capital base is increasingly financed through debt rather than equity accumulation.
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Cost of Capital
Accenture PLC, cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 135,749,642) | 135,749,642) | ÷ | 149,002,351) | = | 0.91 | 0.91 | × | 19.49% | = | 17.75% | ||
| Debt and bank borrowings3 | 9,967,477) | 9,967,477) | ÷ | 149,002,351) | = | 0.07 | 0.07 | × | 4.66% × (1 – 21.00%) | = | 0.25% | ||
| Operating lease liability4 | 3,285,232) | 3,285,232) | ÷ | 149,002,351) | = | 0.02 | 0.02 | × | 4.60% × (1 – 21.00%) | = | 0.08% | ||
| Total: | 149,002,351) | 1.00 | 18.08% | ||||||||||
Based on: 10-K (reporting date: 2026-08-31).
1 US$ in thousands
2 Equity. See details »
3 Debt and bank borrowings. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 149,489,115) | 149,489,115) | ÷ | 157,704,755) | = | 0.95 | 0.95 | × | 19.49% | = | 18.47% | ||
| Debt and bank borrowings3 | 5,181,427) | 5,181,427) | ÷ | 157,704,755) | = | 0.03 | 0.03 | × | 4.21% × (1 – 21.00%) | = | 0.11% | ||
| Operating lease liability4 | 3,034,213) | 3,034,213) | ÷ | 157,704,755) | = | 0.02 | 0.02 | × | 4.30% × (1 – 21.00%) | = | 0.07% | ||
| Total: | 157,704,755) | 1.00 | 18.65% | ||||||||||
Based on: 10-K (reporting date: 2025-08-31).
1 US$ in thousands
2 Equity. See details »
3 Debt and bank borrowings. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 225,727,750) | 225,727,750) | ÷ | 229,848,299) | = | 0.98 | 0.98 | × | 19.49% | = | 19.14% | ||
| Debt and bank borrowings3 | 1,024,857) | 1,024,857) | ÷ | 229,848,299) | = | 0.00 | 0.00 | × | 5.40% × (1 – 21.00%) | = | 0.02% | ||
| Operating lease liability4 | 3,095,692) | 3,095,692) | ÷ | 229,848,299) | = | 0.01 | 0.01 | × | 4.20% × (1 – 21.00%) | = | 0.04% | ||
| Total: | 229,848,299) | 1.00 | 19.20% | ||||||||||
Based on: 10-K (reporting date: 2024-08-31).
1 US$ in thousands
2 Equity. See details »
3 Debt and bank borrowings. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 191,119,074) | 191,119,074) | ÷ | 194,268,108) | = | 0.98 | 0.98 | × | 19.49% | = | 19.17% | ||
| Debt and bank borrowings3 | 147,903) | 147,903) | ÷ | 194,268,108) | = | 0.00 | 0.00 | × | 5.40% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 3,001,131) | 3,001,131) | ÷ | 194,268,108) | = | 0.02 | 0.02 | × | 3.80% × (1 – 21.00%) | = | 0.05% | ||
| Total: | 194,268,108) | 1.00 | 19.22% | ||||||||||
Based on: 10-K (reporting date: 2023-08-31).
1 US$ in thousands
2 Equity. See details »
3 Debt and bank borrowings. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 157,689,340) | 157,689,340) | ÷ | 161,015,096) | = | 0.98 | 0.98 | × | 19.49% | = | 19.08% | ||
| Debt and bank borrowings3 | 55,068) | 55,068) | ÷ | 161,015,096) | = | 0.00 | 0.00 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 3,270,688) | 3,270,688) | ÷ | 161,015,096) | = | 0.02 | 0.02 | × | 3.70% × (1 – 21.00%) | = | 0.06% | ||
| Total: | 161,015,096) | 1.00 | 19.14% | ||||||||||
Based on: 10-K (reporting date: 2022-08-31).
1 US$ in thousands
2 Equity. See details »
3 Debt and bank borrowings. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | 216,082,660) | 216,082,660) | ÷ | 219,589,294) | = | 0.98 | 0.98 | × | 19.49% | = | 19.17% | ||
| Debt and bank borrowings3 | 65,553) | 65,553) | ÷ | 219,589,294) | = | 0.00 | 0.00 | × | 0.00% × (1 – 21.00%) | = | 0.00% | ||
| Operating lease liability4 | 3,441,081) | 3,441,081) | ÷ | 219,589,294) | = | 0.02 | 0.02 | × | 3.90% × (1 – 21.00%) | = | 0.05% | ||
| Total: | 219,589,294) | 1.00 | 19.22% | ||||||||||
Based on: 10-K (reporting date: 2021-08-31).
1 US$ in thousands
2 Equity. See details »
3 Debt and bank borrowings. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Accenture PLC, economic spread ratio calculation, comparison to benchmarks
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | (191,768) | 663,281) | 418,506) | 635,630) | 1,424,813) | 1,731,943) | |
| Invested capital2 | 52,369,506) | 45,311,761) | 36,963,067) | 33,174,004) | 29,793,146) | 26,216,920) | |
| Performance Ratio | |||||||
| Economic spread ratio3 | -0.37% | 1.46% | 1.13% | 1.92% | 4.78% | 6.61% | |
| Benchmarks | |||||||
| Economic Spread Ratio, Competitors4 | |||||||
| Adobe Inc. | — | 13.11% | 0.83% | 1.00% | 6.49% | 8.87% | |
| AppLovin Corp. | — | 28.42% | 0.70% | -20.45% | -26.69% | -30.02% | |
| Cadence Design Systems Inc. | — | -1.28% | -2.88% | 7.17% | 6.58% | 6.80% | |
| Datadog Inc. | — | -8.84% | -9.53% | -6.05% | -11.80% | -3.98% | |
| International Business Machines Corp. | — | -0.75% | -7.59% | -3.55% | -11.30% | -6.16% | |
| Intuit Inc. | 7.82% | -2.91% | -6.59% | -8.64% | -7.53% | 0.10% | |
| Microsoft Corp. | 8.85% | 5.59% | 7.48% | 10.52% | 18.51% | 27.55% | |
| Oracle Corp. | -3.89% | -8.03% | -7.89% | -8.69% | -7.67% | 0.54% | |
| Palantir Technologies Inc. | — | 41.65% | -12.27% | -8.99% | -32.73% | -40.19% | |
| Palo Alto Networks Inc. | -12.81% | -3.84% | 5.35% | 11.48% | 3.51% | -5.19% | |
| Salesforce Inc. | -7.05% | -12.48% | -14.29% | -17.73% | -14.61% | -12.46% | |
| ServiceNow Inc. | — | 2.67% | 5.94% | 5.24% | 0.73% | 1.95% | |
| Synopsys Inc. | — | -12.42% | -8.17% | -7.47% | -0.87% | -6.90% | |
| Workday Inc. | -9.53% | -11.63% | -13.04% | -19.26% | -14.09% | -19.34% | |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 Economic profit. See details »
2 Invested capital. See details »
3 2026 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -191,768 ÷ 52,369,506 = -0.37%
4 Click competitor name to see calculations.
The financial trajectory between August 2021 and August 2026 indicates a significant erosion in the organization's ability to generate economic value. While the capital base has expanded consistently, the resulting economic profit has generally declined, leading to a substantial compression of the economic spread ratio.
- Economic Profit Trends
- A sustained decrease in economic profit is observed, falling from US$ 1,731,943 thousand in 2021 to a low of US$ 418,506 thousand in 2024. Despite a moderate recovery to US$ 663,281 thousand in 2025, the profit turns negative by August 2026, reaching -US$ 191,768 thousand.
- Invested Capital Expansion
- Invested capital exhibits a continuous and aggressive upward trend throughout the analyzed period. Starting at US$ 26,216,920 thousand in 2021, the capital base grows steadily each year, effectively doubling to reach US$ 52,369,506 thousand by August 2026.
- Economic Spread Ratio Analysis
- The economic spread ratio demonstrates a consistent downward trajectory, reflecting a diminishing margin between the return on invested capital and the cost of capital. The ratio declines from 6.61% in 2021 to 1.13% in 2024. A brief stabilization is noted in 2025 at 1.46%, but the ratio ultimately falls into negative territory at -0.37% in 2026.
The divergence between the steady growth in invested capital and the decline in economic profit suggests that subsequent capital deployments are not yielding returns sufficient to cover their associated costs. The transition to a negative economic spread ratio by 2026 indicates a shift from value creation to value destruction.
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Economic Profit Margin
Accenture PLC, economic profit margin calculation, comparison to benchmarks
| Aug 31, 2026 | Aug 31, 2025 | Aug 31, 2024 | Aug 31, 2023 | Aug 31, 2022 | Aug 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Economic profit1 | (191,768) | 663,281) | 418,506) | 635,630) | 1,424,813) | 1,731,943) | |
| Revenues | 74,183,445) | 69,672,977) | 64,896,464) | 64,111,745) | 61,594,305) | 50,533,389) | |
| Add: Increase (decrease) in deferred revenues | 546,729) | 899,517) | 254,908) | 370,343) | 261,506) | 601,585) | |
| Adjusted revenues | 74,730,174) | 70,572,494) | 65,151,372) | 64,482,088) | 61,855,811) | 51,134,974) | |
| Performance Ratio | |||||||
| Economic profit margin2 | -0.26% | 0.94% | 0.64% | 0.99% | 2.30% | 3.39% | |
| Benchmarks | |||||||
| Economic Profit Margin, Competitors3 | |||||||
| Adobe Inc. | — | 11.86% | 0.94% | 1.25% | 7.56% | 11.05% | |
| AppLovin Corp. | — | 29.21% | 0.68% | -27.99% | -49.97% | -60.11% | |
| Cadence Design Systems Inc. | — | -1.92% | -4.41% | 7.14% | 6.57% | 6.90% | |
| Datadog Inc. | — | -5.24% | -8.65% | -3.79% | -8.16% | -3.16% | |
| International Business Machines Corp. | — | -1.33% | -13.42% | -6.31% | -19.56% | -11.71% | |
| Intuit Inc. | 9.55% | -3.77% | -10.13% | -14.15% | -14.49% | 0.13% | |
| Microsoft Corp. | 14.86% | 8.34% | 10.45% | 11.98% | 17.74% | 22.86% | |
| Oracle Corp. | -9.55% | -16.10% | -15.00% | -16.81% | -14.08% | 1.07% | |
| Palantir Technologies Inc. | — | 21.57% | -10.64% | -4.83% | -54.91% | -66.20% | |
| Palo Alto Networks Inc. | -35.61% | -4.55% | 5.68% | 11.39% | 4.09% | -6.98% | |
| Salesforce Inc. | -15.10% | -26.94% | -33.02% | -44.83% | -40.55% | -28.58% | |
| ServiceNow Inc. | — | 2.94% | 4.89% | 4.21% | 0.59% | 1.68% | |
| Synopsys Inc. | — | -72.47% | -13.69% | -10.54% | -1.23% | -10.97% | |
| Workday Inc. | -11.47% | -12.36% | -14.52% | -23.63% | -19.10% | -25.24% | |
Based on: 10-K (reporting date: 2026-08-31), 10-K (reporting date: 2025-08-31), 10-K (reporting date: 2024-08-31), 10-K (reporting date: 2023-08-31), 10-K (reporting date: 2022-08-31), 10-K (reporting date: 2021-08-31).
1 Economic profit. See details »
2 2026 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenues
= 100 × -191,768 ÷ 74,730,174 = -0.26%
3 Click competitor name to see calculations.
The financial performance over the analyzed period reflects a divergence between top-line growth and economic value creation. While adjusted revenues demonstrate a consistent upward trajectory, economic profit and the corresponding profit margin exhibit a significant long-term decline, eventually entering negative territory.
- Adjusted Revenues
- A steady growth pattern is observed in adjusted revenues, increasing from 51,134,974 thousand US dollars in 2021 to 74,730,174 thousand US dollars by 2026. This represents a consistent expansion of the company's operational scale over the six-year period.
- Economic Profit
- Economic profit shows a pronounced downward trend, falling from a peak of 1,731,943 thousand US dollars in 2021 to a low of 418,506 thousand US dollars in 2024. Despite a brief recovery to 663,281 thousand US dollars in 2025, the figure declines sharply to a deficit of -191,768 thousand US dollars by 2026, indicating that the company failed to generate returns above its cost of capital in the final year.
- Economic Profit Margin
- The economic profit margin experiences severe compression, decreasing from 3.39% in 2021 to -0.26% in 2026. The margin declined steadily through 2024, reaching 0.64%, before a slight uptick in 2025 and a final drop into negative values. This trend suggests that the growth in adjusted revenues was not accompanied by a proportional increase in economic value, resulting in diminishing efficiency in capital utilization.
The convergence of increasing revenues and decreasing economic profit indicates that the cost of capital or operational inefficiencies have outpaced the gains from scale. The transition to a negative economic profit margin by 2026 signifies that the business ceased to create economic value during that period, despite the continued growth in overall revenue.
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