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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $105.26 today, the market must believe free cash flow compounds -3.6%/yr for a decade (off $676M normalized FCF).
The market's -3.6% is more conservative than its 9-yr track record.
2-stage DCF · 0.06B shares · net debt -$379M
mean 17.8% · volatility σ 30% · implied rate exceeded in 6/9 yrs
Central path = implied -3.6%/yr growth; shaded band = ±1σ (30%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.95B 100.0% | $2.74B 100.0% | $2.38B 100.0% | $2.18B 100.0% | $1.92B 100.0% | $1.65B 100.0% | $1.57B 100.0% | $1.44B 100.0% | $1.33B 100.0% | $1.02B 100.0% |
| Cost of Revenue | $989.3M 33.6% | $909.5M 33.3% | $768.2M 32.3% | $683.7M 31.3% | $624.5M 32.5% | $562.0M 34.1% | $531.8M 33.8% | $496.8M 34.4% | $468.7M 35.2% | $337.7M 33.3% |
| Cost of Products | — | — | — | — | — | — | — | — | $51.1M 3.8% | $53.0M 5.2% |
| Cost of Services | — | — | — | — | — | — | — | — | $225.0M 16.9% | $250.0M 24.6% |
| Gross Profit | $1.96B 66.4% | $1.83B 66.7% | $1.61B 67.7% | $1.50B 68.7% | $1.30B 67.5% | $1.09B 65.9% | $1.04B 66.2% | $947.7M 65.6% | $863.5M 64.8% | $677.8M 66.7% |
| Research & Development | $360.4M 12.2% | $360.6M 13.2% | $322.7M 13.6% | $306.1M 14.0% | $271.2M 14.1% | $218.2M 13.2% | $193.7M 12.3% | $183.8M 12.7% | $181.1M 13.6% | $141.5M 13.9% |
| Selling, General & Admin | $288.8M 9.8% | $276.9M 10.1% | $252.3M 10.6% | $246.5M 11.3% | $225.4M 11.7% | $180.7M 11.0% | $168.0M 10.7% | $153.3M 10.6% | $129.1M 9.7% | $116.6M 11.5% |
| Total Operating Expenses | $1.31B 44.5% | $1.28B 46.8% | $1.17B 49.4% | $1.16B 53.3% | $1.03B 53.8% | $844.0M 51.2% | $803.4M 51.0% | $750.1M 51.9% | $713.4M 53.6% | $543.6M 53.5% |
| Operating Income | $645.8M 21.9% | $546.0M 20.0% | $435.2M 18.3% | $335.2M 15.4% | $263.9M 13.7% | $242.0M 14.7% | $238.7M 15.2% | $197.6M 13.7% | $150.1M 11.3% | $134.2M 13.2% |
| Interest Expense | $0 0.0% | $46K 0.0% | $1.1M 0.0% | $1.1M 0.1% | $10.1M 0.5% | $7.8M 0.5% | $11.7M 0.7% | $11.2M 0.8% | $9.6M 0.7% | $1.9M 0.2% |
| Interest & Investment Income | $22.0M 0.7% | $24.5M 0.9% | $20.3M 0.9% | $4.7M 0.2% | $200K 0.0% | $1.5M 0.1% | $3.9M 0.2% | $3.8M 0.3% | $1.1M 0.1% | $953K 0.1% |
| Other Income (Expense), net | $58.3M 2.0% | $58.9M 2.2% | $22.5M 0.9% | $10.2M 0.5% | -$23.3M -1.2% | -$4.9M -0.3% | -$4.4M -0.3% | -$10.9M -0.8% | -$20.4M -1.5% | $10.3M 1.0% |
| Pretax Income | $704.0M 23.9% | $604.8M 22.1% | $457.7M 19.3% | $345.3M 15.8% | $240.6M 12.5% | $237.2M 14.4% | $234.3M 14.9% | $186.7M 12.9% | $129.7M 9.7% | $144.5M 14.2% |
| Income Tax Expense | $91.9M 3.1% | $162.2M 5.9% | $119.4M 5.0% | $79.4M 3.6% | $41.4M 2.2% | $40.8M 2.5% | $48.4M 3.1% | $27.4M 1.9% | -$13.6M -1.0% | $21.4M 2.1% |
| Net Income | $612.1M 20.8% | $439.5M 16.1% | $336.5M 14.2% | $265.1M 12.2% | $199.6M 10.4% | $196.7M 11.9% | $185.9M 11.8% | $159.3M 11.0% | $143.3M 10.8% | $116.9M 11.5% |
| Per Share | ||||||||||
| EPS (Basic) | $9.82 | $6.97 | $5.32 | $4.17 | $3.15 | $3.13 | $2.99 | $2.60 | $2.37 | $1.96 |
| EPS (Diluted) | $9.67 | $6.76 | $5.11 | $4.00 | $2.98 | $2.98 | $2.88 | $2.52 | $2.31 | $1.92 |
| Weighted Avg Shares (Basic) | 62.3M | 63.5M | 63.6M | 63.8M | 63.2M | 62.7M | 62.1M | 61.4M | 60.4M | 60K |
| Weighted Avg Shares (Diluted) | 63.3M | 65.5M | 66.3M | 66.5M | 66.9M | 66.0M | 64.7M | 63.3M | 62.1M | 61K |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $489M buybacks = $489M returned on $698M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 16%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $379M covers the $24M due within a year 16.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2016-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~0.0% on $459M of debt. Interest last disclosed in FY2024 (no longer broken out).
Cash of $379M fully covers short-term debt of $0.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Nothing notable to watch.
No material risks flagged.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.4× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 34.4 | 33.8 | 34.1 | 32.5 | 31.3 | 32.3 | 33.3 | 33.6 |
| Gross Profit | 65.6 | 66.2 | 65.9 | 67.5 | 68.7 | 67.7 | 66.7 | 66.4 |
| R&D | 12.7 | 12.3 | 13.2 | 14.1 | 14.0 | 13.6 | 13.2 | 12.2 |
| SG&A | 10.6 | 10.7 | 11.0 | 11.7 | 11.3 | 10.6 | 10.1 | 9.8 |
| Operating Income | 13.7 | 15.2 | 14.7 | 13.7 | 15.4 | 18.3 | 20.0 | 21.9 |
| Income Tax | 1.9 | 3.1 | 2.5 | 2.2 | 3.6 | 5.0 | 5.9 | 3.1 |
| Net Income | 11.0 | 11.8 | 11.9 | 10.4 | 12.2 | 14.2 | 16.1 | 20.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NICE: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.