Formula Systems
FORTY
118.15
0.00
0.00%
Formula Systems
US · FORTY
#2892 by market cap
Listed 1970
118.15
0.00
0.00%
Live - 5344 symbols - heartbeat 491s ago
· 2026-10-07 20:02
After-hours
118.15
0.00%
- Market cap
- 1.81B
- P/E (TTM)i
- 2.96
- P/Bi
- 1.50
- EPSi
- 38.39
- Div yieldi
- 0.88%
- 52W posi
- 27%
Reader sentiment
Are you bullish or bearish on FORTY?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Fair
- Altman Z-Score is 2.23, in the 1.8-3.0 "grey zone".
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +18.42% YoY
Margins
- Gross margin
- 19.76%
- Operating margin
- 7.48%
- Net margin
- 23.09%
Key ratios & quality
- Enterprise valuei
- 1.02B
- PEG ratioi
- 0.03
- Altman Z-Scorei
- 2.23
PEG uses trailing P/E against the 3-year net income growth rate (95.32%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG." Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.49B | 1.70B | 1.93B | 2.40B | 2.57B | 2.11B | 2.22B | 2.63B |
| Gross profit | 333.31M | 386.05M | 447.43M | 563.86M | 622.47M | 421.20M | 445.76M | 519.16M |
| Selling & admin expenses | 182.47M | 200.87M | 224.19M | 226.78M | 245.23M | 186.20M | 182.33M | 209.08M |
| Research & development | 41.22M | 46.69M | 52.60M | 65.86M | 72.13M | 14.49M | 18.08M | 20.02M |
| Operating profit | 109.62M | 138.49M | 170.64M | 208.02M | 232.38M | 158.04M | 183.33M | 196.38M |
| Pretax profit | 101.33M | 119.84M | 143.76M | 184.01M | 256.71M | 134.03M | 160.94M | 150.04M |
| Tax | 24.30M | 27.20M | 31.27M | 42.61M | 55.24M | 31.83M | 38.77M | 40.46M |
| Net profit | 77.40M | 94.42M | 114.02M | 141.90M | 199.67M | 165.73M | 193.79M | 669.06M |
| Basic EPS | 2 | 3 | 3 | 4 | 5 | 4 | 5 | 40 |
| Diluted EPS | 2.14 | 2.44 | 3.01 | 3.50 | 5.21 | 4.12 | 5.09 | 38.39 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 619.38M | 602.73M | 696.64M | 708.38M | 738.29M | 782.44M |
| Gross profit | 120.23M | 123.11M | 135.71M | 140.11M | 146.04M | 158.43M |
| Selling & admin expenses | 65.89M | 67.42M | 76.22M | 102.46M | 75.65M | 80.88M |
| Research & development | 4.81M | 4.99M | 4.94M | 5.29M | 5.17M | 5.75M |
| Operating profit | 49.52M | 50.71M | 54.55M | 41.59M | 82.01M | 71.65M |
| Pretax profit | 43.03M | 39.60M | 45.70M | 18.06M | 77.84M | 66.02M |
| Tax | 10.97M | 10.84M | 11.94M | 6.71M | 15.38M | 14.06M |
| Net profit | 50.38M | 43.45M | 47.96M | 535.63M | 62.76M | 51.57M |
| Basic EPS | 1 | 1 | 1 | 36 | 2 | 2 |
| Diluted EPS | 1.23 | 0.95 | 1.08 | 35.03 | 2.25 | 1.47 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 781.10M | 965.50M | 1.16B | 1.30B | 1.37B | 1.38B | 1.49B | 2.17B |
| Cash & ST investments | 295.29M | 405.15M | 533.18M | 512.46M | 569.06M | 528.17M | 563.20M | 1.28B |
| Inventory | 3.88M | 8.64M | 23.99M | 21.22M | 35.18M | 42.01M | 30.73M | 30.25M |
| Total assets | 1.66B | 2.09B | 2.52B | 2.75B | 2.79B | 2.81B | 3.01B | 3.58B |
| Total current liabilities | 525.53M | 671.39M | 779.90M | 947.60M | 1.00B | 985.66M | 1.14B | 1.33B |
| Short-term debt | 127.00M | 192.33M | 193.96M | 265.81M | 271.67M | 262.92M | 273.80M | 297.49M |
| Long-term debt | 254.43M | 337.47M | 383.39M | 362.26M | 421.51M | 322.43M | 250.82M | 186.97M |
| Total liabilities | 859,154,000.00 | 1,192,923,000.00 | 1,411,537,000.00 | 1,568,779,000.00 | 1,617,033,000.00 | 1,504,416,000.00 | 1,625,551,000.00 | 1,805,453,000.00 |
| Total equity | 805.40M | 896.33M | 1.11B | 1.18B | 1.18B | 1.31B | 1.39B | 1.78B |
| Retained earnings | 262.56M | 285.15M | 324.36M | 358.32M | 419.45M | 475.22M | 536.01M | 1.11B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 1.48B | 1.45B | 2.06B | 2.17B | 2.17B | 1.97B |
| Cash & ST investments | 526.79M | 406.17M | 432.08M | 1.28B | 1.18B | 864.54M |
| Inventory | 27.77M | 48.10M | 26.27M | 30.25M | 36.30M | 51.79M |
| Total assets | 3.05B | 3.20B | 3.33B | 3.58B | 3.64B | 3.51B |
| Total current liabilities | 1.18B | 1.19B | 1.29B | 1.33B | 1.29B | 1.33B |
| Short-term debt | 282.30M | 301.44M | 290.76M | 297.49M | 362.84M | 335.28M |
| Long-term debt | 226.99M | 249.88M | 235.48M | 186.97M | 212.87M | 222.04M |
| Total liabilities | 1,668,248,000.00 | 1,734,139,000.00 | 1,749,899,000.00 | 1,805,453,000.00 | 1,814,089,000.00 | 1,849,931,000.00 |
| Total equity | 1.38B | 1.46B | 1.58B | 1.78B | 1.82B | 1.66B |
| Retained earnings | -- | -- | -- | 1.11B | -- | -- |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 82.60M | 196.08M | 288.14M | 209.09M | 239.14M | 294.97M | 324.45M | 382.04M |
| Depreciation & amortization | 48.73M | 86.93M | 95.51M | 122.18M | 115.31M | 121.83M | 115.50M | 152.51M |
| Free cash flow | 61.96M | 159.50M | 259.34M | 178.04M | 199.82M | 262.97M | 295.49M | 354.15M |
| Dividends paid | -5.01M | -12.97M | -14.94M | -22.08M | -21.78M | -9.93M | -18.81M | -28.66M |
| Stock buybacks / issuance | 25.40M | 0 | 108.74M | -- | -- | 0 | 0 | 83.66M |
| Ending cash balance | 268.49M | 368.67M | 501.65M | 485.39M | 544.34M | 451.95M | 507.80M | 1.28B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | -- | -- | -- | -- | -- | -- |
| Depreciation & amortization | -- | -- | -- | -- | -- | -- |
| Free cash flow | -- | -- | -- | -- | -- | -- |
| Dividends paid | -- | -- | -- | -- | -- | -- |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- |
| Ending cash balance | -- | -- | -- | -- | -- | -- |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 8.91 | 9.84 | 10.12 | 10.46 | 14.90 | 10.87 | 12.21 | 59.68 |
| ROA %i | 2.01 | 2.07 | 2.03 | 2.07 | 2.94 | 2.28 | 2.73 | 18.38 |
| ROIC %i | 5.04 | 5.52 | 5.41 | 5.48 | 7.08 | 5.83 | 6.79 | 37.86 |
| 5-year avg ROE %i | 9.96 | 6.90 | 7.72 | 8.46 | 10.84 | 11.24 | 11.71 | 21.62 |
| EBIT margin %i | 7.62 | 8.00 | 8.40 | 8.40 | 10.70 | 9.18 | 10.02 | 6.87 |
| FCF / sales %i | 4.15 | 9.38 | 13.35 | 7.38 | 7.77 | 10.03 | 10.72 | 13.48 |
| Current ratioi | 1.49 | 1.44 | 1.49 | 1.37 | 1.37 | 1.40 | 1.31 | 1.63 |
| Quick ratioi | 1.43 | 1.37 | 1.40 | 1.30 | 1.29 | 1.31 | 1.24 | 1.57 |
| Debt / assetsi | 22.91 | 28.89 | 26.53 | 25.94 | 27.64 | 23.82 | 21.37 | 16.53 |
| LT debt / equityi | 69.21 | 97.51 | 94.31 | 82.65 | 90.69 | 65.05 | 54.53 | 21.78 |
| Interest coveragei | 9.19 | 8.40 | 8.66 | 11.18 | 14.93 | 8.11 | 9.90 | 5.93 |
| Revenue CAGR (3Y) %i | 15.33 | 15.34 | 12.59 | 17.21 | 14.78 | 2.95 | -2.65 | 0.70 |
| Net income CAGR (3Y) %i | 17.74 | 20.04 | 65.32 | 19.03 | 27.99 | 11.02 | 13.43 | 95.32 |
| FCF CAGR (3Y) %i | -4.10 | 42.04 | 60.96 | 42.16 | 7.80 | 0.47 | 18.40 | 21.02 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 12.47 | 11.42 | 9.98 | 59.68 | 60.29 | 65.42 |
| ROA %i | 2.80 | 2.65 | 2.32 | 18.38 | 18.64 | 18.83 |
| ROIC %i | 8.04 | 7.88 | 7.26 | 37.86 | 38.18 | 39.50 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 10.10 | 9.94 | 9.81 | 6.87 | 7.75 | 7.99 |
| FCF / sales %i | -- | -- | -- | 13.48 | -- | -- |
| Current ratioi | 1.26 | 1.21 | 1.60 | 1.63 | 1.68 | 1.48 |
| Quick ratioi | 1.23 | 1.17 | 1.01 | 1.57 | 1.66 | 1.44 |
| Debt / assetsi | 20.59 | 21.39 | 19.20 | 16.53 | 18.73 | 19.13 |
| LT debt / equityi | 50.61 | 52.90 | 44.74 | 21.78 | 23.01 | 27.80 |
| Interest coveragei | 10.20 | 8.38 | 7.94 | 5.93 | 7.58 | 10.34 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Lead segment, long tail
- Matrix is the largest reported line at 69.03% of revenue, across 6 reported segments.
- Magic Software follows at 23.84%, so the top line still matters most but isn’t the whole story.
Revenue breakdown most recent period
Business
Matrix69.03%
Magic Software23.84%
Other8.40%
Michpal2.19%
ZAP Group1.46%
Region
Israel79.66%
United States16.59%
Europe3.19%
Japan0.45%
Other (mainly Asia pacific)0.10%
Quote time 2026-10-07 20:02:26 · For reference only, not investment advice and not tailored to your situation.