Formula Systems (1985) Ltd. (FORTY) Cash Flow Statement

NASDAQ: FORTYOperating cash, capex, free cash flow and buybacks.

Where FORTY’s cash came from and went, 2025

December 31, 2025 · U.S. dollars
Cash from operations
$391.1M
+20.6% vs 2024
Capital expenditures
$16.3M
0.6% of revenue
Free cash flow
$374.8M
14.2% margin
Returned to shareholders
$28.9M
8% of free cash flow
Change in cash
$772.3M
cash at year-end $1.28B
Cash from operations: $391.1MCash from operations$391.1MAcquisitions & other: $552.2MAcquisitions & other$552.2MShares issued: $83.7MShares issued$83.7MCurrency & other: $44.0MCurrency & other$44.0MInvestments (net): $3.3MInvestments (net)$3.3MDebt repayment: $155.3MDebt repayment$155.3M · 14%Other financing: $101.5MOther financing$101.5M · 9%Added to cash: $772.3MAdded to cash$772.3M · 72%Dividends, Capital expenditures: $45.2MOther uses$45.2M · 4%$1.07B
Cash from operations
$391.1M
Capital expenditures
−$16.3M
Investments (net)
+$3.3M
Acquisitions & other
+$552.2M
Dividends
−$28.9M
Net borrowing (repayment)
−$155.3M
Shares issued
+$83.7M
Other financing
−$101.5M
Currency & other
+$44.0M
Change in cash
$772.3M

Drawn to scale: where the cash came from and how it was used. Hover for values.

FORTY operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

FORTY cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow$75.0M2016$391.1M2025+20.2%/yr
Capital expenditures$19.3M2016$16.3M2025−1.9%/yr
Free cash flow$55.7M2016$374.8M2025+23.6%/yr
Free cash flow margin5.0%201614.2%2025+9.1 pts
Operating cash flow / net income1.34201610.632025+9.29
Stock-based compensation$4.4M2016$31.1M2025+24.3%/yr
Dividends paid$10.0M2016$28.9M2025+12.5%/yr
Share buybacks (net)$02016$02022—
Capex / revenue1.7%20160.6%2025−1.1 pts

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

FORTY cash flow by activity

OperatingInvestingFinancingChange in cash

FORTY net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

FORTY cash flow statement

2025202420232022202120202019201820172016
Operating activities
Net income$36.8M$193.8M$165.7M$199.7M$141.9M$114.0M$94.4M$77.4M$39.4M$56.1M
Depreciation & amortization$153.7M$115.5M$121.8M$115.3M$122.2M$95.5M$86.9M$48.7M$43.6M$32.4M
Stock-based compensation$31.1M$16.2M$18.6M$15.0M$14.8M$7.8M$3.9M$4.0M$4.6M$4.4M
Change in working capital$106.1M$21.1M$640,000−$21.3M−$69.1M$71.2M$21.6M−$37.1M−$7.5M−$18.3M
Other non-cash items$63.4M−$22.1M−$11.9M−$69.5M−$1.3M−$1.5M−$10.8M−$10.4M$885,000$352,000
Cash from operating activities$391.1M$324.4M$295.0M$239.1M$208.5M$286.9M$196.1M$82.6M$81.0M$75.0M
Investing activities
Capital expenditures−$16.3M−$29.0M−$32.0M−$39.3M−$31.1M−$28.8M−$36.6M−$20.6M−$18.9M−$19.3M
Investments (net)$3.3M−$78.2M−$139.2M−$74.3M$4.2M−$14.7M−$108.2M−$90.5M−$102.5M−$78.8M
Acquisitions & other investing$552.2M$29.0M$32.0M$39.3M−$83.4M−$133.5M$36.6M$20.6M$18.9M$19.3M
Cash from investing activities$539.3M−$78.2M−$139.2M−$74.3M−$110.2M−$177.0M−$108.2M−$90.5M−$102.5M−$78.8M
Financing activities
Dividends paid−$28.9M−$18.8M−$9.9M−$21.8M−$22.1M−$14.9M−$13.0M−$5.0M−$12.1M−$10.0M
Share repurchases & issuance (net)———$95,000−$2.1M$156.7M−$5.6M$130.0M$3.2M$931,000
Net borrowing (repayment)−$155.3M−$87.0M−$152.3M$66.7M−$26.9M−$21.5M$63.2M$55.6M$59.1M$31.9M
Shares issued$83.7M$0$0$0$0$108.7M$0$25.4M$0$0
Other financing−$101.5M−$79.1M−$80.9M−$116.0M−$63.1M−$219.2M−$38.6M−$165.1M−$33.8M−$29.9M
Cash from financing activities−$202.1M−$185.0M−$243.2M−$71.0M−$114.1M$9.7M$6.0M$41.0M$16.4M−$7.0M
Summary
Net change in cash$772.3M$55.9M−$92.4M$59.0M−$16.3M$133.0M$100.2M$22.5M$7.8M−$11.0M
Cash at end of period$1.28B$507.8M$451.9M$544.3M$485.4M$501.6M$368.7M$268.5M$245.9M$238.2M
Free cash flow$374.8M$295.5M$263.0M$199.8M$177.4M$258.1M$159.5M$62.0M$62.1M$55.7M
Free cash flow margin14.2%13.3%10.1%7.8%7.4%13.3%9.4%4.2%4.6%5.0%
Capex / revenue0.6%1.3%1.2%1.5%1.3%1.5%2.2%1.4%1.4%1.7%
Operating cash flow / net income10.631.671.781.201.472.522.081.072.051.34

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.

FORTY cash generation

In fiscal 2025 (ended December 31, 2025), Formula Systems generated $391.1 million of cash from operations (up 20.6%) and spent $16.3 million on capital expenditures, leaving free cash flow of $374.8 million, 14.2% of revenue. It returned $28.9 million to shareholders through dividends ($28.9 million) and net share buybacks ($0). Cash and equivalents rose by $772.3 million over the year.

Related: FORTY income statement, FORTY balance sheet, FORTY dividend history. See the FORTY stock overview for the latest quote and news.

FORTY cash flow FAQ

What is Formula Systems's free cash flow?

Formula Systems's free cash flow was $374.8 million in fiscal 2025: $391.1 million of operating cash flow minus $16.3 million of capital expenditures It was $295.5 million a year earlier..

How much cash does Formula Systems generate from operations?

Formula Systems generated $391.1 million of cash from operating activities in fiscal 2025, 10.63 times its net income of $36.8 million.

How much does Formula Systems spend on capital expenditures?

Formula Systems spent $16.3 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $29.0 million the year before.

How much does Formula Systems pay in dividends?

Formula Systems paid $28.9 million in dividends in fiscal 2025, 7.7% of free cash flow.

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