# Nice (NICE.US)

Canonical: https://gigainvestors.com/s/NICE

Analysis as of: 2026-10-16T07:30:36.020Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $114.91 per share; close as of 2026-10-15.

Estimated value: low $106.94 per share, central $120.99 per share, high $139.69 per share. Buy at or below the central value $120.99 per share. Valuation as of 2026-10-16T07:30:36.020Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.11×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: 0.18×

- FY2024: 0.20×

- FY2025: 0.22×

- LTM to Jun 2026: 0.19×

### moat: pass

- ROIC, median of available years: 33.2%

- ROIC, second-lowest year: 18.4%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 66.6%

- Recent gross margin (lower of latest and 3-year median): 66.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 14.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.7%

- FY2017: 18.9%

- FY2018: 17.2%

- FY2019: 18.4%

- FY2020: 51.0%

- FY2021: 30.4%

- FY2022: 40.9%

- FY2023: 36.0%

- FY2024: 58.6%

- FY2025: 47.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.31×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.4B

- Net income, five-year total: $1.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: 21.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.59×

- FY2022: 1.36×

- FY2023: 1.25×

- FY2024: 1.24×

- FY2025: 1.29×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.9% vs 47.5%

- Per-share earnings: 2.29 to 6.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: -1.2%

- Market cap gain: $2.9B

- Cumulative retained earnings: $2.6B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: -1.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.6%

- Per-share value change: $4.54

- Per-share value, starting three-year median: $2.29

- Per-share value, ending three-year median: $6.83

- Buybacks concentrated in cheaper years (correlation): 0.83

- Average buyback yield: 1.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $2.5B

- Cumulative net income, 10 years: $2.7B

- ROIC, first three-year median: 18.9%

- ROIC, last three-year median: 47.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.91

- FY2017: $2.29

- FY2018: $2.50

- FY2019: $2.85

- FY2020: $2.95

- FY2021: $2.96

- FY2022: $4.01

- FY2023: $5.15

- FY2024: $6.83

- FY2025: $9.78

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 20.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: -8.8%

- FY2018: -7.4%

- FY2019: -5.2%

- FY2020: -6.7%

- FY2021: -5.6%

- FY2022: -4.4%

- FY2023: -4.4%

- FY2024: -7.4%

- FY2025: -2.2%

## Holders

- [C.T. Fitzpatrick](https://gigainvestors.com/VVP): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 62% since Dec 2021 · "NiCE (NICE) falls after weaker-than-expected second-quarter revenue outlook" (finance.yahoo.com, May 2026) · sales +4.6%

Story as of 2026-10-16T09:59:15.478Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

- 2025-11-13: Nice Updates Outlook to Reflect Cognigy Acquisition, Reports Cloud Momentum in Third Quarter ([finance.yahoo.com](https://finance.yahoo.com/news/nice-updates-outlook-reflect-cognigy-154935246.html))

- 2026-02-19: NICE beats Q4 street views, cloud revenue jumps ([seekingalpha.com](https://seekingalpha.com/news/4553817-nice-beats-q4-street-views?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-06: NiCE (NICE) falls after weaker-than-expected second-quarter revenue outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nice-nice-falls-weaker-expected-122406583.html))

- 2026-08-05: NiCE Exceeds Revenue Guidance Range, Reporting 8% Year-Over-Year Revenue Growth in Second Quarter 2026 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/nice-exceeds-revenue-guidance-range-093000772.html))

- 2026-09-30: NICE upped to Outperform on improving financials as AI disruption fears ease: Oppenheimer ([seekingalpha.com](https://seekingalpha.com/news/4648522-nice-upped-to-outperform-on-improving-financials-as-ai-disruption-fears-ease-oppenheimer?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +4.6%; source https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm; observed 2026-02-26.

- FY2017: $1.3B 

- FY2018: $1.4B 

- FY2019: $1.6B 

- FY2020: $1.6B 

- FY2021: $1.9B 

- FY2022: $2.2B 

- FY2023: $2.4B 

- FY2024: $2.7B 

- FY2025: $2.9B 

- FY2026: $3.1B 

### Gross margin · FY2025

gross margin 66.4%; source https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm; observed 2026-02-26.

- FY2016: 66.7% 

- FY2017: 64.8% 

- FY2018: 65.6% 

- FY2019: 66.2% 

- FY2020: 65.9% 

- FY2021: 67.5% 

- FY2022: 68.7% 

- FY2023: 67.7% 

- FY2024: 66.7% 

- FY2025: 66.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 2.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm (filed 2026-02-26); FY2025: revenue 2945399000; grossProfit 1956145000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NICE.US: NICE Ltd., together with its subsidiaries, provides AI-powered cloud platforms for customer engagement, and financial crime and compliance in the United States, Europe, the Middle East, Africa, and the Asia Pacific. It operates in two segments, Customer Engagement; and Financial Crime and Compliance. The Customer Engagement segment provides CXone Mpower platform for organizations to automate service, augment the workforce with AI-powered solutions, and unify enterprise knowledge, data and AI models resolutions, and customer experiences. The Financial Crime and Compliance segment offers embedded-AI solutions that identify risks and help prevent money laundering and fraud, as well as help ensure financial markets compliance in real-time. It also provides NICE Evidencentral, a digital evidence management and investigation platform for criminal justice system. In addition, the company offers NiCE Actimize provides cloud platforms embedded with AI capabilities for real-time and cross-channel fraud prevention, know-your-customer, anti-money laundering, and capital markets compliance; X-Sight, an open AI-cloud platform for Financial Crime and Compliance, enabling financial services organizations; Xceed which provides AI, data intelligence, machine learning, and insights for AML and fraud prevention for small and mid-sized organizations; cloud platforms provide financial services organizations with the agility required to adapt changing regulatory and threat landscapes; data intelligence solutions enable organizations to turn raw data into actionable intelligence to prevent and detect financial crimes; AI and analytics; intelligent investigations solutions; and self-service solutions. The company also develops NiCE Labs, a AI innovation initiatives for customer experience and related solutions. The company was formerly known as NICE-Systems Ltd. and changed its name to NICE Ltd. in June 2016. NICE Ltd. was incorporated in 1986 and is headquartered in Ra'anana, Israel.

### Why customers stay

Margins ranged from 66.4% to 67.7% during 2023–25; it earns 33.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 67.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 66.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 66.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.2265484381116289],[2017,0.18856243929591426],[2018,0.1722841103119078],[2019,0.18397411090936724],[2020,0.5102715168811472],[2021,0.3036959476551837],[2022,0.40913918629881485],[2023,0.35971605702767934],[2024,0.5858151529722498],[2025,0.4748129667173979]]; median 0.33170600234143155. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 69% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.6749571871014757],[2022,0.686567697889418],[2023,0.6768999305154809]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 6 of 10 years; bought back USD 492.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 36280000; owner earnings 158441000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 67825000; owner earnings 231767000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 63667000; owner earnings 252813000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 61973000; owner earnings 297161000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 63284000; owner earnings 315088000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 67211000; owner earnings 316104000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 81890000; owner earnings 360601000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 84179000; owner earnings 421482000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 99767000; owner earnings 547841000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 19070090; owner earnings 792074910. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,38202000],[2017,9637000],[2018,0],[2019,5428000],[2020,8865000],[2021,4426000],[2022,953000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 492789522 USD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NICE.US SharesStats.PercentInsiders = 0.003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years; actual growth was 10%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.009573790372772673. Price 114.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.891229620899627 → FY2025 12.657806667092816. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $66.47 per share

- 2016-11: $65.79 per share

- 2016-12: $68.76 per share

- 2017-01: $70.18 per share

- 2017-02: $68.25 per share

- 2017-03: $67.98 per share

- 2017-04: $67.45 per share

- 2017-05: $77.91 per share

- 2017-06: $78.72 per share

- 2017-07: $74.66 per share

- 2017-08: $78.22 per share

- 2017-09: $81.31 per share

- 2017-10: $83.31 per share

- 2017-11: $87.51 per share

- 2017-12: $91.91 per share

- 2018-01: $91.10 per share

- 2018-02: $96.59 per share

- 2018-03: $93.93 per share

- 2018-04: $95.17 per share

- 2018-05: $105.75 per share

- 2018-06: $103.77 per share

- 2018-07: $109.40 per share

- 2018-08: $115.59 per share

- 2018-09: $114.47 per share

- 2018-10: $105.94 per share

- 2018-11: $116.14 per share

- 2018-12: $108.21 per share

- 2019-01: $109.95 per share

- 2019-02: $117.69 per share

- 2019-03: $122.51 per share

- 2019-04: $137.86 per share

- 2019-05: $139.85 per share

- 2019-06: $137.00 per share

- 2019-07: $152.72 per share

- 2019-08: $153.25 per share

- 2019-09: $143.80 per share

- 2019-10: $157.79 per share

- 2019-11: $151.49 per share

- 2019-12: $155.15 per share

- 2020-01: $172.30 per share

- 2020-02: $163.83 per share

- 2020-03: $143.56 per share

- 2020-04: $164.30 per share

- 2020-05: $186.14 per share

- 2020-06: $189.24 per share

- 2020-07: $205.24 per share

- 2020-08: $229.85 per share

- 2020-09: $227.03 per share

- 2020-10: $228.26 per share

- 2020-11: $243.72 per share

- 2020-12: $283.54 per share

- 2021-01: $261.28 per share

- 2021-02: $229.54 per share

- 2021-03: $217.97 per share

- 2021-04: $241.23 per share

- 2021-05: $222.36 per share

- 2021-06: $247.46 per share

- 2021-07: $278.65 per share

- 2021-08: $290.70 per share

- 2021-09: $284.04 per share

- 2021-10: $283.02 per share

- 2021-11: $291.98 per share

- 2021-12: $303.60 per share

- 2022-01: $256.06 per share

- 2022-02: $226.25 per share

- 2022-03: $219.00 per share

- 2022-04: $206.41 per share

- 2022-05: $198.72 per share

- 2022-06: $192.45 per share

- 2022-07: $214.02 per share

- 2022-08: $213.37 per share

- 2022-09: $188.24 per share

- 2022-10: $189.89 per share

- 2022-11: $194.17 per share

- 2022-12: $192.30 per share

- 2023-01: $207.43 per share

- 2023-02: $207.41 per share

- 2023-03: $228.89 per share

- 2023-04: $204.01 per share

- 2023-05: $205.94 per share

- 2023-06: $206.50 per share

- 2023-07: $217.85 per share

- 2023-08: $194.80 per share

- 2023-09: $170.00 per share

- 2023-10: $154.35 per share

- 2023-11: $189.75 per share

- 2023-12: $199.51 per share

- 2024-01: $208.10 per share

- 2024-02: $245.15 per share

- 2024-03: $260.62 per share

- 2024-04: $223.51 per share

- 2024-05: $183.57 per share

- 2024-06: $171.97 per share

- 2024-07: $181.00 per share

- 2024-08: $173.74 per share

- 2024-09: $173.67 per share

- 2024-10: $173.70 per share

- 2024-11: $182.44 per share

- 2024-12: $169.84 per share

- 2025-01: $166.14 per share

- 2025-02: $139.18 per share

- 2025-03: $154.17 per share

- 2025-04: $155.86 per share

- 2025-05: $165.93 per share

- 2025-06: $168.91 per share

- 2025-07: $156.05 per share

- 2025-08: $141.35 per share

- 2025-09: $144.78 per share

- 2025-10: $136.66 per share

- 2025-11: $106.07 per share

- 2025-12: $113.04 per share

- 2026-01: $106.41 per share

- 2026-02: $116.25 per share

- 2026-03: $110.26 per share

- 2026-04: $102.02 per share

- 2026-05: $92.66 per share

- 2026-06: $90.85 per share

- 2026-07: $98.79 per share

- 2026-08: $109.18 per share

- 2026-09: $111.27 per share

- 2026-10: $117.49 per share

## Annual estimated value (USD per share)

- FY2016: low $30.95 per share, central $34.84 per share, high $40.02 per share

- FY2017: low $42.39 per share, central $47.43 per share, high $54.13 per share

- FY2018: low $50.25 per share, central $56.19 per share, high $64.10 per share

- FY2019: low $52.46 per share, central $58.83 per share, high $67.31 per share

- FY2020: low $68.82 per share, central $75.35 per share, high $84.04 per share

- FY2021: low $75.27 per share, central $82.80 per share, high $92.83 per share

- FY2022: low $86.00 per share, central $94.68 per share, high $106.24 per share

- FY2023: low $90.76 per share, central $100.42 per share, high $113.28 per share

- FY2024: low $105.97 per share, central $117.25 per share, high $132.26 per share

- FY2025: low $96.93 per share, central $109.51 per share, high $126.25 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1003935/000100393526000010/nice-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.