Tearsheet

Open Text (OTEX)

Market Price (12/4/2025): $33.71 | Market Cap: $8.6 Bil
Sector: Information Technology | Industry: Application Software

Open Text (OTEX)

Market Price (12/4/2025): $33.71
Market Cap: $8.6 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 9.6%	Weak multi-year price returns 2Y Excs Rtn is -63%, 3Y Excs Rtn is -49%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Cloud Computing, and Cybersecurity. Themes include Software as a Service (SaaS), Hybrid Cloud Solutions, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, Dividend Yield is 2.9%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%, FCF Yield is 9.6%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 20%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Cloud Computing, and Cybersecurity. Themes include Software as a Service (SaaS), Hybrid Cloud Solutions, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -63%, 3Y Excs Rtn is -49%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 58%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022
Share Price CYE	$33.71	$27.55	$39.58	$27.22
Market Cap CYE ($ Bil)	8.6	7.3	10.7	7.4
Total Debt ($ Bil)	6.6	6.6	6.7	9.2
Total Cash ($ Bil)	1.1	1.2	1.3	1.2
Enterprise Value ($ Bil)	14.1	13.9	17.4	16.6
Valuation Ratios
P/S TTM	1.8	1.4	2.0	1.8
P/EBIT TTM	10.0	8.7	8.8	13.3
P/E TTM	19.2	17.1	24.5	53.3
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0

	12/4/25	2024
Share Price CYE	$33.71	$27.55
Market Cap CYE ($ Bil)	8.6	7.3
Total Debt ($ Bil)	6.6	6.6
Total Cash ($ Bil)	1.1	1.2
Enterprise Value ($ Bil)	14.1	13.9
Valuation Ratios
P/S TTM	1.8	1.4
P/EBIT TTM	10.0	8.7
P/E TTM	19.2	17.1
Sector Ratios
P/S TTM (Sector)	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0
P/E TTM (Sector)	0.0	0.0

	OTEX	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	5.2
Rev Chg Q	1.5%	7.1%
Rev Chg LTM	-7.6%	6.1%
Rev Chg 3Y Avg	15.8%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	1.1
CFO LTM ($ Bil)	1.1
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	20.7%	18.8%
CFO/Rev LTM	20.4%	20.5%
Net Inc Mgn	9.6%	13.1%
VALUATION	LOW
P/S	1.8	3.2
P/CFO	9.0	15.8
P/FCF	10.5	20.5
P/E	19.2	23.5
STABILITY	FAIR
Debt/Equity	0.69	0.20
Cash/Assets	0.08	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Enterprise Cloud Bookings	$160M	11052025	Link
# of Cloud Deals >$1M	33	11052025	Link
Cloud Net Renewal Rate	96%	11052025	Link
Customer Support Net Renewal Rate	91%	11052025	Link

Recent
11/05/2025	Earnings Release	Rev: $1.0 Bil (A) vs. $1.0 Bil (E) EPS: 1.05 (A) vs. $1.00 (E)
Upcoming
12/05/2025	Dividend	Amount: $0.28 Payment On: 12/19/2025
2/05/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $1.04 (E)

OTEX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points for why Open Text (OTEX) stock moved by approximately 2% in the period leading up to December 4, 2025:

1. Technical Buy Signal and Price Rebound: Open Text's stock experienced a 3.13% price increase from November 20, 2025, to December 2, 2025, following the issuance of a technical "buy signal" from a pivot bottom point on November 20, 2025. This indicated a rebound in investor confidence after a perceived low point.

2. Support from Accumulated Volume: The stock found a significant support level at $33.47 due to accumulated trading volume. This level likely acted as a floor, attracting buyers and contributing to an upward price reaction when tested.

Stock Movement Drivers

Fundamental Drivers

The 2.5% change in OTEX stock from 9/3/2025 to 12/3/2025 was primarily driven by a 13.9% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	32.64	33.46	2.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5168.40	5187.53	0.37%
Net Income Margin (%)	8.43%	9.60%	13.86%
P/E Multiple	19.30	17.04	-11.71%
Shares Outstanding (Mil)	257.70	253.65	1.57%
Cumulative Contribution			2.49%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
OTEX	2.5%
Market (SPY)	6.2%	49.0%
Sector (XLK)	11.0%	47.5%

Fundamental Drivers

The 19.6% change in OTEX stock from 6/4/2025 to 12/3/2025 was primarily driven by a 51.9% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	27.97	33.46	19.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5220.02	5187.53	-0.62%
Net Income Margin (%)	12.55%	9.60%	-23.51%
P/E Multiple	11.22	17.04	51.89%
Shares Outstanding (Mil)	262.84	253.65	3.50%
Cumulative Contribution			19.50%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
OTEX	19.6%
Market (SPY)	15.1%	45.2%
Sector (XLK)	22.7%	38.8%

Fundamental Drivers

The 12.1% change in OTEX stock from 12/3/2024 to 12/3/2025 was primarily driven by a 15.0% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	29.84	33.46	12.13%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5613.15	5187.53	-7.58%
Net Income Margin (%)	8.35%	9.60%	15.03%
P/E Multiple	17.03	17.04	0.05%
Shares Outstanding (Mil)	267.40	253.65	5.14%
Cumulative Contribution			11.83%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
OTEX	12.1%
Market (SPY)	14.3%	57.9%
Sector (XLK)	23.1%	55.2%

Fundamental Drivers

The 24.4% change in OTEX stock from 12/4/2022 to 12/3/2025 was primarily driven by a 127.6% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	26.90	33.46	24.40%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3513.57	5187.53	47.64%
Net Income Margin (%)	4.22%	9.60%	127.58%
P/E Multiple	48.95	17.04	-65.20%
Shares Outstanding (Mil)	269.80	253.65	5.99%
Cumulative Contribution			23.95%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
OTEX	-11.8%
Market (SPY)	53.2%	51.5%
Sector (XLK)	60.2%	47.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
OTEX Return	5%	6%	-36%	45%	-30%	22%	-12%
Peers Return	62%	4%	-31%	38%	62%	-21%	105%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
OTEX Win Rate	67%	50%	50%	67%	58%	80%
Peers Win Rate	57%	43%	28%	56%	48%	44%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
OTEX Max Drawdown	-33%	-3%	-45%	0%	-33%	-18%
Peers Max Drawdown	-19%	-13%	-39%	-3%	-13%	-36%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ADBE, VEEV, PEGA, SPSC, BMR. See OTEX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	OTEX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-53.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	115.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-38.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	63.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	319 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-20.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	132 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-40.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	68.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	269 days	1480 days

Compare to ADBE, VEEV, PEGA, SPSC, BMR

In The Past

Open Text's stock fell -53.6% during the 2022 Inflation Shock from a high on 9/2/2021. A -53.6% loss requires a 115.5% gain to breakeven.

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About Open Text (OTEX)

Open Text Corporation engages in the designs, develops, markets, and sells information management software and solutions. It offers content services; business network that manages data within the organization and outside the firewall; security and protection solutions for defending against cyber threats, and preparing for business continuity and response in the event of a breach; digital investigation and forensic security solutions; OpenText security solutions to address information cyber resilience needs; Carbonite and Webroot products; and OpenText Information Management software platform. The company also provides Discovery platform that provides forensics and unstructured data analytics; OpenText Developer Cloud; key developer API services; AI and analytics that leverages structured or unstructured data; digital process automation solutions, which enables organizations to transform into digital data-driven businesses; and OpenText Digital Experience platform. In addition, it offers customer support programs, including access to software upgrades, a knowledge base, discussions, product information, and an online mechanism to post and review trouble tickets; and consulting and learning services relating to the implementation, training, and integration of its licensed product offerings, as well as cloud services. The company serves organizations, enterprise and mid-market companies, public sector agencies, small and medium-sized businesses, and direct consumers in Canada, the United States, the United Kingdom, Germany, rest of Europe, the Middle East, Africa, and internationally. It has strategic partnerships with SAP SE, Google Cloud, Amazon AWS, Microsoft Corporation, Oracle Corporation, Salesforce.com Corporation, Accenture plc, ATOS, Capgemini Technology Services SAS, Cognizant Technology Solutions U.S. Corp., Deloitte Consulting LLP, and Tata Consultancy Services. The company was incorporated in 1991 and is headquartered in Waterloo, Canada.

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Analogy 1: Open Text is like the SAP for unstructured business information.

Analogy 2: Open Text is like the Google for a corporation's internal documents and content, helping businesses organize and search their vast digital archives.

Analogy 3: Open Text is like the Salesforce for all of a company's digital information and content, rather than just customer relationships, helping businesses automate and manage their data.

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Content Services: Provides tools for managing the complete lifecycle of enterprise content, including document management, records management, and workflow automation.
Business Network: Offers solutions for secure and automated exchange of business documents and data between organizations, facilitating B2B integration.
Experience: Delivers platforms for managing digital assets and creating personalized customer experiences across multiple channels.
Security: Encompasses products for data protection, threat intelligence, and identity and access management to secure enterprise information.
IT Operations Management (ITOM): Provides tools to monitor, manage, and automate an organization's IT infrastructure and applications.
AI & Analytics: Integrates artificial intelligence and machine learning capabilities to derive insights from enterprise data and enhance decision-making.

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Open Text (OTEX) Major Customers

Open Text (OTEX) primarily operates as a business-to-business (B2B) company, providing Enterprise Information Management (EIM) software and services to large organizations across various industries worldwide.

Due to the nature of its diversified enterprise software business, Open Text typically serves thousands of clients, and no single customer generally constitutes a "major customer" in terms of contributing a significant percentage (e.g., 10% or more) of its total revenue. Therefore, Open Text does not publicly disclose such individual major customers in its financial filings.

However, Open Text's client base includes many of the world's leading companies. Here are examples of prominent public companies that have been cited as users of Open Text's solutions, representing the caliber and diversity of its customer portfolio:

BMW AG (Bayerische Motoren Werke AG) - Symbols: ETR: BMW, OTC: BAMXF
Capital One Financial Corp. - Symbol: NYSE: COF
HSBC Holdings plc - Symbols: LSE: HSBA, NYSE: HSBC
Pfizer Inc. - Symbol: NYSE: PFE
Siemens AG - Symbols: ETR: SIE, OTC: SIEGY

These examples illustrate the enterprise-level, global companies that rely on Open Text's solutions for managing their information and content, streamlining business processes, and enabling digital transformation across sectors such as automotive, financial services, pharmaceuticals, and manufacturing.

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Microsoft (Symbol: MSFT)
Amazon (Symbol: AMZN)

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Open Text (OTEX) Management Team:

James McGourlay, Interim Chief Executive Officer

James McGourlay was appointed Interim Chief Executive Officer of Open Text in August 2025, succeeding Mark J. Barrenechea. A 25-year veteran of OpenText, Mr. McGourlay has held various senior positions within the company, including Executive Vice President of International Sales. His extensive experience at OpenText spans international sales, technical support, and customer operations.

Steve Rai, Executive Vice President and Chief Financial Officer

Steve Rai became the Executive Vice President and Chief Financial Officer of Open Text in 2025, joining around October. Prior to OpenText, Mr. Rai served as the Chief Financial Officer of BlackBerry Limited. He has a background in senior finance positions at PMC-Sierra and PricewaterhouseCoopers LLP. Mr. Rai brings experience in corporate technology, organizational changes, and portfolio shaping from his previous roles.

P. Thomas Jenkins, Executive Chair and Chief Strategy Officer

P. Thomas Jenkins serves as the Executive Chair and Chief Strategy Officer of Open Text, a role he assumed in August 2025. He has a long history with OpenText, having served as President and Chief Executive Officer from 1994 to 2005, and then as Chief Strategy Officer from 2005 to 2013. Mr. Jenkins has been a Director of OpenText since 1994 and its Chairman since 1998. He is also a founder of Communitech and has held executive positions with DALSA Inc. Additionally, he has served on the boards of Manulife Financial Corporation, Thomson Reuters Inc., and TransAlta Corporation.

Savinay Berry, Executive Vice President, Chief Product Officer, and Chief Technology Officer

Savinay Berry was promoted to Chief Technology Officer in August 2025, having previously served as Executive Vice President and Chief Product Officer. He leads the Product & Engineering organization, defining the vision and strategy for OpenText products. Prior to rejoining OpenText, Mr. Berry led Products and Engineering at Vonage (part of Ericsson), where he was part of the executive team that drove significant growth leading to Vonage's acquisition by Ericsson in 2022. He also held roles at Empowered Inc. (acquired by Qualcomm), Dell EMC, Intuit, and Dell Inc.

Paul Duggan, President and Chief Customer Officer

Paul Duggan is the President and Chief Customer Officer at OpenText, leading the Customer Success Organization. He joined OpenText in January 2017 as the Senior Vice President of Revenue Operations. Before joining OpenText, Mr. Duggan spent 17 years at Oracle Corporation, where he was the Group Vice President of Support Renewal Sales, North America, responsible for $6 billion in annual support revenue. He also held key leadership roles within Education Sales and Operations for Oracle and Siebel Systems.

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Open Text (symbol: OTEX) operates in a total addressable market (TAM) that is estimated to be between $200 billion and $250 billion globally. The company's main products and services fall under several key market areas, including Enterprise Information Management (EIM), Content Services Platforms, Cybersecurity, and Business Network Solutions.

Enterprise Information Management (EIM): The global enterprise information management market is projected to reach approximately $507.15 billion by 2034, growing from $125.87 billion in 2025. Another estimate places the global EIM software market at $26.4 billion in 2023, anticipated to reach $65.4 billion by 2033. North America held the largest market share in the global EIM sector.
Content Services Platforms (CSP): The global content services platforms market was valued at approximately $68.33 billion in 2024 and is expected to grow to around $302.77 billion by 2034. Other estimates for the global CSP market include $78.14 billion in 2025, reaching $144.93 billion by 2030, or $62.7 billion in 2025, reaching $165.8 billion by 2032. North America consistently holds a significant share of this market, with estimates ranging from 33.4% to 38.42% in 2024.
Cybersecurity: The global cybersecurity software market is estimated to be around $141.13 billion in 2025 and is projected to reach $265.99 billion by 2030. A broader "cyber security market" was estimated at $245.62 billion in 2024 and is projected to reach $500.70 billion by 2030. Another source indicates the Global Cybersecurity Software Market was valued at $191.75 billion in 2024, with projections to escalate to $500.0 billion by 2035. North America is a dominant region in the cybersecurity market.
Business Network Solutions: While a specific global market size for "Business Network Solutions" was not directly found in the search results, related markets provide insights. The global industrial networking solutions market size was valued at $34.34 billion in 2024 and is projected to grow to $125.84 billion by 2032. North America accounted for 36.95% of this market in 2024. The global enterprise networking market was estimated at $215.45 billion in 2024 and is projected to reach $298.30 billion by 2030. Asia Pacific dominated the enterprise networking market with a 40.3% share in 2024. The global Network as a Service (NaaS) market was valued at $24.0 billion in 2024 and is estimated to reach $185.0 billion by 2033. North America held the largest share of the NaaS market at 41.4% in 2024.

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Open Text (symbol: OTEX) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives focused on cloud expansion, artificial intelligence integration, and portfolio optimization. Here are the key expected drivers:

Accelerated Cloud Revenue Growth and Transition to Cloud-Native Offerings: Open Text is undergoing a significant business model transition, with a strong emphasis on expanding its cloud services and recurring revenue streams. The company has consistently reported organic cloud growth, with cloud revenues increasing by 6% in Q1 fiscal 2026 and enterprise cloud bookings up 20% year-over-year. OpenText anticipates total cloud revenue growth of 3% to 4% for fiscal 2026, leading its business and driving overall annual recurring revenue (ARR) back to growth. The company is also expanding its Private Cloud capabilities to meet rising global demand for data sovereignty and compliance, particularly in highly regulated industries.
Integration of Artificial Intelligence (AI) into Products and Services: Open Text is heavily investing in and launching new AI-powered solutions across its portfolio. The company is strategically positioned in "Information Management for AI," leveraging its extensive customer data and numerous data connectors to enhance AI training and capabilities. New AI-embedded cybersecurity features, aimed at unifying defenses and improving threat detection, are a notable example of this focus. OpenText's Titanium X platform, launched in April 2025, is a strategic roadmap to bring AI support to various IT operations, cybersecurity, content services, and application development.
Strategic Portfolio Reshaping through Divestitures and Focused Investments: Open Text is actively divesting non-core business units, such as the eDOCS business and the Application Modernization and Connectivity (AMC) business, to sharpen its focus on core Information Management offerings and cloud-centric strategies. This "shrink to grow" approach aims to optimize the business for long-term value creation by concentrating resources on high-growth areas like cloud, AI, and security. While past acquisitions like Micro Focus provided significant revenue boosts, the current strategy emphasizes organic growth within a streamlined portfolio and strategic, accretive M&A in the future.
Expansion of Cybersecurity Offerings: Open Text is committed to making cybersecurity a top category for the company, investing in new solutions and cross-selling opportunities. The company has launched new AI-powered cybersecurity solutions designed to provide comprehensive defense across identity, data, applications, and forensics. This strategic push aims to meet increasing customer needs for adaptive and compliant enterprise cybersecurity solutions.

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Share Repurchases

Open Text returned $683 million to shareholders in Fiscal Year 2025, which included $411 million from share repurchases.
In August 2025, Open Text announced a new $300 million share repurchase program for Fiscal Year 2026.
In March 2025, the company increased its Fiscal 2025 normal course issuer bid to a maximum aggregate value of US$450 million. Since August 7, 2024, approximately 8.9 million shares had been repurchased for cancellation for about US$258 million under this program.

Share Issuance

Proceeds from the issuance of common shares through the exercise of stock options and the Employee Stock Purchase Plan (ESPP) were approximately $9.447 million in Fiscal 2025 and $9.887 million in Fiscal 2024.
For the first quarter of Fiscal Year 2026, proceeds from share issuance via stock options and ESPP totaled approximately $8.380 million.

Outbound Investments

Open Text acquired British software firm Micro Focus in January 2023 for US$6 billion.
In May 2024, the company divested its Application Modernization and Connectivity (AMC) business, a former Micro Focus unit, to Rocket Software for US$2.28 billion.
Open Text announced in October 2025 a definitive agreement to sell its eDOCS business unit to NetDocuments for US$163 million in cash.

Capital Expenditures

Capital expenditures were approximately $144 million for Fiscal Year 2025 (calculated from $831 million operating cash flow and $687 million free cash flow).
For Fiscal Year 2024, capital expenditures amounted to approximately $160 million (calculated from $968 million operating cash flow and $808 million free cash flow).
Open Text focuses its capital investments on driving growth in AI, Cloud, and Security opportunities.

Better Bets than Open Text (OTEX)

	OTEX	Better Performance than OTEX
Metric	Value	INDUSTRY: Application Software
Rev Chg LTM	-7.6%	APP (86.4%), PLTR (47.2%), SHOP (30.2%), ORCL (9.7%), CRM (8.3%)
Rev Chg 3Y Avg	15.8%	SNOW (36.3%), APP (36.0%), PLTR (29.3%), SHOP (26.8%), WDAY (16.5%)
Op Mgn LTM	20.7%	APP (52.5%), ORCL (31.6%), INTU (26.2%), PLTR (21.8%), CRM (21.2%)
CFO/Rev LTM	20.4%	APP (50.6%), PLTR (46.6%), ORCL (36.5%), CRM (33.3%), INTU (33.0%)
FCF/Rev LTM	17.5%	APP (50.6%), PLTR (46.0%), INTU (32.3%), CRM (31.6%), SHOP (17.8%)
Total Yield	8.1%	DJCO (16.6%), RMNI (10.0%), IBTA (9.3%), MSTR (8.6%), YOU (8.5%)
P/S	1.8	DBD (0.6), ALIT (0.7), RNG (1.0), LSPD (1.4), LYFT (1.4)
P/Op Inc	8.8	HTCR (1.3), IMMR (2.0)

	OTEX	Better Performance than OTEX
Metric	Value	SECTOR: Information Technology
Rev Chg LTM	-7.6%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), ORCL (9.7%), AAPL (6.0%)
Rev Chg 3Y Avg	15.8%	NVDA (92.0%), APP (36.0%), PLTR (29.3%), AVGO (24.0%), MU (20.3%)
Op Mgn LTM	20.7%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), AAPL (31.9%), ORCL (31.6%)
CFO/Rev LTM	20.4%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), ORCL (36.5%), AAPL (26.6%)
FCF/Rev LTM	17.5%	PLTR (46.0%), NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%)
Total Yield	8.1%	COMM (27.2%), HPQ (13.7%), MARA (13.6%), MSTR (8.6%), GIB (8.5%)
P/S	1.8	HPQ (0.4), JBL (0.8), HPE (0.8), DELL (0.8), CTSH (1.6)
P/Op Inc	8.8	COMM (4.4), INGM (6.1), HPQ (6.3), GIB (7.5), ARW (7.7)

	OTEX	Better Performance than OTEX
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-7.6%	LLY (36.8%), META (21.3%), GOOGL (13.4%), AMZN (10.9%), TSLA (-1.6%)
Rev Chg 3Y Avg	15.8%	LLY (23.4%), BRK-B (19.8%), UBER (19.6%), META (17.3%), ISRG (16.3%)
Op Mgn LTM	20.7%	MA (58.3%), META (43.2%), LLY (43.0%), GOOGL (32.2%), JNJ (26.2%)
CFO/Rev LTM	20.4%	META (56.8%), MA (56.1%), GOOGL (39.3%), JNJ (26.3%), LLY (20.5%)
FCF/Rev LTM	17.5%	MA (52.5%), META (23.7%), NFLX (20.7%), JNJ (20.3%), GOOGL (19.1%)
Total Yield	8.1%	XOM (10.3%), WFC (9.9%), JNJ (8.4%), CVX (8.3%), UNH (8.1%)
P/S	1.8	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6)
P/Op Inc	8.8	VZ (5.9), BUD (7.7), BMY (8.0), BN (8.1), T (8.3)

		Best Bets In Information Technology Sector
	OTEX
What You Pay
P/E	19.0
P/EBIT	10.0
What You Get
Rev Chg Q	1.5%
Rev Chg LTM	-7.6%
Rev Chg 3Y Avg	15.8%
FCF/Rev 3Y Avg	13.6%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Open Text Stock Drop Looks Sharp, But How Deep Can It Go?	Return
2	OTEX Dip Buy Analysis
3	Open Text Total Shareholder Return (TSR): 3.9% in 2025 and -2.3% 3-yr compounded annual returns (below peer average)
4	Open Text (OTEX) Operating Cash Flow Comparison	Financials
5	Open Text (OTEX) Net Income Comparison	Financials
6	Open Text (OTEX) Operating Income Comparison	Financials
7	Open Text (OTEX) Revenue Comparison	Financials
8	Fundamental Metrics: ...
9	Open Text (OTEX) worth $7.8 Bil (down $-1.9 Bil), still more valuable than FMC	Notification
10	Better Bet Than OTEX Stock: Pay Less Than Open Text To Get More From Industry Peers CARG, VRRM	Better Bets
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High		September 11th, 2025

	Title
0	DASHBOARDS
1	Open Text Stock Drop Looks Sharp, But How Deep Can It Go?
2	OTEX Dip Buy Analysis
3	Open Text Total Shareholder Return (TSR): 3.9% in 2025 and -2.3% 3-yr compounded annual returns (below peer average)
4	Open Text (OTEX) Operating Cash Flow Comparison
5	Open Text (OTEX) Net Income Comparison
6	Open Text (OTEX) Operating Income Comparison
7	Open Text (OTEX) Revenue Comparison
8	Fundamental Metrics: ...
9	Open Text (OTEX) worth $7.8 Bil (down $-1.9 Bil), still more valuable than FMC
10	Better Bet Than OTEX Stock: Pay Less Than Open Text To Get More From Industry Peers CARG, VRRM
11	ARTICLES
12	Small Cap Stocks Trading At 52-Week High

Trade Ideas

Select past ideas related to OTEX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.9%	0.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.8%	0.8%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	3.3%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.1%	5.1%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.0%	4.0%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Open Text

Peers to compare with:

Financials

	OTEX	ADBE	VEEV	PEGA	SPSC	BMR	Median
Name	Open Text	Adobe	Veeva Sy.	Pegasyst.	SPS Comm.	Beamr Im.
Mkt Price	33.46	326.78	241.33	54.72	83.50	2.22	69.11
Mkt Cap	8.5	138.2	39.5	9.3	3.2	-	9.3
Rev LTM	5,188	23,181	2,968	1,732	730	-	2,968
Op Inc LTM	1,075	8,402	799	303	108	-	799
FCF LTM	906	9,599	1,349	431	148	-	906
FCF 3Y Avg	719	7,925	1,108	300	127	-	719
CFO LTM	1,056	9,792	1,349	442	173	-	1,056
CFO 3Y Avg	864	8,185	1,108	315	149	-	864

Growth & Margins

	OTEX	ADBE	VEEV	PEGA	SPSC	BMR	Median
Name	Open Text	Adobe	Veeva Sy.	Pegasyst.	SPS Comm.	Beamr Im.
Rev Chg LTM	-7.6%	10.7%	15.3%	17.0%	19.3%	-	15.3%
Rev Chg 3Y Avg	15.8%	10.5%	14.1%	11.9%	19.1%	-	14.1%
Rev Chg Q	1.5%	10.7%	16.7%	17.3%	16.0%	-	16.0%
QoQ Delta Rev Chg LTM	0.4%	2.6%	4.0%	3.4%	3.7%	-	3.4%
Op Mgn LTM	20.7%	36.2%	26.9%	17.5%	14.8%	-	20.7%
Op Mgn 3Y Avg	18.1%	35.4%	22.5%	9.8%	14.4%	-	18.1%
QoQ Delta Op Mgn LTM	0.6%	-0.1%	-0.0%	0.8%	0.2%	-	0.2%
CFO/Rev LTM	20.4%	42.2%	45.5%	25.5%	23.8%	-	25.5%
CFO/Rev 3Y Avg	16.4%	39.0%	42.7%	20.2%	24.1%	-	24.1%
FCF/Rev LTM	17.5%	41.4%	45.5%	24.9%	20.3%	-	24.9%
FCF/Rev 3Y Avg	13.6%	37.7%	42.7%	19.2%	20.5%	-	20.5%

Valuation

	OTEX	ADBE	VEEV	PEGA	SPSC	BMR	Median
Name	Open Text	Adobe	Veeva Sy.	Pegasyst.	SPS Comm.	Beamr Im.
Mkt Cap	8.5	138.2	39.5	9.3	3.2	-	9.3
P/S	1.8	7.1	15.9	5.7	5.4	-	5.7
P/EBIT	10.0	18.8	58.9	29.5	36.4	-	29.5
P/E	19.0	23.5	58.1	35.3	46.4	-	35.3
P/CFO	9.0	16.7	34.9	22.2	22.7	-	22.2
Total Yield	8.1%	4.3%	1.7%	3.0%	2.2%	-	3.0%
Dividend Yield	2.9%	0.0%	0.0%	0.1%	0.0%	-	0.0%
FCF Yield 3Y Avg	7.7%	4.0%	3.1%	4.5%	2.4%	-	4.0%
D/E	0.7	0.0	0.0	0.0	0.0	-	0.0
Net D/E	0.6	0.0	-0.1	-0.0	-0.0	-	-0.0

Returns

	OTEX	ADBE	VEEV	PEGA	SPSC	BMR	Median
Name	Open Text	Adobe	Veeva Sy.	Pegasyst.	SPS Comm.	Beamr Im.
1M Rtn	-12.3%	-3.2%	-17.6%	-13.1%	1.2%	-12.3%	-12.3%
3M Rtn	2.5%	-6.2%	-10.9%	1.6%	-22.7%	-20.1%	-8.6%
6M Rtn	19.6%	-21.1%	-14.9%	8.0%	-42.4%	-30.6%	-18.0%
12M Rtn	12.1%	-36.7%	6.6%	14.8%	-56.4%	-27.5%	-10.4%
3Y Rtn	24.4%	-4.3%	38.0%	197.9%	-42.5%	-	24.4%
1M Excs Rtn	-12.3%	-3.1%	-17.5%	-13.1%	1.2%	-12.2%	-12.3%
3M Excs Rtn	-4.5%	-10.4%	-16.0%	-3.6%	-29.0%	-23.1%	-13.2%
6M Excs Rtn	4.9%	-35.8%	-29.6%	-6.7%	-57.1%	-45.3%	-32.7%
12M Excs Rtn	-0.5%	-50.2%	-7.6%	1.9%	-70.3%	-45.7%	-26.6%
3Y Excs Rtn	-48.8%	-73.5%	-43.5%	132.9%	-110.0%	-	-48.8%

Comparison Analyses

	Title
0	OTEX Looks Stronger Than PEGA With 29% Return Potential
1	VEEV Could Deliver 36% Returns And Outperform OTEX
2	Open Text vs. Cadence Design Systems: With Return Forecast Of 11%, Open Text Is A Better Bet
3	Open Text vs. Arista Networks: Both Seem Similar Bets
4	Open Text vs. Fortinet: Both Seem Similar Bets
5	Open Text vs. Hasbro: Similar Market Cap, Similar Bets
6	Open Text vs. Wayfair: Similar Market Cap, But Wayfair Is A Better Bet
7	Open Text vs. Campbell Soup: Similar Market Cap, Similar Bets
8	Open Text vs SPS Commerce: Industry Peers; Which Stock Is A Better Bet?
9	Open Text vs Liberty Global: Similar Market Cap; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 6/30	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021	6/30/2020
Filing Date	11/5/2025	8/7/2025	8/1/2024	8/3/2023	8/5/2022	8/5/2021	8/6/2020
Key Financials
Total Revenue	5,188	5,168	5,770	4,485	3,494	3,386	3,110
EBITDA	1,592	1,501	2,103	1,262	1,182	1,327	1,018
Operating Income	1,075	1,039	1,022	685	692	743	604
Net Income	498	436	465	150	397	311	234
EPS	1.91	1.66	1.71	0.56	1.46	1.14	0.86
Growth Rates
Total Revenue Growth	-7.6%	-10.4%	28.6%	28.4%	3.2%	8.9%	8.4%
EBITDA Growth	-19.3%	-28.6%	66.7%	6.7%	-10.9%	30.3%	-3.6%
Operating Income Growth	2.5%	1.6%	49.2%	-0.9%	-6.9%	23.0%	0.2%
Net Income Growth	6.3%	-6.3%	209.3%	-62.1%	27.8%	32.6%	-18.0%
Margins
EBITDA Margin	30.7%	29.0%	36.4%	28.1%	33.8%	39.2%	32.7%
Operating Income Margin	20.7%	20.1%	17.7%	15.3%	19.8%	21.9%	19.4%
Net Income Margin	9.6%	8.4%	8.1%	3.4%	11.4%	9.2%	7.5%
Cash & Debt
Total Cash	1,087	1,156	1,281	1,232	1,694	1,607	1,693
Total Debt	6,630	6,644	6,687	9,246	4,475	3,872	4,476
Net Debt / (Cash)	5,543	5,487	5,407	8,014	2,781	2,264	2,783
Cash Flows
Net Cash from Operations	1,056	831	968	779	982	876	955
Free Cash from Operations	906	687	808	655	889	812	882
Returns to Shareholders
Dividends	271	272	267	260	238	211	189
Share Repurchases	539	544	203	22	289	184	12

$ Mil \| FY: 6/30	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/7/2025	4/30/2025	2/6/2025	10/31/2024	8/1/2024	5/2/2024	2/1/2024	11/2/2023	8/3/2023	5/4/2023	2/2/2023
Key Financials Quarterly
Total Revenue	1,288	1,311	1,254	1,334	1,269	1,362	1,447	1,535	1,425	1,491	1,245	897
Ebitda	437	264	354	536	346	783	430	413	476	338	360	481
Operating Income	290	261	213	311	253	241	247	308	227	192	138	195
Net Income	147	29	93	230	84	248	98	38	81	-49	58	258
EPS	0.58	0.11	0.35	0.87	0.32	0.91	0.36	0.14	0.30	-0.18	0.21	0.96
Key Financials TTM
Total Revenue TTM	5,188	5,168	5,220	5,413	5,613	5,770	5,898	5,696	5,058	4,485	3,897	3,534
Ebitda TTM	1,592	1,501	2,020	2,096	1,973	2,103	1,657	1,586	1,655	1,262	1,189	1,111
Operating Income TTM	1,075	1,039	1,018	1,052	1,049	1,022	973	865	752	685	658	662
Net Income TTM	498	436	655	661	469	465	168	127	348	150	301	318
Growth Rates Quarterly
Total Revenue Growth	1.5%	-3.8%	-13.3%	-13.1%	-11.0%	-8.6%	16.3%	71.0%	67.3%	65.2%	41.1%	2.4%
EBITDA Growth	26.2%	-66.2%	-17.8%	29.9%	-27.3%	131.9%	19.6%	-14.2%	474.7%	27.4%	27.5%	64.2%
Operating Income Growth	14.5%	8.4%	-13.7%	1.0%	11.8%	25.9%	78.3%	58.0%	41.1%	16.9%	-3.0%	-3.5%
Net Income Growth	73.8%	-88.4%	-5.6%	510.1%	4.3%	609.4%	70.8%	-85.4%	169.2%	-147.7%	-22.9%	192.7%
Margins Quarterly
EBITDA Margin	33.9%	20.2%	28.2%	40.2%	27.3%	57.5%	29.7%	26.9%	33.4%	22.7%	28.9%	53.6%
Operating Income Margin	22.5%	19.9%	17.0%	23.3%	20.0%	17.7%	17.0%	20.1%	15.9%	12.8%	11.1%	21.7%
Net Income Margin	11.4%	2.2%	7.4%	17.2%	6.6%	18.2%	6.8%	2.5%	5.7%	-3.3%	4.6%	28.8%
Cash & Debt
Total Cash	1,087	1,156	1,278	1,122	1,000	1,281	1,125	1,003	920	1,232	1,397	2,821
Total Debt	6,630	6,644	6,652	6,660	6,678	6,687	8,657	8,844	9,043	9,246	9,441	5,450
Net Debt / (Cash)	5,543	5,487	5,374	5,538	5,678	5,407	7,532	7,841	8,124	8,014	8,044	2,629
Cash Flows Quarterly
FCF from Operations	148	158	402	348	-78	185	385	351	47	115	337	195
Cash Flows TTM
FCF from Operations TTM	1,056	831	858	840	843	968	898	850	694	779	916	903
Returns to Shareholders Quarterly
Dividends	68	66	68	68	69	67	67	66	67	65	65	65
Share Repurchases	108	206	120	106	112	150	-0	-0	53	22	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	12.3%	14.2%	10.4%	13.7%	13.0%	6.7%	9.8%	10.5%	8.1%	7.6%	5.6%	14.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.4%	12.8%	9.5%	9.7%	8.9%	8.9%	9.0%	8.6%	6.7%	4.7%	5.5%	10.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Design, development, marketing and sale of Information Management software and solutions	5,770	4,485	3,494	3,386	3,110
Total	5,770	4,485	3,494	3,386	3,110

Net Income by Segment

$ Mil	2025	2024	2023	2022	2021
Design, development, marketing and sale of Information Management software and solutions	465
Total	465

Price Behavior

Price Behavior

Market Price	$33.46
Market Cap ($ Bil)	8.5
First Trading Date	01/24/1996
Distance from 52W High	-15.7%
	50 Days	200 Days
DMA Price	$36.69	$30.45
DMA Trend	up	up
Distance from DMA	-8.8%	9.9%
	3M	1YR
Volatility	28.2%	31.2%
Downside Capture	127.49	111.87
Upside Capture	103.29	108.50
Correlation (SPY)	49.1%	57.9%

OTEX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.30	1.01	1.14	1.28	0.91	1.03
Up Beta	1.08	1.21	0.93	0.58	0.88	1.00
Down Beta	0.34	1.06	1.15	1.23	0.67	0.85
Up Capture	44%	41%	108%	163%	117%	122%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	22	37	72	133	404
Down Capture	203%	129%	127%	147%	108%	105%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	20	26	54	116	342

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of OTEX With Other Asset Classes (Last 1Y)
	OTEX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	13.4%	25.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	31.0%	27.6%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.42	0.81	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		55.1%	57.8%	12.5%	16.1%	40.1%	24.3%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of OTEX With Other Asset Classes (Last 5Y)
	OTEX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-2.7%	19.9%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	29.1%	24.6%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	-0.06	0.73	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		58.1%	60.4%	13.6%	13.6%	45.9%	25.5%

Based On 10-Year Data

		Comparison of OTEX With Other Asset Classes (Last 10Y)
	OTEX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.7%	22.2%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	27.7%	24.2%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.24	0.84	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		63.7%	64.8%	8.9%	22.7%	49.0%	16.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	9,446,520
Short Interest: % Change Since 10312025	13.0%
Average Daily Volume	1,327,061
Days-to-Cover Short Interest	7.12
Basic Shares Quantity	253,645,000
Short % of Basic Shares	3.7%

Returns Analyses

	Title
0	Open Text Stock Drop Looks Sharp, But How Deep Can It Go?
1	Open Text Stock Return Comparison
2	Open Text Total Shareholder Return (TSR): 12.4% in 2023 and 1.3% 3-yr returns (below peer average)
3	[9/28/2021] Open Text (OTEX) Stock Price Forecast: AI Forecasts OTEX Stock Price To Be Around $50.9 In A Month (Up 2.5%)
4	Open Text (OTEX) Stock Return: AI Predicts OTEX Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8072025	10-K 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2062025	10-Q 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8012024	10-K 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2012024	10-Q 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-K 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2022023	10-Q 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8052022	10-K 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2032022	10-Q 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Open Text (OTEX)

Market Price (12/4/2025): $33.71 | Market Cap: $8.6 BilSector: Information Technology | Industry: Application Software

Open Text (OTEX)

Market Price (12/4/2025): $33.71Market Cap: $8.6 BilSector: Information TechnologyIndustry: Application Software

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Market Price (12/4/2025): $33.71 | Market Cap: $8.6 Bil
Sector: Information Technology | Industry: Application Software

Market Price (12/4/2025): $33.71
Market Cap: $8.6 Bil
Sector: Information Technology
Industry: Application Software