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