Sapiens International Corporation N.V. (SPNS) 10-Year Financial Performance & Capital Metrics

SPNS •

TechnologyApplication SoftwareFinancial services and insurance software

AboutSapiens International Corporation N.V. provides software solutions for the insurance and financial services industries in North America, the European Union, the United Kingdom, Israel, and internationally. The company offers Sapiens CoreSuite and Sapiens IDITSuite for personal, commercial, and specialty lines; and Sapiens CoreSuite, Sapiens UnderwritingPro, Sapiens ApplicationPro, Sapiens IllustrationPro, and Sapiens ConsolidationMaster for life, pension, and annuities. It also provides Sapiens DigitalSuite for customers, agents, brokers, risk managers, customer groups and third-party service providers; Sapiens ReinsuranceMaster and Sapiens ReinsurancePro reinsurance solutions; and Sapiens Platform, Sapiens CoreSuite, Sapiens PolicyPro, and Sapiens ClaimsPro, as well as Sapiens PolicyGo, and Sapiens ClaimsGo for workers' compensation. In addition, the company offers financial and compliance solutions, which comprise Sapiens FinancialPro, Sapiens Financial GO, Sapiens StatementPro, Sapiens CheckPro, and Sapiens Reporting Tools; and Sapiens Decision, an enterprise-scale platform that enables institutions to centrally author, store, and manage various organizational business logics. Further, it provides tailor-made solutions based on its Sapiens eMerge platform; and program delivery, business, and managed services. The company markets and sells its products and services through direct and partner sales. Sapiens International Corporation N.V. was founded in 1982 and is headquartered in Holon, Israel.Show more

Revenue $542M +5.4%
EBITDA $105M +11.4%
Net Income $72M +15.6%
EPS (Diluted) 1.29 +15.2%
Gross Margin 45.03% +5.5%
EBITDA Margin 19.42% +5.7%
Operating Margin 16.85% +9.9%
Net Margin 13.31% +9.7%
ROE 15.53% +6.1%
ROIC 17.35% +12.9%
Debt/Equity 0.13 -31.3%
Interest Coverage 231.34 -0.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 22.4%
✓Strong Piotroski F-Score: 8/9
✓Strong 5Y sales CAGR of 10.7%
✓Healthy 5Y average net margin of 11.1%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y13.17%

5Y10.74%

3Y5.57%

TTM4.71%

Profit (Net Income) CAGR

10Y17.44%

5Y22.42%

3Y15.23%

TTM-9.75%

EPS CAGR

10Y15.7%

5Y19.93%

3Y14.92%

TTM-10.24%

ROCE

10Y Avg10.87%

5Y Avg12.79%

3Y Avg14.66%

Latest16.88%

Peer Comparison

Financial services and insurance software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GWREGuidewire Software, Inc.	12.28B	145.32	179.41	22.64%	7.23%	6%	2.4%	0.49
QTWOQ2 Holdings, Inc.	3.01B	48.12	60.15	14.12%	4.12%	5.09%	6.47%	0.52
FICOFair Isaac Corporation	33.49B	1409.36	53.10	15.91%	31.89%		2.3%
SPNSSapiens International Corporation N.V.	2.43B	43.45	33.68	5.4%	11.4%	12.2%	2.97%	0.13
INTUIntuit Inc.	114.17B	409.03	29.92	15.63%	21.57%	22.78%	5.33%	0.34
OPFIOppFi Inc.	589.26M	9.18	25.50	3.34%	0.68%	1.4%	52.74%	1.42
BLBlackLine, Inc.	2.21B	35.25	24.31	10.74%	3.5%	6.6%	8.52%	1.90
SSNCSS&C Technologies Holdings, Inc.	18.33B	75.29	23.90	6.63%	13.86%	12.2%	9.08%	0.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	185.64M	216.19M	269.19M	289.71M	325.67M	382.9M	461.04M	474.74M	514.58M	542.38M
Revenue Growth %	17.9%	16.46%	24.52%	7.62%	12.41%	17.57%	20.41%	2.97%	8.39%	5.4%
Cost of Goods Sold+	111.19M	130.4M	175.68M	180.14M	196.15M	226.93M	273.19M	274.57M	294.99M	298.15M
COGS % of Revenue	59.9%	60.32%	65.26%	62.18%	60.23%	59.27%	59.26%	57.84%	57.33%	54.97%
Gross Profit+	74.44M	85.79M	93.52M	109.57M	129.52M	155.97M	187.84M	200.16M	219.59M	244.23M
Gross Margin %	40.1%	39.68%	34.74%	37.82%	39.77%	40.73%	40.74%	42.16%	42.67%	45.03%
Gross Profit Growth %	27.57%	15.24%	9.01%	17.17%	18.21%	20.42%	20.43%	6.56%	9.71%	11.22%
Operating Expenses+	50.09M	60.95M	92.51M	86.55M	91.65M	110.97M	130.36M	133.67M	140.73M	152.85M
OpEx % of Revenue	26.99%	28.19%	34.37%	29.87%	28.14%	28.98%	28.27%	28.16%	27.35%	28.18%
Selling, General & Admin	39.86M	44.46M	60.56M	52.13M	54.27M	0	76.34M	0	72.05M	80.42M
SG&A % of Revenue	21.47%	20.57%	22.5%	18%	16.67%	-	16.56%	-	14%	14.83%
Research & Development	10.23M	16.49M	31.95M	34.41M	37.38M	47.92M	54.01M	64.5M	69.25M	72.43M
R&D % of Revenue	5.51%	7.63%	11.87%	11.88%	11.48%	12.51%	11.72%	13.59%	13.46%	13.35%
Other Operating Expenses	0	0	0	0	0	63.05M	0	69.18M	-573K	0
Operating Income+	24.35M	24.84M	1M	23.02M	37.87M	45M	57.49M	66.49M	78.87M	91.38M
Operating Margin %	13.12%	11.49%	0.37%	7.95%	11.63%	11.75%	12.47%	14.01%	15.33%	16.85%
Operating Income Growth %	63.36%	2.01%	-95.97%	2197.6%	64.49%	18.84%	27.74%	15.66%	18.61%	15.87%
EBITDA+	33.98M	34.86M	16.87M	42.88M	57.01M	61.83M	78.48M	82.89M	94.53M	105.33M
EBITDA Margin %	18.3%	16.13%	6.27%	14.8%	17.5%	16.15%	17.02%	17.46%	18.37%	19.42%
EBITDA Growth %	43.82%	2.61%	-51.6%	154.16%	32.93%	8.46%	26.93%	5.62%	14.04%	11.42%
D&A (Non-Cash Add-back)	9.63M	10.02M	15.87M	19.86M	19.14M	16.82M	20.99M	16.4M	15.66M	13.95M
EBIT	24.35M	24.84M	1.5M	23.02M	38.13M	46.58M	63.13M	66.49M	79.19M	90.22M
Net Interest Income+	500K	514K	-1.16M	-3.04M	-2.65M	-5.22M	-2.91M	-1.57M	2.6M	5.07M
Interest Income	657K	784K	525K	181K	382K	380K	887K	0	2.94M	5.47M
Interest Expense	157K	270K	1.69M	3.23M	3.03M	5.6M	3.79M	1.57M	340K	395K
Other Income/Expense	163K	533K	-3.01M	-3.99M	-2.77M	-3.81M	-202K	-941K	-1.75M	-1.55M
Pretax Income+	24.51M	25.37M	-2.01M	19.07M	35.1M	41.2M	57.29M	65.55M	77.12M	89.83M
Pretax Margin %	13.2%	11.74%	-0.75%	6.58%	10.78%	10.76%	12.43%	13.81%	14.99%	16.56%
Income Tax+	4.21M	5.77M	-2.56M	5.07M	8.61M	7.04M	9.96M	12.62M	14.25M	17.51M
Effective Tax Rate %	81.65%	76.21%	-17.53%	72.31%	74.78%	81.98%	82.34%	80.24%	80.97%	80.35%
Net Income+	20.02M	19.34M	352K	13.79M	26.25M	33.77M	47.17M	52.59M	62.44M	72.18M
Net Margin %	10.78%	8.94%	0.13%	4.76%	8.06%	8.82%	10.23%	11.08%	12.13%	13.31%
Net Income Growth %	38.39%	-3.4%	-98.18%	3816.19%	90.4%	28.68%	39.66%	11.5%	18.73%	15.59%
Net Income (Continuing)	20.3M	19.6M	556K	14M	26.49M	34.16M	47.32M	52.93M	62.87M	72.32M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	867K	796K	831K	1.44M	1.68M	2M	2.17M	2.44M	2.68M	0
EPS (Diluted)+	0.41	0.39	0.01	0.28	0.52	0.65	0.85	0.95	1.12	1.29
EPS Growth %	36.67%	-4.88%	-98.21%	-	85.71%	25%	30.77%	11.76%	17.89%	15.18%
EPS (Basic)	0.42	0.40	0.01	0.28	0.52	0.66	0.86	0.95	1.13	1.29
Diluted Shares Outstanding	49.33M	49.78M	49.93M	50.11M	50.65M	52.16M	55.59M	55.57M	55.72M	56.15M
Basic Shares Outstanding	48.12M	48.95M	49.17M	49.83M	50.03M	51.21M	54.78M	55.12M	55.37M	55.82M
Dividend Payout Ratio	35.9%	50.61%	2798.58%	72.38%	41.94%	20.86%	42.94%	73.35%	45.07%	44.09%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	98.34M	120.2M	130.97M	130.01M	147.22M	267.36M	300.35M	285.31M	314.9M	335.14M
Cash & Short-Term Investments	63.13M	79.13M	71.47M	64.63M	66.3M	182.56M	210.24M	180.28M	202.12M	216.19M
Cash Only	54.35M	60.91M	71.47M	64.63M	66.3M	152.56M	190.24M	160.28M	126.72M	163.69M
Short-Term Investments	8.78M	18.22M	0	0	0	30M	20M	20M	75.4M	52.5M
Accounts Receivable	35.22M	34.68M	53.23M	59.16M	50.22M	65.41M	76.26M	93.38M	90.27M	99.6M
Days Sales Outstanding	69.24	58.56	72.17	74.53	56.29	62.35	60.38	71.8	64.03	67.03
Inventory	0	0	-6.28M	0	0	0	-13.84M	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	6.39M	12.56M	6.22M	30.71M	19.39M	27.68M	11.64M	22.51M	19.35M
Total Non-Current Assets+	143.93M	137.65M	240.32M	248.85M	305.2M	446.8M	414.65M	383.04M	374.72M	356.57M
Property, Plant & Equipment	5.67M	9.81M	10.7M	8.52M	66.14M	71.36M	58.12M	45.71M	36.22M	31.4M
Fixed Asset Turnover	32.71x	22.04x	25.17x	34.02x	4.92x	5.37x	7.93x	10.39x	14.21x	17.27x
Goodwill	70.03M	73.6M	158.56M	166.09M	170.7M	264.28M	261.14M	252.23M	256.31M	251.53M
Intangible Assets	27.54M	28.35M	65.17M	65.25M	57.99M	99.31M	82.14M	67.43M	61.04M	50.94M
Long-Term Investments	30.88M	17.23M	1.93M	1.73M	0	0	0	1.9M	3.99M	0
Other Non-Current Assets	7.02M	6.4M	1.35M	4.29M	7.56M	9.98M	10.12M	6.35M	6.11M	9.63M
Total Assets+	242.27M	257.85M	371.29M	378.87M	452.42M	714.16M	714.99M	668.34M	689.62M	691.71M
Asset Turnover	0.77x	0.84x	0.73x	0.76x	0.72x	0.54x	0.64x	0.71x	0.75x	0.78x
Asset Growth %	5.88%	6.43%	44%	2.04%	19.41%	57.85%	0.12%	-6.52%	3.18%	0.3%
Total Current Liabilities+	47M	47.75M	69.83M	81.1M	104.91M	144.78M	151.69M	145.96M	149.12M	149.58M
Accounts Payable	4.72M	6.56M	7.04M	6.15M	5.11M	5.39M	5.01M	9.41M	6.29M	8.41M
Days Payables Outstanding	15.5	18.37	14.64	12.46	9.5	8.67	6.69	12.52	7.78	10.3
Short-Term Debt	0	0	0	9.9M	9.9M	19.8M	19.8M	28.86M	19.8M	19.8M
Deferred Revenue (Current)	10.27M	9.14M	16.51M	18.06M	21.02M	34.55M	39.61M	30.72M	38.54M	37.54M
Other Current Liabilities	14.89M	13.91M	23.24M	0	0	0	0	34.71M	1.26M	3.26M
Current Ratio	2.09x	2.52x	1.88x	1.60x	1.40x	1.85x	1.98x	1.95x	2.11x	2.24x
Quick Ratio	2.09x	2.52x	1.97x	1.60x	1.40x	1.85x	2.07x	1.95x	2.11x	2.24x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	13.46M	15.71M	100.58M	95.28M	122.01M	185.69M	154.58M	119.44M	90.55M	62.5M
Long-Term Debt	0	0	78.28M	68.58M	58.85M	98.68M	78.99M	59.27M	39.54M	19.79M
Capital Lease Obligations	0	0	0	0	43.39M	48.77M	38.75M	28.43M	21.08M	17.72M
Deferred Tax Liabilities	897K	2.17M	9.17M	11.68M	5.08M	16.01M	15.36M	11.36M	10.82M	6.9M
Other Non-Current Liabilities	12.56M	13.54M	15.12M	15.02M	14.69M	12.13M	12.14M	20.38M	19.11M	18.09M
Total Liabilities	60.46M	63.46M	170.42M	176.38M	226.92M	330.47M	306.27M	265.4M	239.68M	212.08M
Total Debt+	13.08M	14.8M	78.28M	78.47M	120.45M	177.17M	148.36M	116.57M	87.05M	63.75M
Net Debt	-41.27M	-46.1M	6.81M	13.85M	54.16M	24.61M	-41.88M	-43.72M	-39.67M	-99.94M
Debt / Equity	0.07x	0.08x	0.39x	0.39x	0.53x	0.46x	0.36x	0.29x	0.19x	0.13x
Debt / EBITDA	0.38x	0.42x	4.64x	1.83x	2.11x	2.87x	1.89x	1.41x	0.92x	0.61x
Net Debt / EBITDA	-1.21x	-1.32x	0.40x	0.32x	0.95x	0.40x	-0.53x	-0.53x	-0.42x	-0.95x
Interest Coverage	155.10x	92.00x	0.59x	7.14x	12.50x	8.03x	15.15x	42.27x	231.96x	231.34x
Total Equity+	182.68M	195.19M	201.71M	202.48M	225.5M	383.69M	408.72M	402.94M	449.95M	479.63M
Equity Growth %	3.27%	6.85%	3.34%	0.39%	11.37%	70.15%	6.52%	-1.41%	11.67%	6.6%
Book Value per Share	3.70	3.92	4.04	4.04	4.45	7.36	7.35	7.25	8.07	8.54
Total Shareholders' Equity	181.81M	194.39M	200.87M	202.48M	223.82M	381.69M	406.55M	400.5M	447.27M	479.63M
Common Stock	678K	681K	689K	695K	697K	751K	756K	756K	762K	762K
Retained Earnings	-32.61M	-13.28M	-12.93M	2.67M	17.91M	44.64M	71.56M	85.58M	119.88M	160.23M
Treasury Stock	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M
Accumulated OCI	-11.68M	-11.17M	528K	-7.82M	-2.38M	11.03M	2.82M	-21.14M	-17.26M	-26.92M
Minority Interest	867K	796K	831K	1.44M	1.68M	2M	2.17M	2.44M	2.68M	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	40.44M	26.04M	8.74M	27.7M	66.16M	58.26M	80.54M	43.78M	79.42M	82.22M
Operating CF Margin %	21.78%	12.04%	3.25%	9.56%	20.31%	15.21%	17.47%	9.22%	15.43%	15.16%
Operating CF Growth %	87.56%	-35.61%	-66.42%	216.82%	138.83%	-11.94%	38.26%	-45.64%	81.42%	3.53%
Net Income	20.3M	19.6M	556K	14M	26.49M	34.16M	47.32M	52.93M	62.87M	72.32M
Depreciation & Amortization	9.63M	10.02M	15.87M	19.86M	19.14M	23.38M	28.67M	22.24M	21.44M	20.07M
Stock-Based Compensation	1.35M	1.96M	2.27M	1.94M	1.41M	3.99M	4.71M	3.83M	3.62M	2.95M
Deferred Taxes	-284K	-265K	-204K	-194K	-40K	0	0	0	0	0
Other Non-Cash Items	-169K	-251K	713K	194K	171K	529K	1.49M	111K	259K	63K
Working Capital Changes	9.62M	-5.02M	-10.46M	-8.1M	18.99M	-3.8M	-1.65M	-35.34M	-8.76M	-13.18M
Change in Receivables	1.89M	-5.43M	-5.25M	-7.59M	10.51M	-5.17M	-13.94M	-21.86M	3.96M	-12.5M
Change in Inventory	2.9M	-1.09M	3.81M	529K	13.39M	0	0	0	0	0
Change in Payables	1.51M	1.1M	-1.39M	-1.87M	-1.48M	-1.34M	-529K	4.63M	-3.58M	2.13M
Cash from Investing+	-18.85M	-8.32M	-75.92M	-25.58M	-41.87M	-127.79M	125K	-12.44M	-72.78M	13.41M
Capital Expenditures	-8.85M	-10.21M	-8.19M	-7.07M	-17.14M	-2.63M	-3.79M	-2.76M	-2.57M	-2.88M
CapEx % of Revenue	4.77%	4.72%	3.04%	2.44%	5.26%	0.69%	0.82%	0.58%	0.5%	0.53%
Acquisitions	-2.93M	-4.38M	-103.1M	-18.51M	-1.55M	-109.05M	831K	-3.47M	-8.06M	-375K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-893K	1.39M	-5.57M	0	-17.23M	-8.6M	-6.95M	-6.24M	-6.65M	-6.93M
Cash from Financing+	-14.18M	-11.23M	70.14M	-9.43M	-20.65M	156.51M	-39.96M	-58.38M	-43.34M	-56.28M
Debt Issued (Net)	0	-824K	78.17M	-237K	-9.9M	50.45M	-19.8M	-19.8M	-19.8M	-19.8M
Equity Issued (Net)	0	0	0	0	0	1000K	0	0	0	0
Dividends Paid	-7.19M	-9.79M	-9.85M	-9.98M	-11.01M	-7.04M	-20.25M	-38.58M	-28.14M	-31.82M
Share Repurchases	0	0	0	0	-780K	0	0	0	0	0
Other Financing	-6.99M	-623K	1.82M	787K	257K	4.37M	91K	0	4.6M	-4.66M
Net Change in Cash	6.95M	6.56M	10.56M	-6.84M	1.67M	86.27M	37.68M	-29.96M	-33.57M	36.97M
Free Cash Flow+	31.59M	15.83M	554K	20.63M	49.02M	47.01M	68.69M	34.73M	70.16M	72.21M
FCF Margin %	17.02%	7.32%	0.21%	7.12%	15.05%	12.28%	14.9%	7.31%	13.63%	13.31%
FCF Growth %	125.68%	-49.89%	-96.5%	3623.1%	137.65%	-4.09%	46.11%	-49.45%	102.03%	2.93%
FCF per Share	0.64	0.32	0.01	0.41	0.97	0.90	1.24	0.62	1.26	1.29
FCF Conversion (FCF/Net Income)	2.02x	1.35x	24.84x	2.01x	2.52x	1.72x	1.71x	0.83x	1.27x	1.14x
Interest Paid	6K	48K	713K	2.07M	2.48M	5.44M	3.5M	1.47M	752K	1.04M
Taxes Paid	2.23M	1.2M	2.71M	2.85M	6.4M	16.33M	9.05M	12.85M	29.89M	25.61M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.13%	10.23%	0.18%	6.82%	12.27%	11.09%	11.91%	12.96%	14.64%	15.53%
Return on Invested Capital (ROIC)	12.77%	12.83%	0.42%	8.13%	11.45%	9.81%	11.12%	13.74%	15.37%	17.35%
Gross Margin	40.1%	39.68%	34.74%	37.82%	39.77%	40.73%	40.74%	42.16%	42.67%	45.03%
Net Margin	10.78%	8.94%	0.13%	4.76%	8.06%	8.82%	10.23%	11.08%	12.13%	13.31%
Debt / Equity	0.07x	0.08x	0.39x	0.39x	0.53x	0.46x	0.36x	0.29x	0.19x	0.13x
Interest Coverage	155.10x	92.00x	0.59x	7.14x	12.50x	8.03x	15.15x	42.27x	231.96x	231.34x
FCF Conversion	2.02x	1.35x	24.84x	2.01x	2.52x	1.72x	1.71x	0.83x	1.27x	1.14x
Revenue Growth	17.9%	16.46%	24.52%	7.62%	12.41%	17.57%	20.41%	2.97%	8.39%	5.4%

US Stock Screener

...

Sapiens International Corporation N.V. (SPNS) 10-Year Financial Performance & Capital Metrics

SPNS •

TechnologyApplication SoftwareFinancial services and insurance software

Revenue $542M +5.4%
EBITDA $105M +11.4%
Net Income $72M +15.6%
EPS (Diluted) 1.29 +15.2%
Gross Margin 45.03% +5.5%
EBITDA Margin 19.42% +5.7%
Operating Margin 16.85% +9.9%
Net Margin 13.31% +9.7%
ROE 15.53% +6.1%
ROIC 17.35% +12.9%
Debt/Equity 0.13 -31.3%
Interest Coverage 231.34 -0.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 22.4%
✓Strong Piotroski F-Score: 8/9
✓Strong 5Y sales CAGR of 10.7%
✓Healthy 5Y average net margin of 11.1%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y13.17%

5Y10.74%

3Y5.57%

TTM4.71%

Profit (Net Income) CAGR

10Y17.44%

5Y22.42%

3Y15.23%

TTM-9.75%

EPS CAGR

10Y15.7%

5Y19.93%

3Y14.92%

TTM-10.24%

ROCE

10Y Avg10.87%

5Y Avg12.79%

3Y Avg14.66%

Latest16.88%

Peer Comparison

Financial services and insurance software

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GWREGuidewire Software, Inc.	12.28B	145.32	179.41	22.64%	7.23%	6%	2.4%	0.49
QTWOQ2 Holdings, Inc.	3.01B	48.12	60.15	14.12%	4.12%	5.09%	6.47%	0.52
FICOFair Isaac Corporation	33.49B	1409.36	53.10	15.91%	31.89%		2.3%
SPNSSapiens International Corporation N.V.	2.43B	43.45	33.68	5.4%	11.4%	12.2%	2.97%	0.13
INTUIntuit Inc.	114.17B	409.03	29.92	15.63%	21.57%	22.78%	5.33%	0.34
OPFIOppFi Inc.	589.26M	9.18	25.50	3.34%	0.68%	1.4%	52.74%	1.42
BLBlackLine, Inc.	2.21B	35.25	24.31	10.74%	3.5%	6.6%	8.52%	1.90
SSNCSS&C Technologies Holdings, Inc.	18.33B	75.29	23.90	6.63%	13.86%	12.2%	9.08%	0.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	185.64M	216.19M	269.19M	289.71M	325.67M	382.9M	461.04M	474.74M	514.58M	542.38M
Revenue Growth %	17.9%	16.46%	24.52%	7.62%	12.41%	17.57%	20.41%	2.97%	8.39%	5.4%
Cost of Goods Sold+	111.19M	130.4M	175.68M	180.14M	196.15M	226.93M	273.19M	274.57M	294.99M	298.15M
COGS % of Revenue	59.9%	60.32%	65.26%	62.18%	60.23%	59.27%	59.26%	57.84%	57.33%	54.97%
Gross Profit+	74.44M	85.79M	93.52M	109.57M	129.52M	155.97M	187.84M	200.16M	219.59M	244.23M
Gross Margin %	40.1%	39.68%	34.74%	37.82%	39.77%	40.73%	40.74%	42.16%	42.67%	45.03%
Gross Profit Growth %	27.57%	15.24%	9.01%	17.17%	18.21%	20.42%	20.43%	6.56%	9.71%	11.22%
Operating Expenses+	50.09M	60.95M	92.51M	86.55M	91.65M	110.97M	130.36M	133.67M	140.73M	152.85M
OpEx % of Revenue	26.99%	28.19%	34.37%	29.87%	28.14%	28.98%	28.27%	28.16%	27.35%	28.18%
Selling, General & Admin	39.86M	44.46M	60.56M	52.13M	54.27M	0	76.34M	0	72.05M	80.42M
SG&A % of Revenue	21.47%	20.57%	22.5%	18%	16.67%	-	16.56%	-	14%	14.83%
Research & Development	10.23M	16.49M	31.95M	34.41M	37.38M	47.92M	54.01M	64.5M	69.25M	72.43M
R&D % of Revenue	5.51%	7.63%	11.87%	11.88%	11.48%	12.51%	11.72%	13.59%	13.46%	13.35%
Other Operating Expenses	0	0	0	0	0	63.05M	0	69.18M	-573K	0
Operating Income+	24.35M	24.84M	1M	23.02M	37.87M	45M	57.49M	66.49M	78.87M	91.38M
Operating Margin %	13.12%	11.49%	0.37%	7.95%	11.63%	11.75%	12.47%	14.01%	15.33%	16.85%
Operating Income Growth %	63.36%	2.01%	-95.97%	2197.6%	64.49%	18.84%	27.74%	15.66%	18.61%	15.87%
EBITDA+	33.98M	34.86M	16.87M	42.88M	57.01M	61.83M	78.48M	82.89M	94.53M	105.33M
EBITDA Margin %	18.3%	16.13%	6.27%	14.8%	17.5%	16.15%	17.02%	17.46%	18.37%	19.42%
EBITDA Growth %	43.82%	2.61%	-51.6%	154.16%	32.93%	8.46%	26.93%	5.62%	14.04%	11.42%
D&A (Non-Cash Add-back)	9.63M	10.02M	15.87M	19.86M	19.14M	16.82M	20.99M	16.4M	15.66M	13.95M
EBIT	24.35M	24.84M	1.5M	23.02M	38.13M	46.58M	63.13M	66.49M	79.19M	90.22M
Net Interest Income+	500K	514K	-1.16M	-3.04M	-2.65M	-5.22M	-2.91M	-1.57M	2.6M	5.07M
Interest Income	657K	784K	525K	181K	382K	380K	887K	0	2.94M	5.47M
Interest Expense	157K	270K	1.69M	3.23M	3.03M	5.6M	3.79M	1.57M	340K	395K
Other Income/Expense	163K	533K	-3.01M	-3.99M	-2.77M	-3.81M	-202K	-941K	-1.75M	-1.55M
Pretax Income+	24.51M	25.37M	-2.01M	19.07M	35.1M	41.2M	57.29M	65.55M	77.12M	89.83M
Pretax Margin %	13.2%	11.74%	-0.75%	6.58%	10.78%	10.76%	12.43%	13.81%	14.99%	16.56%
Income Tax+	4.21M	5.77M	-2.56M	5.07M	8.61M	7.04M	9.96M	12.62M	14.25M	17.51M
Effective Tax Rate %	81.65%	76.21%	-17.53%	72.31%	74.78%	81.98%	82.34%	80.24%	80.97%	80.35%
Net Income+	20.02M	19.34M	352K	13.79M	26.25M	33.77M	47.17M	52.59M	62.44M	72.18M
Net Margin %	10.78%	8.94%	0.13%	4.76%	8.06%	8.82%	10.23%	11.08%	12.13%	13.31%
Net Income Growth %	38.39%	-3.4%	-98.18%	3816.19%	90.4%	28.68%	39.66%	11.5%	18.73%	15.59%
Net Income (Continuing)	20.3M	19.6M	556K	14M	26.49M	34.16M	47.32M	52.93M	62.87M	72.32M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	867K	796K	831K	1.44M	1.68M	2M	2.17M	2.44M	2.68M	0
EPS (Diluted)+	0.41	0.39	0.01	0.28	0.52	0.65	0.85	0.95	1.12	1.29
EPS Growth %	36.67%	-4.88%	-98.21%	-	85.71%	25%	30.77%	11.76%	17.89%	15.18%
EPS (Basic)	0.42	0.40	0.01	0.28	0.52	0.66	0.86	0.95	1.13	1.29
Diluted Shares Outstanding	49.33M	49.78M	49.93M	50.11M	50.65M	52.16M	55.59M	55.57M	55.72M	56.15M
Basic Shares Outstanding	48.12M	48.95M	49.17M	49.83M	50.03M	51.21M	54.78M	55.12M	55.37M	55.82M
Dividend Payout Ratio	35.9%	50.61%	2798.58%	72.38%	41.94%	20.86%	42.94%	73.35%	45.07%	44.09%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	98.34M	120.2M	130.97M	130.01M	147.22M	267.36M	300.35M	285.31M	314.9M	335.14M
Cash & Short-Term Investments	63.13M	79.13M	71.47M	64.63M	66.3M	182.56M	210.24M	180.28M	202.12M	216.19M
Cash Only	54.35M	60.91M	71.47M	64.63M	66.3M	152.56M	190.24M	160.28M	126.72M	163.69M
Short-Term Investments	8.78M	18.22M	0	0	0	30M	20M	20M	75.4M	52.5M
Accounts Receivable	35.22M	34.68M	53.23M	59.16M	50.22M	65.41M	76.26M	93.38M	90.27M	99.6M
Days Sales Outstanding	69.24	58.56	72.17	74.53	56.29	62.35	60.38	71.8	64.03	67.03
Inventory	0	0	-6.28M	0	0	0	-13.84M	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	6.39M	12.56M	6.22M	30.71M	19.39M	27.68M	11.64M	22.51M	19.35M
Total Non-Current Assets+	143.93M	137.65M	240.32M	248.85M	305.2M	446.8M	414.65M	383.04M	374.72M	356.57M
Property, Plant & Equipment	5.67M	9.81M	10.7M	8.52M	66.14M	71.36M	58.12M	45.71M	36.22M	31.4M
Fixed Asset Turnover	32.71x	22.04x	25.17x	34.02x	4.92x	5.37x	7.93x	10.39x	14.21x	17.27x
Goodwill	70.03M	73.6M	158.56M	166.09M	170.7M	264.28M	261.14M	252.23M	256.31M	251.53M
Intangible Assets	27.54M	28.35M	65.17M	65.25M	57.99M	99.31M	82.14M	67.43M	61.04M	50.94M
Long-Term Investments	30.88M	17.23M	1.93M	1.73M	0	0	0	1.9M	3.99M	0
Other Non-Current Assets	7.02M	6.4M	1.35M	4.29M	7.56M	9.98M	10.12M	6.35M	6.11M	9.63M
Total Assets+	242.27M	257.85M	371.29M	378.87M	452.42M	714.16M	714.99M	668.34M	689.62M	691.71M
Asset Turnover	0.77x	0.84x	0.73x	0.76x	0.72x	0.54x	0.64x	0.71x	0.75x	0.78x
Asset Growth %	5.88%	6.43%	44%	2.04%	19.41%	57.85%	0.12%	-6.52%	3.18%	0.3%
Total Current Liabilities+	47M	47.75M	69.83M	81.1M	104.91M	144.78M	151.69M	145.96M	149.12M	149.58M
Accounts Payable	4.72M	6.56M	7.04M	6.15M	5.11M	5.39M	5.01M	9.41M	6.29M	8.41M
Days Payables Outstanding	15.5	18.37	14.64	12.46	9.5	8.67	6.69	12.52	7.78	10.3
Short-Term Debt	0	0	0	9.9M	9.9M	19.8M	19.8M	28.86M	19.8M	19.8M
Deferred Revenue (Current)	10.27M	9.14M	16.51M	18.06M	21.02M	34.55M	39.61M	30.72M	38.54M	37.54M
Other Current Liabilities	14.89M	13.91M	23.24M	0	0	0	0	34.71M	1.26M	3.26M
Current Ratio	2.09x	2.52x	1.88x	1.60x	1.40x	1.85x	1.98x	1.95x	2.11x	2.24x
Quick Ratio	2.09x	2.52x	1.97x	1.60x	1.40x	1.85x	2.07x	1.95x	2.11x	2.24x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	13.46M	15.71M	100.58M	95.28M	122.01M	185.69M	154.58M	119.44M	90.55M	62.5M
Long-Term Debt	0	0	78.28M	68.58M	58.85M	98.68M	78.99M	59.27M	39.54M	19.79M
Capital Lease Obligations	0	0	0	0	43.39M	48.77M	38.75M	28.43M	21.08M	17.72M
Deferred Tax Liabilities	897K	2.17M	9.17M	11.68M	5.08M	16.01M	15.36M	11.36M	10.82M	6.9M
Other Non-Current Liabilities	12.56M	13.54M	15.12M	15.02M	14.69M	12.13M	12.14M	20.38M	19.11M	18.09M
Total Liabilities	60.46M	63.46M	170.42M	176.38M	226.92M	330.47M	306.27M	265.4M	239.68M	212.08M
Total Debt+	13.08M	14.8M	78.28M	78.47M	120.45M	177.17M	148.36M	116.57M	87.05M	63.75M
Net Debt	-41.27M	-46.1M	6.81M	13.85M	54.16M	24.61M	-41.88M	-43.72M	-39.67M	-99.94M
Debt / Equity	0.07x	0.08x	0.39x	0.39x	0.53x	0.46x	0.36x	0.29x	0.19x	0.13x
Debt / EBITDA	0.38x	0.42x	4.64x	1.83x	2.11x	2.87x	1.89x	1.41x	0.92x	0.61x
Net Debt / EBITDA	-1.21x	-1.32x	0.40x	0.32x	0.95x	0.40x	-0.53x	-0.53x	-0.42x	-0.95x
Interest Coverage	155.10x	92.00x	0.59x	7.14x	12.50x	8.03x	15.15x	42.27x	231.96x	231.34x
Total Equity+	182.68M	195.19M	201.71M	202.48M	225.5M	383.69M	408.72M	402.94M	449.95M	479.63M
Equity Growth %	3.27%	6.85%	3.34%	0.39%	11.37%	70.15%	6.52%	-1.41%	11.67%	6.6%
Book Value per Share	3.70	3.92	4.04	4.04	4.45	7.36	7.35	7.25	8.07	8.54
Total Shareholders' Equity	181.81M	194.39M	200.87M	202.48M	223.82M	381.69M	406.55M	400.5M	447.27M	479.63M
Common Stock	678K	681K	689K	695K	697K	751K	756K	756K	762K	762K
Retained Earnings	-32.61M	-13.28M	-12.93M	2.67M	17.91M	44.64M	71.56M	85.58M	119.88M	160.23M
Treasury Stock	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M	-9.42M
Accumulated OCI	-11.68M	-11.17M	528K	-7.82M	-2.38M	11.03M	2.82M	-21.14M	-17.26M	-26.92M
Minority Interest	867K	796K	831K	1.44M	1.68M	2M	2.17M	2.44M	2.68M	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	40.44M	26.04M	8.74M	27.7M	66.16M	58.26M	80.54M	43.78M	79.42M	82.22M
Operating CF Margin %	21.78%	12.04%	3.25%	9.56%	20.31%	15.21%	17.47%	9.22%	15.43%	15.16%
Operating CF Growth %	87.56%	-35.61%	-66.42%	216.82%	138.83%	-11.94%	38.26%	-45.64%	81.42%	3.53%
Net Income	20.3M	19.6M	556K	14M	26.49M	34.16M	47.32M	52.93M	62.87M	72.32M
Depreciation & Amortization	9.63M	10.02M	15.87M	19.86M	19.14M	23.38M	28.67M	22.24M	21.44M	20.07M
Stock-Based Compensation	1.35M	1.96M	2.27M	1.94M	1.41M	3.99M	4.71M	3.83M	3.62M	2.95M
Deferred Taxes	-284K	-265K	-204K	-194K	-40K	0	0	0	0	0
Other Non-Cash Items	-169K	-251K	713K	194K	171K	529K	1.49M	111K	259K	63K
Working Capital Changes	9.62M	-5.02M	-10.46M	-8.1M	18.99M	-3.8M	-1.65M	-35.34M	-8.76M	-13.18M
Change in Receivables	1.89M	-5.43M	-5.25M	-7.59M	10.51M	-5.17M	-13.94M	-21.86M	3.96M	-12.5M
Change in Inventory	2.9M	-1.09M	3.81M	529K	13.39M	0	0	0	0	0
Change in Payables	1.51M	1.1M	-1.39M	-1.87M	-1.48M	-1.34M	-529K	4.63M	-3.58M	2.13M
Cash from Investing+	-18.85M	-8.32M	-75.92M	-25.58M	-41.87M	-127.79M	125K	-12.44M	-72.78M	13.41M
Capital Expenditures	-8.85M	-10.21M	-8.19M	-7.07M	-17.14M	-2.63M	-3.79M	-2.76M	-2.57M	-2.88M
CapEx % of Revenue	4.77%	4.72%	3.04%	2.44%	5.26%	0.69%	0.82%	0.58%	0.5%	0.53%
Acquisitions	-2.93M	-4.38M	-103.1M	-18.51M	-1.55M	-109.05M	831K	-3.47M	-8.06M	-375K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-893K	1.39M	-5.57M	0	-17.23M	-8.6M	-6.95M	-6.24M	-6.65M	-6.93M
Cash from Financing+	-14.18M	-11.23M	70.14M	-9.43M	-20.65M	156.51M	-39.96M	-58.38M	-43.34M	-56.28M
Debt Issued (Net)	0	-824K	78.17M	-237K	-9.9M	50.45M	-19.8M	-19.8M	-19.8M	-19.8M
Equity Issued (Net)	0	0	0	0	0	1000K	0	0	0	0
Dividends Paid	-7.19M	-9.79M	-9.85M	-9.98M	-11.01M	-7.04M	-20.25M	-38.58M	-28.14M	-31.82M
Share Repurchases	0	0	0	0	-780K	0	0	0	0	0
Other Financing	-6.99M	-623K	1.82M	787K	257K	4.37M	91K	0	4.6M	-4.66M
Net Change in Cash	6.95M	6.56M	10.56M	-6.84M	1.67M	86.27M	37.68M	-29.96M	-33.57M	36.97M
Free Cash Flow+	31.59M	15.83M	554K	20.63M	49.02M	47.01M	68.69M	34.73M	70.16M	72.21M
FCF Margin %	17.02%	7.32%	0.21%	7.12%	15.05%	12.28%	14.9%	7.31%	13.63%	13.31%
FCF Growth %	125.68%	-49.89%	-96.5%	3623.1%	137.65%	-4.09%	46.11%	-49.45%	102.03%	2.93%
FCF per Share	0.64	0.32	0.01	0.41	0.97	0.90	1.24	0.62	1.26	1.29
FCF Conversion (FCF/Net Income)	2.02x	1.35x	24.84x	2.01x	2.52x	1.72x	1.71x	0.83x	1.27x	1.14x
Interest Paid	6K	48K	713K	2.07M	2.48M	5.44M	3.5M	1.47M	752K	1.04M
Taxes Paid	2.23M	1.2M	2.71M	2.85M	6.4M	16.33M	9.05M	12.85M	29.89M	25.61M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.13%	10.23%	0.18%	6.82%	12.27%	11.09%	11.91%	12.96%	14.64%	15.53%
Return on Invested Capital (ROIC)	12.77%	12.83%	0.42%	8.13%	11.45%	9.81%	11.12%	13.74%	15.37%	17.35%
Gross Margin	40.1%	39.68%	34.74%	37.82%	39.77%	40.73%	40.74%	42.16%	42.67%	45.03%
Net Margin	10.78%	8.94%	0.13%	4.76%	8.06%	8.82%	10.23%	11.08%	12.13%	13.31%
Debt / Equity	0.07x	0.08x	0.39x	0.39x	0.53x	0.46x	0.36x	0.29x	0.19x	0.13x
Interest Coverage	155.10x	92.00x	0.59x	7.14x	12.50x	8.03x	15.15x	42.27x	231.96x	231.34x
FCF Conversion	2.02x	1.35x	24.84x	2.01x	2.52x	1.72x	1.71x	0.83x	1.27x	1.14x
Revenue Growth	17.9%	16.46%	24.52%	7.62%	12.41%	17.57%	20.41%	2.97%	8.39%	5.4%

Sapiens International Corporation N.V. (SPNS) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

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Deep Dive Analysis

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Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Sapiens International Corporation N.V. (SPNS) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare SPNS vs Peers

vs INTU

vs FICO

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios