F 
Formula Systems 1985 Ltd ADR FORTY · USD
Information Technology · US listing · 🇺🇸 United States
117.05
+6.17%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.65bn
FY2016FY2025
Net income
$28.4m
FY2016FY2025
Free cash flow
$374.8m
FY2016FY2025
Shareholders' equity
$1.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.65bn | $2.23bn | $2.61bn | $2.57bn | $2.41bn | $1.93bn | $1.70bn | $1.49bn | $1.36bn | $1.11bn |
| Gross profit | $451.4m | $400.1m | $642.1m | $622.5m | $563.9m | $447.4m | $386.0m | $333.3m | $296.8m | $258.8m |
| Research and development | $20.2m | $18.2m | $77.8m | $72.1m | $65.9m | $52.6m | $46.7m | $41.2m | $39.9m | $22.3m |
| Operating income | $188.6m | $178.8m | $238.8m | $252.3m | $208.0m | $170.6m | $51.6m | $109.6m | $73.7m | $88.5m |
| Net income | $28.4m | $80.0m | $63.8m | $81.4m | $54.6m | $46.8m | $92.6m | $32.2m | $11.2m | $22.4m |
| Diluted earnings per share | 1.79 | 5.10 | 4.12 | 5.26 | 3.52 | 3.06 | 6.06 | 2.07 | 0.72 | 1.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $3.58bn | $3.01bn | $2.81bn | $2.79bn | $2.75bn | $2.52bn | $2.09bn | $1.66bn | $1.56bn | $1.36bn |
| Cash and short-term investments | $1.28bn | $563.2m | $528.2m | $569.1m | $512.5m | $533.2m | $405.5m | $295.6m | $260.8m | $275.7m |
| Total liabilities | $1.81bn | $1.63bn | $1.50bn | $1.62bn | $1.57bn | $1.41bn | $1.19bn | $859.3m | $788.1m | $634.8m |
| Debt | $484.2m | $571.6m | $585.4m | $693.2m | $630.1m | $577.3m | $603.5m | $381.4m | $345.0m | $259.1m |
| Shareholders' equity | $1.35bn | $679.3m | $625.8m | $551.9m | $541.0m | $502.7m | $896.3m | $367.4m | $772.9m | $723.8m |
| Shares outstanding | 16m | 16m | 16m | 15m | 15m | 15m | 15m | 16m | 16m | 16m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $391.1m | $324.4m | $295.0m | $239.1m | $208.5m | $286.9m | $196.1m | $82.6m | $81.0m | $75.0m |
| Capital spending | −$16.3m | −$29.0m | −$32.0m | −$39.3m | −$31.1m | −$28.8m | −$36.6m | −$20.6m | −$18.9m | −$19.3m |
| Free cash flow | $374.8m | $295.5m | $263.0m | $199.8m | $177.4m | $258.1m | $159.5m | $62.0m | $62.1m | $55.7m |
| Dividends paid | −$28.9m | −$18.8m | −$9.9m | −$21.8m | −$22.1m | −$14.9m | −$13.0m | −$5.0m | −$12.1m | −$10.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $782.4m | $738.3m | $712.8m | $699.9m | $759.3m | $616.2m | $691.5m | $699.9m |
| Gross profit | $158.4m | $146.0m | $141.0m | $136.3m | $189.5m | $119.6m | $180.5m | $172.9m |
| Operating income | $71.6m | $82.0m | $32.6m | $54.8m | $69.3m | $49.3m | $73.7m | $71.0m |
| Net income | $23.3m | $35.6m | $558.2m | $17.4m | $15.4m | $19.2m | $20.1m | $23.6m |
| Diluted earnings per share | 1.47 | 2.25 | 35.25 | 1.10 | 0.97 | 1.21 | 1.28 | 1.50 |
| Cash from operations | — | — | $391.0m | — | — | — | — | — |
| Capital spending | — | — | −$16.0m | — | — | — | — | — |
| Free cash flow | — | — | $375.0m | — | — | — | — | — |
| Total assets | $3.51bn | $3.64bn | $3.58bn | $3.33bn | $3.20bn | $3.05bn | $3.01bn | $2.85bn |
| Cash and short-term investments | $864.5m | $1.18bn | $1.28bn | $432.1m | $406.2m | $526.8m | $575.2m | $510.9m |
| Debt | $335.3m | $575.7m | $484.2m | $526.2m | $551.3m | $509.3m | $526.4m | $557.9m |
| Shareholders' equity | $1.21bn | $1.38bn | $1.35bn | $777.7m | $722.9m | $681.0m | $679.3m | $660.1m |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 17.0% | 18.0% | 24.6% | 24.2% | 23.5% | 23.1% |
| Operating margin | 7.1% | 8.0% | 9.1% | 10.7% | 8.4% | 8.8% |
| Net margin | 1.1% | 3.6% | 2.4% | 3.2% | 2.3% | 2.4% |
| Return on equity | 2.1% | 11.8% | 10.2% | 14.7% | 10.1% | 9.3% |
| Return on assets | 0.8% | 2.7% | 2.3% | 2.9% | 2.0% | 1.9% |
| Free cash flow yield | 21.1% | 18.5% | 17.3% | 14.8% | 12.7% | 16.9% |
| Revenue growth | 18.8% | -14.7% | 1.6% | 7.0% | 24.3% | 13.7% |
| Earnings growth | -64.5% | 25.4% | -21.6% | 49.1% | 16.7% | -49.5% |
| Current ratio | 1.63x | 1.30x | 1.40x | 1.37x | 1.38x | 1.49x |
| Debt to equity | 0.36x | 0.84x | 0.94x | 1.26x | 1.16x | 1.15x |
| Equity ratio | 37.8% | 22.5% | 22.2% | 19.7% | 19.7% | 19.9% |
| Interest coverage | 6.15x | 6.77x | 6.24x | 14.93x | 11.18x | 6.59x |
| R&D as a share of sales | 0.8% | 0.8% | 3.0% | 2.8% | 2.7% | 2.7% |
| Buybacks as a share of market value | -0.9% | -1.2% | -0.2% | 0.2% | -1.3% | -0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.0% | 6.5% | 12.7% |
| Operating income | -9.2% | 2.0% | 13.2% |
| Net income | -29.6% | -9.5% | 3.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.5% | 21.0% | 21.7% | 21.9% |
| Operating margin | 7.5% | 8.5% | 8.6% | 7.7% |
| Net margin | 2.2% | 2.5% | 2.5% | 2.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 93.2 | 17.4 | 15.8 | 13.5 | 35.2 | 27.9 | 11.1 | 18.3 | 56.4 | 27.5 |
| Price to sales | 1.0 | 0.6 | 0.4 | 0.4 | 0.8 | 0.7 | 0.6 | 0.4 | 0.5 | 0.6 |
Market value over time
29 Nov 2016 to 14 Oct 2026, in USD
$659.0m$1.82bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 93% | 48% | -16% | -34% | 48% | 14% | 83% | -8% | -2% | 49% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 22 Sept 2026.
| FY2026 | |
|---|---|
| Paid in the year | 14.675 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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