Evaluate an IT services company by checking whether revenue is growing on a comparable basis, whether margins are improving or weakening, and whether new bookings and backlog are converting into profitable revenue. Treat reported growth, constant-currency growth, margin measures, bookings, and backlog as separate signals: none alone tells the full story.
1. Compare revenue growth on a consistent basis
Start with year-over-year revenue growth and identify exactly what is being measured: the same business segment, the same reporting period, and a clearly stated currency basis. Then distinguish reported growth from organic or constant-currency growth. Acquisitions, disposals, and exchange-rate movements can change reported results without reflecting a comparable change in underlying demand.
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Use a company’s reconciliation where available, and show both measures rather than choosing whichever looks more favorable. For example, Wipro’s FY2026 Form 20-F reports IT Services revenue growth of 3.71% as reported, while constant-currency revenue declined 1.6% compared with FY2025. The difference illustrates why the basis matters; it is not a sector benchmark. Wipro FY2026 Form 20-F
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2. Read margins with their definition and trend
Compare operating or segment margin over several periods, using the same definition each time. Record the numerator, denominator, business segment, and any adjustments. Keep GAAP and adjusted or non-GAAP figures separate, and check the company’s reconciliation before comparing adjusted margins across companies.
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Interpret margin alongside revenue growth and business mix. A higher margin does not by itself establish stronger performance if revenue is contracting, or if the companies have different service and segment mixes.
Wipro reports FY2026 IT Services operating profit at 17.22% of revenue. The company describes utilization, workforce mix, pricing, automation, and a shift toward higher-value work as margin levers; those are management explanations and priorities, not independent evidence that the measures have succeeded. DXC’s FY2026 results separately report segment margins and adjusted EBIT margin, underscoring why segment and consolidated measures should not be blended. Wipro FY2026 Form 20-F · DXC FY2026 results release
3. Treat bookings and book-to-bill as demand signals, not revenue
Bookings generally represent newly signed or adjusted work under a company’s own methodology. Book-to-bill typically relates bookings to revenue for a specified period, but the exact numerator and treatment of scope changes can differ. Read the company’s definition and look across several periods: one large contract or an unusual quarter can distort the picture.
Wipro defines large deals as those with total contract value of at least US$30 million. Its FY2026 large-deal order bookings, measured by total contract value, were US$7,829 million versus US$5,368 million in FY2025, an increase of 45.8%. Total order bookings were US$16,449 million versus US$14,315 million, up 14.9%. These are company-reported booking values, not revenue recognized in those periods or a guarantee of future revenue. Wipro FY2026 Form 20-F
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ASGN says its consulting book-to-bill ratio compares consulting bookings with related revenue for a specified period. It also warns that bookings rely on estimates and judgments, have no independent calculation standard, and do not assure future revenue. After reviewing bookings, look for evidence that work is converting into recognized revenue and margin. ASGN SEC filing for the quarter ended June 30, 2026
4. Check backlog definitions and conversion quality
Backlog is not interchangeable across companies. Before treating it as evidence of future activity, find out what qualifies for inclusion, whether customer authorization and funding are in place, and when the company expects work to convert into revenue. Also check how cancellations, scope changes, and currency movements affect the figure.
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One SEC-filed annual report cautions that bookings and backlog methods may not be comparable between companies. It describes backlog as subject to cancellation or modification, significant period-to-period variation, and foreign-currency effects; shorter-period booking changes may not necessarily indicate a material trend. Apply those cautions while checking each company’s own definitions and disclosure. SEC-filed 2025 annual report, Bookings and Backlog section
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For a useful side-by-side comparison, capture the reporting period and definition next to every figure. Avoid ranking one company’s reported growth against another’s constant-currency result, or one company’s segment margin against another’s adjusted consolidated margin.
- Revenue growth: reported and organic or constant-currency measures, where disclosed.
- Margin: level and direction across multiple periods, using matching definitions and adjustments.
- Bookings and book-to-bill: several periods, with each company’s calculation method stated.
- Backlog: inclusion criteria, expected conversion timing, and disclosed cancellation, funding, and currency exposure.
- Business mix: segments and services that may cause consolidated results to conceal diverging trends.
For context, DXC’s FY2026 results release reports total revenue of US$12.64 billion, down 1.8% as reported and 4.8% organically; bookings of US$12.4 billion, down 6.2%; and book-to-bill of 0.98x. These company-specific figures are useful only when read with DXC’s definitions and period, not as a universal pass/fail threshold for IT services companies. DXC FY2026 results release
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