Formula

TA:FORTY Israel Information Technology Services
Market Cap
$1.70 Billion
ILA634.77 Billion ILA
Market Cap Rank
#26513 Global
#49 in Israel
Share Price
ILA41400.00
Change (1 day)
+2.05%
52-Week Range
ILA31050.00 - ILA57400.00
All Time High
ILA57400.00
Categories
Companies in Israel Information Technology Services Technology AI & Machine Learning
About

Formula Systems (1985) Ltd., through its subsidiaries, provides proprietary and non-proprietary software solutions and information technologies (IT) professional services in Israel, the United States, Europe, Africa, Japan, and internationally. The company also offers software product marketing and support, computer infrastructure and integration solutions, and learning and integration. In additi… Read more

Formula (FORTY) - Net Assets

Latest net assets as of September 2025: ILA1.58 Billion ILA

Based on the latest financial reports, Formula (FORTY) has net assets worth ILA1.58 Billion ILA as of September 2025.

Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ILA3.33 Billion) and total liabilities (ILA1.75 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.

Key Net Assets Metrics

Metric Value
Current Net Assets ILA1.58 Billion
% of Total Assets 47.41%
Annual Growth Rate 7.05%
5-Year Change 25.45%
10-Year Change 106.97%
Growth Volatility 14.11

Formula - Net Assets Trend (1998–2024)

This chart illustrates how Formula's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.

Annual Net Assets for Formula (1998–2024)

The table below shows the annual net assets of Formula from 1998 to 2024.

Year Net Assets Change
2024-12-31 ILA1.39 Billion +6.20%
2023-12-31 ILA1.31 Billion +11.14%
2022-12-31 ILA1.18 Billion -0.23%
2021-12-31 ILA1.18 Billion +6.53%
2020-12-31 ILA1.11 Billion +23.56%
2019-12-31 ILA896.33 Million +11.33%
2018-12-31 ILA805.14 Million +4.17%
2017-12-31 ILA772.92 Million +6.78%
2016-12-31 ILA723.85 Million +7.83%
2015-12-31 ILA671.29 Million +3.47%
2014-12-31 ILA648.79 Million +34.35%
2013-12-31 ILA482.92 Million +3.08%
2012-12-31 ILA468.50 Million +27.90%
2011-12-31 ILA366.29 Million +9.54%
2010-12-31 ILA334.38 Million +13.23%
2009-12-31 ILA295.31 Million +6.47%
2008-12-31 ILA277.37 Million -9.45%
2007-12-31 ILA306.30 Million +14.11%
2006-12-31 ILA268.43 Million -1.36%
2005-12-31 ILA272.13 Million -3.96%
2004-12-31 ILA283.36 Million +16.01%
2003-12-31 ILA244.25 Million +8.33%
2002-12-31 ILA225.48 Million -15.45%
2001-12-31 ILA266.69 Million -32.06%
2000-12-31 ILA392.54 Million +28.89%
1999-12-31 ILA304.56 Million +28.72%
1998-12-31 ILA236.60 Million --

Equity Component Analysis

This analysis shows how different components contribute to Formula's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

  • Retained earnings have grown by 756.3% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component Amount Percentage
Retained Earnings ILA536.01 Million 78.90%
Common Stock ILA4.35 Million 0.64%
Other Comprehensive Income ILA-13.42 Million -1.98%
Other Components ILA152.39 Million 22.43%
Total Equity ILA679.34 Million 100.00%

Formula Competitors by Market Cap

The table below lists competitors of Formula ranked by their market capitalization.

Company Market Cap
KB Autosys Co. Ltd
KQ:024120
 		$15.95 Million
Chemcon Speciality Chemicals Limited
NSE:CHEMCON
 		$15.95 Million
Actia Group
PA:ALATI
 		$15.96 Million
Horng Tong Enterprise Co., Ltd.
TWO:5271
 		$15.96 Million
Zaigle Co. Ltd
KQ:234920
 		$15.94 Million
R K Swamy Limited
NSE:RKSWAMY
 		$15.93 Million
P&K Skin Research Center Co. Ltd
KQ:347740
 		$15.93 Million
Tripar Multivision Plus
JK:RAAM
 		$15.93 Million

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Formula's equity between the two most recent reporting periods.

Equity Growth Insights

  • From 2023 to 2024, total equity changed from 625,762,000 to 679,338,000, a change of 53,576,000 (8.6%).
  • Net income of 79,670,000 contributed positively to equity growth.
  • Dividend payments of 18,807,000 reduced retained earnings.
  • Other comprehensive income decreased equity by 2,389,000.

Equity Change Factors (2023 to 2024)

Factor Impact Contribution
Net Income ILA79.67 Million +11.73%
Dividends Paid ILA18.81 Million -2.77%
Other Comprehensive Income ILA-2.39 Million -0.35%
Other Changes ILA-4.90 Million -0.72%
Total Change ILA- 8.56%

Book Value vs Market Value Analysis

This analysis compares Formula's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

  • Current price-to-book ratio: 952.95x
  • The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
  • The price-to-book ratio has decreased from 2589.59x to 952.95x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date Book Value per Share Market Price P/B Ratio
1998-12-31 ILA15.99 ILA41400.00 x
1999-12-31 ILA19.43 ILA41400.00 x
2000-12-31 ILA24.90 ILA41400.00 x
2001-12-31 ILA18.33 ILA41400.00 x
2002-12-31 ILA15.08 ILA41400.00 x
2003-12-31 ILA17.11 ILA41400.00 x
2004-12-31 ILA17.29 ILA41400.00 x
2005-12-31 ILA12.77 ILA41400.00 x
2006-12-31 ILA11.53 ILA41400.00 x
2007-12-31 ILA15.03 ILA41400.00 x
2008-12-31 ILA12.87 ILA41400.00 x
2009-12-31 ILA21.77 ILA41400.00 x
2010-12-31 ILA14.61 ILA41400.00 x
2011-12-31 ILA16.19 ILA41400.00 x
2012-12-31 ILA17.77 ILA41400.00 x
2013-12-31 ILA22.75 ILA41400.00 x
2014-12-31 ILA26.57 ILA41400.00 x
2015-12-31 ILA26.88 ILA41400.00 x
2016-12-31 ILA21.67 ILA41400.00 x
2017-12-31 ILA24.40 ILA41400.00 x
2018-12-31 ILA23.59 ILA41400.00 x
2019-12-31 ILA27.48 ILA41400.00 x
2020-12-31 ILA32.88 ILA41400.00 x
2021-12-31 ILA35.12 ILA41400.00 x
2022-12-31 ILA35.60 ILA41400.00 x
2023-12-31 ILA40.38 ILA41400.00 x
2024-12-31 ILA43.44 ILA41400.00 x

Capital Efficiency Dashboard

This dashboard shows how efficiently Formula utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

  • Current Return on Equity (ROE): 11.73%
  • The company shows good efficiency in utilizing shareholder equity.
  • DuPont Analysis Breakdown:
  • • Net Profit Margin: 2.89%
  • • Asset Turnover: 0.91x
  • • Equity Multiplier: 4.44x
  • Recent ROE (11.73%) is above the historical average (10.78%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year Return on Equity Net Profit Margin Asset Turnover Equity Multiplier Economic Value Added
1998 19.52% 10.28% 0.75x 2.54x ILA12.97 Million
1999 25.33% 13.77% 0.74x 2.48x ILA27.95 Million
2000 17.24% 9.86% 0.73x 2.38x ILA16.81 Million
2001 -32.80% -14.88% 0.84x 2.63x ILA-73.18 Million
2002 -1.57% -0.85% 0.60x 3.06x ILA-17.74 Million
2003 1.77% 0.85% 0.69x 3.01x ILA-14.48 Million
2004 4.34% 1.77% 0.71x 3.43x ILA-10.58 Million
2005 0.11% 0.04% 0.80x 3.86x ILA-16.16 Million
2006 6.53% 2.03% 0.83x 3.88x ILA-5.31 Million
2007 18.78% 7.55% 0.81x 3.09x ILA17.42 Million
2008 6.98% 2.01% 0.99x 3.51x ILA-5.12 Million
2009 6.46% 4.06% 0.83x 1.92x ILA-10.46 Million
2010 9.30% 3.34% 0.88x 3.16x ILA-1.38 Million
2011 19.42% 6.71% 0.95x 3.04x ILA20.83 Million
2012 9.81% 3.23% 0.85x 3.60x ILA-475.20K
2013 23.83% 9.65% 0.91x 2.72x ILA44.62 Million
2014 19.60% 11.79% 0.57x 2.92x ILA36.77 Million
2015 4.87% 2.42% 0.66x 3.07x ILA-20.31 Million
2016 6.67% 2.02% 0.82x 4.04x ILA-11.19 Million
2017 3.11% 0.83% 0.87x 4.35x ILA-24.74 Million
2018 8.77% 2.16% 0.90x 4.53x ILA-4.53 Million
2019 21.97% 5.45% 0.81x 4.95x ILA50.47 Million
2020 22.38% 5.82% 0.77x 5.01x ILA62.22 Million
2021 10.09% 2.27% 0.88x 5.08x ILA488.00K
2022 36.51% 7.83% 0.92x 5.06x ILA146.29 Million
2023 10.23% 2.44% 0.93x 4.49x ILA1.44 Million
2024 11.73% 2.89% 0.91x 4.44x ILA11.74 Million

Industry Comparison

This section compares Formula's net assets metrics with peer companies in the Information Technology Services industry.

Industry Context

  • Industry: Information Technology Services
  • Average net assets among peers: $176,075,111
  • Average return on equity (ROE) among peers: 8.45%

Peer Company Comparison

Company Net Assets Return on Equity Debt-to-Equity Market Cap
Formula (FORTY) ILA1.58 Billion 19.52% 1.11x $15.95 Million
Computer Direct (CMDR) $83.05 Million 0.00% 3.38x $2.76 Million
E & M Computing Ltd (EMCO) $251.56 Million 16.82% 1.39x $1.06 Million
Hilan Ltd (HLAN) $334.05 Million 30.81% 1.98x $13.62 Million
Malam Team (MLTM) $445.05 Million 18.16% 1.56x $6.23 Million
Menara Ventures Xl - Limited Partnership (MNRA) $32.32 Million 0.13% 0.07x $246.82K
Matrix (MTRX) $412.96 Million 18.09% 1.01x $17.26 Million
Speedvalue Ltd (SPDV) $10.41 Million -21.27% 3.17x $131.44K
Tondo Smart Ltd (TNDO) $-2.19 Million 0.00% 0.00x $219.40K
Top Systems-L (TOPS) $17.46 Million 13.27% 1.29x $753.78K