CNXC · CIK 1803599
What Concentrix Corporation told the SEC could break it.
Concentrix's disclosures reflect a global delivery model exposed to currency and geography. Its costs are heavily offshore — concentrated in the Philippines, India and other countries, with about 89% of fiscal 2025 revenue from non-U.S. operations — so geopolitical events in those delivery hubs could disrupt service. That same mismatch drives currency risk: roughly 54% of revenue is priced in U.S. dollars but a substantial amount is in euros, pounds, yen and Brazilian real, while its cost base is largely in Philippine pesos and Indian rupees, so a stronger dollar could reduce translated revenue. Customer concentration is more modest, with its five largest clients about 19% of revenue and none individually over 10%.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Currency (FX)
- non-USD revenue & offshore cost basemedium
About 54% of revenue is priced in U.S. dollars but a substantial amount is denominated in euros, British pounds, Japanese yen and Brazilian real, while costs are heavily in PHP/INR; a stronger U.S. dollar could materially reduce translated revenue.
“While approximately 54% of our revenue is priced in U.S. dollars, we recognize a substantial amount of revenue under contracts that are denominated in euros, British pounds, Japanese yen, and Brazilian real, among other currencies. A significant increase in the value of the U.S. dollar relative to these currencies may have a material adverse effect on the value of those services when translated into U.S.”
SEC filing →As of 2026
Geographic concentration
- offshore delivery workforce (Philippines, India)medium
Concentrix runs a global delivery model from 74 countries with a significant workforce concentration in the Philippines, India, Egypt, Brazil, Türkiye, Colombia, Malaysia, China, South Africa, Morocco and the U.K.; ~89% of revenue was generated by non-U.S. operations in fiscal 2025, so geopolitical events in these countries could disrupt operations.
“Our operations are based on a global delivery model with client services provided from delivery centers in 74 countries, with a significant concentration of our workforce located in the Philippines, India, Egypt, Brazil, Türkiye, Colombia, Malaysia, China, South Africa, Morocco, and the United Kingdom.”
Customer concentration
- five largest clientslow
Concentrix depends on a limited number of clients; its five largest collectively represented ~19% of revenue in fiscal 2025, with no individual client over 10%.
“Our five largest clients collectively represented approximately 19% of our revenue in fiscal year 2025.”
SEC filing →As of 2026
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