INCRNasdaqPharmaceutical PreparationsFiscal year ends December 31
Intercure Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 30, 2026
$4.46−0.11 (-2.41%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
12.3%−36.9 pts over 5 years
Operating margin
-10.1%+49.0 pts over 5 years
Net margin
-13.2%+44.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.1% | -11.4% | +33.0% | – | |
| Gross profit | +9.8% | -40.2% | +0.7% | – | |
| Free cash flow | – | -25.0% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -9.0% | |
| Return on assets | – | -12.2% | -4.9% | |
| Current ratio | – | 2.57 | – | |
| Debt to equity | – | 0.00 | 0.49 | |
| Net debt to EBITDA | – | 1.06× | -14.74× | |
| Inventory turnover | – | – | 2.1× | |
| Capex to revenue | – | 32.0% | 1.3% | |
| Diluted shares | – | 25M | 54M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Intercure generated 218.80M ILS from operations and spent 44.31M ILS on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
218.80M ILS
Used
44.31M ILS
Capital expenditure44.31M ILS100%Dividends0 ILS0%Share buybacks0 ILS0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-13.2%
×Asset turnover0.37×
×Equity multiplier1.83×
=Return on equity, FY2025-9.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -13.2% | 0.37× | 1.83× | -9.0% |
| FY2024 | -28.4% | 0.31× | 1.82× | -15.9% |
| FY2023 | -17.4% | 0.41× | 1.82× | -13.0% |
| FY2022 | 11.5% | 0.47× | 1.74× | 9.4% |
| FY2021 | 2.1% | 0.43× | 1.42× | 1.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-35.71M ILS
- Cash generatingOperating cash flow above zero16.84M ILS
- Return on assets improvedROA up on the prior year-8.6% → -4.7%
- Earnings backed by cashOperating cash flow above net income16.84M ILS vs -35.71M ILS
- Less leverageLong-term debt to assets fell14.9% → 8.6%
- Better liquidityCurrent ratio rose1.73 → –
- No dilutionShare count did not rise46M → 54M
- Gross margin improvedGross margin up on the prior year12.66% → 12.28%
- More efficientAsset turnover rose0.30 → 0.35