Formula (FORTY) - Net Assets

Latest as of December 2025: ILA1.80 Billion ILA ≈ $4.82 Million USD

Based on the latest financial reports, Formula (FORTY) has net assets worth ILA1.80 Billion ILA (≈ $4.82 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ILA3.60 Billion ≈ $9.66 Million USD) and total liabilities (ILA1.81 Billion ≈ $4.84 Million USD). 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. Check asset resilience ratio of Formula to evaluate the company's liquid asset resilience ratio.

Key Net Assets Metrics

Metric	Value
Current Net Assets	ILA1.80 Billion
% of Total Assets	49.9%
Annual Growth Rate	7.8%
5-Year Change	52.46%
10-Year Change	148.49%
Growth Volatility	14.43

Formula - Net Assets Trend (1998–2025)

This chart illustrates how Formula's net assets have evolved over time, based on quarterly financial data. Also explore Formula (FORTY) total assets for the complete picture of this company's asset base.

Annual Net Assets for Formula (1998–2025)

The table below shows the annual net assets of Formula from 1998 to 2025. For live valuation and market cap data, see Formula market cap and net worth.

Year	Net Assets	Change
2025-12-31	ILA1.80 Billion ≈ $4.82 Million	+29.46%
2024-12-31	ILA1.39 Billion ≈ $3.72 Million	+6.20%
2023-12-31	ILA1.31 Billion ≈ $3.51 Million	+11.14%
2022-12-31	ILA1.18 Billion ≈ $3.16 Million	-0.23%
2021-12-31	ILA1.18 Billion ≈ $3.16 Million	+6.53%
2020-12-31	ILA1.11 Billion ≈ $2.97 Million	+23.56%
2019-12-31	ILA896.33 Million ≈ $2.40 Million	+11.33%
2018-12-31	ILA805.14 Million ≈ $2.16 Million	+4.17%
2017-12-31	ILA772.92 Million ≈ $2.07 Million	+6.78%
2016-12-31	ILA723.85 Million ≈ $1.94 Million	+7.83%
2015-12-31	ILA671.29 Million ≈ $1.80 Million	+3.47%
2014-12-31	ILA648.79 Million ≈ $1.74 Million	+34.35%
2013-12-31	ILA482.92 Million ≈ $1.29 Million	+3.08%
2012-12-31	ILA468.50 Million ≈ $1.26 Million	+27.90%
2011-12-31	ILA366.29 Million ≈ $982.01K	+9.54%
2010-12-31	ILA334.38 Million ≈ $896.47K	+13.23%
2009-12-31	ILA295.31 Million ≈ $791.73K	+6.47%
2008-12-31	ILA277.37 Million ≈ $743.62K	-9.45%
2007-12-31	ILA306.30 Million ≈ $821.19K	+14.11%
2006-12-31	ILA268.43 Million ≈ $719.65K	-1.36%
2005-12-31	ILA272.13 Million ≈ $729.56K	-3.96%
2004-12-31	ILA283.36 Million ≈ $759.67K	+16.01%
2003-12-31	ILA244.25 Million ≈ $654.84K	+8.33%
2002-12-31	ILA225.48 Million ≈ $604.50K	-15.45%
2001-12-31	ILA266.69 Million ≈ $714.98K	-32.06%
2000-12-31	ILA392.54 Million ≈ $1.05 Million	+28.89%
1999-12-31	ILA304.56 Million ≈ $816.51K	+28.72%
1998-12-31	ILA236.60 Million ≈ $634.32K	--

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 decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Other Components	ILA1.36 Billion	100.00%
Total Equity	ILA1.36 Billion	100.00%

Formula Competitors by Market Cap

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

Company	Market Cap
Acuren Corporation NYSE:TIC	$1.70 Billion
Shanghai Waigaoqiao Free Trade Zone Group Co Ltd A SHG:600648	$1.70 Billion
Shanxi Zhangze Electric Power Co Ltd SHE:000767	$1.70 Billion
Metrics Master Income Trust AU:MXT	$1.70 Billion
LANXESS Aktiengesellschaft F:LXS	$1.70 Billion
Jungfraubahn Holding AG SW:JFN	$1.70 Billion
Cimpress plc F:3UF	$1.70 Billion
Lithium Americas Corp TO:LAC	$1.70 Billion

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 2024 to 2025, total equity changed from 679,338,000 to 1,363,419,977, a change of 684,081,977 (100.7%).
Net income of 656,495,789 contributed positively to equity growth.
Other comprehensive income increased equity by 13,420,000.
Other factors increased equity by 14,166,188.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	ILA656.50 Million	+48.15%
Other Comprehensive Income	ILA13.42 Million	+0.98%
Other Changes	ILA14.17 Million	+1.04%
Total Change	ILA-	100.70%

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: 479.13x
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 2588.34x to 479.13x 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	ILA41380.00	x
1999-12-31	ILA19.43	ILA41380.00	x
2000-12-31	ILA24.90	ILA41380.00	x
2001-12-31	ILA18.33	ILA41380.00	x
2002-12-31	ILA15.08	ILA41380.00	x
2003-12-31	ILA17.11	ILA41380.00	x
2004-12-31	ILA17.29	ILA41380.00	x
2005-12-31	ILA12.77	ILA41380.00	x
2006-12-31	ILA11.53	ILA41380.00	x
2007-12-31	ILA15.03	ILA41380.00	x
2008-12-31	ILA12.87	ILA41380.00	x
2009-12-31	ILA21.77	ILA41380.00	x
2010-12-31	ILA14.61	ILA41380.00	x
2011-12-31	ILA16.19	ILA41380.00	x
2012-12-31	ILA17.77	ILA41380.00	x
2013-12-31	ILA22.75	ILA41380.00	x
2014-12-31	ILA26.57	ILA41380.00	x
2015-12-31	ILA26.88	ILA41380.00	x
2016-12-31	ILA21.67	ILA41380.00	x
2017-12-31	ILA24.40	ILA41380.00	x
2018-12-31	ILA23.59	ILA41380.00	x
2019-12-31	ILA27.48	ILA41380.00	x
2020-12-31	ILA32.88	ILA41380.00	x
2021-12-31	ILA35.12	ILA41380.00	x
2022-12-31	ILA35.60	ILA41380.00	x
2023-12-31	ILA40.38	ILA41380.00	x
2024-12-31	ILA43.44	ILA41380.00	x
2025-12-31	ILA86.36	ILA41380.00	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): 48.15%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 23.09%
• Asset Turnover: 0.79x
• Equity Multiplier: 2.64x
Recent ROE (48.15%) is above the historical average (12.11%), 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
2025	48.15%	23.09%	0.79x	2.64x	ILA520.15 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: $158,376,000
Average return on equity (ROE) among peers: 13.30%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Formula (FORTY)	ILA1.80 Billion	19.52%	1.00x	$1.70 Billion
Computer Direct (CMDR)	$326.75 Million	25.22%	2.16x	$296.89 Million
E & M Computing Ltd (EMCO)	$140.33 Million	3.17%	0.80x	$98.62 Million
Hilan Ltd (HLAN)	$71.51 Million	32.86%	2.63x	$1.30 Billion
Magic Software Enterprises Ltd (MGIC)	$52.83 Million	-8.72%	0.40x	$736.62 Million
Malam Team (MLTM)	$445.05 Million	18.16%	1.56x	$494.90 Million
Matrix (MTRX)	$303.94 Million	13.84%	1.42x	$1.54 Billion
Speedvalue Ltd (SPDV)	$39.74 Million	15.95%	0.56x	$13.56 Million
Tondo Smart Ltd (TNDO)	$-3.31 Million	0.00%	0.00x	$40.97 Million
Top Systems-L (TOPS)	$48.56 Million	19.22%	1.93x	$69.98 Million

About Formula

TA:FORTY Israel Information Technology Services

Market Cap

$1.70 Billion

ILA634.47 Billion ILA

Market Cap Rank

#6865 Global

#56 in Israel

Share Price

ILA41380.00

Change (1 day)

+0.15%

52-Week Range

ILA32120.00 - ILA57400.00

All Time High

ILA57400.00