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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