CI&T Inc (CINT) DCF Valuation & Fundamental Primer
CI&T Inc (CINT) trades at $13.32 with a market enterprise value of $1.87B and generated $489.7M in TTM revenue and $45.8M in free cash flow (filed 2026-03-11 (period ended 2025-12-31)). Our 5-year DCF model estimates an implied intrinsic value of $0.58 per diluted share ($187.5M DCF enterprise value, Grade: B · 58/100 · Mixed Fundamental Profile).
SEC 10-K/10-Q DCF teardown of CI&T Inc (CINT): $489.6M TTM revenue (-23.7% growth), 32.0% GAAP gross margin, 9.4% FCF margin, 1.0% SBC/revenue, and Rule of 40 score of -14.3%.
CI&T Inc (CINT) earns a "Pass" rating and an institutional Quality Score of 58/100 (Grade B). On $489.6M in baseline revenue (-23.7% growth, 32.0% gross margin, 9.4% FCF margin), our 5-year DCF yields an Enterprise Value of $187.5M ($0.58/share vs. $13.32 market price). On the R&D Return Benchmark, CINT ranks #175 of 174 (Faders · Grade D, -37098842.83× return).
Gross Margin & Unit Economics: CI&T Inc operates at a 32.0% gross margin on $489.6M revenue (40.5 pts below the Software - Infrastructure median of 72.4%).
R&D Productivity (Faders · Grade D): Investing 0.0% of revenue in R&D ($0) generates $-37098842.83 of incremental gross profit per R&D dollar (Rank #175 of 174).
Rule of 40 & Cash Conversion: Combining -23.7% top-line growth with 9.4% FCF margin yields a -14.3% Rule of 40 score (vs. 38.4% cohort median) and $187.5M DCF Enterprise Value.
3-Statement Financial Schedule & 5-Year Horizon
Synchronized directly with the 3-Year Operating Statement (32.0% Gross Margin · -23.7% Growth)
| Income Statement Line | Year 1 (2026) | Year 2 (2027) | Year 3 (2028) |
|---|---|---|---|
| Revenue | $489.6M | $373.6M | $285.1M |
| Cost of Revenue (COGS) | ($333.1M) | ($252.3M) | ($191.1M) |
| Gross Profit & Margin | $156.6M (32.0%) | $121.3M (32.5%) | $94.0M (33.0%) |
| Research & Development (R&D) | $0 | $17.9M | $13.1M |
| Sales & Marketing (S&M) | $65.5M | $48.0M | $35.1M |
| General & Administrative (G&A) | $25.5M | $18.7M | $13.6M |
| Operating EBIT | $65.6M (13.4%) | $36.8M (9.8%) | $32.2M (11.3%) |
| Adjusted EBITDA | $77.8M (15.9%) | $46.1M (12.3%) | $39.3M (13.8%) |
3 Key Underwriting Risks
Structural sensitivities monitored in the 3-Statement Financial Engine
Value-Creation Levers · Quantified Statement Impact
Apply any lever below to write its operating assumptions directly into the 3-Statement Model
Automate cloud hosting & support workflows to lift gross margin from 32.0% to 37.0%.
Align R&D intensity and ASC 350-40 capitalization to the R&D Compounders cohort median, recapturing $9.8M in annual EBITDA.
Lift net dollar retention and expansion velocity by +300 bps, compounding Year 3 revenue to $307.9M.
CI&T Inc (CINT) 3-Scenario DCF Valuation Range
Stress-test CINT's 5-year growth, target FCF margin, WACC, terminal methodology, and SBC/dilution friction in real time.
Simulate how deploying Gemini workflow automation and autonomous engineering expands CINT's Gross Margin, FCF Margin, DCF share price, and 2x2 R&D Return Quadrant.
Split between 5-Year Explicit Cash Flows and Discounted Terminal Value
2D Institutional Valuation Sensitivity Heatmap
Implied share price & upside/downside spread across 25 valuation states (Current Price: $13.32).
| WACC \ Terminal | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% |
|---|---|---|---|---|---|
| 8.5% | $0.82 -94% | $0.89 -93% | $0.98 -93% | $1.08 -92% | $1.21 -91% |
| 9.3% | $0.69 -95% | $0.75 -94% | $0.81 -94% | $0.89 -93% | $0.99 -93% |
| 10.0% | $0.58 -96% | $0.63 -95% | $0.68 -95% | $0.74 -94% | $0.82 -94% |
| 10.8% | $0.49 -96% | $0.53 -96% | $0.57 -96% | $0.62 -95% | $0.68 -95% |
| 11.5% | $0.41 -97% | $0.44 -97% | $0.48 -96% | $0.52 -96% | $0.57 -96% |
Institutional Software Quality Scorecard (58/100 · Grade B)
Viable recurring software business but carries notable dilution, lower margins, or higher leverage.
Positive FCF but lower conversion efficiency due to capex or timing
Minimal dilution friction; management compensation aligned with shareholders
Sub-par gross margins; higher cost of delivery or hardware/services mix
Moderate leverage or cash burn; monitor liquidity runway
Core Investment Strengths & Moats
- Low dilution friction: SBC is only 1.0% of revenue
Key Operational & Dilution Risks
- Lower software gross margins (32.0%), indicating higher hosting or service delivery drag
Compare CI&T Inc (CINT) against the software universe on the 2x2 R&D Return vs. R&D Intensity matrix.
Reverse-DCF Solver: What Growth is Priced Into CINT?
The current share price demands 30.6% 5-year CAGR (35.0% net of SBC & dilution)—a +54.3% acceleration over historical run-rate (-23.7%). Any growth slowdown risks valuation multiple contraction.
Headline Reverse-DCF ignores Stock-Based Compensation (1.0% of revenue) and annual share dilution (2.1%/yr). Accounting for both requires 35.0% 5-year revenue CAGR to justify $13.32/sh on a true per-share economic cash flow basis.
CI&T Inc (CINT) 5-Year Fundamental Forecast
| Statement Line Item | TTM Audited Base | TTM | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|---|---|
| Revenue | $489.7M | $489.7M | $373.6M | $285.1M | $217.5M | $166.0M | $126.6M |
| Gross Profit | $156.6M | $156.6M | $119.5M | $91.2M | $69.6M | $53.1M | $40.5M |
| Operating Income (EBIT) | $65.6M | $65.6M | $50.0M | $38.2M | $29.1M | $22.2M | $17.0M |
| Stock-Based Compensation (SBC) | $5.0M | $5.0M | $3.8M | $2.9M | $2.2M | $1.7M | $1.3M |
| Unlevered Free Cash Flow (FCF) | $45.8M | $45.8M | $34.9M | $26.7M | $20.3M | $15.5M | $11.8M |
| SBC-Adjusted True Cash Flow | $40.8M | $40.8M | $31.1M | $23.7M | $18.1M | $13.8M | $10.5M |
Software - Infrastructure Peer Comparables & Rule of 40 Regression
Rule of 40 vs. EV / Revenue Multiple Regression
OLS Fit: EV/Rev = 7.0 + 0.05 × (Rule of 40) · R² = 12%Stocks below the gold regression line trade at a discount relative to their Rule of 40 compounding efficiency.
| Company | Ticker | Market Cap | TTM Revenue | Gross Margin | FCF Margin | Rule of 40 | SBC % Rev | EV / Rev |
|---|---|---|---|---|---|---|---|---|
| CI&T Inc | CINT | $1.76B | $489.7M | 32.0% | 9.3% | -14.3% | 1.0% | 3.8× |
| Block, Inc. | XYZ | $41.67B | $25.04B | 46.4% | 15.5% | 23.7% | 4.8% | 1.6× |
| CoreWeave, Inc. | CRWV | $35.80B | $1.92B | 74.2% | -80.0% | 0.0% | 1.6% | 23.5× |
| VeriSign, Inc. | VRSN | $22.52B | $1.56B | 87.7% | 56.1% | 61.5% | 3.9% | 15.5× |
| CORPAY, INC. | CPAY | $22.17B | $3.97B | 78.1% | 44.4% | 52.1% | 2.9% | 7.2× |
| NetApp, Inc. | NTAP | $21.02B | $7.39B | 70.6% | 22.3% | 24.6% | 5.4% | 3.0× |
| Joint Stock Co Kaspi.kz | KSPI | $11,481.85B | $2,520.93B | 62.3% | 19.3% | 59.8% | — | 4.4× |
| Peer Cohort Median Benchmark (N=6) | 72.4% | 20.8% | 38.4% | 3.9% | 5.8× | |||
EV / Revenue Multiple Compression Stress Test
| Multiple Scenario | EV / Revenue | Implied Enterprise Value | Implied Equity Value | Implied Share Price | Delta vs Current |
|---|---|---|---|---|---|
| Current Multiple | 3.8× | $1.87B | $1.76B | $13.32 | 0.0% |
| -20% Multiple Compression | 3.1× | $1.50B | $1.39B | $10.49 | -20.0% |
| -35% Multiple Compression | 2.5× | $1.22B | $1.11B | $8.37 | -35.0% |
| Software Baseline Floor (5.0× EV/Rev) | 5.0× | $2.45B | $2.34B | $17.67 | +30.7% |
Frequently Asked Questions: CI&T Inc (CINT) Valuation
What is CI&T Inc (CINT)'s intrinsic DCF valuation and implied share price?
Based on audited SEC 10-K/10-Q filings and a 5-year 3-statement discounted cash flow (DCF) model, CI&T Inc (CINT) has a Base Case implied value of $0.58 per share (with a Bear Case of $0.83 and a Bull Case of $0.36), compared to its current price of $13.32. The model discounts projected free cash flows at a 10.0% WACC and a 2.5% terminal growth rate.
What is CI&T Inc (CINT)'s Rule of 40 score and Free Cash Flow margin?
CI&T Inc achieves a Rule of 40 score of -14.3%, combining a -23.7% revenue growth run-rate with a 9.4% TTM free cash flow margin on $489.6M in trailing twelve-month revenue. In the Software - Infrastructure peer cohort, the median Rule of 40 benchmark is 38.4%.
What revenue growth rate is priced into CINT stock according to Reverse-DCF analysis?
At $13.32 per share (Enterprise Value of $1.87B), our Reverse-DCF solver indicates the market is pricing in a 5-year implied revenue CAGR of 30.6%, compared to CI&T Inc's historical CAGR of -23.7%. Overall market expectations are rated as "Aggressive Growth Expectations Priced In".
What is CI&T Inc (CINT)'s R&D Return Score and innovation productivity?
CI&T Inc (CINT) recorded N/A in FY R&D expense (tracked from SEC filings) and $156.6M in FY gross profit. It is currently unranked on the letter-grade leaderboard (non-USD filer).
How does CI&T Inc compare to Software - Infrastructure peers?
CI&T Inc (CINT) earns an institutional Software Quality Score of 58/100 (Grade B — Mixed Fundamental Profile). Across its Software - Infrastructure peer group (XYZ, CRWV, VRSN, CPAY, NTAP), the cohort trades at a median EV/TTM Revenue multiple of 5.8× and a median gross margin of 72.4%.
How does Stock-Based Compensation (SBC) impact CI&T Inc (CINT)'s valuation?
CI&T Inc recorded $5.0M in TTM stock-based compensation (1.0% of revenue). When treating SBC as a cash-equivalent compensation expense, CI&T Inc's SBC-adjusted free cash flow yield is 2.3%, scoring 25/25 on our Shareholder Dilution Friction pillar.