Formula Systems 1985 Ltd ADR (FORTY) financial statements
Formula Systems 1985 Ltd ADR reported revenue of $2.8B in fiscal 2024, up 12.3% a year over 9 years.
Net income was $80M.
Free cash flow was $307M, and the company returned $19M in dividends.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Formula Systems 1985 Ltd ADR's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $973M | $1.1B | $1.4B | $1.5B | $1.7B | $1.9B | $2.4B | $2.6B | $2.6B | $2.8B |
| Cost of revenue | $741M | $850M | $1.1B | $1.2B | $1.3B | $1.5B | $1.8B | $1.9B | $2.0B | $2.1B |
| Gross profit | $232M | $259M | $297M | $333M | $386M | $447M | $564M | $622M | $644M | $685M |
| Research and development | $15M | $22M | $40M | $41M | $47M | $53M | $66M | $72M | $78M | $84M |
| Selling, general and admin | $141M | $148M | $184M | $182M | $201M | $224M | $290M | $318M | $326M | $335M |
| Operating income | $76M | $88M | $73M | $110M | $138M | $171M | — | — | — | — |
| Interest expense | $15M | -$964,000 | -$408,000 | $16M | $22M | $29M | $30M | $27M | $42M | $38M |
| Pre-tax income | $66M | $77M | $53M | $101M | $120M | $144M | — | $257M | $211M | $248M |
| Income tax | $16M | $21M | $13M | $24M | $27M | $31M | $43M | $55M | $46M | $57M |
| Net income | $20M | $22M | $10M | $32M | $39M | $47M | $55M | $81M | $64M | $80M |
| EPS (diluted) | $1.33 | $1.49 | $0.68 | $2.14 | $2.44 | $3.01 | $3.50 | $5.21 | $4.12 | $5.09 |
| Diluted shares | 15M | — | — | — | — | — | — | 16M | 15M | 16M |
| Gross margin | 23.8% | 23.3% | 21.9% | 22.3% | 22.7% | 23.1% | 23.5% | 24.2% | 24.6% | 24.8% |
| Operating margin | 7.8% | 8.0% | 5.4% | 7.3% | 8.1% | 8.8% | — | — | — | — |
| Net margin | 2.0% | 2.0% | 0.8% | 2.2% | 2.3% | 2.4% | 2.3% | 3.2% | 2.4% | 2.9% |
Balance sheet
Fiscal years, from Formula Systems 1985 Ltd ADR's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $249M | $278M | $260M | $278M | $375M | $503M | $487M | $545M | $452M | $508M |
| Receivables | $177M | $308M | $386M | $441M | $486M | $520M | $3M | $5M | $8M | $8M |
| Inventory | $5M | $4M | $3M | $4M | $9M | $24M | $21M | $35M | $42M | $31M |
| Total current assets | $357M | $634M | $695M | $781M | $966M | $1.2B | $1.3B | $1.4B | $1.4B | $1.5B |
| Property, plant and equipment | $14M | $26M | $30M | $29M | $43M | $59M | $57M | $55M | $53M | $52M |
| Goodwill | $162M | $640M | $617M | $641M | $724M | $872M | $933M | $926M | $937M | $975M |
| Total assets | $1.1B | $1.4B | $1.6B | $1.7B | $2.1B | $2.5B | $2.7B | $2.8B | $2.8B | $3.0B |
| Total current liabilities | $212M | $359M | $433M | $526M | $671M | $780M | $948M | $1.0B | $986M | $1.1B |
| Long-term debt | $58M | — | — | — | — | — | — | — | $170M | $115M |
| Total liabilities | $504M | $57M | $59M | $7M | $14M | $1.4B | $1.6B | $1.6B | $1.5B | $1.6B |
| Shareholders' equity | $705M | $336M | $359M | $368M | $422M | $503M | $541M | $552M | $626M | $679M |
| Net debt | -$249M | -$240M | -$246M | -$268M | -$369M | -$502M | -$485M | -$544M | -$136M | -$251M |
Cash flow
Fiscal years, from Formula Systems 1985 Ltd ADR's 10-K filings with the SEC.
| Fiscal year | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $87M | $75M | $81M | $83M | $196M | $288M | $209M | $239M | $295M | $324M |
| Capital spending | $7M | $10M | $10M | $12M | $27M | $20M | $18M | $25M | $17M | $17M |
| Free cash flow | $80M | $65M | $72M | $71M | $169M | $269M | $191M | $214M | $278M | $307M |
| Stock-based compensation | $5M | $4M | $5M | $4M | $4M | $8M | $15M | $15M | $19M | $16M |
| Dividends paid | $13M | $10M | $12M | $5M | $13M | $15M | $22M | $22M | $10M | $19M |
| Net borrowing | -$24M | -$17M | -$67M | -$64M | -$76M | -$79M | -$84M | -$88M | -$83M | -$93M |
| Free cash flow margin | 8.2% | 5.9% | 5.3% | 4.7% | 10.0% | 13.9% | 7.9% | 8.3% | 10.6% | 11.1% |
| Dividends per share | $0.87 | — | — | — | — | — | — | $1.40 | $0.64 | $1.20 |
Questions
What was Formula Systems 1985 Ltd ADR's revenue in 2024?
$2.8B in fiscal 2024, from its 10-K filing.
How much free cash flow does Formula Systems 1985 Ltd ADR generate?
$307M in fiscal 2024 (operating cash flow minus capital spending).
From Formula Systems 1985 Ltd ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.