Formula (FORTY) — Working Capital to Net Assets Ratio
Formula (FORTY) has a Working Capital to Net Assets ratio of 47.7% as of March 2026. Working capital of ILA870.13 Million (current assets of ILA2.17 Billion minus current liabilities of ILA1.30 Billion) is measured against net assets of ILA1.82 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See FORTY FCF to total liabilities ratio to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Formula Working Capital to Net Assets (1998–2025)
This chart shows how Formula's Working Capital to Net Assets ratio has evolved across 28 annual periods from 1998 to 2025. As of March 2026, the ratio stands at 47.7%, reflecting working capital of ILA870.13 Million against net assets of ILA1.82 Billion ILA. See FORTY days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Formula (1998–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Formula from 1998 to 2025, covering 28 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see Formula (FORTY) market capitalisation.
| Year | WC/NA Ratio | Working Capital (ILA) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 47.0% | ILA835.43 Million | ILA1.78 Billion | ILA2.17 Billion | ILA1.33 Billion | ▲ +21.9 pp |
| 2024 | 25.1% | ILA348.57 Million | ILA1.39 Billion | ILA1.49 Billion | ILA1.14 Billion | ▼ -4.7 pp |
| 2023 | 29.8% | ILA390.19 Million | ILA1.31 Billion | ILA1.38 Billion | ILA985.66 Million | ▼ -1.6 pp |
| 2022 | 31.4% | ILA370.13 Million | ILA1.18 Billion | ILA1.37 Billion | ILA1.00 Billion | ▲ +1.2 pp |
| 2021 | 30.2% | ILA356.54 Million | ILA1.18 Billion | ILA1.30 Billion | ILA944.69 Million | ▼ -4.2 pp |
| 2020 | 34.4% | ILA381.09 Million | ILA1.11 Billion | ILA1.16 Billion | ILA779.80 Million | ▲ +1.6 pp |
| 2019 | 32.9% | ILA294.49 Million | ILA896.33 Million | ILA965.78 Million | ILA671.29 Million | ▲ +1.2 pp |
| 2018 | 31.7% | ILA254.97 Million | ILA805.14 Million | ILA780.95 Million | ILA525.99 Million | ▼ -5.1 pp |
| 2017 | 36.8% | ILA284.51 Million | ILA772.92 Million | ILA694.51 Million | ILA409.99 Million | ▼ -1.1 pp |
| 2016 | 37.9% | ILA274.49 Million | ILA723.85 Million | ILA634.01 Million | ILA359.51 Million | ▲ +8.3 pp |
| 2015 | 29.6% | ILA198.82 Million | ILA671.29 Million | ILA454.57 Million | ILA255.75 Million | ▲ +9.8 pp |
| 2014 | 19.8% | ILA128.72 Million | ILA648.79 Million | ILA360.39 Million | ILA231.67 Million | ▼ -4.9 pp |
| 2013 | 24.8% | ILA119.59 Million | ILA482.92 Million | ILA338.91 Million | ILA219.32 Million | ▼ -6.4 pp |
| 2012 | 31.1% | ILA145.87 Million | ILA468.50 Million | ILA369.00 Million | ILA223.13 Million | ▼ -3.7 pp |
| 2011 | 34.8% | ILA127.43 Million | ILA366.29 Million | ILA306.99 Million | ILA179.56 Million | ▼ -11.2 pp |
| 2010 | 46.0% | ILA153.82 Million | ILA334.38 Million | ILA331.81 Million | ILA177.99 Million | ▼ -6.0 pp |
| 2009 | 52.0% | ILA153.46 Million | ILA295.31 Million | ILA313.38 Million | ILA159.92 Million | ▲ +0.2 pp |
| 2008 | 51.8% | ILA143.65 Million | ILA277.37 Million | ILA333.83 Million | ILA190.19 Million | ▼ -19.6 pp |
| 2007 | 71.4% | ILA218.59 Million | ILA306.30 Million | ILA379.24 Million | ILA160.65 Million | ▲ +24.5 pp |
| 2006 | 46.9% | ILA125.86 Million | ILA268.43 Million | ILA304.06 Million | ILA178.19 Million | ▲ +33.3 pp |
| 2005 | 13.6% | ILA36.89 Million | ILA272.13 Million | ILA279.92 Million | ILA243.03 Million | ▲ +4.9 pp |
| 2004 | 8.7% | ILA24.59 Million | ILA283.36 Million | ILA291.55 Million | ILA266.96 Million | ▼ -4.7 pp |
| 2003 | 13.4% | ILA32.71 Million | ILA244.25 Million | ILA217.01 Million | ILA184.30 Million | ▲ +6.2 pp |
| 2002 | 7.2% | ILA16.14 Million | ILA225.48 Million | ILA193.54 Million | ILA177.40 Million | ▼ -9.9 pp |
| 2001 | 17.0% | ILA45.40 Million | ILA266.69 Million | ILA211.18 Million | ILA165.78 Million | ▼ -31.1 pp |
| 2000 | 48.1% | ILA188.79 Million | ILA392.54 Million | ILA326.36 Million | ILA137.57 Million | ▼ -16.1 pp |
| 1999 | 64.2% | ILA195.42 Million | ILA304.56 Million | ILA323.78 Million | ILA128.36 Million | ▼ -2.0 pp |
| 1998 | 66.1% | ILA156.50 Million | ILA236.60 Million | ILA256.30 Million | ILA99.80 Million | — |