Nice Ltd. key statistics and ratios

In fiscal 2025, Nice Ltd. had return on equity of 16.4%, an operating margin of 21.9%, debt equal to 0.0% of equity and a current ratio of 1.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Nice Ltd.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	59.3%	61.0%	61.3%	60.0%	63.5%	65.2%	67.2%	66.7%	64.8%	65.6%	66.2%	65.9%	67.5%	68.7%	67.7%	66.7%	66.4%
Operating margin	6.6%	7.1%	7.4%	5.2%	9.2%	12.2%	17.9%	13.2%	11.3%	13.7%	15.2%	14.7%	13.7%	15.4%	18.3%	20.0%	21.9%
Net margin	7.3%	7.1%	7.2%	7.7%	6.7%	11.8%	27.9%	11.5%	10.8%	11.0%	11.8%	11.9%	10.4%	12.2%	14.2%	16.1%	20.8%
Free-cash-flow margin	19.0%	19.3%	17.3%	12.2%	12.7%	19.0%	25.4%	19.8%	26.6%	25.3%	22.0%	27.7%	22.7%	20.5%	22.4%	29.2%	23.7%
Return on equity	4.0%	4.4%	4.9%	5.8%	4.6%	8.5%	19.7%	8.0%	8.8%	8.5%	8.7%	8.2%	7.4%	9.0%	10.5%	12.7%	16.4%
Return on assets	3.1%	3.3%	3.7%	4.2%	3.3%	6.3%	14.9%	5.2%	5.2%	5.3%	5.5%	5.0%	4.5%	5.5%	6.7%	8.4%	11.8%
Asset turnover	0.42	0.47	0.51	0.54	0.50	0.53	0.53	0.45	0.49	0.48	0.46	0.42	0.43	0.46	0.48	0.53	0.57
Current ratio	1.64	1.53	1.47	1.36	1.20	1.28	1.73	1.08	1.32	1.38	0.93	1.86	1.81	2.12	2.06	1.70	1.55
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.4%	25.6%	22.6%	20.6%	26.6%	29.2%	21.8%	19.9%	12.8%	0.0%
Interest cover (operating income ÷ interest)	54.2x	—	—	—	—	—	—	72.1x	15.7x	17.6x	20.4x	31.2x	26.2x	—	—	—	—
Effective tax rate	6.6%	16.4%	17.8%	−26.0%	33.9%	9.0%	18.0%	14.8%	−10.5%	14.7%	20.6%	17.2%	17.2%	23.0%	26.1%	26.8%	13.1%
R&D as % of revenue	13.3%	14.1%	13.7%	13.8%	14.1%	14.1%	13.9%	13.9%	13.6%	12.7%	12.3%	13.2%	14.1%	14.0%	13.6%	13.2%	12.2%
Capital spending as % of revenue	1.5%	1.7%	2.2%	3.3%	2.5%	1.9%	1.8%	2.7%	3.0%	2.2%	1.7%	1.5%	1.3%	1.5%	1.2%	1.3%	0.6%
Free cash flow ÷ net income	259.2%	273.7%	239.4%	157.5%	188.2%	160.6%	91.1%	171.9%	247.6%	229.2%	186.6%	231.9%	219.0%	168.9%	158.2%	181.5%	114.0%
Dividends ÷ net income	—	—	—	—	52.5%	37.0%	14.8%	32.7%	6.7%	0.0%	0.0%	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	—	—	70.0%	100.1%	104.2%	80.0%	45.2%	40.7%	9.6%	7.1%	13.6%	10.6%	16.7%	32.4%	54.2%	46.3%	70.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 1 checks passed · December 31, 2025

What it owns · $5.1bn

Short-term assets $1.4bnLonger-term assets $3.7bn

What it owes, and who funded it · $4.8bn

Short-term liabilities $888mShareholders' equity $3.9bn

Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $888m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Nice Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

53 /100

Moderate moat

How hard Nice's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 5 / 20

Net income has been a median 4.2% of total assets over 5 years.
Pricing power 19 / 20

Gross margin has been a median 64.8%, moving by 2.8 percentage points (standard deviation) across 5 years.
Durability 11 / 20

Operating margin has been a median 11.3%; its worst year was 6.6%.
Cash conversion 20 / 20

Free cash flow was positive in 5 of 5 years, at a median 22.7% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (68 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Nice Ltd.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Nice Ltd.