NASDAQ : INCR
InterCure Ltd. — Financial statements
Healthcare · Drug Manufacturers - Specialty & Generic · Israel
Last price 3.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 51.59M
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Financial statements
InterCure Ltd. (INCR) reported revenue of 270.20M ILS (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in ILS.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 270.20M | 270.20M | 238.84M | 355.55M | 388.68M | 219.68M |
| Cost of Revenue | 229.50M | 229.50M | 196.79M | 246.95M | 216.67M | 117.11M |
| Gross Profit | 40.70M | 40.70M | 42.05M | 108.60M | 172.01M | 102.56M |
| Selling, General & Admin | 93.40M | 93.40M | 107.89M | 95.88M | 92.61M | 50.42M |
| Research & Development | 390.00K | 390.00K | 414.00K | 388.00K | 632.00K | 1.24M |
| Other Operating Expenses | 11.73M | 11.73M | 19.35M | 9.64M | 29.63M | 14.40M |
| Operating Expenses | 107.94M | 107.94M | 129.94M | 108.50M | 131.78M | 72.51M |
| Operating Income | -67.24M | -67.24M | -87.89M | 105.00K | 40.23M | 30.05M |
| Interest Expense | -19.66M | -19.66M | -20.64M | -24.22M | -14.69M | -418.00K |
| Interest & Investment Income | 1.55M | 1.55M | 2.70M | 5.38M | 844.00K | 130.00K |
| Earnings From Equity Investments | 296.00K | 296.00K | ||||
| Currency Exchange Gain (Loss) | 1.42M | 1.42M | -23.00K | -46.00K | 7.33M | -4.54M |
| Other Non Operating Income (Expenses) | -171.00K | -171.00K | -2.15M | -828.00K | -266.00K | -4.63M |
| EBT Excluding Unusual Items | -83.80M | -83.80M | -108.00M | -19.61M | 33.44M | 20.60M |
| Impairment of Goodwill | -63.10M | |||||
| Gain (Loss) on Sale of Investments | -30.07M | -30.07M | -12.22M | -3.00M | -174.00K | -1.87M |
| Asset Writedown | -4.59M | |||||
| Other Unusual Items | 69.77M | 69.77M | 32.90M | 29.01M | 10.57M | |
| Pretax Income | -44.10M | -44.10M | -87.32M | -61.28M | 43.84M | 18.73M |
| Income Tax Expense | -7.32M | -7.32M | -14.53M | 2.25M | 93.00K | 11.44M |
| Earnings From Continuing Operations | -36.78M | -36.78M | -72.79M | -63.53M | 43.75M | 7.29M |
| Minority Interest in Earnings | 1.07M | 1.07M | 5.00M | 1.57M | 1.07M | -2.60M |
| Net Income | -35.71M | -35.71M | -67.80M | -61.96M | 44.82M | 4.69M |
| Net Income to Common | -35.71M | -35.71M | -67.80M | -61.96M | 44.82M | 4.69M |
| Shares Outstanding (Basic) | 10.75M | 10.75M | 9.17M | 9.11M | 9.07M | 7.70M |
| Shares Outstanding (Diluted) | 10.75M | 10.75M | 9.17M | 9.11M | 9.07M | 8.17M |
| EPS (Basic) | -3.32 | -3.32 | -7.39 | -6.80 | 4.94 | 0.61 |
| EPS (Diluted) | -3.32 | -3.32 | -7.40 | -6.80 | 4.94 | 0.55 |
| Free Cash Flow | 13.29M | 13.29M | -71.30M | -56.25M | 31.52M | 16.11M |
| Free Cash Flow Per Share | 1.24 | 1.24 | -7.77 | -6.17 | 3.48 | 1.97 |
| Gross Margin | 15.06% | 15.06% | 17.61% | 30.54% | 44.26% | 46.69% |
| Operating Margin | -24.89% | -24.89% | -36.80% | 0.03% | 10.35% | 13.68% |
| Profit Margin | -13.22% | -13.22% | -28.38% | -17.43% | 11.53% | 2.14% |
| Free Cash Flow Margin | 4.92% | 4.92% | -29.85% | -15.82% | 8.11% | 7.33% |
| EBITDA | -55.34M | -55.34M | -78.22M | 13.27M | 51.93M | 37.45M |
| EBITDA Margin | -20.48% | -20.48% | -32.75% | 3.73% | 13.36% | 17.05% |
| D&A For EBITDA | 11.90M | 11.90M | 9.67M | 13.17M | 11.70M | 7.39M |
| EBIT | -67.24M | -67.24M | -87.89M | 105.00K | 40.23M | 30.05M |
| EBIT Margin | -24.89% | -24.89% | -36.80% | 0.03% | 10.35% | 13.68% |
| Effective Tax Rate | 0.21% | 61.07% |
Balance sheet
Fiscal year January - December; amounts in ILS.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 46.47M | 46.47M | 78.32M | 101.14M | 232.59M | 196.22M |
| Trading Asset Securities | 209.00K | 209.00K | 333.00K | 187.00K | 205.00K | 330.00K |
| Cash & Short-Term Investments | 46.67M | 46.67M | 78.65M | 101.33M | 232.79M | 196.55M |
| Accounts Receivable | 21.79M | 21.79M | 52.45M | 61.12M | 40.76M | 18.59M |
| Other Receivables | 126.52M | 126.52M | 87.19M | 69.12M | 24.84M | 14.26M |
| Receivables | 154.47M | 154.47M | 180.50M | 170.78M | 129.95M | 37.53M |
| Inventory | 108.01M | 108.01M | 120.31M | 105.47M | 140.13M | 62.31M |
| Prepaid Expenses | 1.14M | 1.14M | 1.51M | 1.28M | 3.13M | 4.98M |
| Restricted Cash | 2.03M | 2.03M | 1.32M | 9.66M | 13.91M | 21.08M |
| Other Current Assets | 4.42M | 4.42M | 9.52M | 30.29M | 7.58M | 13.71M |
| Total Current Assets | 316.75M | 316.75M | 391.80M | 418.80M | 527.49M | 336.16M |
| Property, Plant & Equipment | 102.81M | 102.81M | 105.24M | 97.47M | 103.13M | 86.51M |
| Long-Term Investments | 1.02M | 1.02M | 2.15M | 1.92M | 2.56M | 2.56M |
| Goodwill | 219.19M | 219.19M | 224.59M | 221.08M | 284.18M | 268.29M |
| Long-Term Deferred Tax Assets | 45.99M | 45.99M | 38.37M | 24.68M | 20.64M | 3.02M |
| Other Long-Term Assets | 4.79M | 4.79M | 423.00K | 4.21M | 20.00M | |
| Total Assets | 690.55M | 690.55M | 762.57M | 786.61M | 958.01M | 696.54M |
| Accounts Payable | 68.14M | 68.14M | 77.54M | 78.44M | 126.07M | 64.47M |
| Accrued Expenses | 17.27M | 17.27M | 14.35M | 12.50M | 10.59M | 11.20M |
| Short-Term Debt | 11.00M | 11.00M | 1.09M | 1.72M | ||
| Current Portion of Long-Term Debt | 88.80M | 88.80M | 69.44M | 88.19M | 126.94M | 70.56M |
| Current Portion of Leases | 4.26M | 4.26M | 4.79M | 4.64M | 4.35M | 3.31M |
| Current Unearned Revenue | 8.06M | 2.90M | ||||
| Other Current Liabilities | 24.89M | 24.89M | 60.64M | 42.09M | 35.63M | 39.42M |
| Total Current Liabilities | 214.37M | 214.37M | 226.75M | 225.87M | 312.72M | 193.59M |
| Long-Term Debt | 59.46M | 59.46M | 113.98M | 82.20M | 99.68M | 11.95M |
| Long-Term Leases | 19.49M | 19.49M | 23.20M | 20.64M | 23.10M | 21.37M |
| Pension & Post-Retirement Benefits | 881.00K | 881.00K | 973.00K | 841.00K | 1.02M | 224.00K |
| Total Liabilities | 294.19M | 294.19M | 364.90M | 329.55M | 436.53M | 227.13M |
| Common Stock | 675.60M | 675.60M | 658.60M | 643.16M | 632.02M | 623.57M |
| Retained Earnings | -314.62M | -314.62M | -277.58M | -204.00M | -141.65M | -186.47M |
| Comprehensive Income & Other | 35.54M | 35.54M | 15.95M | 15.95M | 10.93M | 10.93M |
| Total Common Equity | 396.52M | 396.52M | 396.97M | 455.11M | 501.31M | 448.03M |
| Minority Interest | -164.00K | -164.00K | 702.00K | 1.95M | 20.17M | 21.38M |
| Shareholders' Equity | 396.36M | 396.36M | 397.67M | 457.06M | 521.48M | 469.41M |
| Total Liabilities & Equity | 690.55M | 690.55M | 762.57M | 786.61M | 958.01M | 696.54M |
| Total Debt | 183.01M | 183.01M | 211.40M | 195.68M | 255.16M | 108.91M |
| Net Cash (Debt) | -136.34M | -136.34M | -132.75M | -94.35M | -22.37M | 87.64M |
| Net Cash Per Share | -12.68 | -12.68 | -14.47 | -10.35 | -2.47 | 10.73 |
| Filing Date Shares Outstanding | 10.94M | 10.94M | 9.43M | 9.11M | 9.11M | 9.03M |
| Total Common Shares Outstanding | 10.94M | 10.94M | 9.43M | 9.11M | 9.11M | 9.03M |
| Working Capital | 102.38M | 102.38M | 165.05M | 192.94M | 214.77M | 142.57M |
| Book Value Per Share | 36.26 | 36.26 | 42.09 | 49.93 | 55.00 | 49.63 |
| Tangible Book Value | 177.33M | 177.33M | 172.38M | 234.03M | 217.12M | 179.74M |
| Tangible Book Value Per Share | 16.21 | 16.21 | 18.27 | 25.68 | 23.82 | 19.91 |
| Buildings | 102.07M | 102.07M | 91.29M | 78.20M | 70.13M | 58.80M |
| Machinery | 28.00M | 28.00M | 24.83M | 23.41M | 22.42M | 12.08M |
Cash flow statement
Fiscal year January - December; amounts in ILS.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -35.71M | -35.71M | -67.80M | -61.96M | 44.82M | 4.69M |
| Depreciation & Amortization | 17.15M | 17.15M | 15.37M | 13.17M | 11.70M | 7.39M |
| Loss (Gain) From Sale of Assets | 3.27M | 3.27M | -932.00K | 412.00K | ||
| Asset Writedown & Restructuring Costs | 67.69M | |||||
| Loss (Gain) From Sale of Investments | 2.15M | 2.15M | -371.00K | 661.00K | 172.00K | 1.87M |
| Stock-Based Compensation | 2.43M | 2.43M | 2.28M | 2.59M | 8.91M | 6.45M |
| Other Operating Activities | 8.68M | 8.68M | -6.29M | 12.65M | -11.31M | 11.38M |
| Change in Accounts Receivable | 30.84M | 30.84M | 8.43M | -23.49M | -18.29M | 8.39M |
| Change in Inventory | 10.98M | 10.98M | -13.24M | 34.66M | -75.19M | -15.47M |
| Change in Accounts Payable | -8.82M | -8.82M | -8.90M | -47.63M | 57.03M | 2.79M |
| Change in Other Net Operating Assets | -14.13M | -14.13M | 4.52M | -54.72M | 33.42M | 2.64M |
| Operating Cash Flow | 16.84M | 16.84M | -66.93M | -53.63M | 51.27M | 30.14M |
| Capital Expenditures | -3.55M | -3.55M | -4.38M | -2.62M | -19.74M | -14.03M |
| Sale of Property, Plant & Equipment | 25.00K | |||||
| Cash Acquisitions | -114.00K | -114.00K | 1.11M | -4.20M | -14.48M | -22.59M |
| Divestitures | 2.43M | 2.43M | -253.00K | |||
| Sale (Purchase) of Intangibles | -450.00K | |||||
| Investment in Securities | -651.00K | -651.00K | -1.25M | |||
| Other Investing Activities | 242.00K | 242.00K | 8.59M | 5.43M | 6.96M | -20.00M |
| Investing Cash Flow | -1.99M | -1.99M | 17.69M | 4.77M | -142.50M | -65.21M |
| Long-Term Debt Issued | 21.15M | 21.15M | 188.44M | 62.73M | 263.47M | 75.46M |
| Total Debt Issued | 21.15M | 21.15M | 188.44M | 62.73M | 263.47M | 75.46M |
| Long-Term Debt Repaid | -50.28M | -50.28M | -180.70M | -124.71M | -125.74M | -9.63M |
| Lease Payments | -5.01M | -5.01M | -5.46M | -4.71M | -3.88M | -2.57M |
| Net Debt Issued (Repaid) | -29.13M | -29.13M | 7.74M | -61.98M | 137.73M | 65.83M |
| Issuance of Common Stock | 1.50M | 1.50M | 34.00M | 137.23M | ||
| Other Financing Activities | -19.03M | -19.03M | -15.29M | -20.91M | -17.28M | -5.12M |
| Financing Cash Flow | -46.66M | -46.66M | 26.45M | -82.89M | 120.45M | 197.94M |
| Foreign Exchange Rate Adjustments | -44.00K | -44.00K | -39.00K | 297.00K | 7.16M | -4.54M |
| Net Cash Flow | -31.85M | -31.85M | -22.82M | -131.45M | 36.37M | 158.33M |
| Free Cash Flow | 13.29M | 13.29M | -71.30M | -56.25M | 31.52M | 16.11M |
| Free Cash Flow Margin | 4.92% | 4.92% | -29.85% | -15.82% | 8.11% | 7.33% |
| Free Cash Flow Per Share | 1.24 | 1.24 | -7.77 | -6.17 | 3.48 | 1.97 |
| Levered Free Cash Flow | -37.43M | -37.43M | -31.19M | -72.02M | -75.91M | 7.05M |
| Unlevered Free Cash Flow | -25.14M | -25.14M | -18.28M | -56.89M | -66.73M | 7.31M |
| Free Cash Flow After Leases | 8.29M | 8.29M | -76.76M | -60.96M | 27.64M | 13.53M |
| Cash Interest Paid | 19.03M | 19.03M | 15.19M | 20.91M | 17.28M | 5.12M |
| Cash Income Tax Paid | -306.00K | -306.00K | 12.89M | 7.61M | 7.97M | 11.80M |
| Change in Working Capital | 18.88M | 18.88M | -9.19M | -91.17M | -3.02M | -1.65M |
Ratios
Fiscal year January - December; amounts in ILS.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 50.37M | 55.50M | 74.61M | 58.60M | 156.56M | 299.74M |
| Enterprise Value | 93.72M | 95.92M | 110.90M | 80.51M | 159.19M | 264.42M |
| Last Close Price | 3.97 | 4.55 | 7.95 | 6.45 | 16.50 | 32.40 |
| PE Ratio | 12.28 | 198.78 | ||||
| PS Ratio | 0.58 | 0.66 | 1.14 | 0.59 | 1.42 | 4.24 |
| PB Ratio | 0.40 | 0.45 | 0.68 | 0.46 | 1.06 | 1.99 |
| P/TBV Ratio | 0.89 | 1.00 | 1.58 | 0.90 | 2.54 | 5.19 |
| P/FCF Ratio | 11.66 | 13.31 | 17.46 | 57.88 | ||
| P/OCF Ratio | 9.21 | 10.51 | 10.74 | 30.94 | ||
| EV/Sales Ratio | 1.09 | 1.13 | 1.69 | 0.81 | 1.44 | 3.74 |
| EV/EBITDA Ratio | 21.85 | 10.78 | 21.96 | |||
| EV/EBIT Ratio | 2,761.28 | 13.91 | 27.37 | |||
| EV/FCF Ratio | 21.91 | 23.01 | 17.76 | 51.06 | ||
| Debt / Equity Ratio | 0.46 | 0.46 | 0.53 | 0.43 | 0.49 | 0.23 |
| Debt / EBITDA Ratio | 14.74 | 4.91 | 2.91 | |||
| Debt / FCF Ratio | 13.77 | 13.77 | 8.09 | 6.76 | ||
| Net Debt / Equity Ratio | 0.34 | 0.34 | 0.33 | 0.21 | 0.04 | -0.19 |
| Net Debt / EBITDA Ratio | -2.46 | -2.46 | -1.70 | 7.11 | 0.43 | -2.34 |
| Net Debt / FCF Ratio | 10.26 | 10.26 | -1.86 | -1.68 | 0.71 | -5.44 |
| Asset Turnover | 0.37 | 0.37 | 0.31 | 0.41 | 0.47 | 0.43 |
| Inventory Turnover | 2.01 | 2.01 | 1.74 | 2.01 | 2.14 | 2.88 |
| Quick Ratio | 0.91 | 0.91 | 0.96 | 1.02 | 0.95 | 1.19 |
| Current Ratio | 1.48 | 1.48 | 1.73 | 1.85 | 1.69 | 1.74 |
| Return on Equity (ROE) | -9.26% | -9.26% | -17.03% | -12.98% | 8.83% | 1.92% |
| Return on Assets (ROA) | -5.78% | -5.78% | -7.09% | 0.01% | 3.04% | 3.67% |
| Return on Invested Capital (ROIC) | -12.62% | -12.65% | -16.25% | 0.02% | 8.67% | 3.65% |
| Return on Capital Employed (ROCE) | -14.10% | -14.10% | -16.40% | 0.00% | 6.20% | 6.00% |
| Earnings Yield | -26.12% | -20.18% | -24.95% | -29.36% | 8.14% | 0.50% |
| FCF Yield | 8.57% | 7.51% | -26.24% | -26.65% | 5.73% | 1.73% |
| Buyback Yield / Dilution | -17.17% | -17.17% | -0.65% | -0.48% | -11.05% | -60.81% |