Nice Ltd. (NICE) intrinsic value & 10-year financials
Nice Ltd. (NICE) has a Graham intrinsic value of $321.20 per share. Over the last 10 fiscal years revenue grew 12.6% a year to $2.9B, with an average return on invested capital of 8.8%.
- Graham intrinsic value
- $321.20
- Revenue (FY2025)
- $2.9B
- Revenue growth (10-yr CAGR)
- 12.6%
- ROIC (10-yr avg)
- 8.8%
- Free cash flow (FY2025)
- $697.6M
NICE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.9B | $612.1M | $9.67 | $697.6M | 21.9% | 15.5% |
| FY2024 | $2.7B | $439.5M | $6.76 | $797.7M | 20.0% | 11.0% |
| FY2023 | $2.4B | $336.5M | $5.11 | $532.2M | 18.3% | 9.3% |
| FY2022 | $2.2B | $265.1M | $4.00 | $447.8M | 15.4% | 7.8% |
| FY2021 | $1.9B | $199.6M | $2.98 | $437.0M | 13.7% | 7.0% |
| FY2020 | $1.6B | $196.7M | $2.98 | $456.1M | 14.7% | 7.3% |
| FY2019 | $1.6B | $185.9M | $2.88 | $346.9M | 15.2% | 7.8% |
| FY2018 | $1.4B | $159.3M | $0.00 | $365.2M | 13.7% | 8.2% |
| FY2017 | $1.3B | $143.3M | $0.00 | $354.8M | 11.3% | 8.1% |
| FY2016 | $1.0B | $116.9M | $0.00 | $200.9M | 13.2% | 6.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
NICE Ltd. is a consistent compounder, expanding top-line revenue at 12.6% annually over the past decade.
NICE Ltd. returns on capital have been average, hovering around 8.8% ROIC over the decade.
NICE Ltd. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, NICE Ltd. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $321.20 per share.