Globant vs NEC: Revenue, Profit and Business Model
Globant had $2.5B of annual revenue in FY2025 and $102.9M of net income. NEC had ~$24B of annual revenue in FY2026 and ~$1.8B of net income.
Latest financial snapshot
Financial summary
Globant
Globant grew revenue from $322.9 million in 2016 to $2,415.7 million in 2024, a period that included 59% growth in 2021. Growth then stalled: 2025 revenue rose only 1.6% to a record $2,454.9 million while net income fell to $102.9 million from $165.7 million, reflecting restructuring costs and margin pressure. Free cash flow was a record $211.7 million in 2025. In Q2 2026 revenue was $614.4 million, roughly flat year over year, with an IFRS operating margin of 3.2% (13.2% adjusted) and IFRS diluted EPS of $0.04 ($1.40 adjusted). Management cut full-year 2026 guidance to $2.428-$2.462 billion from $2.462-$2.508 billion, citing project delays and budget cuts in its Middle East "New Markets" region. Cash and short-term investments were $168.8 million at June 30, 2026, and the company completed its first buyback and authorized a further $125 million. Globant S.A. is a colossal digital transformation and software engineering firm, commanding a market valuation typically over $8 billion.
NEC
NEC's numbers show a company trading revenue for margin. Revenue moved from ~$20.2 billion (3,014.1 billion yen) in FY22/3 to ~$24 billion (3,582.7 billion yen) in FY26/3, but the bigger change was profitability: FY26/3 adjusted operating profit reached ~$2.59 billion (386.8 billion yen) (10.8% margin, up 2.4 points), net profit attributable to owners was ~$1.81 billion (270.2 billion yen), and non-GAAP net profit was ~$1.87 billion (279.8 billion yen), a record under IFRS. Momentum carried into FY27/3: first-quarter revenue rose 14.5% to ~$5.49 billion (819.8 billion yen), net profit was ~$333 million (49.7 billion yen), and NEC raised full-year guidance to ~$23.7 billion (3,540 billion yen) revenue and ~$2.88 billion (430 billion yen) adjusted operating profit. NEC Corporation is a colossal Japanese multinational information technology and electronics company, maintaining a robust market valuation typically over $20 billion.
Revenue and profit by year
Globant
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.5B | $102.9M | 4.2% | +1.6% | Source |
| FY2024 | $2.4B | $165.7M | 6.9% | +15.3% | Source |
| FY2023 | $2.1B | $158.5M | 7.6% | +17.7% | Source |
| FY2022 | $1.8B | $148.9M | 8.4% | +37.3% | Source |
| FY2021 | $1.3B | $96.1M | 7.4% | +59.3% | Source |
| FY2020 | $814.1M | $54.2M | 6.7% | +23.5% | Source |
| FY2019 | $659.3M | $54M | 8.2% | +26.2% | Source |
| FY2018 | $522.3M | $51.7M | 9.9% | +26.3% | Source |
| FY2017 | $413.4M | $30.5M | 7.4% | +28.1% | Source |
| FY2016 | $322.9M | $35.9M | 11.1% | — | Source |
Where the revenue comes from
Globant
- North America (top country: US)52.8%
Largest market; Q2 2026 share of revenue.
- Europe (top country: Spain)20.9%
Q2 2026 share of revenue.
- Latin America (top country: Argentina)20.8%
Q2 2026 share of revenue.
- New Markets (top country: Saudi Arabia)5.5%
Middle East and other new regions; Q2 2026 share of revenue, where project delays drove the 2026 guidance cut.
NEC
- IT Services70.0%
FY26/3 revenue was ~$16.8 billion (2,508.9 billion yen), including Domestic IT and International digital government/digital finance work.
- Social Infrastructure26.1%
FY26/3 revenue was ~$6.27 billion (935.3 billion yen), including telecom services and aerospace/national security systems.
- Others3.9%
FY26/3 other revenue was ~$928 million (138.5 billion yen).
Business model and strategy
Globant
How it makes money
Globant sells technology services to large companies. Most revenue comes from teams of engineers, designers and data specialists billed on time-and-materials or fixed-price contracts, grouped into specialist Studios (AI, gaming, cloud, digital experience, enterprise software and others).
Growth strategy
Globant's 2025-2026 strategy centers on AI-native delivery: AI Pods sold on subscription or consumption pricing, the Glob.AI platform opened to the wider market in August 2026, and partnerships with model and tooling providers including Anthropic, OpenAI and Vercel.
Competitive advantage
Globant's advantages are nearshore delivery from Argentina, Colombia, Uruguay, Mexico and other Latin American countries that share US working hours; a Studios structure that keeps specialist skills together; long relationships with marquee clients such as Disney, EA and FIFA; and an early commercial AI offering (Glob.AI and AI Pods) with reported ARR of $52.8 million by June 2026.
NEC
How it makes money
NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers. In FY26/3 (year ended March 31, 2026), IT Services produced ~$16.8 billion (2,508.9 billion yen), about 70% of revenue: system integration, managed services and the BluStellar DX offering in Japan, plus digital government and digital finance software abroad through subsidiaries such as Avaloq, KMD a…
Growth strategy
Under its 2025 Mid-term Management Plan, which NEC says it achieved in FY26/3, the company prioritized digital government and digital finance, 5G, and core DX (now branded BluStellar) as growth businesses while monitoring and pruning low-profit work.
Competitive advantage
NEC's edge comes from decades of trusted delivery to Japanese ministries, municipalities, the Ministry of Defense and NTT-group carriers, which makes it hard to displace on security-sensitive systems. Its face and fingerprint algorithms have repeatedly placed at or near the top of US NIST benchmark tests, which supports border-control and airport contracts abroad.
Questions about Globant vs NEC
Which company has higher revenue — Globant S.A. or NEC Corporation?
Globant S.A. had $2.5B (FY2025), while NEC Corporation had ~$24B (FY2026). By latest annual revenue, NEC Corporation is the larger business, with Globant S.A. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Globant S.A. vs NEC Corporation?
Globant S.A.'s market capitalisation stands at $1.5B, while NEC Corporation's is $40.2B. NEC Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Globant S.A..
How does revenue per employee compare for Globant S.A. and NEC Corporation?
Globant S.A. has $90k / employee in revenue per employee, while NEC Corporation has $236k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Globant S.A. and NEC Corporation make money?
Globant S.A. and NEC Corporation generate revenue in fundamentally different ways. Globant S.A.: Globant sells technology services to large companies. NEC Corporation: NEC makes money by selling technology projects and recurring services to governments, enterprises and telecom carriers.
Which company is valued higher relative to revenue — Globant S.A. or NEC Corporation?
On a price-to-sales (P/S) basis, Globant S.A. trades at 0.6x P/S and NEC Corporation at 1.7x P/S. NEC Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Globant S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Globant S.A. bigger than NEC Corporation?
By last reported revenue, NEC Corporation (~$24B (FY2026)) is the larger company compared to Globant S.A. ($2.5B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Globant vs NEC overview