InterCure Ltd. (INCR) Balance Sheet

NASDAQ: INCRAssets, liabilities, debt and equity over 10 years.

INCR balance sheet, 2025

December 31, 2025 · Israeli shekels

₪690.6M assets = ₪294.2M liabilities + ₪396.4M equity

Both columns are drawn to the same scale: what INCR owns equals what it owes plus shareholders’ equity. Hover a block for its value.

INCR financial health

Current ratio1.48

Adequate · current assets cover current liabilities 1.48×

Debt / equity0.46

Low leverage · ₪0.46 of debt for each $1 of equity

Equity / assets57.4%

Equity-funded · of assets funded by shareholders

Cash / debt25.5%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles31.7%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

INCR balance sheet trends, 2016–2025

InterCure Ltd. balance sheet trends
Metric	Then	Latest	Change
Total assets	₪27.7M2016	₪690.6M2025	+42.9%/yr
Total liabilities	₪3.7M2016	₪294.2M2025	+62.8%/yr
Shareholders’ equity	₪24.1M2016	₪396.5M2025	+36.5%/yr
Cash & short-term investments	₪3.3M2016	₪46.7M2025	+34.5%/yr
Total debt	₪2.4M2016	₪183.0M2025	+61.9%/yr
Net cash (debt)	₪857,7922016	−₪136.3M2025	−₪137.2M
Working capital	−₪388,5062016	₪102.4M2025	+₪102.8M
Current ratio	0.892016	1.482025	+0.58
Debt / equity	0.102016	0.462025	+0.36
Shares outstanding	2.6M2016	11.4M2025	+17.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

INCR assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

INCR liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

INCR debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

INCR balance sheet in Israeli shekels

InterCure Ltd. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	₪46.7M	₪78.7M	₪101.3M	₪232.8M	₪196.5M	₪38.3M	₪27.5M	₪3.7M	₪2.4M	₪3.3M
Cash & equivalents	₪46.5M	₪78.3M	₪101.1M	₪232.6M	₪196.2M	₪37.9M	₪27.3M	₪3.4M	₪2.1M	₪2.8M
Short-term investments	₪209,000	₪333,000	₪187,000	₪205,000	₪330,000	₪376,000	₪177,000	₪246,000	₪319,755	₪446,205
Receivables	₪154.5M	₪180.5M	₪61.1M	₪49.5M	₪37.5M	₪15.4M	₪6.6M	₪1.3M	₪38,231	₪26,926
Inventory	₪108.1M	₪125.3M	₪106.3M	₪146.5M	₪67.9M	₪22.2M	₪5.8M	−₪1.5M	₪0	−₪26,941
Other current assets	₪7.5M	₪7.3M	₪150.1M	₪98.7M	₪34.2M	₪829,000	₪2.3M	₪1.5M	₪1	₪26,941
Total current assets	₪316.7M	₪391.8M	₪418.8M	₪527.5M	₪336.2M	₪76.7M	₪42.2M	₪5.0M	₪2.5M	₪3.3M
Property, plant & equipment (net)	₪102.8M	₪105.2M	₪97.5M	₪103.1M	₪86.5M	₪53.5M	₪32.1M	₪86,000	₪3,476	₪7,693
Goodwill & intangible assets	₪219.2M	₪224.6M	₪221.1M	₪284.2M	₪258.1M	₪190.1M	₪168.0M	₪0	₪0	₪0
Long-term investments	₪1.0M	₪2.1M	₪1.9M	₪42.6M	₪2.6M	₪3.1M	₪39.9M	₪30.9M	₪0	₪0
Other non-current assets	₪50.8M	₪38.8M	₪47.3M	₪635,000	₪3.0M	₪2.9M	₪0	₪0	₪21.5M	₪24.4M
Total assets	₪690.6M	₪762.6M	₪786.6M	₪958.0M	₪686.3M	₪326.3M	₪282.2M	₪35.9M	₪23.9M	₪27.7M
Liabilities
Accounts payable	₪68.1M	₪77.5M	₪78.4M	₪126.1M	₪64.5M	₪18.6M	₪4.9M	₪227,000	₪309,328	₪350,040
Short-term debt	₪104.1M	₪74.2M	₪92.8M	₪132.4M	₪75.6M	₪2.5M	₪13.8M	₪12.8M	₪2.9M	₪2.4M
Deferred revenue	—	—	₪50.5M	₪8.1M	₪2.9M	₪1.2M	—	—	₪6,951	₪42,312
Total current liabilities	₪214.4M	₪226.8M	₪225.9M	₪312.7M	₪193.6M	₪29.9M	₪22.6M	₪16.3M	₪3.3M	₪3.7M
Long-term debt	₪59.5M	₪114.0M	₪82.2M	₪99.7M	₪12.0M	₪629,000	₪436,000	₪0	₪0	₪0
Lease obligations	₪23.8M	₪28.0M	₪25.3M	₪27.5M	₪24.7M	₪3.5M	₪2.8M	—	—	—
Other long-term liabilities	₪20.4M	₪24.2M	₪21.5M	₪24.1M	₪21.6M	₪3.7M	₪3.0M	₪0	₪0	₪0
Total liabilities	₪294.2M	₪364.9M	₪329.6M	₪436.5M	₪227.1M	₪34.2M	₪26.0M	₪16.3M	₪3.3M	₪3.7M
Shareholders' equity
Common stock & paid-in capital	₪675.6M	₪658.6M	₪643.2M	₪632.0M	₪623.6M	₪452.3M	₪403.4M	₪162.3M	₪146.5M	₪159.9M
Retained earnings (deficit)	−₪314.6M	−₪277.6M	−₪204.0M	−₪141.6M	−₪186.5M	−₪191.2M	−₪151.0M	−₪148.0M	−₪128.8M	−₪136.7M
Accumulated other comprehensive income	₪15.9M	₪15.9M	₪15.9M	₪2.4M	₪2.4M	₪2.4M	₪2.4M	₪1.8M	₪1.5M	₪892,411
Minority interest	−₪164,000	₪702,000	₪1.9M	₪20.2M	—	—	—	—	—	—
Total shareholders' equity	₪396.5M	₪397.0M	₪455.1M	₪501.3M	₪448.0M	₪274.5M	₪256.0M	₪19.7M	₪20.7M	₪24.1M
Key figures
Total debt	₪183.0M	₪211.4M	₪195.7M	₪255.2M	₪108.9M	₪6.7M	₪17.1M	₪12.8M	₪2.9M	₪2.4M
Net cash (debt)	−₪136.3M	−₪132.8M	−₪94.4M	−₪22.4M	₪87.6M	₪31.6M	₪10.5M	−₪9.1M	−₪493,536	₪857,792
Working capital	₪102.4M	₪165.1M	₪192.9M	₪214.8M	₪142.6M	₪46.8M	₪19.6M	−₪11.3M	−₪785,486	−₪388,506
Tangible book value	₪177.3M	₪172.4M	₪234.0M	₪217.1M	₪190.0M	₪84.4M	₪88.0M	₪19.7M	₪20.7M	₪24.1M
Shares outstanding	11.4M	9.6M	9.1M	9.1M	8.2M	5.1M	4.7M	4.1M	3.4M	2.6M
Current ratio	1.48	1.73	1.85	1.69	1.74	2.57	1.86	0.30	0.76	0.89
Quick ratio	0.94	1.14	0.72	0.90	1.21	1.79	1.51	0.30	0.76	0.89
Debt / equity	0.46	0.53	0.43	0.51	0.24	0.02	0.07	0.65	0.14	0.10
Equity / assets	57.4%	52.1%	57.9%	52.3%	65.3%	84.1%	90.7%	54.7%	86.4%	86.8%

InterCure Ltd. quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Sep '23	Jun '23	Mar '23
Assets
Cash & short-term investments	₪46.7M	₪46.7M	₪46.7M	₪51.6M	₪51.6M	₪78.7M	₪78.7M	₪20.3M	₪20.3M	₪101.3M	₪102.8M	₪106.6M
Cash & equivalents	₪46.5M	₪46.5M	₪46.5M	₪51.3M	₪51.3M	₪78.3M	₪78.7M	₪19.9M	₪19.9M	₪101.1M	₪102.7M	₪106.4M
Short-term investments	₪209,000	₪209,000	—	—	₪333,000	₪333,000	—	₪399,000	₪399,000	₪187,000	₪192,000	₪207,000
Receivables	₪154.5M	₪21.2M	₪21.8M	₪46.9M	₪46.9M	₪51.8M	₪52.5M	₪61.7M	₪61.7M	₪61.1M	₪134.4M	₪169.2M
Inventory	₪108.1M	₪108.1M	₪108.0M	₪148.2M	₪148.2M	₪125.3M	₪120.3M	₪129.9M	₪126.5M	₪105.5M	₪143.5M	₪136.4M
Other current assets	₪7.5M	₪140.8M	₪140.3M	₪127.3M	₪127.3M	₪136.0M	₪140.4M	₪159.0M	₪162.4M	₪150.9M	₪13.8M	₪13.8M
Total current assets	₪316.7M	₪316.7M	₪316.7M	₪374.0M	₪374.0M	₪391.8M	₪391.8M	₪370.8M	₪370.8M	₪418.8M	₪394.5M	₪426.0M
Property, plant & equipment (net)	₪102.8M	₪102.8M	₪102.8M	₪105.0M	₪105.0M	₪105.2M	₪105.2M	₪98.6M	₪98.6M	₪97.5M	₪97.0M	₪101.4M
Goodwill & intangible assets	₪219.2M	₪219.2M	₪219.2M	₪224.8M	₪224.8M	₪224.6M	₪224.6M	₪223.6M	₪223.6M	₪221.1M	₪284.3M	₪284.3M
Long-term investments	₪0	₪1.0M	₪0	₪0	₪0	₪2.1M	₪0	₪20.4M	₪0	₪0	₪42.6M	₪42.6M
Other non-current assets	₪51.8M	₪50.8M	₪51.8M	₪47.9M	₪47.9M	₪38.8M	₪40.9M	₪27.5M	₪47.9M	₪49.3M	₪23.5M	₪21.4M
Total assets	₪690.6M	₪690.6M	₪690.6M	₪751.8M	₪751.8M	₪762.6M	₪762.6M	₪740.9M	₪740.9M	₪786.6M	₪841.8M	₪875.7M
Liabilities
Accounts payable	₪68.1M	₪68.1M	₪68.1M	₪90.8M	₪90.8M	₪77.5M	₪77.5M	₪83.1M	₪83.1M	₪78.4M	₪104.6M	₪99.0M
Short-term debt	₪104.1M	—	₪104.1M	₪62.8M	₪62.8M	—	₪74.2M	₪81.8M	₪81.8M	₪92.8M	₪57.5M	₪76.7M
Deferred revenue	—	—	—	—	—	—	—	—	₪17.1M	—	₪39.5M	₪8.1M
Total current liabilities	₪214.4M	₪214.4M	₪214.4M	₪202.0M	₪202.0M	₪226.8M	₪226.8M	₪208.9M	₪208.9M	₪225.9M	₪207.8M	₪233.4M
Long-term debt	₪0	₪59.5M	₪0	₪0	₪0	₪114.0M	₪0	₪51.3M	₪0	₪0	₪84.1M	₪96.0M
Lease obligations	—	₪23.8M	—	—	—	₪28.0M	—	₪17.7M	—	—	₪21.3M	₪22.4M
Other long-term liabilities	₪79.8M	₪20.4M	₪79.8M	₪117.5M	₪117.5M	₪24.2M	₪138.2M	₪18.6M	₪69.9M	₪103.7M	₪22.4M	₪23.3M
Total liabilities	₪294.2M	₪294.2M	₪294.2M	₪319.5M	₪319.5M	₪364.9M	₪364.9M	₪278.8M	₪278.8M	₪329.6M	₪314.2M	₪352.7M
Shareholders' equity
Common stock & paid-in capital	₪675.6M	—	₪675.6M	₪675.4M	₪675.4M	—	₪658.6M	₪649.0M	₪649.0M	₪643.2M	₪634.4M	₪633.4M
Retained earnings (deficit)	−₪314.6M	−₪314.6M	−₪314.6M	−₪279.8M	−₪279.8M	−₪277.6M	−₪277.6M	−₪204.5M	−₪204.5M	−₪204.0M	−₪136.6M	−₪141.4M
Accumulated other comprehensive income	₪15.9M	—	₪35.5M	₪35.5M	₪35.5M	—	₪15.9M	₪15.9M	₪15.9M	₪15.9M	₪10.9M	₪2.4M
Minority interest	—	−₪164,000	—	—	—	₪702,000	—	—	—	—	—	—
Total shareholders' equity	₪396.5M	₪396.5M	₪396.5M	₪431.1M	₪431.1M	₪397.0M	₪397.0M	₪460.4M	₪460.4M	₪455.1M	₪508.8M	₪502.9M
Key figures
Total debt	₪183.0M	₪59.5M	₪183.0M	₪179.3M	₪179.3M	₪114.0M	₪211.4M	₪150.8M	₪150.8M	₪195.7M	₪162.8M	₪195.1M
Net cash (debt)	−₪136.3M	−₪12.8M	−₪136.3M	−₪127.8M	−₪127.8M	−₪35.3M	−₪132.8M	−₪130.5M	−₪130.5M	−₪94.4M	−₪60.0M	−₪88.5M
Working capital	₪102.4M	₪102.4M	₪102.4M	₪172.0M	₪172.0M	₪165.1M	₪165.1M	₪161.9M	₪161.9M	₪192.9M	₪186.8M	₪192.6M
Tangible book value	₪177.3M	₪177.3M	₪177.3M	₪206.4M	₪206.4M	₪172.4M	₪172.4M	₪236.8M	₪236.8M	₪234.0M	₪224.4M	₪218.6M
Shares outstanding	10.1M	54.7M	10.1M	11.4M	11.4M	47.2M	8.8M	9.6M	9.6M	9.0M	8.6M	8.6M
Current ratio	1.48	1.48	1.48	1.85	1.85	1.73	1.73	1.78	1.78	1.85	1.90	1.83
Quick ratio	0.94	0.32	0.32	0.49	0.49	0.58	0.58	0.39	0.39	0.72	1.14	1.18
Debt / equity	0.46	0.15	0.46	0.42	0.42	0.29	0.53	0.33	0.33	0.43	0.32	0.39
Equity / assets	57.4%	57.4%	57.4%	57.4%	57.4%	52.1%	52.1%	62.1%	62.1%	57.9%	60.4%	57.4%

Quarterly columns are labeled by the month the quarter ended. Figures in Israeli shekels as reported (latest annual report filed April 30, 2026); data from EODHD.

INCR financial position

At the end of fiscal 2025 (December 31, 2025), InterCure had total assets of ₪690.6 million (down 9.4% from a year earlier), total liabilities of ₪294.2 million and shareholders' equity of ₪396.5 million. It held ₪46.7 million in cash and short-term investments against ₪183.0 million of debt, net debt of ₪136.3 million. Its current ratio was 1.48. In the latest quarter (ended March 31, 2026) total assets were ₪690.6 million and equity ₪396.5 million.

Related: INCR income statement, INCR cash flow statement, INCR key metrics. See the INCR stock overview for the latest quote and news.

INCR balance sheet FAQ

What are InterCure's total assets?

InterCure reported total assets of ₪690.6 million at the end of fiscal 2025 (December 31, 2025), compared with ₪762.6 million a year earlier.

How much debt does InterCure have?

InterCure had ₪183.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.46.

How much cash does InterCure have?

InterCure held ₪46.7 million in cash and short-term investments at the end of fiscal 2025; with ₪183.0 million of debt that is net debt of ₪136.3 million.

What is InterCure's book value?

InterCure's shareholders' equity (book value) was ₪396.5 million at the end of fiscal 2025.

What is InterCure's current ratio?

InterCure had current assets of ₪316.7 million and current liabilities of ₪214.4 million, a current ratio of 1.48 (it can cover its short-term obligations).

How much goodwill does InterCure have?

InterCure carried ₪219.2 million of goodwill and intangible assets, 31.7% of total assets, at the end of fiscal 2025.