NASDAQ : FORTY
Formula Systems (1985) Ltd. — Financial statements
Technology · Information Technology Services · Israel
Last price 122 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.81B
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Financial statements
Formula Systems (1985) Ltd. (FORTY) reported revenue of 2.93B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.93B | 2.63B | 2.22B | 2.11B | 2.57B | 2.40B |
| Cost of Revenue | 2.35B | 2.11B | 1.77B | 1.69B | 1.95B | 1.84B |
| Gross Profit | 580.28M | 519.16M | 445.76M | 421.20M | 622.47M | 563.86M |
| Selling, General & Admin | 335.20M | 311.99M | 249.72M | 248.66M | 317.96M | 289.99M |
| Research & Development | 21.15M | 20.02M | 18.08M | 14.49M | 72.13M | 65.86M |
| Other Operating Expenses | -25.86M | -9.23M | -5.37M | |||
| Operating Expenses | 330.48M | 322.79M | 262.42M | 263.16M | 390.08M | 355.84M |
| Operating Income | 249.80M | 196.38M | 183.33M | 158.04M | 232.38M | 208.02M |
| Interest Expense | -22.63M | -30.43M | -26.27M | -27.87M | -18.43M | -18.07M |
| Interest & Investment Income | 13.60M | 13.60M | 10.45M | 10.86M | 5.82M | 5.99M |
| Earnings From Equity Investments | 2.53M | 3.65M | 2.08M | 773.00K | -1.81M | 505.00K |
| Other Non Operating Income (Expenses) | -19.84M | -19.84M | -8.30M | -7.00M | -7.70M | -8.38M |
| EBT Excluding Unusual Items | 223.46M | 163.36M | 161.30M | 134.80M | 210.26M | 188.06M |
| Merger & Restructuring Charges | -13.32M | -13.32M | -356.00K | -775.00K | -1.08M | -3.54M |
| Gain (Loss) on Sale of Investments | 44.26M | |||||
| Other Unusual Items | 1.47M | |||||
| Pretax Income | 210.14M | 150.04M | 160.94M | 134.03M | 254.90M | 184.52M |
| Income Tax Expense | 48.09M | 40.46M | 38.77M | 31.83M | 55.23M | 42.61M |
| Earnings From Continuing Operations | 162.05M | 109.58M | 122.17M | 102.19M | 199.67M | 141.90M |
| Earnings From Discontinued Operations | 556.17M | 569.97M | 31.13M | 28.27M | ||
| Net Income to Company | 718.22M | 679.55M | 153.30M | 130.47M | 199.67M | 141.90M |
| Minority Interest in Earnings | -87.20M | -73.07M | -73.63M | -66.45M | -118.27M | -87.32M |
| Net Income | 631.02M | 606.48M | 79.67M | 64.01M | 81.39M | 54.59M |
| Net Income to Common | 631.02M | 606.48M | 79.67M | 64.01M | 81.39M | 54.59M |
| Shares Outstanding (Basic) | 15.31M | 15.31M | 15.30M | 15.30M | 15.30M | 15.29M |
| Shares Outstanding (Diluted) | 15.84M | 15.79M | 15.64M | 15.50M | 15.50M | 15.40M |
| EPS (Basic) | 41.21 | 39.62 | 5.21 | 4.18 | 5.32 | 3.57 |
| EPS (Diluted) | 39.83 | 38.40 | 5.09 | 4.12 | 5.21 | 3.50 |
| Free Cash Flow | 365.86M | 308.01M | 278.29M | 217.07M | 191.74M | |
| Free Cash Flow Per Share | 23.18 | 19.70 | 17.96 | 14.00 | 12.45 | |
| Dividend Per Share | 2.67 | 1.54 | 1.57 | 1.26 | 0.62 | 1.56 |
| Gross Margin | 19.83% | 19.76% | 20.09% | 19.96% | 24.20% | 23.45% |
| Operating Margin | 8.54% | 7.47% | 8.26% | 7.49% | 9.03% | 8.65% |
| Profit Margin | 21.57% | 23.09% | 3.59% | 3.03% | 3.16% | 2.27% |
| Free Cash Flow Margin | 13.93% | 13.88% | 13.19% | 8.44% | 7.98% | |
| EBITDA | 331.16M | 265.81M | 228.90M | 279.88M | 347.69M | 287.10M |
| EBITDA Margin | 11.32% | 10.12% | 10.32% | 13.26% | 13.52% | 11.94% |
| D&A For EBITDA | 81.36M | 69.43M | 45.56M | 121.83M | 115.31M | 79.08M |
| EBIT | 249.80M | 196.38M | 183.33M | 158.04M | 232.38M | 208.02M |
| EBIT Margin | 8.54% | 7.47% | 8.26% | 7.49% | 9.03% | 8.65% |
| Effective Tax Rate | 22.88% | 26.96% | 24.09% | 23.75% | 21.67% | 23.09% |
| Revenue as Reported | 2.63B | 2.63B | 2.22B | 2.11B | 2.57B | 2.40B |
| Advertising Expenses | 8.65M | 12.82M | 13.89M | 19.41M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 863.79M | 1.28B | 507.80M | 451.95M | 544.34M | 485.39M |
| Short-Term Investments | 750.00K | 372.00K | 55.40M | 76.22M | 23.98M | 25.92M |
| Trading Asset Securities | 738.00K | 1.14M | ||||
| Cash & Short-Term Investments | 864.54M | 1.28B | 563.20M | 528.17M | 569.06M | 512.46M |
| Accounts Receivable | 947.33M | 774.47M | 803.24M | 721.01M | 702.73M | 696.32M |
| Other Receivables | 36.38M | 41.88M | 43.99M | 22.34M | 23.25M | |
| Receivables | 947.33M | 810.85M | 845.12M | 765.00M | 725.07M | 719.57M |
| Inventory | 51.79M | 30.25M | 30.73M | 42.01M | 35.18M | 21.22M |
| Prepaid Expenses | 104.18M | 44.23M | 48.00M | 40.68M | 42.19M | 48.87M |
| Total Current Assets | 1.97B | 2.17B | 1.49B | 1.38B | 1.37B | 1.30B |
| Property, Plant & Equipment | 213.71M | 192.58M | 207.44M | 173.04M | 171.65M | 172.50M |
| Long-Term Investments | 424.25M | 353.46M | 43.90M | 45.23M | 35.47M | 29.61M |
| Goodwill | 646.24M | 975.08M | 936.58M | 926.16M | 932.85M | |
| Other Intangible Assets | 871.11M | 148.11M | 217.66M | 207.47M | 222.89M | 242.15M |
| Long-Term Accounts Receivable | 102.00K | 7.92M | 7.83M | 5.38M | 2.96M | |
| Long-Term Deferred Tax Assets | 29.07M | 26.91M | 33.85M | 46.86M | 42.03M | 46.36M |
| Other Long-Term Assets | 50.02M | 42.01M | 19.74M | 18.88M | 20.00M | |
| Total Assets | 3.51B | 3.58B | 3.01B | 2.81B | 2.79B | 2.75B |
| Accounts Payable | 371.66M | 368.32M | 296.21M | 258.65M | 222.48M | 205.84M |
| Accrued Expenses | 242.64M | 431.52M | 332.89M | 282.51M | 287.56M | 287.96M |
| Short-Term Debt | 118.27M | 88.00M | 64.67M | 70.00M | 86.38M | |
| Current Portion of Long-Term Debt | 289.56M | 136.33M | 140.57M | 154.18M | 156.17M | 137.77M |
| Current Portion of Leases | 45.72M | 42.90M | 45.24M | 44.06M | 45.50M | 41.66M |
| Current Unearned Revenue | 197.96M | 157.54M | 173.96M | 137.64M | 131.64M | 140.66M |
| Other Current Liabilities | 185.87M | 75.45M | 61.61M | 43.94M | 87.63M | 47.33M |
| Total Current Liabilities | 1.33B | 1.33B | 1.14B | 985.66M | 1.00B | 947.60M |
| Long-Term Debt | 222.03M | 186.97M | 250.82M | 322.43M | 421.51M | 362.26M |
| Long-Term Leases | 113.28M | 107.81M | 119.59M | 84.64M | 78.97M | 84.84M |
| Long-Term Unearned Revenue | 15.32M | 16.46M | 12.52M | 4.87M | 8.86M | 17.76M |
| Pension & Post-Retirement Benefits | 5.48M | 5.55M | 10.24M | 10.43M | 9.12M | 12.64M |
| Long-Term Deferred Tax Liabilities | 87.87M | 83.43M | 42.89M | 59.21M | 59.47M | 78.14M |
| Other Long-Term Liabilities | 72.53M | 74.92M | 51.01M | 37.18M | 38.13M | 65.55M |
| Total Liabilities | 1.85B | 1.81B | 1.63B | 1.50B | 1.62B | 1.57B |
| Common Stock | 1.21B | 4.35M | 4.35M | 4.35M | 4.35M | 4.34M |
| Additional Paid-In Capital | 166.24M | 152.65M | 157.48M | 145.37M | 153.05M | |
| Retained Earnings | 1.11B | 536.01M | 475.22M | 419.45M | 358.31M | |
| Treasury Stock | -259.00K | -259.00K | -259.00K | -259.00K | -259.00K | |
| Comprehensive Income & Other | 77.34M | -13.42M | -11.03M | -17.03M | 25.52M | |
| Total Common Equity | 1.21B | 1.35B | 679.34M | 625.76M | 551.88M | 540.96M |
| Minority Interest | 449.96M | 424.54M | 710.01M | 682.42M | 625.05M | 638.83M |
| Shareholders' Equity | 1.66B | 1.78B | 1.39B | 1.31B | 1.18B | 1.18B |
| Total Liabilities & Equity | 3.51B | 3.58B | 3.01B | 2.81B | 2.79B | 2.75B |
| Total Debt | 670.60M | 592.26M | 644.21M | 669.99M | 772.14M | 712.91M |
| Net Cash (Debt) | 193.94M | 688.23M | -81.01M | -141.82M | -203.09M | -200.45M |
| Net Cash Per Share | 12.25 | 43.59 | -5.18 | -9.15 | -13.10 | -13.01 |
| Filing Date Shares Outstanding | 15.32M | 15.33M | 15.33M | 15.33M | 15.33M | 15.32M |
| Total Common Shares Outstanding | 15.32M | 15.33M | 15.33M | 15.33M | 15.32M | 15.29M |
| Working Capital | 634.43M | 835.49M | 348.57M | 390.19M | 370.51M | 354.52M |
| Book Value Per Share | 78.74 | 88.26 | 44.31 | 40.81 | 36.03 | 35.37 |
| Tangible Book Value | 334.99M | 558.91M | -513.40M | -518.29M | -597.17M | -634.05M |
| Tangible Book Value Per Share | 21.87 | 36.45 | -33.48 | -33.80 | -38.99 | -41.46 |
| Machinery | 132.87M | 148.24M | 142.62M | 147.47M | 153.64M | |
| Leasehold Improvements | 44.54M | 48.27M | 43.13M | 42.82M | 41.91M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 606.48M | 79.67M | 64.01M | 81.39M | 54.59M | |
| Depreciation & Amortization | 124.97M | 94.45M | 121.83M | 115.31M | 122.18M | |
| Other Amortization | 27.55M | 21.05M | ||||
| Loss (Gain) From Sale of Assets | -577.05M | 589.00K | 66.00K | -44.30M | -21.00K | |
| Asset Writedown & Restructuring Costs | 1.44M | |||||
| Loss (Gain) From Sale of Investments | -9.22M | 5.00K | 19.00K | |||
| Loss (Gain) on Equity Investments | -3.65M | -2.08M | -773.00K | 1.81M | -505.00K | |
| Stock-Based Compensation | 31.15M | 16.16M | 18.62M | 14.95M | 14.77M | |
| Other Operating Activities | 76.56M | 93.56M | 90.56M | 91.28M | 85.70M | |
| Change in Accounts Receivable | 51.94M | -81.21M | 6.56M | -51.40M | -150.82M | |
| Change in Inventory | 5.10M | 11.72M | -3.38M | -13.76M | 4.64M | |
| Change in Accounts Payable | 24.24M | 40.03M | 18.72M | 25.33M | 40.08M | |
| Change in Unearned Revenue | -8.29M | 7.37M | 9.69M | -6.42M | 9.28M | |
| Change in Other Net Operating Assets | 32.27M | 43.14M | -30.95M | 24.92M | 27.76M | |
| Operating Cash Flow | 382.04M | 324.45M | 294.97M | 239.14M | 209.09M | |
| Capital Expenditures | -16.18M | -16.44M | -16.68M | -22.06M | -17.35M | |
| Sale of Property, Plant & Equipment | 1.06M | 783.00K | 1.04M | 633.00K | 2.28M | |
| Cash Acquisitions | -142.49M | -58.55M | -48.84M | -57.44M | -85.78M | |
| Divestitures | 674.65M | 42.93M | ||||
| Sale (Purchase) of Intangibles | -11.71M | -12.52M | -15.31M | -17.25M | -13.70M | |
| Investment in Securities | 64.94M | 14.68M | -52.44M | -12.67M | 4.22M | |
| Other Investing Activities | -6.27M | -6.14M | -7.00M | -8.42M | -161.00K | |
| Investing Cash Flow | 564.01M | -78.18M | -139.24M | -74.30M | -110.19M | |
| Short-Term Debt Issued | 11.59M | 36.26M | ||||
| Long-Term Debt Issued | 100.21M | 130.34M | 55.57M | 264.73M | 113.00M | |
| Total Debt Issued | 111.80M | 130.34M | 55.57M | 264.73M | 149.26M | |
| Short-Term Debt Repaid | -3.76M | -4.65M | -9.53M | -7.32M | ||
| Long-Term Debt Repaid | -263.35M | -215.50M | -198.78M | -191.34M | -176.13M | |
| Lease Payments | -54.39M | -50.09M | -55.06M | -49.70M | -44.09M | |
| Total Debt Repaid | -267.11M | -220.15M | -208.31M | -198.66M | -176.13M | |
| Net Debt Issued (Repaid) | -155.31M | -89.81M | -152.74M | 66.07M | -26.87M | |
| Common Dividends Paid | -28.66M | -18.81M | -9.93M | -21.78M | -22.08M | |
| Other Financing Activities | -39.50M | -76.35M | -80.51M | -115.27M | -65.18M | |
| Financing Cash Flow | -223.47M | -184.96M | -243.18M | -70.98M | -114.13M | |
| Foreign Exchange Rate Adjustments | 49.74M | -5.45M | -4.95M | -34.91M | -1.03M | |
| Net Cash Flow | 772.32M | 55.85M | -92.40M | 58.95M | -16.26M | |
| Free Cash Flow | 365.86M | 308.01M | 278.29M | 217.07M | 191.74M | |
| Free Cash Flow Margin | 13.93% | 13.88% | 13.19% | 8.44% | 7.98% | |
| Free Cash Flow Per Share | 23.18 | 19.70 | 17.96 | 14.00 | 12.45 | |
| Levered Free Cash Flow | 466.18M | 266.64M | 138.00M | 259.40M | 158.49M | |
| Unlevered Free Cash Flow | 485.19M | 283.06M | 155.42M | 270.93M | 169.79M | |
| Free Cash Flow After Leases | 311.47M | 257.92M | 223.22M | 167.37M | 147.66M | |
| Cash Interest Paid | 24.58M | 25.85M | 26.14M | 17.57M | 15.34M | |
| Cash Income Tax Paid | 72.02M | 63.08M | 76.69M | 51.26M | 38.39M | |
| Change in Working Capital | 105.27M | 21.05M | 640.00K | -21.32M | -69.06M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.81B | 2.58B | 1.29B | 1.02B | 1.11B | 1.87B |
| Enterprise Value | 2.05B | 3.63B | 2.17B | 1.94B | 1.98B | 2.76B |
| Last Close Price | 122.00 | 153.82 | 80.94 | 58.72 | 63.31 | 109.53 |
| PE Ratio | 3.22 | 4.26 | 16.17 | 16.00 | 13.64 | 34.21 |
| PS Ratio | 0.62 | 0.98 | 0.58 | 0.48 | 0.43 | 0.78 |
| PB Ratio | 1.09 | 1.45 | 0.93 | 0.78 | 0.94 | 1.58 |
| P/TBV Ratio | 5.39 | 4.62 | ||||
| P/FCF Ratio | 4.93 | 7.06 | 4.18 | 3.68 | 5.12 | 9.74 |
| P/OCF Ratio | 6.76 | 3.97 | 3.47 | 4.64 | 8.93 | |
| EV/Sales Ratio | 0.70 | 1.38 | 0.98 | 0.92 | 0.77 | 1.15 |
| EV/EBITDA Ratio | 6.18 | 13.65 | 9.49 | 6.95 | 5.70 | 9.61 |
| EV/EBIT Ratio | 8.20 | 18.48 | 11.85 | 12.30 | 8.53 | 13.27 |
| EV/FCF Ratio | 5.60 | 9.92 | 7.06 | 6.99 | 9.13 | 14.39 |
| Debt / Equity Ratio | 0.41 | 0.33 | 0.46 | 0.51 | 0.66 | 0.60 |
| Debt / EBITDA Ratio | 1.73 | 1.84 | 2.32 | 2.39 | 2.22 | 2.16 |
| Debt / FCF Ratio | 1.62 | 2.09 | 2.41 | 3.56 | 3.72 | |
| Net Debt / Equity Ratio | -0.12 | -0.39 | 0.06 | 0.11 | 0.17 | 0.17 |
| Net Debt / EBITDA Ratio | -0.59 | -2.59 | 0.35 | 0.51 | 0.58 | 0.70 |
| Net Debt / FCF Ratio | -1.88 | 0.26 | 0.51 | 0.94 | 1.04 | |
| Asset Turnover | 0.87 | 0.80 | 0.76 | 0.75 | 0.93 | 0.91 |
| Inventory Turnover | 46.96 | 69.14 | 48.74 | 43.77 | 69.14 | 81.42 |
| Quick Ratio | 1.36 | 1.57 | 1.24 | 1.31 | 1.29 | 1.30 |
| Current Ratio | 1.48 | 1.63 | 1.31 | 1.40 | 1.37 | 1.37 |
| Return on Equity (ROE) | 10.39% | 6.92% | 9.06% | 8.22% | 16.95% | 12.40% |
| Return on Assets (ROA) | 4.66% | 3.72% | 3.93% | 3.52% | 5.24% | 4.93% |
| Return on Invested Capital (ROIC) | 13.84% | 11.21% | 9.53% | 8.52% | 13.19% | 12.19% |
| Return on Capital Employed (ROCE) | 11.50% | 8.70% | 9.80% | 8.70% | 13.00% | 11.60% |
| Earnings Yield | 31.07% | 23.47% | 6.19% | 6.25% | 7.33% | 2.92% |
| FCF Yield | 20.27% | 14.16% | 23.91% | 27.18% | 19.55% | 10.27% |
| Dividend Yield | 9.29% | 0.91% | 1.87% | 1.89% | 0.85% | 1.28% |
| Payout Ratio | 29.88% | 4.72% | 23.61% | 15.51% | 26.76% | 40.45% |
| Buyback Yield / Dilution | -0.80% | -0.96% | -0.89% | 0.03% | -0.64% | -0.73% |
| Total Shareholder Return | 8.49% | -0.05% | 0.97% | 1.92% | 0.21% | 0.55% |