Cognizant

Pricing is adequate in staples like ADM, AMS, and managed services, and better in scarce skills such as ServiceNow, Azure/AI, and ER&D A&D, but overall remains constrained by competition and client procurement. 2024 adjusted operating margin of ~15.3% and 2025 guidance for ~15.7% show gradual expansion rather than high pricing leverage.

The Belcan, Thirdera, and 3Cloud acquisitions tilt mix toward higher-value work where premium rates are more defensible. AI-assisted delivery (e.g., code generation and vibe coding programs) can expand unit margins by reducing delivery cost, partially substituting for direct price hikes.

Latent pricing power is modest outside of niche areas; sustained expansion relies on mix shift and productivity rather than headline rate increases.