Endava plc (DAVA): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of Endava plc to see how they actually make money, and honestly, the story for fiscal year 2025 isn't just about IT services; it's about being an AI-native partner for massive enterprises. With £772.3 million in revenue last year, driven by deep dives into Payments and Banking, their model hinges on pairing their 11,479 global experts with hyperscaler alliances like Microsoft and Google Cloud to deliver mission-critical transformation. Below, we break down exactly how this focus on core modernization and specialized IP translates into their nine key business blocks, so you can see the precision behind their growth strategy.

Endava plc (DAVA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Endava plc builds to deliver its technology-driven business transformations. These aren't just vendor agreements; they are deep integrations that shape Endava's service delivery, especially around emerging tech like AI.

The CEO, John Cotterell, noted a significant strategic pivot, projecting that inbound business from the partnership arena could grow from below 5% currently to 25% to 30% of total business within about five years. This signals a heavy reliance on these alliances for future growth.

Strategic alliances with hyperscalers like AWS, Microsoft, and Google Cloud form the foundation for Endava plc's multi-cloud capabilities. Endava plc is a Premier Google Cloud Partner (GCP), specializing in areas like Infrastructure, Data Analytics, and Cloud Migration Services. Furthermore, Endava plc is noted as an early access partner with Google for their Gemini Enterprise product, actively providing feedback based on real-world performance at early-adopter clients as of late 2025. This deep integration allows Endava plc to architect solutions using native capabilities across GCP, AWS, and Azure (Microsoft). As of June 30, 2025, Endava plc supported 11,479 employees delivering these services.

Here's a quick look at the stated focus areas with the major cloud providers:

Key AI technology partnership with OpenAI for joint market propositions has been formalized. Endava plc joined OpenAI's exclusive Beta Services Partner Program on April 28, 2025, formalizing a collaboration that had been active for the preceding year. This access supports Endava plc's capacity to consult and deliver AI-powered business transformation, utilizing OpenAI's platforms like GPT-4. The joint work has already resulted in the development of specific accelerators for early adopters.

• - Developed AI-driven solution named Morpheus (agentic AI accelerator).
• - Developed discovery accelerator named Compass (focused on core modernisation).
• - Partnership aims to bring generative AI into client workflows for automation and efficiency.

Long-term client extensions demonstrate the stickiness of Endava plc's relationships. The company signed an extension of its partnership with Mastercard to support real-time payments, announced around April 2025, which reinforces Endava plc's role in supporting Mastercard's live market critical services with an expanded scope of collaboration. This is key, considering the Payments vertical generated 19% of Endava plc's revenue for the fiscal year ended June 30, 2025.

The renewed long-term partnership with MSPS Groep in the European healthcare sector was announced on October 14, 2025, confirming Endava plc's position as a preferred supplier. The Healthcare vertical represented 12% of Endava plc's revenue in FY2025.

• - Partnership renewal solidifies work across MSPS's brands, including Infomedics.
• - Continuing to power Infomedics' advanced healthcare administration services, a collaboration spanning eight years.
• - Collaborating with Vertimart to deliver a new mobile app for a seamless, secure user experience.

Finance: review Q1 FY2026 guidance impact on partnership investment by next week.

Endava plc (DAVA) - Canvas Business Model: Key Activities

Delivering technology-driven business transformation and digital product acceleration saw Endava plc report full fiscal year 2025 revenue of £772.3 million, representing a 4.3% increase year-over-year, or 6.3% in constant currency. The fourth quarter of fiscal year 2025 revenue was £186.8 million, a 3.9% decrease compared to the same period in the prior year.

Core modernization of client platforms, enhanced by patented IP from the GalaxE acquisition, is a key focus area, with the company noting a North American financial institution win for a core modernization project. The concentration of revenue from the largest clients is significant, with the Top 10 clients accounting for 36% of total revenue in FY2025. As of June 30, 2025, the number of clients with over £1 million in revenue on a rolling twelve-month basis was 133.

Developing and scaling enterprise-level Generative AI (Gen AI) applications is a major activity, with the CEO noting that over half of its people now use AI in projects. Endava plc is actively engaged in more than 30 agent-based projects across multiple geographies, often in regulated sectors. Specific project work has shown productivity gains ranging from 50% to 300% following AI integration.

Providing modern managed services, including cloud and application management, is supported by a large workforce and specific geographic revenue streams. The company's total headcount at June 30, 2025, was 11,479, with an average of 10,255 operational employees in Q4 FY2025. The revenue distribution by geography for FY2025 shows the operational footprint:

• North America: 38% of revenue
• Europe: 23% of revenue
• United Kingdom: 33% of revenue
• Rest of the World: 6% of revenue

Running the Dava.Rise program to connect scale-ups with enterprise innovation needs is a strategic activity aimed at accelerating innovation. As of September 30, 2025, 11,636 Endavans were helping clients across locations in Europe, the Americas, Asia Pacific, and the Middle East.

Endava plc (DAVA) - Canvas Business Model: Key Resources

You're looking at the core assets that power Endava plc's service delivery, and honestly, it all starts with the people. These are the foundational elements that let them take on those complex digital transformation projects.

The most significant resource is definitely the human capital. As of June 30, 2025, Endava plc had a highly skilled global workforce totaling exactly 11,479 Endavans. To be fair, that number was down slightly from the prior year's 12,085, representing a one-year decrease of -5.01%. Still, the CEO noted that over half of this workforce now uses AI in projects, which is a clear marker of progress in their journey to becoming AI-native.

• - Highly skilled global workforce of 11,479 Endavans as of June 30, 2025.
• - Proprietary accelerators and intellectual property (IP) for core modernization, some of which have been in development for over ten years and are patented or patent pending.

The focus on modernization is key; they are investing in automation and leveraging these accelerators to handle larger, more transformative projects, moving beyond just customer-facing solutions. Financially, Endava plc exited FY2025 with £59.3 million in cash and cash equivalents.

Next up, you have the deep, specialized knowledge across key sectors. This expertise is what allows them to command the kind of revenue they generate-£772.3 million for the full fiscal year 2025. They support clients across a wide spectrum, but the revenue concentration tells a clearer story about where the current muscle is:

Also, the global delivery network is structured to support these verticals across major economic zones. The geographic split of revenue for FY2025 shows where the bulk of the work is being delivered from or billed to:

This network spans Europe, the Americas, Asia Pacific, and the Middle East, allowing Endava plc to serve clients where they operate. The company also maintains a base of high-value clients, reporting 133 clients with over £1 million in revenue on a rolling twelve-month basis as of June 30, 2025.

• - Deep industry expertise across Payments, Banking, and Technology verticals.
• - Global delivery network spanning Europe, the Americas, Asia Pacific, and the Middle East.

Finance: draft 13-week cash view by Friday.

Endava plc (DAVA) - Canvas Business Model: Value Propositions

You're looking at the core of what Endava plc sells to its clients-the promises they make that drive their business. Honestly, the value proposition is heavily weighted toward future-proofing the enterprise, which is reflected in their investment profile.

The first pillar is Accelerating digital transformation with an AI-native, end-to-end approach. This isn't just talk; the company reports that as of their latest filings, over half of its workforce is now utilizing AI in projects, marking significant progress toward this AI-native goal. They back this up with strategic alliances, having formed partnerships with major players like Open AI and Google. While this focus is key for the long term, you should note the near-term cost: for fiscal year 2026, they are facing a 3% per quarter headwind to Gross Margin specifically due to AI investments. Still, the potential payoff is quantified by reported productivity gains in specific projects ranging from 50-300%.

Next, consider the value of Combining world-class engineering with deep domain knowledge for tailor-made solutions. This expertise is spread across a headcount of 11,479 professionals as of June 30, 2025. Their revenue concentration shows where this domain knowledge is applied most heavily, with key verticals being Banking and Capital Markets at 19.7% of FY2025 revenue and Payments at 18.7%. The focus on deep relationships is also visible in their client concentration metrics.

The third proposition centers on Providing a more efficient, cost-effective path to digital future through core modernization. This capability was significantly enhanced by the acquisition of GalaxE, which added patented Intellectual Property aimed at this exact goal. The company is actively trying to shift its revenue model to reflect this deeper engagement, aiming to have over 50% of its business under an outcome-based pricing model within five years. This shift is critical as they see customers engaging in larger projects that go beyond just customer-facing solutions and into the core systems themselves.

Finally, the promise of Delivering complex, mission-critical systems with high reliability and security underpins their entire service offering. They use their proprietary framework, The Endava Adaptive Model (TEAM), to ensure enterprise-grade standards. This focus on high-stakes sectors like Payments and Banking is what drives their deep client relationships. You can see the overall result of their FY2025 performance, which saw total revenue reach £772.3 million, a 4.3% increase YoY, or a 6.3% increase when measured at constant currency. This growth, despite macroeconomic uncertainty, is the proof point for their reliability as a partner.

• - FY2025 Revenue at constant currency: 6.3% increase.
• - FY2025 Adjusted Profit Before Tax Margin: 10.6% of revenue.
• - Headcount as of June 30, 2025: 11,479 professionals.

Endava plc (DAVA) - Canvas Business Model: Customer Relationships

You're looking at how Endava plc locks in its revenue through deep, long-term client engagements. This part of the model is all about embedding themselves as a trusted, technology-driven business transformation partner, especially as they push their AI-native approach.

The relationship strategy centers on dedicated, long-term strategic partnerships with large enterprise clients. This is supported by a high-touch, consultative engagement model where Endava plc helps clients from initial vision and strategy all the way through to production for their custom digital solutions. This deep involvement helps drive expansion into new service lines within existing accounts.

The focus is clearly on increasing the value derived from each relationship. A key indicator of this is the concentration of revenue among the largest accounts. For the fiscal year ended June 30, 2025 (FY2025), the Top 10 clients accounted for 36% of total revenue. This is up from 32% in the prior fiscal year, showing a clear trend toward greater reliance on, and deeper integration with, the largest customers.

Here's a quick look at the scale and concentration of Endava plc's key client base as of the end of FY2025:

The consultative approach is designed to secure larger, more complex transformation programs. You see this in the growth of the client base that matters most. While the total number of clients generating over $\text{£}1$ million in revenue on a rolling twelve-month basis was 133 at June 30, 2025, down from 146 the prior year, the percentage of revenue derived from the Top 10 actually increased. This suggests a strategic shift: fewer, but significantly larger, anchor clients are driving a greater share of the top line. Endava plc exited FY2025 with its highest ever quarterly order book, which points to strong future relationship commitments despite short-term client spending recalibrations.

Strategic account management is defintely key to expanding the wallet share. The company actively works to drive expansion into new service lines, leveraging its core modernization capabilities and AI-native focus to address clients' largest enterprise challenges. Over the last five fiscal years, on average, 90.7% of Endava plc's revenue each fiscal year came from customers who purchased services in the prior fiscal year, showing high retention and deep partnership longevity.

Endava plc (DAVA) - Canvas Business Model: Channels

You're looking at how Endava plc gets its services to clients, which is a mix of direct selling, global delivery hubs, and market presence as of late 2025.

Direct sales force and client relationship managers for large enterprise deals

The push for larger contracts is clear in the deal focus; Endava plc is regularly bidding on and winning deals valued at £100 million and higher. The CEO, John Cotterell, assumed additional operational responsibilities for the sales and go-to-market strategy in July 2025, suggesting a centralized push for client acquisition. The concentration of revenue from the largest clients is significant, with the Top 10 clients accounting for 36% of total revenue for the full Fiscal Year 2025. The number of clients with over £1 million in rolling twelve-month revenue was 133 as of June 30, 2025.

The revenue generation by geography highlights where the direct sales effort is focused:

Global delivery centers in Europe and the Americas (nearshore/offshore model)

Endava plc operates a distributed agile delivery model across a wide footprint. As of June 30, 2025, the company employed 11,479 Endavans across 69 cities in 29 countries. The nearshore/offshore model relies heavily on its European centers, with approximately 40.6% of employees working in delivery locations within European Union countries as of that date.

The global delivery footprint includes locations across several regions:

• - Eastern Europe (e.g., Romania, Moldova, Serbia)
• - Latin America (e.g., Argentina, Colombia, Mexico, Uruguay)
• - Asia-Pacific (e.g., India, Malaysia, Singapore, Vietnam)
• - North America (e.g., Canada, United States)
• - Middle East (e.g., United Arab Emirates)

The company is actively using its delivery footprint to access new spend areas, such as opening up client spend with its delivery footprint in India.

Digital presence and investor relations for market communication

Market communication channels include regular engagement with the investment community. Endava plc released its Q4 FY2025 and full FY2025 financial results on September 4, 2025, followed by a conference call at 8:00 am ET. The company's digital strategy is heavily focused on its AI capabilities, with over half of its people using AI in projects as of the end of FY2025.

Strategic partnerships contributing directly to deal flow and new opportunities

Strategic alliances are a key lever for growth, with Endava plc having formed partnerships with major technology players. These partnerships are reported to be contributing directly to deal flow.

Key reported strategic alliances as of mid-2025 include:

• - Open AI (pioneering involvement in the exclusive beta services partner program)
• - Google
• - AlixPartners
• - Mambu (for cloud banking technology)
• - Usoft (for implementation support of a low-code platform)

Finance: draft 13-week cash view by Friday.

Endava plc (DAVA) - Canvas Business Model: Customer Segments

You're looking at the core of Endava plc's business right now, which is heavily weighted toward large, established players needing serious digital overhaul. Honestly, the client base is quite concentrated, which is something to keep an eye on, but it also shows where they have deep expertise.

The geographic split for Fiscal Year 2025 shows a clear focus on two major markets. North America drove 38% of the total revenue, while the United Kingdom accounted for 33% of revenue for FY2025. That's a combined 71% of the business coming from just those two regions. Europe contributed 23%, and the rest of the world made up the final 6% of the £772.3 million in total revenue for the year ended June 30, 2025.

The industry focus is sharp, targeting sectors where complexity meets high-stakes transformation. Banking and Capital Markets (BCM) was a significant vertical, bringing in 20% of FY2025 revenue, which the company noted as having strong growth.

Here is the full revenue breakdown by industry vertical for the full fiscal year 2025:

The client roster is dominated by a few key relationships. For the full year FY2025, the top 10 clients represented 36% of the total revenue. To give you a sense of the client base size, as of June 30, 2025, Endava plc had 133 clients generating over £1 million in revenue on a rolling twelve-month basis. These are clients who definitely have significant, complex digital transformation needs, often centered around modernizing core systems, which is where their AI-native approach comes into play; in fact, over half of their people were using AI in projects by the end of FY2025.

The key customer groups you need to map are:

• Large enterprises in Banking and Capital Markets (which was 20% of FY2025 revenue).
• Major players in Payments (19% of FY2025 revenue) and Insurance (9% of FY2025 revenue).
• Clients in Healthcare (12% of FY2025 revenue) and Life Sciences.
• Global clients in Technology, Media, and Telecommunications (TMT) (19% of FY2025 revenue).

The geographic concentration is a key feature of this segment, with 38% from North America and 33% from the UK. Finance: draft the Q1 FY26 client acquisition target breakdown by these top four verticals by next Tuesday.

Endava plc (DAVA) - Canvas Business Model: Cost Structure

You're running a technology services business, so you know the cost structure is dominated by the people delivering the service. For Endava plc (DAVA), this is absolutely the case, making talent acquisition and retention the primary driver of expenses.

The sheer scale of the workforce confirms this people-centric model. As of June 30, 2025, Endava plc employed a total headcount of 11,479 people to generate its full-year revenue of £772.3 million for Fiscal Year 2025. This high reliance on technical talent means that compensation, benefits, and associated retention costs are the largest component of the Cost of Revenue, even if the exact percentage isn't explicitly broken out as a standalone line item in the primary summary data.

The focus on future-proofing the talent pool is evident in strategic spending. The CEO noted that Endava plc has passed a key milestone, with over half of its people using AI in projects, signaling a significant internal investment in upskilling and integrating new technical capabilities. This investment is a near-term cost pressure; the company explicitly guided for an expected 3% impact on its adjusted PBT margin in FY26, which is attributed to this increased investment in AI alongside the reinstatement of the company-wide bonus scheme.

General and administrative (G&A) expenses are managed, though they represent a material portion of the overall cost base. For the full Fiscal Year 2025, Selling, general and administrative expenses totaled £159.568 million against revenue of £772.3 million. This translates to G&A representing approximately 20.66% of total revenue for FY2025.

Here's a look at the key cost-related metrics for the end of the fiscal year:

The structure is definitely asset-light, which is typical for a professional services firm. Capital expenditure is minimal when compared to revenue generation. For the full Fiscal Year 2025, CapEx was only 0.6% of revenue, a slight decrease from 0.7% in the prior year. Even in the final quarter, Q4 FY2025, CapEx remained low at 0.9% of revenue. This low CapEx confirms that the primary investment is in human capital, not physical assets.

The focus on cost control is implied by the management of the adjusted PBT margin, which was 10.6% for FY2025, down from 11.2% in the prior year, even as the company signaled future margin pressure from planned investments and bonus reinstatements.

• Headcount at June 30, 2025: 11,479 employees.
• FY2025 Adjusted Profit Before Tax Margin: 10.6%.
• FY2026 expected margin impact from AI/Bonus: 3% reduction in adjusted PBT margin.

Endava plc (DAVA) - Canvas Business Model: Revenue Streams

You're looking at how Endava plc actually brings in the money as of late 2025, and it's still heavily weighted toward traditional service delivery models, though the mix is evolving. The primary revenue stream for Endava plc comes from charging clients on a time-and-materials (T&M) basis for services like consulting, development, and quality assurance. Endava has noted that fixed-price contracts are typically structured as flat-rate recurring service arrangements, recognized on a straight-line basis over the service period.

For the full fiscal year 2025, Endava plc's total revenue reached £772.3 million. This represented a year-over-year increase of 4.3% on a reported basis, or 6.3% in constant currency.

The shift toward more stable income is visible in the move toward recurring engagements. While T&M is primary, the fixed-price contracts, described as predominantly flat-rate recurring service arrangements, contribute to a more predictable revenue base over time. Furthermore, the company's strategic push to become AI-native, with over half of its people using AI in projects by the end of FY2025, is designed to drive more deeply embedded, ongoing work, which naturally leans toward managed services and recurring revenue streams.

In specific verticals, Endava plc is actively engaging with innovative pricing structures. For instance, in the Payments vertical, the company has been involved in modernizing platforms that previously introduced interchange pricing flexibility to buyers, suppliers, and commercial card issuers, indicating a move beyond pure service hours into models tied to transaction volume or value.

Still, you need to watch the concentration risk. The top 10 clients generated 36% of the total FY2025 revenue. To give you a clearer picture of where that revenue is coming from, here's the breakdown by industry vertical for the full year 2025:

It's also worth noting that the largest single client, Mastercard, contributed around 10% of group revenue in the period, which is a significant anchor point for the top 10 concentration. The overall client base saw a reduction in active clients to 619 as of June 30, 2025, compared to 695 the prior year, reflecting macroeconomic headwinds.

Here are a few other key metrics related to the revenue base:

• Top 10 clients accounted for 36% of FY2025 revenue.
• Average spend of the 10 largest clients in FY2025 was £27.9 million.
• Revenue from North America was 38% of total FY2025 revenue.
• Revenue from the United Kingdom was 33% of total FY2025 revenue.
• The company exited FY2025 with its highest ever quarterly order book.

Finance: draft the Q1 FY2026 revenue variance analysis against the guidance range by Monday.