Nice
NICE Technology Software Application
Nice’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 7.68% from fiscal 2024. In the quarter to June 2026, revenue grew 7.65%, EPS fell 53.2% and free cash flow grew 141.2%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for ten.
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Nice (NICE) Altman Z-score
Nice's Altman Z-score for fiscal 2025 is 5.46, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 5.46 | (0.17) |
| FY2024 | 5.63 | (0.34) |
| FY2023 | 5.96 | 0.32 |
| FY2022 | 5.64 | (1.85) |
| FY2021 | 7.49 | (0.31) |
| FY2020 | 7.80 | 2.41 |
| FY2019 | 5.40 | 0.84 |
| FY2018 | 4.56 | 0.38 |
| FY2017 | 4.18 | 1.03 |
| FY2016 | 3.15 | (3.02) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.10 | — | 0.12 | |
| Retained earnings / total assets | 0.65 | — | 0.91 | |
| EBIT / total assets | 0.13 | — | 0.42 | |
| Market value of equity / total liabilities | 5.73 | — | 3.44 | |
| Sales / total assets | 0.58 | — | 0.58 | |
| Altman Z-score | Safe zone | 5.46 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.91 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| APPF AppFolio, Inc. compare | 37.8× |
| TTAN ServiceTitan Inc. compare | 19.3× |
| YMM Full Truck Alliance Co. Ltd. Sponsored ADR compare | 13.3× |
| DUOL Duolingo, Inc. compare | 9.0× |
| NICE Nice | 5.5× |
| CVLT CommVault Systems, Inc. compare | 1.2× |
| RNG Ringcentral, Inc. compare | 0.7× |
| NAVN Navan, Inc. compare | 0.4× |
| LYFT Lyft, Inc. compare | 0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets