Saturday 17 October 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. In the quarter to June 2026, revenue grew 29.8%, EPS grew 55.1%, free cash flow grew 1,330.8% and total debt rose 1.98%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
112.11
2.48
−2.16%
Follow FORTY
| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
25.59 | 57.77 | 16.27 | 26.66 | 27.94 | 34.73 | 13.25 | 15.52 | 17.08 | 4.22 |
Piotroski F-Score |
6 | 4 | 6 | 5 | 6 | 7 | 6 | 7 | 5 | 6 |
P/S ratio |
0.52 | 0.46 | 0.35 | 0.61 | 0.68 | 0.79 | 0.42 | 0.38 | 0.61 | 0.97 |
Altman Z-Score |
2.06 | 1.88 | 1.89 | 1.91 | 1.91 | 2.19 | 2.02 | 2.01 | 1.83 | 2.48 |
Altman Z″-Score (non-manufacturers) |
3.54 | 2.94 | 2.95 | 2.60 | 2.69 | 2.57 | 2.79 | 2.95 | 2.64 | 3.94 |
P/FCF ratio |
5.32 | 3.64 | 4.24 | 4.03 | 2.71 | 2.91 | 1.35 | 1.10 | 4.28 | 3.86 |
Beneish M-Score |
(2.37) | (2.52) | (2.42) | (2.60) | (2.70) | (2.40) | (2.60) | (2.63) | (2.51) | (2.92) |
P/Operating CF |
7.62 | 16.06 | 9.45 | 18.64 | 23.51 | 34.09 | 19.42 | 17.90 | 4.20 | 6.69 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 77 |
P/B ratio |
0.79 | 0.80 | 0.65 | 1.16 | 1.18 | 1.61 | 0.92 | 0.76 | 0.98 | 1.44 |
Price to Tangible BV |
5.71 | 0.00 | 37.07 | 151.08 | 94.32 | 379.33 | 38.52 | 6.04 | 6.91 | 2.60 |
EV/Sales |
0.32 | 0.52 | 0.41 | 0.66 | 0.68 | 0.82 | 0.45 | 0.38 | 0.58 | 0.65 |
EV/EBITDA |
4.00 | 8.36 | 5.00 | 8.13 | 7.73 | 9.47 | 4.19 | 4.21 | 6.97 | 8.75 |
EV/Operating CF |
2.74 | 3.33 | 3.74 | 3.55 | 2.33 | 2.63 | 1.24 | 0.98 | 2.87 | 2.18 |
EV/FCF |
3.30 | 4.14 | 4.93 | 4.38 | 2.73 | 3.02 | 1.45 | 1.12 | 4.02 | 2.59 |
Quick Ratio |
1.75 | 1.60 | 1.48 | 1.43 | 1.46 | 1.35 | 1.34 | 1.35 | 1.28 | 1.61 |
Current Ratio |
1.76 | 1.60 | 1.49 | 1.44 | 1.49 | 1.37 | 1.37 | 1.40 | 1.31 | 1.63 |
Net Debt/EBITDA |
(1.80) | 0.72 | 0.54 | 0.39 | 0.05 | 0.22 | 0.20 | 0.04 | (0.28) | (2.40) |
Debt/Assets |
4.33% | 22.06% | 22.91% | 23.65% | 21.64% | 21.34% | 23.18% | 19.25% | 15.90% | 12.32% |
Debt/Equity |
0.08 | 0.45 | 0.47 | 0.55 | 0.49 | 0.50 | 0.55 | 0.41 | 0.35 | 0.25 |
Asset Turnover |
0.86 | 0.93 | 0.93 | 0.91 | 0.84 | 0.91 | 0.93 | 0.93 | 0.76 | 0.80 |
Operating CF/Net income |
3.34 | 7.83 | 2.55 | 5.05 | 6.13 | 3.83 | 2.94 | 4.61 | 4.07 | 0.63 |
Capex/Depreciation |
(0.52) | (0.43) | (0.41) | (0.40) | (0.29) | (0.24) | (0.34) | (0.25) | (0.25) | (0.18) |
Interest Coverage |
5.03 | 2.44 | 6.92 | 6.17 | 5.80 | 6.94 | 10.16 | 5.68 | 5.25 | 3.09 |
| 3.14% | 1.38% | 4.10% | 4.56% | 4.67% | 4.77% | 6.91% | 5.15% | 5.91% | 38.30% | |
| 1.75% | 0.71% | 2.01% | 2.07% | 2.03% | 2.07% | 2.94% | 2.28% | 2.73% | 18.38% | |
ROIC |
10.91% | 5.31% | 7.68% | 8.78% | 9.52% | 10.37% | 13.77% | 11.32% | 8.78% | 13.07% |
Return on Tangible Assets |
7.46% | 3.55% | 11.37% | 11.51% | 10.63% | 13.27% | 19.13% | 14.45% | 19.90% | 68.68% |
Average Days of Receivables |
116.56 | 116.00 | 117.82 | 118.38 | 113.94 | 116.65 | 108.87 | 112.20 | 146.95 | 118.80 |
Research and Development Expense of Revenue |
2.01% | 2.94% | 2.76% | 2.74% | 2.72% | 2.74% | 2.80% | 2.97% | 0.81% | 0.76% |
Selling, General and Administrative Expense of Revenue |
13.35% | 13.59% | 12.22% | 11.81% | 11.59% | 12.06% | 12.36% | 12.45% | 11.26% | 11.88% |
Intangible Assets out of Total Assets |
0.46 | 0.50 | 0.48 | 0.43 | 0.43 | 0.43 | 0.41 | 0.41 | 0.40 | 0.22 |
Share Based Compensation of Revenue |
0.40% | 0.34% | 0.27% | 0.23% | 0.40% | 0.61% | 0.58% | 0.71% | 0.73% | 1.19% |
Graham Net Nets |
0.01 | (0.16) | (0.15) | (0.22) | (0.19) | (0.14) | (0.23) | (0.13) | (0.10) | 0.14 |
Graham Number |
42.41 | 29.86 | 51.89 | 58.30 | 70.66 | 78.73 | 96.06 | 89.78 | 103.16 | 321.75 |
Earnings Yield |
3.91% | 1.73% | 6.14% | 3.75% | 3.58% | 2.88% | 7.55% | 6.44% | 5.85% | 23.72% |
Free Cash Flow Yield |
18.80% | 27.47% | 23.60% | 24.79% | 36.91% | 34.36% | 74.15% | 90.81% | 23.35% | 25.91% |
Revenue per Share |
78.00 | 93.87 | 101.29 | 111.99 | 126.52 | 157.25 | 168.17 | 171.29 | 144.95 | 171.61 |
Operating CF per Share |
5.27 | 5.62 | 5.60 | 12.91 | 18.77 | 13.68 | 15.63 | 19.28 | 21.20 | 24.96 |
Capex per Share |
(1.19) | (1.31) | (1.37) | (2.30) | (1.84) | (1.88) | (2.53) | (2.02) | (1.89) | (1.82) |
Free Cash Flow per Share |
4.08 | 4.31 | 4.23 | 10.61 | 16.93 | 11.79 | 13.11 | 17.25 | 19.31 | 23.13 |
Cash per Share |
19.40 | 18.07 | 20.03 | 26.67 | 34.88 | 33.52 | 37.20 | 34.52 | 36.80 | 83.64 |
Shareholders Equity per Share |
50.92 | 53.54 | 54.64 | 59.01 | 72.52 | 77.16 | 76.94 | 85.50 | 90.78 | 116.13 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
50.92 | 53.54 | 54.64 | 59.01 | 72.52 | 77.16 | 76.94 | 85.50 | 90.78 | 116.13 |
Free Cash Flow |
58.01 | 62.18 | 62.40 | 161.16 | 258.83 | 180.32 | 200.45 | 264.01 | 295.49 | 354.15 |
Working Capital |
274.62 | 261.85 | 255.57 | 294.11 | 380.97 | 354.52 | 370.51 | 390.19 | 348.57 | 835.49 |
Capital Expenditures |
(16.95) | (18.91) | (20.19) | (34.93) | (28.11) | (28.77) | (38.68) | (30.95) | (28.96) | (27.89) |
Net Current Asset Value |
2.98 | (95.91) | (78.05) | (227.42) | (250.67) | (266.66) | (245.53) | (128.56) | (138.51) | 360.36 |
EV/EBIT |
4.00 | 9.63 | 5.58 | 8.13 | 7.73 | 9.47 | 4.19 | 4.21 | 6.97 | 8.75 |
Capex to Sales |
0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 |
Price to Operating Income |
6.45 | 8.48 | 4.79 | 7.48 | 7.66 | 9.11 | 3.90 | 4.16 | 7.43 | 13.02 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
1.24 | 1.46 | 1.67 | 2.02 | 1.61 | 2.15 | 2.10 | 2.30 | 2.23 | 3.20 |
Cash ROIC |
5.48% | 4.51% | 4.21% | 8.97% | 11.83% | 7.91% | 8.37% | 11.10% | 12.15% | 10.12% |
Accounts Receivable Turnover |
3.39 | 3.45 | 3.27 | 3.29 | 3.35 | 3.50 | 3.35 | 3.33 | 2.61 | 3.01 |
Accounts Payable Turnover |
7.42 | 7.84 | 7.22 | 7.29 | 7.24 | 7.24 | 6.55 | 6.17 | 4.88 | 4.40 |
Inventory Turnover |
194.03 | 291.87 | 322.98 | 210.11 | 91.13 | 81.42 | 69.14 | 51.23 | 48.74 | 69.14 |
Average Days of Payables |
52.13 | 51.21 | 54.32 | 52.27 | 54.58 | 56.77 | 57.81 | 61.25 | 81.18 | 97.68 |
Days of Inventory on Hand |
1.70 | 1.14 | 1.22 | 2.40 | 5.89 | 4.21 | 6.59 | 7.75 | 6.33 | 5.24 |
Average Receivables |
327.38 | 392.35 | 456.31 | 516.82 | 577.71 | 686.07 | 767.85 | 786.47 | 849.40 | 874.10 |
Average Payables |
114.50 | 134.94 | 160.53 | 180.46 | 205.32 | 254.27 | 297.53 | 320.30 | 363.02 | 479.20 |
Average Inventory |
4.38 | 3.63 | 3.59 | 6.26 | 16.31 | 22.60 | 28.20 | 38.59 | 36.37 | 30.49 |
Average Assets |
1,284.96 | 1,459.08 | 1,614.09 | 1,876.90 | 2,304.67 | 2,634.32 | 2,771.26 | 2,803.28 | 2,913.75 | 3,299.08 |
Average Common Equity |
714.56 | 748.38 | 789.16 | 850.87 | 1,002.44 | 1,144.17 | 1,178.35 | 1,242.55 | 1,348.77 | 1,583.57 |
Columns are period end dates