What it is: A software business, earning high margins on code once it is written.
What moves the needle: Operating margin has run around −12% through the cycle on a 68% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. The cash cycle has run negative through the cycle (a median of −77 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on retention and the cost of growth. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Creative Subscription is 71% of revenue, with Business Solutions the other meaningful line at 29%.

Revenue by product line, FY2025

Creative Subscription71%$1.4B
Business Solutions29%$583M

By geographyUnited States56%Europe25%Other18%Israel1%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
											Income statement
$290M	$426M	$604M	$758M	$984M	$1.3B	$1.4B	$1.6B	$1.8B	$2.0B	$2.0B	RevenueRevenue
84%	84%	79%	74%	68%	62%	62%	67%	68%	68%	68%	Gross marginGross mgn
($44M)	($50M)	($31M)	($82M)	($199M)	($326M)	($285M)	($24M)	$100M	$2M	$2M	Operating incomeOp. inc.
−15.2%	−11.7%	−5.1%	−10.8%	−20.2%	−25.6%	−20.6%	−1.6%	5.7%	0.1%	0.1%	Operating marginOp. mgn
($47M)	($56M)	($37M)	($88M)	($167M)	($117M)	($425M)	$33M	$138M	$51M	$51M	Net incomeNet inc.
											Cash flow & returns
$41M	$83M	$116M	$150M	$148M	$66M	$37M	$248M	$497M	$583M	$583M	Operating cash flowOp. cash
$5M	$6M	$9M	$12M	$15M	$14M	$17M	$20M	$25M	$24M	$24M	DepreciationDeprec.
$83M	$134M	$144M	$225M	$300M	$169M	$445M	$195M	$334M	$508M	$508M	Working capital & otherWC & other
$4M	$12M	$14M	$21M	$18M	—	—	—	—	—	$18M	CapexCapex
1.5%	2.7%	2.3%	2.8%	1.9%	—	—	—	—	—	0.9%	Capex / revenueCapex/rev
$36M	$77M	$107M	$137M	$133M	—	—	—	—	—	$564M	Owner earningsOwner earn.
12.5%	18.2%	17.7%	18.1%	13.6%	—	—	—	—	—	28.3%	Owner earnings marginOE mgn
$36M	$71M	$102M	$128M	$130M	—	—	—	—	—	$564M	Free cash flowFCF
12.5%	16.8%	16.9%	16.9%	13.2%	—	—	—	—	—	28.3%	Free cash flow marginFCF mgn
—	—	—	$0	$0	$200M	$232M	$127M	$466M	$575M	—	BuybacksBuybacks
—	-497%	-26%	-45%	-58%	-80%	—	—	—	—	—	Return on equityROE
—	−497%	−26%	−45%	−58%	−80%	—	—	—	—	—	Retained to equityRetained/eq
											Balance sheet
$149M	$201M	$681M	$432M	$459M	$908M	$537M	$750M	$1000M	$795M	$661M	Cash & investmentsCash+inv
$8M	$11M	$14M	$17M	$24M	$30M	$42M	$57M	$45M	$42M	$42M	ReceivablesReceiv.
$21M	$34M	$46M	$38M	$80M	$115M	$96M	$38M	$47M	$75M	$75M	Accounts payablePayables
($12M)	($23M)	($32M)	($21M)	($56M)	($84M)	($54M)	$19M	($2M)	($33M)	($33M)	Operating working capitalOper. WC
$198M	$265M	$730M	$764M	$1.1B	$1.4B	$1.1B	$1.1B	$1.3B	$1.3B	$1.3B	Current assetsCur. assets
$207M	$302M	$340M	$444M	$631M	$774M	$1.2B	$789M	$1.5B	$1.1B	$1.1B	Current liabilitiesCur. liab.
1.0×	0.9×	2.1×	1.7×	1.7×	1.8×	1.0×	1.4×	0.8×	1.2×	1.2×	Current ratioCurr. ratio
$2M	$18M	$18M	$18M	$24M	$49M	$49M	$49M	$49M	$135M	$135M	GoodwillGoodwill
$215M	$330M	$845M	$1.1B	$1.9B	$2.1B	$1.8B	$1.8B	$1.9B	$2.6B	$2.6B	Total assetsAssets
($149M)	($201M)	($681M)	($432M)	($459M)	($908M)	($537M)	($750M)	($1000M)	($795M)	($661M)	Net debt / (cash)Net debt
($2M)	$11M	$141M	$195M	$287M	$146M	($263M)	($54M)	($79M)	($366M)	($366M)	Shareholders’ equityEquity
											Per share
58.8M	57.5M	53.7M	52.1M	54.4M	57.0M	58.0M	58.4M	60.0M	57.7M	56.1M	Shares out (diluted)Shares
$4.93	$7.40	$11.23	$14.53	$18.09	$22.27	$23.93	$26.74	$29.37	$34.53	$35.52	Revenue / shareRev/sh
$-0.80	$-0.98	$-0.69	$-1.68	$-3.07	$-2.06	$-7.33	$0.57	$2.31	$0.88	$0.90	EPS (diluted)EPS
$0.61	$1.35	$1.99	$2.64	$2.45	—	—	—	—	—	$10.06	Owner earnings / shareOE/sh
$0.61	$1.24	$1.90	$2.46	$2.38	—	—	—	—	—	$10.06	Free cash flow / shareFCF/sh
$0.08	$0.20	$0.25	$0.41	$0.34	—	—	—	—	—	$0.33	Cap. spending / shareCapex/sh
$-0.04	$0.20	$2.62	$3.74	$5.28	$2.56	$-4.54	$-0.93	$-1.31	$-6.34	$-6.52	Book value / shareBVPS

Share counts before 2020 are restated ×7 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+24.1%/yr	+13.8%/yr
Owner earnings / share	+41.3%/yr (4-yr)	+41.3%/yr (4-yr)
Capital spending / share	+45.7%/yr (4-yr)	+45.7%/yr (4-yr)

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

58Mpeak FY2024

Gross margin

68%low FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$133Mowner earningsvs.($167M)net incomelow FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2016–FY2020cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2020 the business earned $133M of owner earnings, the operating cash left after the $15M it takes just to hold its position. It put $4M more into growth; free cash flow, after that spending, was $130M.

	FY2020	FY2019	FY2018	FY2017	FY2016
Reported net income	($167M)	($88M)	($37M)	($56M)	($47M)
Depreciation & amortizationnon-cash charge added back	+$15M	+$12M	+$9M	+$6M	+$5M
Working capital & othertiming of cash in and out, other non-cash items	+$300M	+$225M	+$144M	+$134M	+$83M
Cash from operations	$148M	$150M	$116M	$83M	$41M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$15M	−$12M	−$9M	−$6M	−$4M
Owner earnings	$133M	$137M	$107M	$77M	$36M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$4M	−$9M	−$5M	−$6M	—
Free cash flow	$130M	$128M	$102M	$71M	$36M
Owner-earnings marginowner earnings ÷ revenue	14%	18%	18%	18%	12%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $15M, roughly its depreciation, the rate its assets wear out). The other $4M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 6.7×

Comfortable

Operating income $2M ÷ interest expense $262K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$661M

Net cash, debt-free

Cash $311M + ST investments $350M − debt $0

What this means
Cash and short-term investments exceed every dollar of debt by $661M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -35d

Negative, funded by others

DSO 8 + DIO 0 − DPO 43 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median -2%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 18%

High through the cycle

5-yr median margin, range 12%–18%; latest $564M = operating cash $583M − maintenance capex $18M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 28% of revenue this year, a 18% median across 5 years.
Are earnings backed by cash? 11.51×

Cash-backed

Cash from ops $583M ÷ net income $51M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 102%

Returned more than it generated

Dividends + buybacks $575M ÷ Owner Earnings $564M

What this means
The company returned more than it generated: against $564M of Owner Earnings, $575M (102%) went back to shareholders, $0 dividends, $575M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.75×

Harvesting

Capex $18M ÷ depreciation $24M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 0 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $2.0B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.19×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.35/share (latest year $0.92), the averaged base the calculator's gate runs on, and book value is $-6.66/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Operating margin −11% → 1% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about −11% early to 1% lately, median −12% — pricing power intact or improving.
Owner earnings growth +24%/yr

What this means
Owner earnings grew about 24% a year over the record.
Worst year 2021 · −25.6% op. margin

What this means
Operations went underwater in 2021, understand why before trusting the good years.
How management talks about it Owner’s terms

What this means
The record and the register agree: capital is compounding and the filing reasons in an owner’s terms — per-share value, return on capital, the long term — not a promoter’s.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing A competitive risk, new this year

Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.

“If we fail to successfully and meaningfully develop, adopt, use, differentiate and maintain AI capabilities into our internal operations, effectively manage the related risks or if we are unable to improve productivity, enhanced customer experience or accelerated innovation, our growth and competitiveness could suffer.…”

AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.3B

Cash & short-term investments$661M
Receivables$42M
Other current assets$622M

Current liabilities$1.1B

Accounts payable$75M
Other current liabilities$1.0B

Current ratio1.19×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.19×stricter: inventory excluded

Cash ratio0.59×strictest: cash alone against what's due

Working capital$211Mthe cushion left after near-term bills

Deeper floors

Tangible book value($533M)equity stripped of goodwill & intangibles

Net current asset value($1.7B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$43M$43M of it operating leases

Deferred revenue$737Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2020

Over the record, the business generated $537M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$70M · 13%
Retained (debt / cash)$467M · 87%

Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $512M.
Net change in share count−4.6%
The diluted count fell from 59M to 56M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Wix.com Ltd. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

None of the 3 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Software

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SABRSabre	$2.8B	57%	9.0%	8%	-0%
RXTRackspace Technology Inc.	$2.7B	29%	-6.7%	-10%	6%
IACIAC Inc.	$2.4B	66%	-3.9%	-2%	3%
FDSFactSet	$2.3B	53%	30.0%	30%	27%
WIXWix.com Ltd.	$2.0B	68%	-11.3%	—	18%
TBLATaboola.com Ltd.	$1.9B	30%	0.3%	-2%	6%
TRIPTripAdvisor Inc.	$1.9B	93%	6.9%	9%	10%
TEMTempus AI Inc.	$1.3B	—	-59.8%	-210%	-37%
Group median	—	57%	-1.8%	—	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Wix.com Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Wix.com Ltd. has delivered.

Wix.com Ltd.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Wix.com Ltd. earns about $357M on its 17.9% median owner-earnings margin. This year’s 28.3% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($357M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’16→’20+24%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $564M on 55M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $661M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh WIX against another business →

Cite: Owner Scorecard, "Wix.com Ltd. (WIX), the owner's record," https://ownerscorecard.com/c/WIX, data as of 2026-07-09.

Manual order: ← WIT its page in the Manual WKEY →

Industry order: ← WEAV the Software chapter WK →