Formula (FORTY) - Net Assets

Latest as of March 2026: ILA1.82 Billion ILA ≈ $4.89 Million USD

Based on the latest financial reports, Formula (FORTY) has net assets worth ILA1.82 Billion ILA (≈ $4.89 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ILA3.64 Billion ≈ $9.75 Million USD) and total liabilities (ILA1.81 Billion ≈ $4.86 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 FORTY tangible net worth ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	ILA1.82 Billion
% of Total Assets	50.14%
Annual Growth Rate	7.75%
5-Year Change	50.64%
10-Year Change	145.53%
Growth Volatility	14.35

Formula - Net Assets Trend (1998–2025)

This chart illustrates how Formula's net assets have evolved over time, based on quarterly financial data. See FORTY defensive asset coverage days to measure how many days the company can operate on defensive assets alone.

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	ILA1.78 Billion ≈ $4.76 Million	+27.92%
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 grown by 1666.5% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	ILA1.11 Billion	81.71%
Common Stock	ILA4.35 Million	0.32%
Other Comprehensive Income	ILA77.36 Million	5.72%
Other Components	ILA165.74 Million	12.25%
Total Equity	ILA1.35 Billion	100.00%

Formula Competitors by Market Cap

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

Company	Market Cap
Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co Ltd SHG:601528	$1.36 Billion
Hangzhou DPtech Technologies Co Ltd SHE:300768	$1.36 Billion
Svitzer Group A/S CO:SVITZR	$1.36 Billion
Sinostone Guangdong Co Ltd SHE:001212	$1.36 Billion
Siam City Cement Public Company Limited BK:SCCC	$1.36 Billion
Beijing Gehua CATV Network Co Ltd SHG:600037	$1.36 Billion
Indiamart Intermesh Limited NSE:INDIAMART	$1.36 Billion
IMMUNOCORE HLDGS ADS/1 F:6YG	$1.36 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 1,353,263,000, a change of 673,925,000 (99.2%).
Net income of 656,495,789 contributed positively to equity growth.
Dividend payments of 31,019,282 reduced retained earnings.
New share issuances of 83,659,000 increased equity.
Other comprehensive income increased equity by 90,780,055.
Other factors decreased equity by 125,990,562.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	ILA656.50 Million	+48.51%
Dividends Paid	ILA31.02 Million	-2.29%
Share Issuances	ILA83.66 Million	+6.18%
Other Comprehensive Income	ILA90.78 Million	+6.71%
Other Changes	ILA-125.99 Million	-9.31%
Total Change	ILA-	99.20%

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: 386.14x
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 2070.42x to 386.14x 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	ILA33100.00	x
1999-12-31	ILA19.43	ILA33100.00	x
2000-12-31	ILA24.90	ILA33100.00	x
2001-12-31	ILA18.33	ILA33100.00	x
2002-12-31	ILA15.08	ILA33100.00	x
2003-12-31	ILA17.11	ILA33100.00	x
2004-12-31	ILA17.29	ILA33100.00	x
2005-12-31	ILA12.77	ILA33100.00	x
2006-12-31	ILA11.53	ILA33100.00	x
2007-12-31	ILA15.03	ILA33100.00	x
2008-12-31	ILA12.87	ILA33100.00	x
2009-12-31	ILA21.77	ILA33100.00	x
2010-12-31	ILA14.61	ILA33100.00	x
2011-12-31	ILA16.19	ILA33100.00	x
2012-12-31	ILA17.77	ILA33100.00	x
2013-12-31	ILA22.75	ILA33100.00	x
2014-12-31	ILA26.57	ILA33100.00	x
2015-12-31	ILA26.88	ILA33100.00	x
2016-12-31	ILA21.67	ILA33100.00	x
2017-12-31	ILA24.40	ILA33100.00	x
2018-12-31	ILA23.59	ILA33100.00	x
2019-12-31	ILA27.48	ILA33100.00	x
2020-12-31	ILA32.88	ILA33100.00	x
2021-12-31	ILA35.12	ILA33100.00	x
2022-12-31	ILA35.60	ILA33100.00	x
2023-12-31	ILA40.38	ILA33100.00	x
2024-12-31	ILA43.44	ILA33100.00	x
2025-12-31	ILA85.72	ILA33100.00	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): 48.51%
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: 2.65x
Recent ROE (48.51%) is above the historical average (12.12%), 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	48.51%	23.09%	0.79x	2.65x	ILA521.17 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: $279,650,000
Average return on equity (ROE) among peers: 11.33%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Formula (FORTY)	ILA1.82 Billion	19.52%	0.99x	$1.36 Billion
Computer Direct (CMDR)	$119.87 Million	0.00%	3.03x	$288.33 Million
E & M Computing Ltd (EMCO)	$221.97 Million	18.73%	1.26x	$72.13 Million
Hilan Ltd (HLAN)	$605.21 Million	24.98%	1.44x	$1.26 Billion
Magic Software Enterprises Ltd (MGIC)	$9.30 Million	10.75%	0.13x	$736.62 Million
Malam Team (MLTM)	$279.32 Million	4.89%	3.15x	$433.09 Million
Matrix (MTRX)	$1.21 Billion	25.30%	2.79x	$2.00 Billion
Speedvalue Ltd (SPDV)	$51.33 Million	4.09%	1.07x	$13.23 Million
Tondo Smart Ltd (TNDO)	$-2.19 Million	0.00%	0.00x	$29.18 Million
Top Systems-L (TOPS)	$17.46 Million	13.27%	1.29x	$59.42 Million

About Formula

TA:FORTY Israel Information Technology Services

Market Cap

$1.36 Billion

ILA507.58 Billion ILA

Market Cap Rank

#7790 Global

#64 in Israel

Share Price

ILA33100.00

Change (1 day)

-1.90%

52-Week Range

ILA33100.00 - ILA57400.00

All Time High

ILA57400.00