stockrow
Saturday 7 November 2026
Export FORTY’s income statement to Excel — free account
Formula Systems (1985) Ltd.
FORTY Technology Information Technology Services
Formula Systems (1985) Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $2.6 billion, up 18.4% from fiscal 2024.
- Revenue
- +29.8%
- EPS
- +55.1%
- Free cash flow
- +1,330.8%
- Total debt
- +1.98%
Quarter to June 2026, against a year earlier
109.05
1.20
−1.09%
Follow FORTY
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,109 | 1,355 | 1,493 | 1,701 | 1,934 | 2,404 | 2,572 | 2,621 | 2,218 | 2,627 | 2,926 | +10.1% | — | — | — | — | |
| Gross margin, % | 23.34 | 21.90 | 22.33 | 22.69 | 23.14 | 23.45 | 24.20 | 24.56 | 20.09 | 19.76 | 19.83 | (3.6) pt | ||||||
| EBT | 77 | 52 | 101 | 120 | 144 | 184 | 257 | 212 | 161 | 150 | 211 | +7.7% | ||||||
| EBT margin, % | 6.97 | 3.81 | 6.79 | 7.04 | 7.43 | 7.65 | 9.98 | 8.08 | 7.25 | 5.71 | 7.22 | (1.3) pt | ||||||
| Net income | 56 | 39 | 77 | 94 | 114 | 142 | 200 | 166 | 194 | 669 | 669 | +31.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 78.00 | 93.87 | 101.29 | 111.99 | 126.52 | 157.25 | 168.17 | 171.29 | 144.95 | 171.61 | 191.00 | +9.2% | |||||
| Earnings | 1.58 | 0.74 | 2.18 | 2.56 | 3.05 | 3.57 | 5.31 | 4.19 | 5.22 | 39.63 | 41.23 | +43.0% | ||||||
| Cash flow | 5.27 | 5.62 | 5.60 | 12.91 | 18.77 | 13.68 | 15.63 | 19.28 | 21.20 | 24.96 | 0.00 | +18.9% | ||||||
| Capex | (1.19) | (1.31) | (1.37) | (2.30) | (1.84) | (1.88) | (2.53) | (2.02) | (1.89) | (1.82) | 0.00 | +4.8% | ||||||
| Free cash flow | 4.08 | 4.31 | 4.23 | 10.61 | 16.93 | 11.79 | 13.11 | 17.25 | 19.31 | 23.13 | 0.00 | +21.3% | ||||||
| Book value | 50.92 | 53.54 | 54.64 | 59.01 | 72.52 | 77.16 | 76.94 | 85.50 | 90.78 | 116.13 | 108.11 | +9.6% | ||||||
| Shares, m | 14 | 14 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | +0.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 25.59 | 57.77 | 16.27 | 26.66 | 27.94 | 34.73 | 13.25 | 15.52 | 17.08 | 4.22 | 2.64 | 23.9 | |||||
| P/S | 0.52 | 0.46 | 0.35 | 0.61 | 0.68 | 0.79 | 0.42 | 0.38 | 0.61 | 0.97 | 0.57 | 0.6 | ||||||
| P/B | 0.79 | 0.80 | 0.65 | 1.16 | 1.18 | 1.61 | 0.92 | 0.76 | 0.98 | 1.44 | 0.94 | 1.0 | ||||||
| EV/Sales | 0.32 | 0.52 | 0.41 | 0.66 | 0.68 | 0.82 | 0.45 | 0.38 | 0.58 | 0.65 | 0.45 | 0.5 | ||||||
| EV/FCF | 3.30 | 4.14 | 4.93 | 4.38 | 2.73 | 3.02 | 1.45 | 1.12 | 4.02 | 2.59 | 1.99 | 3.2 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 75 | 81 | 83 | 196 | 287 | 209 | 239 | 295 | 324 | 382 | 789 | +19.8% | |||||
| Capex | (17) | (19) | (20) | (35) | (28) | (29) | (39) | (31) | (29) | (28) | (126) | +5.7% | ||||||
| Free cash flow | 58 | 62 | 62 | 161 | 259 | 180 | 200 | 264 | 295 | 354 | 663 | +22.3% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 275 | 262 | 256 | 294 | 381 | 355 | 371 | 390 | 349 | 835 | 634 | +13.2% | |||||
| Net debt | (217) | 84 | 86 | 89 | 12 | 74 | 79 | 13 | (84) | (839) | (353) | +16.2% | ||||||
| Shareholders’ equity | 724 | 773 | 805 | 896 | 1,109 | 1,180 | 1,177 | 1,308 | 1,389 | 1,778 | 1,656 | +10.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.75 | 0.71 | 2.01 | 2.07 | 2.03 | 2.07 | 2.94 | 2.28 | 2.73 | 18.38 | 18.83 | +16.6 pt | |||||
| ROIC | 10.91 | 5.31 | 7.68 | 8.78 | 9.52 | 10.37 | 13.77 | 11.32 | 8.78 | 13.07 | 11.98 | +2.2 pt | ||||||
| ROE | 3.14 | 1.38 | 4.10 | 4.56 | 4.67 | 4.77 | 6.91 | 5.15 | 5.91 | 38.30 | 0.00 | +35.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 12,222 | 14,477 | 15,101 | 17,378 | 18,457 | 20,333 | 22,059 | 21,900 | 22,720 | 19,337 | — | +5.2% | |||||
| Revenue/emp, $m | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.12 | 0.12 | 0.12 | 0.10 | 0.14 | — | +4.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Formula Systems (1985) Ltd. vs peers in Information Technology Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| GLOB Globant S.A. | $2.1B | 18.4× | 19.7× | +0.04% (above 0%: growing) | n/m | +476.16% (above 0%: growing) | 33.89% | 3.23% | Compare |
| CNXC Concentrix Corporation | $1.9B | — (loss-making) | — (loss-making) | −1.19% (below 0%: shrinking) | n/m | +38.49% (above 0%: growing) | 34.60% | (37.10%) | Compare |
| FORTY Formula Systems (1985) Ltd. | $1.7B | 2.6× | 13.9× | +29.82% (above 0%: growing) | +55.10% (above 0%: growing) | +1,330.84% (above 0%: growing) | 20.25% | 9.16% | |
| MGRT Mega Fortune Company Limited | $1.6B | — | — | — | — | — | — | — | Compare |
| PONY Pony AI Inc. - Sponsored ADR | $1.6B | — (loss-making) | — (loss-making) | +68.82% (above 0%: growing) | n/m | −73.21% (below 0%: shrinking) | 17.53% | (181.51%) | Compare |
| CLVT Clarivate PLC | $1.5B | — (loss-making) | — (loss-making) | −9.18% (below 0%: shrinking) | n/m | −4.59% (below 0%: shrinking) | 71.14% | 8.33% | Compare |
| CHRN ChronoScale Holdings Corporation | $1.5B | — (loss-making) | — (loss-making) | +148.13% (above 0%: growing) | n/m | +1,410.88% (above 0%: growing) | (9.99%) | (59.99%) | Compare |
| EFOR Everforth Inc. | $1.5B | 21.0× | 24.3× | +1.98% (above 0%: growing) | −35.98% (below 0%: shrinking) | −35.42% (below 0%: shrinking) | 28.27% | 5.49% | Compare |
| VYX NCR Voyix Corporation | $1.4B | 13.2× | 41.4× | −21.20% (below 0%: shrinking) | n/m | +91.55% (above 0%: growing) | 32.84% | 7.79% | Compare |
| Median of peers | $1.5B | 18.4× | 24.3× | +0.04% | — | +38.49% | 32.84% | 3.23% |