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Israeli holding company with controlling stakes in listed IT services and software firms including Matrix, Sapiens and Magic Software.
Israeli holding company with controlling stakes in listed IT services and software firms including Matrix, Sapiens and Magic Software.
Consolidates the revenue of its listed subsidiaries, mostly project-based IT services and recurring software licences and maintenance, and has little operating business of its own. Asseco Poland, a Polish software group, is a major shareholder.
Moat: none (scale). A holding company; value depends on the individual competitive positions of its operating subsidiaries.
Headquarters: Or Yehuda, Israel · Founded: 1985
Size Formula Systems (1985) Ltd. Sponsored ADR (FORTY) is a United States Information Technology company (Information Technology Services) with a market value of $1.75B, the 1883rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $110.25 on 6 Nov 2026.
Performance Over six months the shares fell 26.3%, against +1.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median +8.0%); the operating margin is 7.7% (peer median 8.1%).
Valuation It trades at 0.7× enterprise value to sales against a peer median of 3.1× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.0 points below its cost of capital (9.3% WACC).
Backlog Backlog (remaining performance obligations) was $2.41B at 31 Dec 2024 — 0.9 years of trailing revenue. Backlog detail →
Short interest Short interest is 0.0% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.94B | $2.65B | $2.23B | $2.61B | $2.56B |
| Revenue growth | — | +19% | -15% | +2% | — |
| Gross profit | $584M | $451M | $400M | $642M | $620M |
| EBITDA | n/a | $342M | $295M | $360M | $346M |
| Net income | $635M | $28.4M | $80.0M | $63.8M | $81.1M |
| Free cash flow | n/a | $375M | $310M | $278M | $216M |
| Capital expenditure | n/a | $28.1M | $29.1M | $31.9M | $39.2M |
| Total debt | $671M | $591M | $643M | $670M | $772M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FORTY | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.2% | -0.4% | 6th lowest of 21 |
| 6-month return | -26.3% | +1.1% | 2nd lowest of 21 |
| Distance from 52-week high | -42.1% | -25.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +1.2% | +8.0% | 6th lowest of 21 |
| Operating margin | 7.7% | 8.1% | 9th lowest of 21 |
| EV / Sales | 0.7× | 3.1× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -3.4% | 16.2% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +6.3% | +12.9% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -9.7 pp | +0.1 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | -0.0 pp | +0.1 pp | 9th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Formula Systems (1985) Ltd. Sponsored ADR FORTY | United States | $1.75B | -26% | +1% | 8% | 0.7× | -3.4% | +6.3% |
| CETC Cyberspace Security Technology 002268.SZ | China | $1.77B | -11% | -3% | 1% | 4.5× | n/a | n/a |
| Transportation Telecommunication and Information Development Inc. Ltd. Zhejiang 300469.SZ | China | $1.72B | -18% | -15% | -102% | 51.2× | n/a | n/a |
| Shift 3697.T | Japan | $1.71B | +61% | +24% | 11% | 1.7× | -2.2% | +28.6% |
| A10 Networks ATEN | United States | $1.80B | -11% | +12% | 17% | 5.4× | 16.7% | +5.2% |
| Omnicell OMCL | United States | $1.70B | -15% | +6% | 5% | 1.2× | 11.7% | +5.8% |
| Sigma Advanced Systems SIGMAADV.NS | India | $1.83B | +196% | +358% | 12% | 20.5× | n/a | n/a |
| Northking Information Technology 002987.SZ | China | $1.67B | -14% | +1% | 6% | 2.2× | 16.2% | +16.1% |
| Simplex Holdings,Inc 4373.T | Japan | $1.66B | +25% | +20% | 23% | 4.2× | 12.4% | +16.3% |
| secunet Security Networks YSN.DE | Germany | $1.66B | +20% | +13% | 11% | 3.1× | n/a | n/a |
| Concentrix CNXC | United States | $1.85B | +25% | +3% | 8% | 0.7× | -11.9% | +15.8% |
| Mega Fortune MGRT | United States | $1.65B | -14% | -8% | -37% | 2,072.0× | n/a | n/a |
| Computer Age Management Services CAMS.NS | India | $1.87B | -15% | +9% | 39% | n/a | n/a | n/a |
| Zen Technologies ZENTEC.NS | India | $1.64B | +6% | +4% | 31% | 17.8× | 53.0% | +66.0% |
| CETC Digital Technology 600850.SS | China | $1.62B | -18% | -1% | 2% | 1.2× | 19.1% | +5.8% |
| Kainos KNOS.L | United Kingdom | $1.92B | +57% | +17% | 11% | 3.1× | 21.7% | +12.9% |
| PDF Solutions PDFS | United States | $1.59B | -27% | +23% | 8% | 6.4× | n/a | n/a |
| GMO Internet 9449.T | Japan | $1.94B | -4% | +6% | 21% | n/a | n/a | n/a |
| Atea ATEA.OL | Norway | $1.99B | +6% | +12% | 4% | 0.5× | -5.0% | -1.1% |
| PC Connection CNXN | United States | $2.00B | +19% | +10% | 4% | 0.5× | n/a | n/a |
| Data#3 DTL.AX | Australia | $1.54B | +81% | +6% | 8% | 2.1× | 26.9% | -14.2% |
Formula Systems (1985) Ltd. Sponsored ADR reported $2.41B of remaining performance obligations at 31 Dec 2024. That is 0.9 years of trailing revenue already under contract.