S 
388.40
+3.55%
Close of 6 Nov 2026, in ILA
At a glance
Figures in ILS, from our data supplier.
Revenue
ILS 286.1m
FY2018FY2025
Net income
−ILS 200.5m
FY2018FY2025
Free cash flow
−ILS 282.3m
FY2018FY2025
Shareholders' equity
ILS 1.68bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ILS 286.1m | ILS 190.4m | ILS 118.2m | ILS 142.4m | ILS 67.3m | ILS 55.6m | ILS 182.0m | ILS 503.6m |
| Operating income | ILS 60.7m | ILS 242.5m | ILS 95.2m | ILS 144.3m | ILS 83.3m | −ILS 59.6m | −ILS 35.7m | ILS 53.1m |
| Net income | −ILS 200.5m | ILS 172.8m | ILS 159.6m | ILS 53.0m | ILS 53.1m | −ILS 75.3m | −ILS 29.4m | ILS 41.2m |
| Diluted earnings per share | -0.22 | 0.19 | 0.17 | 0.06 | 0.09 | -0.22 | -0.09 | 0.12 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | ILS 5.46bn | ILS 5.40bn | ILS 4.76bn | ILS 4.81bn | ILS 3.55bn | ILS 2.36bn | ILS 1.71bn | — |
| Cash and short-term investments | ILS 246.9m | ILS 248.7m | ILS 228.5m | ILS 385.5m | ILS 54.1m | ILS 41.4m | ILS 16.6m | — |
| Total liabilities | ILS 3.78bn | ILS 3.45bn | ILS 3.08bn | ILS 3.12bn | ILS 2.87bn | ILS 2.07bn | ILS 1.57bn | — |
| Debt | ILS 2.95bn | ILS 2.81bn | ILS 2.59bn | ILS 2.64bn | ILS 2.64bn | ILS 1.95bn | ILS 231.5m | — |
| Shareholders' equity | ILS 1.68bn | ILS 1.94bn | ILS 1.67bn | ILS 1.69bn | ILS 680.0m | ILS 288.4m | ILS 134.3m | — |
| Shares outstanding | 909m | 897m | 920m | 917m | 599m | 337m | 340m | 344m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | ILS 22.7m | ILS 206.6m | ILS 96.9m | ILS 27.5m | −ILS 9.1m | ILS 37.5m | −ILS 14.1m | −ILS 9.5m |
| Capital spending | −ILS 305.0m | −ILS 432.5m | −ILS 294.7m | −ILS 629.2m | −ILS 255.8m | −ILS 110.8m | −ILS 248.3m | −ILS 171.0m |
| Free cash flow | −ILS 282.3m | −ILS 225.9m | −ILS 197.7m | −ILS 601.7m | −ILS 264.9m | −ILS 73.3m | −ILS 262.4m | −ILS 180.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ILS 93.9m | ILS 88.9m | ILS 80.5m | ILS 104.0m | ILS 67.2m | ILS 34.4m | ILS 36.8m | ILS 85.5m |
| Operating income | −ILS 1.2m | ILS 17.0m | ILS 110.4m | ILS 12.6m | −ILS 37.3m | ILS 23.2m | −ILS 45.2m | ILS 86.5m |
| Net income | −ILS 79.9m | −ILS 34.9m | −ILS 63.1m | −ILS 90.9m | −ILS 71.4m | ILS 24.9m | −ILS 65.8m | ILS 89.7m |
| Diluted earnings per share | -0.08 | -0.04 | -0.07 | -0.10 | -0.08 | 0.03 | -0.07 | 0.10 |
| Cash from operations | ILS 4.0m | ILS 32.0m | ILS 20.0m | ILS 9.0m | ILS 33.0m | −ILS 41.0m | ILS 45.0m | ILS 15.0m |
| Capital spending | −ILS 112.0m | −ILS 42.0m | −ILS 125.0m | −ILS 57.0m | −ILS 69.0m | −ILS 51.0m | −ILS 78.0m | −ILS 120.0m |
| Free cash flow | −ILS 108.0m | −ILS 10.0m | −ILS 105.0m | −ILS 48.0m | −ILS 36.0m | −ILS 92.0m | −ILS 33.0m | −ILS 105.0m |
| Total assets | ILS 5.68bn | ILS 5.67bn | ILS 5.46bn | ILS 5.55bn | ILS 5.16bn | ILS 5.31bn | ILS 5.40bn | ILS 5.09bn |
| Cash and short-term investments | ILS 356.1m | ILS 552.1m | ILS 246.9m | ILS 266.6m | ILS 72.5m | ILS 141.4m | ILS 248.7m | ILS 182.8m |
| Debt | ILS 213.3m | ILS 3.23bn | ILS 2.95bn | ILS 3.15bn | ILS 2.84bn | ILS 2.91bn | ILS 2.65bn | ILS 2.76bn |
| Shareholders' equity | ILS 1.91bn | ILS 1.92bn | ILS 1.68bn | ILS 1.71bn | ILS 1.78bn | ILS 1.89bn | ILS 1.94bn | ILS 1.85bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -17.2% | 191.9% | 346.2% | 172.4% | 226.2% | -27.2% |
| Net margin | -70.1% | 90.7% | 135.0% | 37.2% | 78.9% | -135.5% |
| Return on equity | -11.9% | 8.9% | 9.5% | 3.1% | 7.8% | -26.1% |
| Return on assets | -3.7% | 3.2% | 3.4% | 1.1% | 1.5% | -3.2% |
| Free cash flow yield | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% |
| Revenue growth | 50.3% | 61.1% | -17.0% | 111.5% | 21.2% | -69.5% |
| Earnings growth | -216.0% | 8.3% | 201.3% | -0.4% | -170.6% | 156.4% |
| Current ratio | 1.56x | 0.97x | 1.92x | 1.40x | 0.15x | 0.26x |
| Debt to equity | 1.75x | 1.36x | 1.43x | 1.44x | 3.60x | 1.99x |
| Equity ratio | 30.8% | 36.0% | 35.2% | 35.1% | 19.2% | 12.2% |
| Interest coverage | -0.37x | 2.83x | 2.73x | 1.70x | 1.56x | -0.27x |
| Buybacks as a share of market value | -1.4% | 2.6% | -0.4% | -52.9% | -77.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.2% | 38.8% | — |
| Operating income | -25.1% | — | — |
| Net income | — | 21.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 63.6% | 73.6% | 65.9% | — |
| Net margin | -5.8% | 25.1% | 18.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -16.4 | 12.9 | 17.1 | 53.0 |
| Price to sales | 11.5 | 11.8 | 23.1 | 19.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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