Technology · Information Technology Services
Price
$95.68
Market Cap
$1.5B
Employees
21,900
Beta
0.16
Avg Volume
429
CEO
Guy Bernstein
Business Description
Formula Systems (1985) Ltd. is a global provider of diverse IT solutions and services, operating through its various subsidiaries. The company specializes in delivering both its own proprietary software and third-party solutions, alongside comprehensive IT professional services, software product marketing and support, and integrated computer infrastructure solutions. Its extensive range of offerings includes robust computer and telecommunication infrastructure solutions, specialized computer solutions for existing communication setups, cutting-edge cloud computing services, and advanced database and big data management. Formula Systems also supplies critical software tools for areas such as customer relationship management, computer systems infrastructure oversight, web content management, database and data warehouse mining, application integration, general database and system management, and software development. Additionally, it offers professional training courses and advanced educational programs. The company is also involved in the sale of computers and peripheral equipment to business clients. A significant part of its portfolio comprises specialized insurance technology platforms under the "Sapiens" brand. These include solutions for property and casualty insurance (e.g., Sapiens, Sapiens CoreSuite, Sapiens IDITSuite, Sapiens PolicyPro, Sapiens BillingPro, Sapiens ClaimsPro, e-Tica, and Tia Enterprise), life, pension, and annuities management (e.g., Sapiens CoreSuite, Sapiens UnderwritingPro, Sapiens ApplicationPro, Sapiens IllustrationPro, and Sapiens ConsolidationMaster), and reinsurance operations (e.g., Sapiens ReinsuranceMaster, Sapiens ReinsurancePro, and Sapiens Reinsurance GO). It also provides a dedicated Sapiens platform for workers' compensation solutions. Furthermore, Formula Systems delivers financial and compliance solutions, such as Sapiens FinancialPro, Sapiens Financial GO, and Sapiens StatementPro, alongside the Sapiens DECISION platform for advanced decision management, and a broader array of general technology-driven solutions. Its services are rounded out with platforms for application development and seamless business process integration, industry-specific software, strategic consulting, outsourcing, and a wide spectrum of other professional services. The company also develops on-premise payroll software. Formula Systems (1985) Ltd. was established in 1985 and is headquartered in Or Yehuda, Israel.
Business History
Price Overview
Last updated: Jun 27, 2026 10:05am (just now)$95.68
-10.82 (-10.16%)
Day Range
$95.68 – $102.65
52-Week Range
$95.68 – $190.56
50-Day MA
$132.15
200-Day MA
$142.37
Volume
223.72
Share Structure
Outstanding
15,334,666.00
Float
14,352,987.00
Free Float
93.6%
High free float
— 93.6% of shares trade freely, ~6.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
2.38
Stock Price: $95.68
EPS (Diluted): 1.85
EPS (Diluted): 1.85
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.89
Stock Price: $95.68
Total Equity: $1.35B
Shares: 15,786,901
Total Equity: $1.35B
Shares: 15,786,901
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
4.37
Market Cap: $1.47B
Total Debt: $441.32M
Cash: $1.28B
EBITDA: $342.36M
Total Debt: $441.32M
Cash: $1.28B
EBITDA: $342.36M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$1.9B
Market Cap: $1.47B
Total Debt: $441.32M
Cash: $1.28B
Total Debt: $441.32M
Cash: $1.28B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
17.0%
Gross Profit: $451.39M
Revenue: $2.65B
Revenue: $2.65B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
7.1%
Operating Income: $188.64M
Revenue: $2.65B
Revenue: $2.65B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
1.1%
Net Income: $28.39M
Revenue: $2.65B
Revenue: $2.65B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
59.5%
Net Income: $28.39M
Total Equity: $1.35B
Total Equity: $1.35B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
6.7%
Operating Income: $188.64M
Tax Rate: 27.0%
Equity: $1.35B
Total Debt: $441.32M
Cash: $1.28B
Tax Rate: 27.0%
Equity: $1.35B
Total Debt: $441.32M
Cash: $1.28B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
1.63
Current Assets: $2.17B
Current Liabilities: $1.33B
Current Liabilities: $1.33B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.33
Short-Term Debt: $254.60M
Long-Term Debt: $186.73M
Total Debt: $441.32M
Total Equity: $1.35B
Long-Term Debt: $186.73M
Total Debt: $441.32M
Total Equity: $1.35B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$167.73
Revenue: $2.65B
Shares: 15,786,901
Shares: 15,786,901
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$85.72
Total Equity: $1.35B
Shares: 15,786,901
Shares: 15,786,901
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$23.74
Operating CF: $391.13M
CapEx: -$16.31M
Shares: 15,786,901
CapEx: -$16.31M
Shares: 15,786,901
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
1.1%
Last Dividend: N/A
Stock Price: $95.68
Stock Price: $95.68
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $28.39M
Net Income: $28.39M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares FORTY against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:59pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.4B | $2.6B | $2.6B | $2.8B | $2.6B |
| Cost of Revenue | $1.8B | $1.9B | $2.0B | $2.1B | $2.2B |
| Gross Profit | $563.9M | $622.5M | $643.7M | $684.0M | $451.4M |
| Operating Expenses | $355.8M | $345.8M | $404.3M | $414.2M | $262.8M |
| Operating Income | $208.0M | $276.6M | $239.4M | $270.5M | $188.6M |
| Net Income | $54.6M | $81.4M | $64.0M | $79.7M | $28.4M |
| EBITDA | $332.7M | $397.0M | $371.2M | $386.0M | $342.4M |
| EPS | $3.57 | $5.31 | $4.17 | $5.21 | $1.85 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:59pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $485.4M | $544.3M | $451.9M | $507.8M | $1.3B |
| Total Current Assets | $1.3B | $1.4B | $1.4B | $1.5B | $2.2B |
| Total Assets | $2.7B | $2.8B | $2.8B | $3.0B | $3.6B |
| Current Liabilities | $944.7M | $1.0B | $985.7M | $1.1B | $1.3B |
| Long-Term Debt | $362.3M | $421.5M | $322.4M | $249.0M | $186.7M |
| Total Liabilities | $1.6B | $1.6B | $1.5B | $1.6B | $1.8B |
| Total Equity | $541.0M | $551.9M | $625.8M | $679.3M | $1.4B |
| Retained Earnings | $358.3M | $419.4M | $475.2M | $536.0M | $1.1B |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:59pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $208.5M | $239.1M | $295.0M | $324.5M | $391.1M |
| Capital Expenditure | -$31.1M | -$39.3M | -$32.0M | -$29.0M | -$16.3M |
| Free Cash Flow | $177.4M | $199.8M | $263.0M | $295.5M | $374.8M |
| Acquisitions (net) | -$85.9M | -$14.5M | -$48.8M | -$80.2M | $514.3M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$16.3M | $59.0M | -$92.4M | $55.9M | $772.3M |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:59pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +6.9% | +1.9% | +5.2% | -4.0% |
| Gross Profit Growth | +10.4% | +3.4% | +6.3% | -34.0% |
| Operating Income Growth | +33.0% | -13.5% | +13.0% | -30.3% |
| Net Income Growth | +49.1% | -21.4% | +24.5% | -64.4% |
| EBITDA Growth | +19.3% | -6.5% | +4.0% | -11.3% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-03-18 | Bernstein Guy | 0.00 | $0.00 | $0 | |
| 2027-12-31 | Bernstein Guy | 611,771.00 | $1.00 | $611,771 | |
| 2026-03-18 | Berenstin Asaf | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Kozlowski Rafal Marek | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Panek Marek Pawel | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Rzonca-Bajorek Karolina Maria | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Meroz Itay IM | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Regev Ilan | 0.00 | $0.00 | $0 | |
| 2026-03-18 | ZUKOWICZ GABRIELA BARBARA | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Hillman Amir | 0.00 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:59pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-22 | $13.05 | 2026-05-14 | 2026-05-22 | 2026-06-15 |
| 2025-12-30 | $0.52 | 2025-11-20 | 2025-12-30 | 2026-01-23 |
| 2025-10-14 | $0.52 | 2025-08-19 | 2025-10-14 | 2025-11-07 |
| 2025-07-07 | $0.33 | 2025-05-22 | 2025-07-07 | 2025-08-01 |
| 2025-04-30 | $0.71 | 2025-03-20 | 2025-04-30 | 2025-05-27 |
| 2024-09-12 | $0.45 | 2024-08-20 | 2024-09-12 | 2024-10-07 |
| 2024-04-03 | $0.61 | 2024-03-19 | 2024-04-04 | 2024-04-29 |
| 2023-06-02 | $0.45 | 2023-05-23 | 2023-06-05 | 2023-07-03 |
| 2022-12-02 | $0.44 | 2022-11-17 | 2022-12-05 | 2022-12-30 |
| 2022-04-11 | $0.56 | 2022-03-16 | 2022-04-12 | 2022-05-06 |
| 2021-08-31 | $0.57 | 2021-08-19 | 2021-09-01 | 2021-10-04 |
| 2021-02-17 | $0.47 | 2021-02-18 | 2021-03-15 | |
| 2020-09-02 | $0.37 | 2020-08-18 | 2020-09-03 | 2020-10-02 |
| 2019-12-23 | $0.33 | 2019-11-19 | 2019-12-24 | 2020-01-21 |
| 2019-09-11 | $0.37 | 2019-08-19 | 2019-09-12 | 2019-10-02 |
| 2018-12-28 | $0.24 | 2018-12-13 | 2018-12-31 | 2019-01-24 |
| 2018-06-07 | $0.24 | 2018-05-29 | 2018-06-08 | 2018-06-27 |
| 2017-10-16 | $0.24 | 2017-09-20 | 2017-10-17 | 2017-11-09 |
| 2016-12-28 | $0.48 | 2016-12-20 | 2016-12-30 | 2017-01-19 |
| 2016-07-11 | $0.34 | 2016-06-30 | 2016-07-13 | 2016-08-04 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
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market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30