The company has significantly strengthened its financial position by reducing total debt from $783.0 million in 2023Q4 to just $86.1 million by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'96 | Dec'95 |
|---|
| Total Current Assets | 1.3B | 1.38B | 2.5B | 2.31B | 2.42B | 2.3B | 1.94B | 875.69M | 861.24M | 693.06M | 509.23M | 655.15M | 506.44M | 460.62M | 521.06M | 543.17M | 500.96M | 472.32M | 478.16M | 382.76M | 286.16M | 393.45M | 118.71M | 121.17M | 141.22M | 106.37M | 153.44M | 159.39M | 43.7M | 18.3M |
| Cash & Short-Term Investments | 310.24M | 417.39M | 1.62B | 1.41B | 1.57B | 1.42B | 1.46B | 439.1M | 485.83M | 392.25M | 187.31M | 425.13M | 253.24M | 202.37M | 298.55M | 348.44M | 352.12M | 323.66M | 330.45M | 239.94M | 160.35M | 291.22M | 51.1M | 47.05M | 53.13M | 54.84M | 47.73M | 96.92M | 5.3M | 4.1M |
| Cash Only | 263.71M | 379.38M | 481.71M | 511.8M | 529.6M | 378.66M | 442.27M | 228.32M | 242.1M | 328.3M | 157.03M | 325.93M | 187.5M | 119.55M | 103.62M | 204.44M | 109.53M | 214.81M | 144.38M | 116.62M | 67.36M | 254.96M | 26.58M | 29.86M | 19.28M | 25.57M | 18.64M | 23.83M | 5.3M | 4.1M |
| Short-Term Investments | 46.53M | 38.01M | 1.14B | 896.04M | 1.04B | 1.05B | 1.02B | 210.77M | 243.73M | 63.95M | 30.29M | 99.19M | 65.74M | 82.83M | 194.93M | 144M | 242.59M | 108.85M | 186.07M | 123.32M | 92.99M | 36.26M | 24.52M | 17.19M | 33.85M | 29.27M | 29.09M | 73.08M | 0 | 0 |
| Accounts Receivable | 767.28M | 737.94M | 648.19M | 585.15M | 519.39M | 400.57M | 308.93M | 326.57M | 321.2M | 260.3M | 287.8M | 201.74M | 175.51M | 217.25M | 184.48M | 160.99M | 99.26M | 102.15M | 116.03M | 113.28M | 87.29M | 75.7M | 50.09M | 57.35M | 74.4M | 40.47M | 48.18M | 53.61M | 17.3M | 7.9M |
| Days Sales Outstanding | 87.9 | 91.45 | 86.5 | 89.83 | 86.91 | 76.11 | 68.42 | 75.73 | 81.16 | 71.32 | 103.44 | 79.45 | 63.32 | 83.53 | 76.6 | 74.02 | 52.55 | 63.94 | 67.85 | 79.92 | 77.78 | 88.81 | 72.37 | 93.35 | 167.1 | 116.22 | 114.82 | 158.32 | 158.66 | 137.31 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.39M | 3.43M | 9.01M | 4.72M | 6.2M | 13.38M | 13.45M | 13.9M | 13.4M | 10.86M | 14.45M | 11.5M | 11.84M | 18.62M | 23.17M | 12.62M | 12.63M | 13.48M | 11.06M | 21.16M | 8.87M | 3.5M | 2.3M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 2.33 | 2.52 | 7.02 | 5.1 | 7.45 | 13 | 13.45 | 14.44 | 15.92 | 14.73 | 22.23 | 17.58 | 20.93 | 39.01 | 62.09 | 40.28 | 43.38 | 58.06 | 54.71 | 103.25 | 71.77 | 76.04 | 83.95 |
| Other Current Assets | 224.24M | 223.78M | 128.96M | 229.87M | 231.12M | 395.84M | 93.88M | 50.63M | 5.11M | 34.37M | 32.12M | 35.35M | 58.55M | 36.9M | 20.41M | 10.4M | 6.8M | 8.18M | 8.4M | 8.43M | 15.12M | 3.36M | 652K | 4.13M | 208K | 0 | 24.37M | 0 | 17.6M | 4M |
| Total Non-Current Assets | 3.68B | 3.73B | 2.79B | 2.8B | 2.44B | 2.41B | 2.29B | 2.73B | 2.35B | 2.15B | 2.12B | 1.19B | 1.14B | 1.2B | 1.14B | 1.04B | 1.03B | 927.36M | 810.54M | 809.57M | 498.18M | 223.8M | 179.61M | 128.25M | 95.07M | 103.64M | 98.05M | 50.91M | 8.6M | 5.3M |
| Property, Plant & Equipment | 269.95M | 267.45M | 278.38M | 278.98M | 262.18M | 230.71M | 234.95M | 247.84M | 140.34M | 118.28M | 87.68M | 39.21M | 41.88M | 44.34M | 41.28M | 28.3M | 22.01M | 22.05M | 23.39M | 18.66M | 15.81M | 14.89M | 16.98M | 18.63M | 24.34M | 22.11M | 25.9M | 19.99M | 5M | 3.6M |
| Fixed Asset Turnover | 11.39x | 11.01x | 9.83x | 8.52x | 8.32x | 8.33x | 7.01x | 6.35x | 10.29x | 11.26x | 11.58x | 23.64x | 24.16x | 21.41x | 21.29x | 28.05x | 31.32x | 26.44x | 26.68x | 27.73x | 25.91x | 20.90x | 14.88x | 12.04x | 6.68x | 5.75x | 5.91x | 6.18x | 7.96x | 5.83x |
| Goodwill | 2.44B | 2.44B | 1.85B | 1.82B | 1.62B | 1.61B | 1.5B | 1.38B | 1.37B | 1.32B | 1.28B | 651.11M | 694.78M | 707.94M | 695.03M | 609.19M | 527.61M | 494.5M | 445.5M | 443.26M | 220.43M | 0 | 25.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 551.49M | 587.59M | 231.35M | 305.5M | 209.6M | 295.38M | 366M | 411.02M | 508.23M | 551.35M | 618.74M | 69.58M | 113.74M | 170.13M | 228.75M | 158.15M | 141.63M | 156.66M | 145.4M | 162.31M | 111.18M | 73.84M | 12.66M | 41.5M | 47.9M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 542.39M | 245M | 132.82M | 98.73M | 403.25M | 246.72M | 240.78M | 146.15M | 214.14M | 311.08M | 224.83M | 170.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 243.12M | 233.09M | 212.51M | 219.33M | 231.5M | 224.44M | 153.66M | 124.03M | 74.04M | 19.5M | 18.7M | 17.18M | 29.43M | 29.38M | 24.06M | 28.89M | 31.12M | 23.73M | 17.95M | 176.61M | 147.84M | 130.1M | 124.22M | 68.12M | 22.82M | 81.53M | 72.16M | 30.92M | 3.6M | 1.7M |
| Total Assets | 4.98B | 5.11B | 5.3B | 5.12B | 4.85B | 4.71B | 4.23B | 3.61B | 3.21B | 2.85B | 2.63B | 1.85B | 1.64B | 1.66B | 1.66B | 1.58B | 1.53B | 1.4B | 1.29B | 1.19B | 784.34M | 617.25M | 298.32M | 249.41M | 236.29M | 210.01M | 251.49M | 210.3M | 52.3M | 23.6M |
| Asset Turnover | 0.59x | 0.58x | 0.52x | 0.46x | 0.45x | 0.41x | 0.39x | 0.44x | 0.45x | 0.47x | 0.39x | 0.50x | 0.62x | 0.57x | 0.53x | 0.50x | 0.45x | 0.42x | 0.48x | 0.43x | 0.52x | 0.50x | 0.85x | 0.90x | 0.69x | 0.61x | 0.61x | 0.59x | 0.76x | 0.89x |
| Asset Growth % | -3.96% | -3.59% | 3.48% | 5.42% | 3.06% | 11.28% | 17.26% | 12.55% | 12.73% | 8.1% | 42.29% | 12.64% | -0.9% | -0.23% | 5% | 3.09% | 9.63% | 8.61% | 8.08% | 52.02% | 27.07% | 106.91% | 19.61% | 5.56% | 12.51% | -16.49% | 19.58% | 302.11% | 121.61% | - |
| Total Current Liabilities | 1.06B | 887.61M | 1.47B | 1.12B | 1.14B | 1.27B | 1.04B | 940.96M | 624.91M | 523.35M | 472.81M | 398.85M | 378.25M | 384.19M | 383.43M | 369.63M | 327.05M | 287.86M | 260.65M | 229.88M | 169.84M | 118.74M | 67.28M | 64.99M | 62.01M | 36.44M | 36.12M | 21.71M | 7.8M | 5.2M |
| Accounts Payable | 101.92M | 100.78M | 110.6M | 66.04M | 56.02M | 36.12M | 33.13M | 30.38M | 29.62M | 29.44M | 25.63M | 11.72M | 9.09M | 25.96M | 20.55M | 19.01M | 20.02M | 26.34M | 23.06M | 21.79M | 22.84M | 18.19M | 11.97M | 15.74M | 16.13M | 11.12M | 12.65M | 11.2M | 3.4M | 2.1M |
| Days Payables Outstanding | 33.34 | 37.18 | 44.39 | 31.38 | 29.91 | 21.11 | 21.52 | 20.85 | 21.76 | 22.93 | 27.7 | 14.09 | 8.83 | 25.97 | 21.36 | 22.58 | 27.16 | 40.53 | 35.25 | 38.55 | 47.86 | 48.75 | 38.24 | 54.05 | 69.47 | 55.04 | 61.73 | 90.68 | 73.87 | 76.65 |
| Short-Term Debt | 13.59M | 13.74M | 458.79M | 209.23M | 209.29M | 395.95M | 259.88M | 273.1M | 0 | 0 | 21.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24K | 0 | 0 | 3K | 0 | 0 |
| Deferred Revenue (Current) | 1.36B | 303.91M | 299.37M | 302.65M | 338.93M | 330.46M | 311.85M | 245.79M | 221.39M | 184.56M | 149.8M | 151.34M | 145.25M | 144.54M | 150.42M | 160.24M | 0 | 0 | 108.2M | 93.29M | 60.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 591.25M | 469.18M | 2.84M | 327.84M | 13.61M | 1.67M | 226.9M | 212.39M | 215.72M | 167.17M | 157.61M | 165.18M | 287.19M | 4.37M | 3.01M | 1.94M | 0 | 0 | 86.69M | 21.83M | 14.2M | 0 | 42.08M | 1.88M | 0 | 0 | 0 | 10.51M | 4.4M | 3.1M |
| Current Ratio | 1.22x | 1.55x | 1.70x | 2.06x | 2.12x | 1.81x | 1.86x | 0.93x | 1.38x | 1.32x | 1.08x | 1.64x | 1.34x | 1.20x | 1.36x | 1.47x | 1.53x | 1.64x | 1.83x | 1.67x | 1.68x | 3.31x | 1.76x | 1.86x | 2.28x | 2.92x | 4.25x | 7.34x | 5.60x | 3.52x |
| Quick Ratio | 1.22x | 1.55x | 1.70x | 2.06x | 2.12x | 1.81x | 1.86x | 0.93x | 1.37x | 1.31x | 1.07x | 1.63x | 1.30x | 1.16x | 1.32x | 1.43x | 1.50x | 1.59x | 1.79x | 1.61x | 1.58x | 3.12x | 1.58x | 1.67x | 2.06x | 2.62x | 3.66x | 6.93x | 5.15x | 3.08x |
| Cash Conversion Cycle | 54.56 | - | - | - | - | - | - | 57.21 | 61.92 | 55.41 | 80.83 | 72.81 | 67.49 | 71.02 | 69.68 | 67.36 | 40.12 | 45.63 | 50.18 | 62.31 | 68.93 | 102.15 | 74.42 | 82.67 | 155.69 | 115.9 | 156.34 | 139.42 | 160.83 | 144.61 |
| Total Non-Current Liabilities | 243.42M | 341.87M | 218.32M | 642.81M | 657.78M | 602.87M | 599.98M | 411.68M | 565.84M | 572.17M | 647.73M | 35.62M | 50.39M | 68.07M | 86.43M | 53.56M | 46.61M | 49.06M | 57.23M | 58.66M | 44.94M | 11.47M | 8.16M | 7.59M | 19.74M | 6.56M | 6.79M | 5.24M | 1.9M | 1.5M |
| Long-Term Debt | 0 | 75.06M | 0 | 457.08M | 455.38M | 429.27M | 421.34M | 213.31M | 455.99M | 447.64M | 444.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 247K | 418K | 0 | 0 |
| Capital Lease Obligations | 288.49M | 75.06M | 92.26M | 102.91M | 99.26M | 81.19M | 92.26M | 103.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 242.16M | 109.99M | 1.97M | 8.6M | 7.34M | 7.43M | 32.11M | 52.51M | 44.14M | 57.8M | 146.95M | 15.04M | 23.88M | 37.84M | 58.34M | 27.77M | 19.7M | 25.9M | 37.06M | 41.76M | 33.13M | 2.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 97M | 20.37M | 57.81M | 21.77M | 38.59M | 18.38M | 17.98M | 16.33M | 30.6M | 29.18M | 34.06M | 20.57M | 26.51M | 30.23M | 28.09M | 25.8M | 26.9M | 23.16M | 20.17M | 16.9M | 11.8M | 8.98M | 8.16M | 7.59M | 19.74M | 6.56M | 6.55M | 4.82M | 1.9M | 1.5M |
| Total Liabilities | 1.31B | 1.23B | 1.69B | 1.76B | 1.8B | 1.87B | 1.64B | 1.35B | 1.19B | 1.1B | 1.12B | 434.46M | 428.63M | 452.26M | 469.86M | 423.19M | 373.66M | 336.92M | 317.88M | 288.54M | 214.77M | 130.21M | 75.45M | 72.58M | 81.75M | 42.99M | 42.91M | 26.95M | 9.7M | 6.7M |
| Total Debt | 86.08M | 163.86M | 563.6M | 782.97M | 777.46M | 925.91M | 795.89M | 589.91M | 455.99M | 447.64M | 465.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24K | 0 | 247K | 421K | 0 | 0 |
| Net Debt | -177.63M | -215.52M | 81.89M | 271.17M | 247.87M | 547.26M | 353.63M | 361.58M | 213.89M | 119.34M | 308.15M | -325.93M | -187.5M | -119.55M | -103.62M | -204.44M | -109.53M | -214.81M | -144.38M | -116.62M | -67.36M | -254.96M | -26.58M | -29.86M | -19.26M | -25.57M | -18.39M | -23.41M | -5.3M | -4.1M |
| Debt / Equity | 0.02x | 0.04x | 0.16x | 0.23x | 0.25x | 0.33x | 0.31x | 0.26x | 0.23x | 0.26x | 0.31x | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.00x | - | 0.00x | 0.00x | - | - |
| Debt / EBITDA | 0.10x | 0.19x | 0.75x | 1.30x | 1.52x | 2.07x | 1.88x | 1.43x | 1.29x | 1.46x | 2.19x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.44x | 0.02x | - | - |
| Net Debt / EBITDA | -0.21x | -0.26x | 0.11x | 0.45x | 0.48x | 1.22x | 0.83x | 0.88x | 0.60x | 0.39x | 1.45x | -1.45x | -1.01x | -0.70x | -0.73x | -1.62x | -1.03x | -2.51x | -1.80x | -1.83x | -1.71x | -5.54x | -0.76x | -1.27x | - | - | -32.50x | -1.04x | -0.98x | -6.83x |
| Interest Coverage | - | - | 104.20x | 56.40x | 36.02x | 7.70x | 10.70x | 10.94x | 9.39x | 5.98x | 66.55x | 2516.76x | 1508.66x | 437.19x | 524.30x | 75.07x | 14.93x | - | 80.26x | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 3.68B | 3.88B | 3.6B | 3.35B | 3.06B | 2.84B | 2.59B | 2.26B | 2.02B | 1.75B | 1.51B | 1.42B | 1.21B | 1.2B | 1.19B | 1.16B | 1.16B | 1.06B | 970.82M | 903.79M | 569.57M | 487.04M | 222.87M | 176.83M | 154.54M | 167.02M | 208.58M | 183.35M | 42.6M | 16.9M |
| Equity Growth % | 28.09% | 7.59% | 7.41% | 9.79% | 7.66% | 9.64% | 14.67% | 11.93% | 15.26% | 15.76% | 6.8% | 16.62% | 0.72% | 1.15% | 2.8% | -0.18% | 9.22% | 9.47% | 7.42% | 58.68% | 16.95% | 118.53% | 26.04% | 14.43% | -7.47% | -19.93% | 13.76% | 330.4% | 152.07% | - |
| Book Value per Share | 60.66 | 61.22 | 55.01 | 50.62 | 45.97 | 42.42 | 39.25 | 34.91 | 31.85 | 28.16 | 24.76 | 23.09 | 19.93 | 19.49 | 19.13 | 18.04 | 18.10 | 17.01 | 15.85 | 16.20 | 10.93 | 11.79 | 5.95 | 5.24 | 5.59 | 6.41 | 8.43 | 7.48 | 2.93 | 1.27 |
| Total Shareholders' Equity | 3.68B | 3.88B | 3.59B | 3.34B | 3.04B | 2.83B | 2.56B | 2.26B | 2.02B | 1.75B | 1.51B | 1.42B | 1.21B | 1.2B | 1.19B | 1.16B | 1.16B | 1.06B | 970.82M | 903.79M | 569.57M | 487.04M | 222.87M | 176.83M | 154.54M | 167.02M | 208.58M | 183.35M | 42.6M | 16.9M |
| Common Stock | 0 | 0 | 18.96M | 18.96M | 18.96M | 18.96M | 18.96M | 18.96M | 18.85M | 18.59M | 18.28M | 17.98M | 17.61M | 17.21M | 16.67M | 16.27M | 15.88M | 15.49M | 15.16M | 14.8M | 12.75M | 6.77M | 5.46M | 5.14M | 4.91M | 4.4M | 4.31M | 4.06M | 0 | 0 |
| Retained Earnings | 0 | 0 | 2.7B | 2.26B | 1.93B | 1.65B | 1.45B | 1.26B | 1.07B | 850.77M | 710.91M | 632.19M | 411.6M | 346.67M | 320.4M | 252.51M | 195.25M | 146.54M | 103.78M | 64.67M | 26.47M | 4.07M | -32.5M | -57.05M | -64.14M | -30.16M | 16.63M | 26.23M | 9.9M | 4.7M |
| Treasury Stock | 0 | 0 | -1.34B | -1.01B | -743.05M | -625.81M | -574.36M | -554.15M | -527.42M | -507.7M | -488.57M | -445.02M | -376.64M | -283.85M | -203.91M | -96.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | -71.07M | -59.11M | -111.25M | -39.74M | -16.66M | -33.3M | -46.62M | -32.91M | -46.82M | -24.2M | -10.55M | 12.4M | 12.19M | -1.9M | 10.58M | 8.59M | -1.34M | 13.07M | 7.48M | 3M | 5.51M | 3.89M | 770K | -62K | -47K | -103K | -2.2M | -1.3M |
| Minority Interest | 0 | 0 | 13.42M | 13.37M | 13.34M | 12.87M | 24.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Leadership transition and AI competition
As reported in financial statements, NICE has aggressively reduced its debt burden, with total debt falling from $783.0 million in 2023Q4 to just $86.1 million by 2026Q1, resulting in a negligible debt-to-equity ratio of 0.02% that underscores the company's conservative approach to capital structure management.
The rapid deleveraging suggests that management is prioritizing balance sheet optionality over financial engineering, which provides a significant buffer against interest rate volatility. This minimal debt profile implies that the company is well-positioned to fund future strategic acquisitions or internal AI development without relying on external capital markets.
Based on the company's reported figures, goodwill remains a dominant component of the asset base at $2.4 billion as of 2026Q1, representing nearly half of the total $5.0 billion in assets, which highlights the historical reliance on inorganic growth to build the current software ecosystem.
The high concentration of intangible assets suggests that the company's valuation is heavily dependent on the long-term integration success of past acquisitions like inContact. Investors should monitor for potential impairment risks if the competitive landscape in the CX and compliance sectors forces a reassessment of these legacy asset values.
According to recent quarterly filings, NICE maintains a current ratio of 1.22 as of 2026Q1, which, while lower than the 2.45 peak observed in 2024Q2, continues to provide a sufficient cushion to meet short-term obligations despite the recent volatility in cash balances and working capital requirements.
The contraction in the current ratio appears to be driven by the aggressive deployment of cash toward share repurchases rather than operational distress. This liquidity profile suggests that while the company is comfortable operating with a leaner cash position, it remains sensitive to the timing of large-scale capital allocation decisions.
Based on the provided data, the significant fluctuation in cash reserves from $793.1 million in 2024Q1 to $263.7 million in 2026Q1 is largely attributable to aggressive share buybacks, which may mask the underlying cash generation capacity of the core business during periods of decelerating revenue growth.
The decision to prioritize capital returns over cash retention during a period of leadership transition and heightened AI competition warrants careful scrutiny. This strategy may limit the company's ability to pivot quickly if the market for AI-integrated compliance software requires substantial, non-linear R&D investment to maintain its competitive moat.
Quick answers to the most common questions about buying NICE stock.
As of 2025, NICE Ltd. (NICE) had total assets of $5.11B including $1.38B in current assets.
NICE Ltd. (NICE) carries total debt of $163.9M, offset by $417.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NICE Ltd. (NICE) has total shareholders' equity (book value) of $3.88B ($61.22 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NICE Ltd. (NICE) reported a current ratio of 1.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.