# Insight Enterprises (NSIT.US)

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

Analysis as of: 2026-10-16T07:30:40.795Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $158.90 per share; close as of 2026-10-15.

Estimated value: low $99.19 per share, central $111.97 per share, high $128.97 per share. Buy at or below the central value $111.97 per share. Valuation as of 2026-10-16T07:30:40.795Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.04×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: pass

- ROIC, median of available years: 15.3%

- ROIC, second-lowest year: 12.3%

- Typical minus recent gross margin: -4.8 pp

- Typical gross margin (annual median): 15.5%

- Recent gross margin (lower of latest and 3-year median): 20.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.4%

- ROIC including acquisitions, ten-year median: 10.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.8%

- FY2017: 12.7%

- FY2018: 20.6%

- FY2019: 9.9%

- FY2020: 12.3%

- FY2021: 14.4%

- FY2022: 15.5%

- FY2023: 15.3%

- FY2024: 17.1%

- FY2025: 15.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.2B

- Return on incremental invested capital: 27.0%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 16.9%

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

- FY2021: 1.02×

- FY2022: 1.00×

- FY2023: 1.08×

- FY2024: 1.21×

- FY2025: 1.52×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 19.8% vs 15.3%

- Per-share earnings: 2.32 to 6.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.7%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: $1.1B

- Cumulative retained earnings: $1.1B

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.8%

- Per-share value change: $4.22

- Per-share value, starting three-year median: $2.32

- Per-share value, ending three-year median: $6.55

- Buybacks concentrated in cheaper years (correlation): -0.48

- Average buyback yield: 2.8%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.0B

- Cumulative net income, 10 years: $1.9B

- ROIC, first three-year median: 19.8%

- ROIC, last three-year median: 15.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.32

- FY2017: $2.50

- FY2018: $4.55

- FY2019: $4.43

- FY2020: $4.87

- FY2021: $5.95

- FY2022: $7.66

- FY2023: $7.55

- FY2024: $6.55

- FY2025: $4.86

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 1.38×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 11.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.93×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.97×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.5%

- FY2017: 14.7%

- FY2018: -4.6%

- FY2019: 0.8%

- FY2020: -4.2%

- FY2021: 1.2%

- FY2022: 3.6%

- FY2023: -5.4%

- FY2024: -5.1%

- FY2025: -1.6%

## Holders

## Price story

Down 29% since Jul 2024 · "NSIT Q1 Earnings Call: Guidance Maintained Despite Weak Services Demand and Tariff Headwinds" (finance.yahoo.com, May 2025) · sales -5.2%

Story as of 2026-10-16T09:59:16.555Z; price observation 2026-10-15.

Price needs cash profits to grow 5.5% a year for ten years

- 2025-05-15: NSIT Q1 Earnings Call: Guidance Maintained Despite Weak Services Demand and Tariff Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/nsit-q1-earnings-call-guidance-194508822.html))

- 2026-02-06: NSIT Q4 Deep Dive: Cloud and Services Margins Offset Revenue Decline Amid AI Investment ([finance.yahoo.com](https://finance.yahoo.com/news/nsit-q4-deep-dive-cloud-132046142.html))

### Sales · FY2024–2025

sales -5.2%; source https://www.sec.gov/Archives/edgar/data/932696/000093269626000007/nsit-20251231.htm; observed 2026-02-12.

- FY2016: $5.5B 

- FY2017: $6.7B 

- FY2018: $7.1B 

- FY2019: $7.7B 

- FY2020: $8.3B 

- FY2021: $9.4B 

- FY2022: $10B 

- FY2023: $9.2B 

- FY2024: $8.7B 

- FY2025: $8.2B 

### Gross margin · FY2025

gross margin 21.4%; source https://www.sec.gov/Archives/edgar/data/932696/000093269626000007/nsit-20251231.htm; observed 2026-02-12.

- FY2016: 13.5% 

- FY2017: 13.7% 

- FY2018: 14.0% 

- FY2019: 14.7% 

- FY2020: 15.6% 

- FY2021: 15.3% 

- FY2022: 15.7% 

- FY2023: 18.2% 

- FY2024: 20.3% 

- FY2025: 21.4% 

## Owner memo

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

### How it makes money

Operates in electronics & computer distribution; annual sales are USD 8.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/932696/000093269626000007/nsit-20251231.htm (filed 2026-02-12); FY2025: revenue 8247180000; grossProfit 1761427000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NSIT.US: Insight Enterprises, Inc., together with its subsidiaries, provides information technology, hardware, software, and services in the United States, rest of North America, Europe, Middle East, Africa, and the Asia-Pacific. It offers multicloud solutions that manages and supports cloud and data center platforms, modern networks, and edge technologies; cybersecurity solutions automates and securely connects modern platforms, including networks, security systems, and automation tools; data and artificial intelligence solutions; digital workplace and device solutions; and intelligent application solutions. The company provides software maintenance solutions that offers clients to obtain software upgrades, bug fixes, help desk, and other support services; vendor direct support services contracts; and cloud/software-as-a-service subscription products. In addition, it designs, procures, deploys, implements, and manages solutions that combine hardware, software, and services to help businesses. The company serves construction, esports, financial services, health care and life sciences, manufacturing, retail and restaurant, service providers, small to medium business, and travel and tourism industries. The company was founded in 1988 and is headquartered in Chandler, Arizona.

### Why customers stay

Margins ranged from 18.2% to 21.4% during 2023–25; it earns 15.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 18.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 20.3%.

- Source: https://www.sec.gov/Archives/edgar/data/932696/000093269626000007/nsit-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.19797686264317596],[2017,0.1267407205982325],[2018,0.20624871897343447],[2019,0.09934337852761521],[2020,0.12315610675293485],[2021,0.14393980261747003],[2022,0.1547740678827134],[2023,0.15270545726268994],[2024,0.17148107733730336],[2025,0.15328147920149743]]; median 0.1529934682320937. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 27% on new investment; paid dividends in 1 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 12266000; cash acquisitions 10297000; owner earnings 110554000. Growth capex plus acquisitions / owner earnings = 0.09314000397995549.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 19230000; cash acquisitions 186932000; owner earnings 114052000. Growth capex plus acquisitions / owner earnings = 1.6390067688422825.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 17251000; cash acquisitions 74938000; owner earnings 183884000. Growth capex plus acquisitions / owner earnings = 0.40752865937221294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 10088603.423322767; upkeep 58997396.57667723; cash acquisitions 664287000; owner earnings 146618603.42332277. Growth capex plus acquisitions / owner earnings = 4.599522759579425.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 24184000; cash acquisitions 6405000; owner earnings 214016000. Growth capex plus acquisitions / owner earnings = 0.029927668959330144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 52079000; cash acquisitions 0; owner earnings 222687000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 14325000; upkeep 56614000; cash acquisitions 68248000; owner earnings 280608000. Growth capex plus acquisitions / owner earnings = 0.2942645968753564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 39252000; cash acquisitions 481464000; owner earnings 304533000. Growth capex plus acquisitions / owner earnings = 1.5809912226261194.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 46782000; cash acquisitions 270247000; owner earnings 301046000. Growth capex plus acquisitions / owner earnings = 0.8976933757631724.

- Source: https://www.sec.gov/Archives/edgar/data/932696/000093269626000007/nsit-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 24520000; cash acquisitions 285283000; owner earnings 239147000. Growth capex plus acquisitions / owner earnings = 1.1929189996111178.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Incremental return on capital 0.2698924018431445, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,34440000],[2020,0],[2021,0],[2022,0],[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/932696/000093269626000007/nsit-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 151118000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NSIT.US SharesStats.PercentInsiders = 1.257 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.5% yearly over ten years; actual growth was 10.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.06598052617670758. Price 158.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.6229131286740692 → FY2025 7.393174019228986. Closing-price date 2026-10-15.

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

- 2016-10: $28.79 per share

- 2016-11: $35.02 per share

- 2016-12: $40.44 per share

- 2017-01: $37.13 per share

- 2017-02: $42.36 per share

- 2017-03: $41.09 per share

- 2017-04: $42.10 per share

- 2017-05: $41.54 per share

- 2017-06: $39.99 per share

- 2017-07: $40.52 per share

- 2017-08: $40.08 per share

- 2017-09: $45.92 per share

- 2017-10: $45.05 per share

- 2017-11: $39.00 per share

- 2017-12: $38.29 per share

- 2018-01: $37.12 per share

- 2018-02: $34.93 per share

- 2018-03: $34.93 per share

- 2018-04: $35.45 per share

- 2018-05: $46.90 per share

- 2018-06: $48.93 per share

- 2018-07: $50.27 per share

- 2018-08: $55.14 per share

- 2018-09: $54.09 per share

- 2018-10: $51.69 per share

- 2018-11: $44.58 per share

- 2018-12: $40.75 per share

- 2019-01: $45.92 per share

- 2019-02: $55.82 per share

- 2019-03: $55.06 per share

- 2019-04: $56.58 per share

- 2019-05: $51.48 per share

- 2019-06: $58.20 per share

- 2019-07: $55.02 per share

- 2019-08: $48.06 per share

- 2019-09: $55.69 per share

- 2019-10: $61.38 per share

- 2019-11: $65.59 per share

- 2019-12: $70.29 per share

- 2020-01: $65.87 per share

- 2020-02: $55.09 per share

- 2020-03: $42.13 per share

- 2020-04: $54.29 per share

- 2020-05: $51.26 per share

- 2020-06: $49.20 per share

- 2020-07: $49.84 per share

- 2020-08: $59.81 per share

- 2020-09: $56.58 per share

- 2020-10: $53.35 per share

- 2020-11: $71.48 per share

- 2020-12: $76.09 per share

- 2021-01: $76.10 per share

- 2021-02: $83.59 per share

- 2021-03: $95.42 per share

- 2021-04: $100.37 per share

- 2021-05: $104.48 per share

- 2021-06: $100.01 per share

- 2021-07: $100.38 per share

- 2021-08: $102.89 per share

- 2021-09: $90.08 per share

- 2021-10: $94.70 per share

- 2021-11: $98.62 per share

- 2021-12: $106.60 per share

- 2022-01: $94.15 per share

- 2022-02: $104.00 per share

- 2022-03: $107.32 per share

- 2022-04: $99.37 per share

- 2022-05: $98.82 per share

- 2022-06: $86.28 per share

- 2022-07: $93.41 per share

- 2022-08: $91.12 per share

- 2022-09: $82.41 per share

- 2022-10: $94.51 per share

- 2022-11: $103.91 per share

- 2022-12: $100.27 per share

- 2023-01: $112.72 per share

- 2023-02: $133.92 per share

- 2023-03: $142.96 per share

- 2023-04: $120.95 per share

- 2023-05: $135.22 per share

- 2023-06: $146.34 per share

- 2023-07: $146.69 per share

- 2023-08: $160.09 per share

- 2023-09: $145.50 per share

- 2023-10: $143.30 per share

- 2023-11: $151.42 per share

- 2023-12: $177.19 per share

- 2024-01: $184.74 per share

- 2024-02: $188.00 per share

- 2024-03: $185.52 per share

- 2024-04: $182.57 per share

- 2024-05: $195.50 per share

- 2024-06: $198.36 per share

- 2024-07: $224.50 per share

- 2024-08: $217.07 per share

- 2024-09: $215.39 per share

- 2024-10: $174.92 per share

- 2024-11: $156.45 per share

- 2024-12: $152.10 per share

- 2025-01: $172.75 per share

- 2025-02: $153.88 per share

- 2025-03: $149.99 per share

- 2025-04: $138.28 per share

- 2025-05: $130.39 per share

- 2025-06: $138.09 per share

- 2025-07: $118.58 per share

- 2025-08: $130.16 per share

- 2025-09: $113.41 per share

- 2025-10: $100.00 per share

- 2025-11: $86.57 per share

- 2025-12: $81.47 per share

- 2026-01: $84.02 per share

- 2026-02: $83.56 per share

- 2026-03: $67.01 per share

- 2026-04: $72.90 per share

- 2026-05: $106.38 per share

- 2026-06: $121.80 per share

- 2026-07: $128.93 per share

- 2026-08: $157.02 per share

- 2026-09: $156.32 per share

- 2026-10: $158.90 per share

## Annual estimated value (USD per share)

- FY2016: low $34.77 per share, central $39.21 per share, high $45.13 per share

- FY2017: low $43.28 per share, central $56.75 per share, high $66.39 per share

- FY2018: low $48.80 per share, central $63.42 per share, high $74.16 per share

- FY2019: low $52.17 per share, central $70.01 per share, high $82.00 per share

- FY2020: low $59.99 per share, central $79.56 per share, high $93.13 per share

- FY2021: low $76.84 per share, central $102.47 per share, high $119.98 per share

- FY2022: low $94.62 per share, central $128.52 per share, high $150.61 per share

- FY2023: low $81.36 per share, central $105.90 per share, high $123.50 per share

- FY2024: low $69.33 per share, central $78.58 per share, high $90.89 per share

- FY2025: low $86.78 per share, central $97.92 per share, high $112.75 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 10-K filing](https://www.sec.gov/Archives/edgar/data/932696/000093269626000007/nsit-20251231.htm); period 2025-12-31, filed 2026-02-12.

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.