CGI stock forecast
CGI’s weighted price is C$142.20 in October 2029, a 36% return. It hinges on CGI turning booked work into profitable growth while reducing debt.
Where could CGI’s shares be by October 2029?
The forecast’s weighted price is C$112.40 in October 2027, a 6% return with dividends. It reaches C$124.71 in October 2028, a 19% return. By October 2029, the weighted price is C$142.20, a 36% return.
The October 2029 range is wide: C$82.94 in the bear case to C$205.70 in the bull case. The base case has the highest probability at 53%. The bear case carries 27%. The bull case carries 20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 27 % | 87.38 (-17 %) | 79.38 (-24 %) | 82.94 (-20 %) |
| Base | 53 % | 115.37 (+9 %) | 131.13 (+25 %) | 148.42 (+41 %) |
| Bull | 20 % | 138.31 (+31 %) | 168.92 (+60 %) | 205.70 (+96 %) |
| Weighted | 100 % | 112.40 (+6 %) | 124.71 (+19 %) | 142.20 (+36 %) |
What this means. The weighted row is the average value after giving more weight to cases that are more likely to happen.
What has to go right or wrong for CGI?
That produces the base earnings row in the table. The bear case assumes slower project starts, weaker utilization and margins of 10.8%, 10.6% and 10.7%. The bull case assumes federal awards, delayed projects and AI-supported productivity lift margins from 12.0% to 12.4%. CGI’s C$31.79 billion backlog and 108.1% trailing book-to-bill support gradual growth, but backlog includes estimates and acquired work.
How much cash does CGI really make?
Free cash flow starts with cash from operations and subtracts capital spending and lease payments. A stricter measure also subtracts stock compensation. Stock pay is not an immediate cash outflow, but issuing shares has an economic cost because it can dilute existing owners.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 2,234,197 | 2,204,983 | 2,112,249 | 1,864,998 | 2,115,928 |
| − Capital spending | 116,611 | 109,733 | 159,769 | 156,136 | 121,806 |
| = Free cash flow | 1,940,121 | 1,948,488 | 1,791,269 | 1,554,866 | 1,824,448 |
| − Stock pay | 68,636 | 67,840 | 58,214 | 48,996 | 45,592 |
| = Real free cash flow | 1,871,485 | 1,880,648 | 1,733,055 | 1,505,870 | 1,778,856 |
What this means. The working-capital amounts include some items beyond stock and unpaid customer bills, so they are not a pure measure of changes in those two things.
What does an investor pay for CGI today?
CGI Inc. is priced modestly on its earnings, but the stock price tells only part of the valuation story. The fuller question is what a buyer is paying for the business after debt, acquisitions, and cash use are counted.
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 106.42 |
| P/E, last 12 months (calculated) | 13.2x |
| P/E, next 12 months (calculated) | 10.9x |
| Free cash flow yield (calculated) | 8.8% |
| Real free cash flow yield (calculated) | 8.5% |
What this means. These numbers use a share price from October 16 but the company's financial information and share count from earlier dates, so they are not all measured on October 18.