Formula Systems (1985) Ltd. American Depositary Shares (FORTY) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 22	—	$1.09	—	—	$627.7M	—
Q2 22	—	$2.12	—	—	$636.9M	—
Q1 22	—	$1.05	—	—	$650.7M	—
Q4 21	—	$0.99	—	—	$657.6M	—
Q3 21	—	$0.85	—	—	$586.3M	—
Q2 21	—	$0.86	—	—	$587.9M	—
Q1 21	—	$0.8	—	—	$572.6M	—
Q4 20	—	$0.76	—	—	$543.2M	—
Q3 20	—	$0.82	—	—	$487.3M	—
Q2 20	—	$0.73	—	—	$437.1M	—
Q1 20	—	$0.71	—	—	$466.3M	—
Q4 19	—	$0.64	—	—	$448.2M	—
Q3 19	—	$0.63	—	—	$449M	—
Q2 19	—	$0.59	—	—	$412.6M	—
Q1 19	—	$0.58	—	—	$391.4M	—
Q4 18	—	$0.7	—	—	$393.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$39.6	—	—	$2.6B	—
FY24	—	$5.22	—	—	$2.8B	—
FY23	—	$4.19	—	—	$2.6B	—
FY22	—	$5.31	—	—	$2.6B	—
FY21

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$1.4B	$1.5B	$1.7B	$1.9B	$2.4B	$2.6B	$2.6B	$2.8B	$2.6B
YoY change	+13.9%	+22.2%	+10.2%	+13.9%	+13.7%	+24.3%	+6.99%	+1.89%	+5.21%	-4.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	1.4B	1.5B	1.7B	1.9B	2.4B	2.6B	2.6B	2.8B	2.6B
Cost of revenue	849.8M	1.1B	1.2B	1.3B	1.5B	1.8B	1.9B	2B	2.1B	2.1B
Gross profit	258.8M	296.8M	333.3M	386M	447.4M	563.9M	622.5M	643.7M	684.7M	519.2M
Gross margin	23.3%	21.9%	22.3%	22.7%	23.1%	23.5%	24.2%	24.6%	24.8%	19.8%
Research & development	22.3M	39.9M	41.2M	46.7M	52.6M	65.9M	72.1M	78M	84.4M	20M
Selling, general & administrative	148M	184.2M	182.5M	200.9M	224.2M	226.8M	245.2M	251.6M	249.7M	209.1M
Operating expenses	170.3M	223.7M	223.7M	247.6M	276.8M	309.4M	340.5M	352.7M	366.3M	251.5M
Operating income	88.5M	72.8M	109.6M	138.5M	170.6M	208M	232.4M	239.4M	265.2M	196.4M
Operating margin	7.98%	5.37%	7.34%	8.14%	8.82%	8.65%	9.03%	9.13%	9.62%	7.47%
Non-operating income, net	-2.6M	-765K	-1.1M	-1.1M	-3.5M	-201K	43.5M	-3.8M	5M	-9.7M
Pretax income	76.9M	51.7M	101.3M	119.8M	143.8M	184M	256.7M	211M	248.4M	150M
Income tax	21.2M	13.4M	24.3M	27.2M	31.3M	42.6M	55.2M	46.1M	56.7M	40.5M
Net income	56.1M	39.4M	77.4M	94.4M	114M	141.9M	199.7M	165.7M	193.8M	669.1M
Net margin	5.06%	2.91%	5.18%	5.55%	5.9%	5.9%	7.76%	6.32%	7.03%	25.5%
EBITDA	119.9M	106.6M	163.5M	224M	261.6M	324.5M	347M	366.3M	386.8M	346.3M
EPS	1.58	0.78	2.18	2.56	3.05	3.57	5.31	4.19	5.22	39.6
Diluted EPS	1.49	0.74	2.13	2.44	3.01	3.5	5.21	4.12	5.09	38.4

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	654.8M	640.3M	698.4M	667.7M	699.9M	691.5M	754.7M	743.4M	696.6M	708.4M	738.3M	782.4M
Cost of revenue	495.2M	479.1M	534.2M	501.2M	527M	510.4M	574M	557.9M	560.9M	568.3M	592.2M	624M
Gross profit	159.6M	161.2M	164.2M	166.4M	172.9M	181.1M	180.7M	185.5M	135.7M	140.1M	146M	158.4M
Gross margin	24.4%	25.2%	23.5%	24.9%	24.7%	26.2%	23.9%	25%	19.5%	19.8%	19.8%	20.2%
Research & development	19.7M	19.7M	20.2M	20.4M	21M	22.8M	21.1M	23.8M	4.9M	5.3M	5.2M	5.8M
Selling, general & administrative	81.7M	6.3M	81.4M	81M	88.1M	-799K	89.1M	93.8M	76.2M	102.5M	75.6M	80.9M
Operating expenses	101.4M	26.1M	101.6M	101.4M	101.9M	61.4M	110.2M	117.6M	81.2M	98.5M	64M	86.8M
Operating income	58.2M	60.3M	62.6M	65M	71M	66.5M	70.5M	67.9M	54.6M	41.6M	82M	71.6M
Operating margin	8.89%	9.42%	8.96%	9.74%	10.1%	9.62%	9.35%	9.13%	7.83%	5.87%	11.1%	9.16%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	51.8M	51.1M	57M	61.2M	65.2M	65M	65M	57.7M	45.7M	18.1M	77.8M	66M
Income tax	12.5M	10.7M	13.5M	13.7M	13.9M	15.7M	15.5M	14.4M	11.9M	6.7M	15.4M	14.1M
Net income	39.7M	40.6M	43.6M	47.4M	51.7M	51.1M	50.4M	43.4M	48M	535.6M	62.8M	51.6M
Net margin	6.07%	6.34%	6.25%	7.1%	7.38%	7.38%	6.68%	5.84%	6.88%	75.6%	8.5%	6.59%
EBITDA	58.2M	65.4M	62.6M	65M	71M	77.6M	70.5M	67.9M	54.6M	41.6M	82M	71.6M
EPS	1.02	1.03	1.12	1.23	1.55	1.31	1.26	0.98	1.13	36.3	2.33	1.52
Diluted EPS	1	1.01	1.1	1.2	1.51	1.28	1.23	0.95	1.08	35	2.25	1.47

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	564.3M	582.2M	525.4M	1B	1.3B	1.9B	1.1B	999.3M	1.4B	2.6B	2.6B
Enterprise value	547.7M	666.3M	611.5M	1.2B	1.4B	2.1B	1.3B	1.1B	1.4B	1.9B	1.9B
Shares outstanding	14.2M	14.4M	14.7M	15.2M	15.3M	15.3M	15.3M	15.3M	15.3M	15.3M	15.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10.1	14.8	6.79	11	11.5	13.4	5.43	6.03	7.03	3.82	3.82
P/S	0.51	0.43	0.35	0.61	0.68	0.79	0.42	0.38	0.49	0.97	0.97
P/B	0.78	0.75	0.65	1.16	1.18	1.61	0.92	0.76	0.98	1.44	1.44
EV/EBITDA	4.57	6.25	3.74	5.51	5.51	6.46	3.71	3.12	3.73	5.4	5.4
EV/Sales	0.49	0.49	0.41	0.73	0.75	0.87	0.5	0.44	0.52	0.71	0.71
Earnings yield	9.94%	6.77%	14.7%	9.11%	8.72%	7.49%	18.4%	16.6%	14.2%	26.2%	26.2%
FCF yield	9.86%	10.7%	11.8%	15.4%	19.8%	9.39%	18.4%	26.3%	21.7%	13.9%	13.9%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	23.3%	21.9%	22.3%	22.7%	23.1%	23.5%	24.2%	24.6%	24.8%	19.8%	19.8%
Operating margin	7.98%	5.37%	7.34%	8.14%	8.82%	8.65%	9.03%	9.13%	9.62%	7.47%	7.47%
Net margin	5.06%	2.91%	5.18%	5.55%	5.9%	5.9%	7.76%	6.32%	7.03%	25.5%	25.5%
ROE	7.75%	5.1%	9.61%	10.5%	10.3%	12%	17%	12.7%	13.9%	37.6%	37.6%
ROA	4.14%	2.52%	4.65%	4.52%	4.52%	5.16%	7.15%	5.89%	6.43%	18.7%	18.7%
ROIC	9.07%	6.3%	9.35%	9.78%	10.7%	11.6%	13.2%	12.9%	13.9%	13.2%	13.2%
Return on tangible assets	52.5%	3.5K%	94.3%	30.4%	34.5%	35.6%	40.2%	31.5%	30.7%	33.5%	33.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.76	1.6	1.49	1.44	1.49	1.37	1.37	1.4	1.31	1.63	1.63
Quick ratio	1.75	1.6	1.48	1.43	1.46	1.35	1.34	1.35	1.28	1.61	1.61
Debt / equity	0.36	0.45	0.47	0.67	0.6	0.6	0.66	0.51	0.46	0.33	0.33
Debt / assets	0.19	0.22	0.23	0.29	0.27	0.26	0.28	0.24	0.21	0.17	0.17
Net debt / EBITDA	-0.14	0.79	0.53	0.89	0.52	0.62	0.59	0.39	0.21	-1.99	-1.99
Interest coverage	10.6	5.91	9.19	8.4	8.66	11.2	14.9	8.11	9.9	5.93	5.93
Effective tax rate	27.5%	25.9%	24%	22.7%	21.8%	23.2%	21.5%	21.8%	22.8%	27%	27%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	78	94.4	101.3	112	126.5	157.3	168.2	171.3	180.2	171.6	171.6
EPS (basic)	1.58	0.78	2.18	2.56	3.05	3.57	5.31	4.19	5.22	39.6	39.6
EPS (diluted)	1.49	0.74	2.13	2.44	3.01	3.5	5.21	4.12	5.09	38.4	38.4
Book value per share	50.9	53.8	54.6	59	72.5	77.2	76.9	85.5	90.8	116.1	116.1
FCF per share	3.92	4.33	4.2	10.5	17	11.6	13.1	17.2	19.3	23.1	23.1
Cash per share	19.4	18.2	20	26.7	34.9	33.5	37.2	34.5	36.8	83.6	83.6
Capex per share	0.48	0.67	0.76	1.36	1.04	0.99	1.4	1.02	1.02	0.66	0.66

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.61%	0.71%	0.75%	1.22%	0.83%	0.63%	0.83%	0.6%	0.57%	0.39%	0.39%
Capex / operating cash flow	9.7%	13%	16%	10.8%	6.33%	7.49%	8.35%	4.95%	5.57%	2.65%	2.65%
Payout ratio	17.9%	30.6%	6.48%	13.7%	13.1%	15.6%	10.9%	5.99%	9.7%	4.28%	4.28%
Dividend yield	1.77%	2.08%	0.95%	1.25%	1.14%	1.16%	2.01%	0.99%	1.38%	1.12%	1.12%

Yield

—

trailing twelve months

Frequency

Semi-annual

Last dividend

$1.63

ex-dividend Sep 22, 2026

Payout ratio

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 22, 2026	$1.63
May 22, 2026	$13.045
Dec 30, 2025	$0.5021
Jul 7, 2025	$0.4448
Apr 30, 2025	$0.9407
Sep 12, 2024	$0.624
Apr 3, 2024	$0.6384
Jun 2, 2023	$0.6309

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$654.8M	$640.3M	$698.4M	$667.7M	$699.9M	$691.5M	$754.7M	$743.4M	$696.6M	$708.4M	$738.3M	$782.4M
YoY change	+4.33%	+1.01%	+4.18%	+1.88%	+6.89%	+8%	+8.06%	+11.3%	-0.47%	+2.44%	-2.17%	+5.26%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	275.7M	260.8M	295.3M	405.2M	533.2M	512.5M	569.1M	528.2M	563.2M	1.3B
Receivables	308.3M	385.8M	441.5M	486M	519.9M	696.3M	702.7M	721M	803.2M	774.5M
Inventory	4M	3.3M	3.9M	8.6M	24M	21.2M	35.2M	42M	30.7M	30.2M
Total current assets	633.7M	694.8M	781.1M	965.5M	1.2B	1.3B	1.4B	1.4B	1.5B	2.2B
Property, plant & equipment	24.3M	28M	27.3M	146.2M	172.6M	288.6M	288.7M	173.6M	208M	386.2M
Goodwill & intangibles	1.2B	1.6B	1.6B	1.8B	2.2B	2.3B	2.3B	2.3B	2.4B	1.6B
Total assets	1.4B	1.6B	1.7B	2.1B	2.5B	2.7B	2.8B	2.8B	3B	3.6B
Accounts payable	80.1M	95.3M	118.8M	125.2M	153.3M	205.8M	222.5M	258.6M	296.2M	368.3M
Short-term debt	88M	75.6M	127M	192.3M	194M	265.8M	271.7M	262.9M	273.8M	297.5M
Total current liabilities	359M	432.9M	525.5M	671.4M	779.9M	947.6M	1B	985.7M	1.1B	1.3B
Long-term debt	171.1M	269.4M	254.4M	411.2M	474.6M	447.1M	500.5M	407.1M	370.4M	294.8M
Total liabilities	630.7M	790.7M	859.2M	1.2B	1.4B	1.6B	1.6B	1.5B	1.6B	1.8B
Shareholders' equity	723.8M	772.9M	805.4M	896.3M	1.1B	1.2B	1.2B	1.3B	1.4B	1.8B
Total debt	259.1M	345M	381.4M	603.5M	668.5M	712.9M	772.1M	670M	644.2M	592.3M
Net debt	21M	99.1M	112.9M	234.8M	166.9M	227.5M	227.8M	218M	136.4M	-687.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	469.1M	528.2M	516.1M	472.9M	510.9M	563.2M	526.8M	406.2M	432.1M	1.3B	1.2B	864.5M
Receivables	692.8M	721M	735.2M	710.3M	757.2M	803.2M	831.1M	883.2M	784.1M	774.5M	844.6M	947.3M
Inventory	37.2M	42M	34.6M	30.2M	27M	30.7M	27.8M	48.1M	26.3M	30.2M	36.3M	51.8M
Total current assets	1.3B	1.4B	1.4B	1.3B	1.4B	1.5B	1.5B	1.4B	2.1B	2.2B	2.2B	2B
Property, plant & equipment	160.3M	173.6M	170.1M	162.6M	206M	208M	203.7M	226.2M	193.7M	386.2M	199.3M	213.7M
Goodwill & intangibles	1.1B	2.3B	1.1B	1.1B	1.1B	2.4B	1.2B	1.4B	956.6M	1.6B	819.1M	871.1M
Total assets	2.7B	2.8B	2.8B	2.7B	2.9B	3B	3B	3.2B	3.3B	3.6B	3.6B	3.5B
Accounts payable	211.5M	258.6M	222.6M	199.1M	226.7M	296.2M	283.9M	287.7M	285.5M	368.3M	367.1M	371.7M
Short-term debt	276.2M	262.9M	279.3M	255.8M	264.7M	273.8M	282.3M	301.4M	290.8M	297.5M	362.8M	335.3M
Total current liabilities	904.5M	985.7M	1B	931.7M	981.4M	1.1B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B
Long-term debt	418.3M	407.1M	351.2M	337.8M	412M	370.4M	344.6M	382.4M	347.9M	294.8M	318.6M	335.3M
Total liabilities	1.4B	1.5B	1.5B	1.4B	1.5B	1.6B	1.7B	1.7B	1.7B	1.8B	1.8B	1.8B
Shareholders' equity	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.5B	1.6B	1.8B	1.8B	1.7B
Total debt	694.5M	670M	630.5M	593.6M	676.7M	644.2M	626.9M	683.9M	638.7M	592.3M	681.5M	670.6M
Net debt	302.2M	218M	193.7M	185.3M	207M	136.4M	165.1M	290.7M	207.4M	-687.9M	-500.4M	-193.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	56.1M	39.4M	77.4M	94.4M	114M	141.9M	199.7M	165.7M	193.8M	669.1M
Depreciation & amortization	32.4M	43.6M	48.7M	86.9M	95.5M	122.2M	115.3M	121.8M	115.5M	152.5M
Stock-based compensation	4.4M	4.6M	4M	3.9M	7.8M	14.8M	15M	18.6M	16.2M	31.1M
Change in working capital	-26.9M	-14.6M	-49.9M	15.7M	36.3M	-76.3M	-43.6M	25.8M	-23.6M	57.5M
Operating cash flow	70M	73.7M	69.8M	191.8M	252.1M	201.3M	256.5M	315.8M	281.2M	382M
Capital expenditure	-6.8M	-9.6M	-11.2M	-20.7M	-16M	-15.1M	-21.4M	-15.6M	-15.7M	-10.1M
Investing cash flow	-95.6M	-97.8M	-81.4M	-94M	-167.9M	-96.6M	-57.1M	-124M	-65.8M	574.7M
Dividends paid	-10M	-12.1M	-5M	-13M	-14.9M	-22.1M	-21.8M	-9.9M	-18.8M	-28.7M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-6.8M	-5.4M	19M	5.1M	4.4M	-116.2M	-71M	-248M	-183.4M	-227.2M
Net change in cash	-32.4M	-29.5M	7.4M	102.9M	88.6M	-11.5M	128.5M	-56.2M	32M	729.5M
Free cash flow	55.7M	62.2M	62M	159.5M	259.3M	178M	199.8M	263M	295.5M	354.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 06	Q4 17	Q4 18
Net income	6.4M	14.8M	23.7M
Depreciation & amortization	20.4M	11.1M	12.7M
Stock-based compensation	—	1.5M	690K
Change in working capital	-3.8M	612K	432K
Operating cash flow	26.1M	23.6M	35.2M
Capital expenditure	-6.2M	-2.5M	-2.3M
Investing cash flow	17.7M	-1.9M	-38.5M
Dividends paid	—	-5M	-1K
Share repurchases	-16K	—	—
Financing cash flow	-32.2M	-45.7M	-32.1M
Net change in cash	11.6M	-24.1M	-35.4M
Free cash flow	13.2M	33.7M	50.8M

Formula Systems (1985) Ltd. American Depositary Shares Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement