Formula Systems 1985 Ltd ADR (FORTY) revenue breakdown
By product, Matrix is the largest at 66% of fiscal 2025 revenue; ZAP Group grew fastest, 44% a year over 4 years.
By region, Israel is the largest at 80% of fiscal 2025 revenue, growing 13% a year over 7 years.
Revenue by product
Fiscal years, as Formula Systems 1985 Ltd ADR reports them in its 10-K filings; fiscal 2025 total $2.8B.
| Products | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| Matrix | $878M | $1.0B | $1.1B | $1.3B | $1.4B | $1.4B | $1.5B | $1.8B | 66% |
| Topco (former – Sapiens) | $290M | $326M | $383M | $461M | $475M | $531M | $550M | $625M | 23% |
| ZAP Group | — | — | — | $52M | $50M | $157M | $170M | $220M | 8% |
| Magic Software | $282M | $322M | $368M | $478M | $562M | $37M | $43M | $58M | 2% |
| Michpal | — | $21M | $26M | $32M | $38M | $45M | $38M | $38M | 1% |
| Adjustments | -$66M | -$91M | -$80M | -$90M | -$74M | — | — | — | — |
| Other | $109M | $117M | $120M | $128M | $134M | -$76M | -$84M | -$125M | -5% |
Revenue by region
Fiscal years, as Formula Systems 1985 Ltd ADR reports them in its 10-K filings; fiscal 2025 total $2.6B.
| Regions | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| Israel | $894M | $1.0B | $1.2B | $1.5B | $1.6B | $1.6B | $1.7B | $2.1B | 80% |
| United States | $418M | $463M | $502M | $592M | $680M | $435M | $388M | $436M | 17% |
| Europe | $141M | $146M | $189M | $256M | $262M | $82M | $88M | $84M | 3% |
| Japan | $11M | $15M | $14M | $13M | $11M | $11M | $13M | $12M | 0% |
| Other (mainly Asia pacific) | $15M | $15M | $14M | $19M | $21M | $4M | $4M | $3M | 0% |
| Africa | $14M | $15M | $12M | $18M | $27M | — | — | — | — |
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Where does Formula Systems 1985 Ltd ADR make its money?
In fiscal 2025, by product: Matrix $1.8B, Topco (former – Sapiens) $625M, ZAP Group $220M, Magic Software $58M, Michpal $38M.
From Formula Systems 1985 Ltd ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.