FORTYNasdaqServices-Computer Programming ServicesFiscal year ends December 31
FORMULA SYSTEMS (1985) LTD
Financials through fiscal 2024, year ended Dec 31, 2024Last filing: 20-F on May 13, 2026
$114.28−0.32 (-0.28%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 22.5
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2010 to 2024
Gross margin
24.8%+2.1 pts over 5 years
Operating margin
–
Net margin
2.9%+0.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.2% | +4.7% | +10.1% | +15.8% | |
| Gross profit | +6.4% | +6.7% | +12.1% | +20.5% | |
| Net income | +24.5% | +13.4% | +15.5% | -0.1% | |
| EPS, diluted | +23.5% | +13.3% | +15.8% | -0.9% | |
| Free cash flow | +10.7% | +17.1% | +12.1% | +37.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | 4.7% | 9.8% | 12.2% | |
| Return on assets | 1.8% | 2.1% | 2.7% | |
| Current ratio | 1.69 | 1.44 | 1.31 | |
| Debt to equity | 0.13 | – | 0.46 | |
| Interest coverage | 5.1× | 6.2× | – | |
| Inventory turnover | 215.8× | 210.1× | 57.0× | |
| Capex to revenue | 0.7% | 1.3% | 0.6% | |
| Diluted shares | 0M | – | 0M |
Where the cash went
Fiscal 2020 to 2024, five years combined
Formula Systems (1985) generated $1.36B from operations and spent $89.19M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.36B
Used
$89.19M
Capital expenditure$89.19M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.9%
×Asset turnover0.95×
×Equity multiplier4.47×
=Return on equity, FY202412.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 2.9% | 0.95× | 4.47× | 12.2% |
| FY2023 | 2.4% | 0.93× | 4.76× | 10.9% |
| FY2022 | 3.2% | 0.93× | 5.07× | 14.9% |
| FY2021 | 2.3% | 0.91× | 5.05× | 10.5% |
| FY2020 | 2.4% | 0.84× | 4.98× | 10.1% |
| FY2019 | 2.3% | 0.91× | 4.76× | 9.8% |
| FY2018 | 2.2% | 0.92× | 4.44× | 8.9% |
| FY2017 | 0.8% | 0.93× | 4.20× | 3.0% |
| FY2016 | 2.0% | 0.92× | 3.07× | 5.7% |
| FY2015 | 2.0% | 0.89× | 2.61× | 4.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
7of 9 tests passed in fiscal 2024. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$79.67M
- Cash generatingOperating cash flow above zero$324.45M
- Return on assets improvedROA up on the prior year2.3% → 2.8%
- Earnings backed by cashOperating cash flow above net income$324.45M vs $79.67M
- Less leverageLong-term debt to assets fell6.1% → 3.8%
- Better liquidityCurrent ratio rose1.40 → 1.31
- No dilutionShare count did not rise0M → 0M
- Gross margin improvedGross margin up on the prior year24.56% → 24.83%
- More efficientAsset turnover rose0.94 → 0.98