Accenture 4000-word in-depth research report

$Accenture(ACN.US)$IBM(IBM.US) $DEQING B2703(04554.HK) Recently researched Accenture, with the core logic being its long-term moat in IT consulting services + value investment supported by robust financial quality.
🎯Core Logic: Accenture is a leader in IT consulting and services, with a business model of consulting (40%) + technical services (60%), combining project-based and subscription models; competitive barriers come from brand stickiness (80% client loyalty), high switching costs (20% additional cost for enterprise migration), global scale (covering 120+ countries), and 4% annual revenue R&D investment to offset technological iteration risks.
📈Financial Highlights: ROE exceeded 25% for five consecutive years (25.8% in 2025), net margin maintained around 11%, high operational efficiency; strong free cash flow (10.874 billion in 2025), net profit cash ratio of 1.49, true profit conversion; 5-year revenue CAGR of ~8%, 2025 revenue of 69.673 billion, net profit of 7.678 billion, growth driven by cloud services and AI; debt-to-asset ratio of 50.7% (2025), current ratio of 1.46, healthy financial leverage; goodwill of 22.5 billion (34% of assets) requires monitoring, but no significant impairment in recent years.