Formula Systems (1985) Ltd. (FORTY) Key Metrics
FORTY valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.76B
- Enterprise value
- $1.56B
- P/E (TTM)
- 24.3 10-yr median 27.5
- Forward P/E
- 9.2
- PEG ratio
- 4.07
- Price / sales
- 0.6 10-yr median 0.6
- Price / book
- 1.4 10-yr median 1.9
- EV / EBITDA
- 6.7 10-yr median 5.2
- Dividend yield
- 1.88% $2.15 a year
- Beta
- 0.18
FORTY key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFORTY valuation Price multiples at each fiscal year-end price.
FORTY returns How much profit the business earns on the capital it uses.
FORTY per-share figures Results divided by the shares outstanding at year-end.
FORTY financial health Debt, liquidity and how easily interest is covered.
FORTY efficiency & capital use Working capital cycle and where the cash goes.
FORTY valuation history
FORTY returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FORTY debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FORTY cash returned to shareholders
FORTY price vs earnings per share
FORTY key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.64B | $1.39B | $1.01B | $1.10B | $1.91B | $1.31B | — | $555.0M | $596.9M | $616.4M |
| Enterprise value | $1.95B | $1.52B | $1.15B | $1.30B | $2.11B | $1.44B | — | $640.8M | $681.1M | $599.8M |
| P/E ratio | 92.9 | 17.4 | 15.9 | 13.5 | 35.0 | 28.0 | — | 17.2 | 53.4 | 27.5 |
| Price / sales | 1.0 | 0.6 | 0.4 | 0.4 | 0.8 | 0.7 | — | 0.4 | 0.4 | 0.6 |
| Price / book | 1.9 | 2.0 | 1.6 | 2.0 | 3.5 | 2.6 | — | 1.5 | 0.8 | 0.9 |
| Price / free cash flow | 7.0 | 4.7 | 3.8 | 5.5 | 10.8 | 5.1 | — | 9.0 | 9.6 | 11.1 |
| Price / operating cash flow | 6.7 | 4.3 | 3.4 | 4.6 | 9.2 | 4.6 | — | 6.7 | 7.4 | 8.2 |
| EV / sales | 0.7 | 0.7 | 0.4 | 0.5 | 0.9 | 0.7 | — | 0.4 | 0.5 | 0.5 |
| EV / EBITDA | 5.7 | 5.2 | 3.2 | 3.3 | 6.5 | 5.4 | — | 4.0 | 5.8 | 5.0 |
| EV / free cash flow | 5.2 | 5.1 | 4.4 | 6.5 | 11.9 | 5.6 | — | 10.3 | 11.0 | 10.8 |
| Earnings yield | 1.1% | 5.8% | 6.3% | 7.4% | 2.9% | 3.6% | — | 5.8% | 1.9% | 3.6% |
| Free cash flow yield | 14.2% | 21.2% | 26.0% | 18.2% | 9.3% | 19.7% | — | 11.2% | 10.4% | 9.0% |
| Dividend yield | 1.1% | 1.4% | 1.0% | 2.0% | 1.2% | 1.1% | — | 0.9% | 2.0% | 1.6% |
| Shareholder yield (dividends + buybacks) | 1.1% | 1.4% | 1.0% | 2.0% | 1.3% | 1.1% | — | 0.9% | 2.0% | 1.6% |
| Share price at fiscal year-end | $167.02 | $89.00 | $65.31 | $70.89 | $123.97 | $85.50 | — | $35.64 | $40.55 | $39.70 |
| Per share | ||||||||||
| Revenue per share | $167.73 | $142.55 | $168.68 | $165.93 | $156.09 | $126.47 | $110.89 | $95.88 | $92.06 | $71.41 |
| Earnings per share | $1.80 | $5.12 | $4.12 | $5.25 | $3.54 | $3.06 | $6.04 | $2.07 | $0.76 | $1.45 |
| Operating cash flow per share | $24.78 | $20.75 | $19.03 | $15.43 | $13.53 | $18.76 | $12.78 | $5.30 | $5.50 | $4.83 |
| Free cash flow per share | $23.74 | $18.90 | $16.97 | $12.89 | $11.52 | $16.88 | $10.40 | $3.98 | $4.22 | $3.58 |
| Cash per share | $81.11 | $36.02 | $34.08 | $36.71 | $33.27 | $34.86 | $26.43 | $18.99 | $17.72 | $17.76 |
| Book value per share | $85.72 | $43.45 | $40.38 | $35.60 | $35.12 | $32.88 | $58.43 | $23.59 | $52.51 | $46.62 |
| Tangible book value per share | $35.43 | −$32.80 | −$33.41 | −$38.51 | −$41.15 | −$38.71 | $0.45 | −$27.20 | −$0.57 | $6.20 |
| Dividends per share | $1.83 | $1.20 | $0.64 | $1.40 | $1.43 | $0.98 | $0.85 | $0.32 | $0.82 | $0.65 |
| Capex per share | $1.03 | $1.85 | $2.06 | $2.54 | $2.02 | $1.88 | $2.38 | $1.32 | $1.28 | $1.24 |
| Debt per share | $37.52 | $44.09 | $43.23 | $49.84 | $46.28 | $43.72 | $39.34 | $24.49 | $23.44 | $16.69 |
| Shares outstanding | 15.8M | 15.6M | 15.5M | 15.5M | 15.4M | 15.3M | 15.3M | 15.6M | 14.7M | 15.5M |
| Change in shares outstanding | +1.0% | +0.9% | −0.0% | +0.6% | +0.7% | −0.3% | −1.5% | +5.8% | −5.2% | +5.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.8% | 12.3% | 10.8% | 14.9% | 10.5% | 6.7% | 14.7% | 5.6% | 1.5% | 3.2% |
| Return on invested capital (ROIC) | 18.7% | 17.3% | 24.5% | 24.3% | 23.2% | 15.5% | 5.2% | 12.7% | 6.9% | 9.2% |
| Return on assets (ROA) | 0.9% | 2.7% | 2.3% | 2.9% | 2.1% | 2.0% | 4.9% | 2.0% | 0.8% | 1.7% |
| Return on tangible assets | 1.0% | 4.4% | 3.8% | 4.9% | 3.5% | 3.3% | 7.7% | 3.7% | 1.4% | 3.1% |
| Free cash flow margin | 14.2% | 13.3% | 10.1% | 7.8% | 7.4% | 13.3% | 9.4% | 4.2% | 4.6% | 5.0% |
| Income quality (OCF / net income) | 13.78 | 4.05 | 4.62 | 2.94 | 3.82 | 6.13 | 2.12 | 2.56 | 7.24 | 3.34 |
| Financial health | ||||||||||
| Total debt | $592.3M | $689.5M | $670.0M | $772.7M | $712.9M | $668.5M | $603.5M | $381.4M | $345.0M | $259.1M |
| Cash & short-term investments | $1.28B | $563.2M | $528.2M | $569.1M | $512.5M | $533.2M | $405.5M | $295.6M | $260.8M | $275.7M |
| Net debt | −$688.2M | $126.3M | $141.8M | $203.6M | $200.5M | $135.4M | $198.0M | $85.8M | $84.2M | −$16.6M |
| Debt / equity | 0.44 | 1.01 | 1.07 | 1.40 | 1.32 | 1.33 | 0.67 | 1.04 | 0.45 | 0.36 |
| Debt / assets | 0.17 | 0.23 | 0.24 | 0.28 | 0.26 | 0.27 | 0.29 | 0.23 | 0.22 | 0.19 |
| Net debt / EBITDA | −2.01 | 0.43 | 0.39 | 0.52 | 0.62 | 0.51 | 0.87 | 0.54 | 0.72 | −0.14 |
| Current ratio | 1.63 | 1.30 | 1.40 | 1.37 | 1.38 | 1.49 | 1.44 | 1.48 | 1.69 | 1.76 |
| Quick ratio | 1.61 | 1.28 | 1.35 | 1.33 | 1.35 | 1.46 | 1.43 | 1.48 | 1.69 | 1.75 |
| Interest coverage | 6.2 | 6.8 | 6.2 | 12.6 | 11.5 | 6.6 | 2.4 | 13.3 | 3.2 | 7.6 |
| Working capital | $835.2M | $346.8M | $390.2M | $370.1M | $356.5M | $381.1M | $294.5M | $255.0M | $284.5M | $274.5M |
| Invested capital | $665.0M | $805.6M | $767.6M | $755.5M | $741.4M | $638.1M | $1.09B | $453.2M | $857.1M | $707.3M |
| Tangible asset value | $983.8M | $197.2M | $164.7M | $28.1M | $5.0M | $12.8M | $6.9M | $14.2M | −$8.3M | $96.2M |
| Net current asset value | $360.1M | −$138.8M | −$128.6M | −$244.7M | −$266.7M | −$251.6M | −$226.3M | −$78.4M | −$93.6M | −$815,000 |
| Graham number | $58.89 | $70.74 | $61.18 | $64.85 | $52.92 | $47.57 | $89.10 | $33.13 | $29.96 | $38.94 |
| Graham net-net per share | $4.49 | −$26.74 | −$26.74 | −$31.43 | −$32.79 | −$29.44 | −$24.00 | −$14.09 | −$13.78 | −$5.89 |
| Capital allocation | ||||||||||
| Dividends paid | $28.9M | $18.8M | $9.9M | $21.8M | $22.1M | $14.9M | $13.0M | $5.0M | $12.1M | $10.0M |
| Share buybacks (net) | — | — | — | $0 | $2.1M | $0 | $5.6M | $0 | $0 | $0 |
| Dividend payout ratio | 101.7% | 23.5% | 15.5% | 26.8% | 40.5% | 31.9% | 14.0% | 15.6% | 108.0% | 44.6% |
| Dividends + buybacks / free cash flow | 7.7% | 6.4% | 3.8% | 10.9% | 13.6% | 5.8% | 11.6% | 8.1% | 19.5% | 18.0% |
| Capex / revenue | 0.6% | 1.3% | 1.2% | 1.5% | 1.3% | 1.5% | 2.2% | 1.4% | 1.4% | 1.7% |
| Capex / operating cash flow | 4.2% | 8.9% | 10.8% | 16.4% | 14.9% | 10.0% | 18.7% | 25.0% | 23.4% | 25.7% |
| Capex / depreciation | 0.11 | 0.25 | 0.26 | 0.34 | 0.25 | 0.30 | 0.42 | 0.42 | 0.43 | 0.60 |
| Stock-based compensation / revenue | 1.2% | 0.7% | 0.7% | 0.6% | 0.6% | 0.4% | 0.2% | 0.3% | 0.3% | 0.4% |
| R&D / revenue | 0.8% | 0.8% | 3.0% | 2.8% | 2.7% | 2.7% | 2.7% | 2.8% | 2.9% | 2.0% |
| SG&A / revenue | 7.9% | 14.3% | 12.5% | 9.5% | 9.4% | 11.6% | 11.8% | 12.2% | 13.7% | 13.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 111.1 | 127.7 | 101.0 | 102.5 | 96.8 | 104.7 | 108.3 | 108.4 | 105.7 | 98.4 |
| Days of inventory on hand | 5.1 | 7.3 | 7.1 | 5.3 | 4.5 | 3.8 | 1.5 | 1.1 | 1.3 | 1.8 |
| Days payables outstanding | 54.9 | 55.0 | 44.5 | 40.1 | 35.6 | 34.2 | 33.9 | 33.7 | 30.3 | 30.5 |
| Cash conversion cycle (days) | 61.3 | 80.0 | 63.6 | 67.7 | 65.7 | 74.3 | 76.0 | 75.8 | 76.7 | 69.7 |
| Receivables turnover | 3.28 | 2.86 | 3.62 | 3.56 | 3.77 | 3.49 | 3.37 | 3.37 | 3.45 | 3.71 |
| Payables turnover | 6.65 | 6.64 | 8.20 | 9.10 | 10.25 | 10.68 | 10.78 | 10.83 | 12.06 | 11.97 |
| Inventory turnover | 72.05 | 50.29 | 51.10 | 69.14 | 81.42 | 95.46 | 238.28 | 322.98 | 291.87 | 198.49 |
| Asset turnover | 0.80 | 0.77 | 0.93 | 0.93 | 0.91 | 0.84 | 0.91 | 0.93 | 0.93 | 0.86 |
| Average receivables | $806.3M | $779.6M | $723.0M | $722.3M | $637.9M | $554.6M | $504.8M | $443.4M | $392.4M | $298.8M |
| Average payables | $330.2M | $275.4M | $240.6M | $214.2M | $179.6M | $139.2M | $122.0M | $107.1M | $87.7M | $71.0M |
| Average inventory | $30.5M | $36.4M | $38.6M | $28.2M | $22.6M | $15.6M | $5.5M | $3.6M | $3.6M | $4.3M |
| Intangibles / total assets | 22.2% | 39.5% | 40.7% | 41.1% | 42.8% | 43.4% | 42.6% | 47.5% | 50.0% | 46.2% |
Computed from FORTY's annual financial statements (latest annual report filed May 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FORTY valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Formula Systems traded at 92.9 times earnings, against a 10-year median of 27.5. Based on the latest twelve months, the trailing P/E is 24.3 and the forward P/E is 9.2. Formula Systems earned a return on equity of 2.8% and a return on invested capital of 18.7% in fiscal 2025. It ended the year with $592.3 million of debt and $1.3 billion in cash and short-term investments, a net cash position of $688.2 million. It returned $28.9 million to shareholders: $28.9 million in dividends and $0 in share buybacks, 8% of free cash flow.
See the FORTY income statement, the FORTY chart for price history, or the FORTY stock overview for the latest quote and news.
FORTY key metrics FAQ
What is Formula Systems's P/E ratio?
Formula Systems's trailing P/E ratio is 24.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.2. At the end of fiscal 2025 it was 92.9, compared with a 10-year median of 27.5.
What is Formula Systems's EV/EBITDA?
Formula Systems's enterprise value was 5.7 times EBITDA at the end of fiscal 2025 (enterprise value $1.9 billion, EBITDA $342.4 million); the current EV/EBITDA is 6.7.
What is Formula Systems's return on equity?
Formula Systems's return on equity (ROE) was 2.8% in fiscal 2025: net income of $28.4 million on average shareholders' equity of $1.0 billion.
What is Formula Systems's ROIC?
Formula Systems's return on invested capital was 18.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Formula Systems have?
Formula Systems had total debt of $592.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.44 and more cash than debt.
What is Formula Systems's dividend yield?
Formula Systems's forward dividend yield is 1.88%. Formula Systems paid $28.9 million in dividends in fiscal 2025 ($1.83 per share), a payout ratio of 101.7%.
What is Formula Systems's free cash flow yield?
Formula Systems generated $374.8 million of free cash flow in fiscal 2025, a free cash flow yield of 14.2% on its market value at year-end ($2.6 billion).
What is Formula Systems's current ratio?
Formula Systems's current ratio was 1.63 at the end of fiscal 2025: current assets were 1.63 times current liabilities.