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FORMULA SYSTEMS (1985) LTD

FORTY Clue Score67
Israel Fiscal year ends December CIK 0001045986
$118.15 +0.00% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $118.15 +15.55% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1,108.6Operating income88.5Net income22.4EPS, diluted1.49Fiscal year 2017Revenue1,355.1 +22.2%Operating income72.8Net income10.4 −53.9%EPS, diluted0.68 −54.4%Fiscal year 2018Revenue1,493.0 +10.2%Operating income109.6Net income32.4 +212.6%EPS, diluted2.14 +214.7%Fiscal year 2019Revenue1,701.1 +13.9%Operating income138.5Net income38.8 +19.9%EPS, diluted2.44 +14.0%Fiscal year 2020Revenue1,933.9 +13.7%Operating income170.6Net income46.8 +20.5%EPS, diluted3.01 +23.4%Fiscal year 2021Revenue2,404.4 +24.3%Operating income208.0Net income54.6 +16.7%EPS, diluted3.50 +16.3%Fiscal year 2022Revenue2,572.4 +7.0%Net income81.4 +49.1%EPS, diluted5.21 +48.9%Fiscal year 2023Revenue2,620.9 +1.9%Net income64.0 −21.4%EPS, diluted4.12 −20.9%Fiscal year 2024Revenue2,757.5 +5.2%Net income79.7 +24.5%EPS, diluted5.09 +23.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Revenue 1,108.6 1,355.1 1,493.0 1,701.1 1,933.9 2,404.4 2,572.4 2,620.9 2,757.5
Growth +22.2% +10.2% +13.9% +13.7% +24.3% +7.0% +1.9% +5.2%
Operating income 88.5 72.8 109.6 138.5 170.6 208.0 n/a n/a n/a
Net income 22.4 10.4 32.4 38.8 46.8 54.6 81.4 64.0 79.7
Growth −53.9% +212.6% +19.9% +20.5% +16.7% +49.1% −21.4% +24.5%
EPS, diluted 1.49 0.68 2.14 2.44 3.01 3.50 5.21 4.12 5.09
Growth −54.4% +214.7% +14.0% +23.4% +16.3% +48.9% −20.9% +23.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin23.3%Operating margin8.0%Net margin2.0%Free cash flow margin5.9%Fiscal year 2017Gross margin21.9%Operating margin5.4%Net margin0.8%Free cash flow margin5.3%Fiscal year 2018Gross margin22.3%Operating margin7.3%Net margin2.2%Free cash flow margin4.8%Fiscal year 2019Gross margin22.7%Operating margin8.1%Net margin2.3%Free cash flow margin10.2%Fiscal year 2020Gross margin23.1%Operating margin8.8%Net margin2.4%Free cash flow margin14.0%Fiscal year 2021Gross margin23.5%Operating margin8.7%Net margin2.3%Free cash flow margin8.0%Fiscal year 2022Gross margin24.2%Net margin3.2%Free cash flow margin8.4%Fiscal year 2023Gross margin24.6%Net margin2.4%Free cash flow margin10.6%Fiscal year 2024Gross margin24.8%Net margin2.9%Free cash flow margin11.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Gross margin 23.3% 21.9% 22.3% 22.7% 23.1% 23.5% 24.2% 24.6% 24.8%
Operating margin 8.0% 5.4% 7.3% 8.1% 8.8% 8.7% n/a n/a n/a
Net margin 2.0% 0.8% 2.2% 2.3% 2.4% 2.3% 3.2% 2.4% 2.9%
Free cash flow margin 5.9% 5.3% 4.8% 10.2% 14.0% 8.0% 8.4% 10.6% 11.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow75.0Capital expenditure−9.1Free cash flow65.8Fiscal year 2017Operating cash flow81.1Capital expenditure−9.6Free cash flow71.5 +8.7%Fiscal year 2018Operating cash flow82.6Capital expenditure−11.6Free cash flow71.0 −0.8%Fiscal year 2019Operating cash flow196.1Capital expenditure−22.4Free cash flow173.7 +144.8%Fiscal year 2020Operating cash flow288.1Capital expenditure−16.7Free cash flow271.5 +56.3%Fiscal year 2021Operating cash flow209.1Capital expenditure−17.4Free cash flow191.7 −29.4%Fiscal year 2022Operating cash flow239.1Capital expenditure−22.1Free cash flow217.1 +13.2%Fiscal year 2023Operating cash flow295.0Capital expenditure−16.7Free cash flow278.3 +28.2%Fiscal year 2024Operating cash flow324.5Capital expenditure−16.4Free cash flow308.0 +10.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Operating cash flow 75.0 81.1 82.6 196.1 288.1 209.1 239.1 295.0 324.5
Capital expenditure −9.1 −9.6 −11.6 −22.4 −16.7 −17.4 −22.1 −16.7 −16.4
Free cash flow 65.8 71.5 71.0 173.7 271.5 191.7 217.1 278.3 308.0
Growth +8.7% −0.8% +144.8% +56.3% −29.4% +13.2% +28.2% +10.7%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash240.1Shareholders’ equity336.4Fiscal year 2017Cash245.9Shareholders’ equity359.2Fiscal year 2018Cash268.5Shareholders’ equity367.6Fiscal year 2019Cash368.7Shareholders’ equity421.6Fiscal year 2020Cash501.7Shareholders’ equity503.2Fiscal year 2021Cash485.4Shareholders’ equity541.0Fiscal year 2022Cash544.3Shareholders’ equity551.9Fiscal year 2023Cash451.9Total debt170.5Net cash (debt)281.5Shareholders’ equity625.8Debt to equity0.27Fiscal year 2024Cash507.8Total debt167.7Net cash (debt)340.1Shareholders’ equity679.3Debt to equity0.25
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Cash 240.1 245.9 268.5 368.7 501.7 485.4 544.3 451.9 507.8
Total debt n/a n/a n/a n/a n/a n/a n/a 170.5 167.7
Net cash (debt) n/a n/a n/a n/a n/a n/a n/a 281.5 340.1
Shareholders’ equity 336.4 359.2 367.6 421.6 503.2 541.0 551.9 625.8 679.3
Debt to equity n/a n/a n/a n/a n/a n/a n/a 0.27 0.25

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2024 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024
Revenue and profit
1,108.6 1,355.1 1,493.0 1,701.1 1,933.9 2,404.4 2,572.4 2,620.9 2,757.5
Growth +22.2% +10.2% +13.9% +13.7% +24.3% +7.0% +1.9% +5.2%
849.8 1,058.3 1,159.7 1,315.1 1,486.5 1,840.5 1,949.9 1,977.2 2,072.8
258.8 296.8 333.3 386.0 447.4 563.9 622.5 643.7 684.7
Growth +14.7% +12.3% +15.8% +15.9% +26.0% +10.4% +3.4% +6.4%
22.3 39.9 41.2 46.7 52.6 65.9 72.1 78.0 84.4
148.0 184.2 182.5 200.9 224.2 290.0 318.0 326.4 335.2
88.5 72.8 109.6 138.5 170.6 208.0 n/a n/a n/a
Growth −17.7% +50.6% +26.3% +23.2% +21.9%
77.3 52.8 101.3 119.8 143.8 n/a 256.7 211.0 248.4
21.2 13.4 24.3 27.2 31.3 42.6 55.2 46.1 56.7
22.4 10.4 32.4 38.8 46.8 54.6 81.4 64.0 79.7
Growth −53.9% +212.6% +19.9% +20.5% +16.7% +49.1% −21.4% +24.5%
Per share
1.58 0.72 2.20 2.56 3.05 3.57 5.31 4.19 5.22
1.49 0.68 2.14 2.44 3.01 3.50 5.21 4.12 5.09
Growth −54.4% +214.7% +14.0% +23.4% +16.3% +48.9% −20.9% +23.5%
n/a n/a n/a n/a n/a n/a 0.0 0.0 0.0
n/a n/a n/a n/a n/a n/a 0.0 0.0 0.0
Growth −0.0% +0.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 10.1% a year over five years, and earnings per share grew 15.8% a year.
  • Gross margin is up 2.1 points on five years ago, at 24.8%.
  • Profitable in every one of the 9 years on file.