Insight Enterprises, Inc.
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
Insight Enterprises' operating inflection is genuine — Q2 2026 revenue grew 14.7% YoY to $2.40B with three consecutive positive earnings surprises (most recently $3.86 actual vs $2.93 estimated, a 31.7% beat) — but the stock at $160.47 trades at a P/E of 23.43, a 39.3% premium to the peer median of 16.81, and sits roughly 48% above its 200-day moving average of $108.69.
FY2025 fundamentals remain weak (revenue down 5.2%, net income down 37.0%, total debt up to $1.59B, FCF margin compressed to 3.4%), and 24-month insider net selling of $80.6M persists with no cluster buying. The turnaround is real but largely priced in; hold for Q3 2026 results on November 5 to confirm sustained multi-quarter traction before adding.
What could go wrong
- Valuation premium unsustainable. P/E of 23.43 is 39.3% above the peer median of 16.81; any earnings miss at the November 5 Q3 2026 report could trigger a sharp de-rating given the stock's extended position above its 200-day MA of $108.69.
- Balance sheet deterioration. Total debt rose to $1.59B at FY2025 year-end from $1.08B in FY2024, while FCF fell to $279.3M from $586.1M, limiting financial flexibility if the revenue recovery stalls.
- Persistent insider selling. Over 24 months, insiders net sold 612,356 shares worth $80.6M with only 1 acquisition (an RSU vesting); no cluster buying signals confidence from management at current levels.
- Margin compression risk. FY2025 net margin of 1.9% is the lowest in five years despite gross margin improving to 21.4%, suggesting operating leverage is not flowing through to the bottom line.
What would change my mind
Where this comes from: results, quarter to 30 Jun · earnings vs estimates, 6 Aug · peer comparison · FY25 fundamentals. Orin's read on NSIT; not advice.
How has the share price moved?
Up 66.8% over twelve months, from $106.94 on 27 Oct 2025 to $178.35 at the Tue 27 Oct 2026 close. Its highest close in that time was $178.72 on 26 Oct 2026; the last close is 0.2% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 1.5M, on 6 May 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All NSIT filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $587.2M | 0.0% |
| Morgan Stanley | $345.4M | 0.0% |
| Vanguard Portfolio Management | $312.8M | 0.0% |
| Vanguard Capital Management | $165.5M | 0.0% |
| State Street | $149.0M | 0.0% |
| FMR | $114.4M | 0.0% |
| Geode Capital Management | $99.2M | 0.0% |
| Analog Century Management | $94.0M | 3.4% |
| D. E. Shaw | $57.5M | 0.0% |
| Northern Trust | $52.3M | 0.0% |
59 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 500 Form 4 filings; open-market trades net −$80.6M. Of the 50 on hand, 0 were open-market purchases and 3 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about NSIT
Orin answers questions about NSIT from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 25.5× its last 12 months of profit (Thu 5 Nov close) — higher than in all 5 of its last 5 fiscal years (middle 17.0×); the typical Technology company on the NASDAQ is at 46.1×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 25.5×above usual | 17.0× | 46.1× |
| P/S | 0.50×above usual | 0.40× | — |
| EV/EBITDA | 12.1×above usual | 11.2× | — |
| P/B | 2.9×above usual | 2.5× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
Few analysts publish on it: 2 firms rated it in the last 18 months. The 12-month price targets on file average $143 (from $75 to $180) — 20% below the Tue 27 Oct close price. With so few, it is not a consensus; it is their published opinion, not Orin's.
$143
$75 – $180 · −20% against the last close
- 1 buy or overweight
- 1 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 25.5× its last 12 months of profit; the middle P/E of the 5 companies it is compared to that made a profit is 20.7×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| NSITInsight Enterprises, Inc. | $4B | 25.5× | 12.1× | 22.0% | 2.0% | 11% |
| ACNAccenture plc | $144B | 17.2× | 10.9× | 32.0% | 11.3% | 27% |
| CTSHCognizant Technology Solutions Corporation | $30B | 14.2× | 7.5× | 32.0% | 10.3% | 15% |
| EPAMEPAM Systems, Inc. | $9B | 20.7× | 10.5× | 29.3% | 7.5% | 12% |
| IBMInternational Business Machines Corporation | $237B | 21.0× | 16.6× | 58.0% | 16.0% | 33% |
| MSFTMicrosoft Corporation | $3.95T | 29.5× | 19.1× | 67.9% | 40.3% | 33% |
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 25.5× its last 12 months of profit (Thu 5 Nov close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now25.5×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the NASDAQ were priced at a typical 46.1× their yearly profit (Tue 27 Oct close).
- Now46.1×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $181 a share — 2% above the $178.36 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $181 | 2% above $178.36 |
| Levered | $243 | 36% above $178.36 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.