Formula Systems (1985) Ltd. (FORTY) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|
| Total Current Assets | 2.17B | 2.06B | 1.45B | 1.48B | 1.49B | 1.38B | 1.3B | 1.38B | 1.38B | 1.27B | 1.29B | 1.35B | 1.37B | 1.28B | 1.22B | 1.36B | 1.3B | 1.2B | 1.14B | 1.12B |
| Cash & Short-Term Investments | 1.28B | 432.08M | 406.17M | 526.79M | 563.2M | 510.85M | 472.88M | 516.14M | 528.17M | 469.11M | 477.47M | 516.87M | 569.06M | 508.39M | 451.47M | 570.04M | 512.46M | 495.06M | 468.19M | 459.63M |
| Cash Only | 1.28B | 431.31M | 393.19M | 461.81M | 507.8M | 469.71M | 408.26M | 436.79M | 451.95M | 392.3M | 386M | 447.89M | 544.34M | 470.46M | 412.1M | 532.82M | 485.39M | 453.28M | 446.37M | 428.15M |
| Short-Term Investments | 371.99K | 770K | 12.97M | 64.99M | 55.4M | 41.14M | 64.62M | 79.34M | 76.22M | 76.81M | 91.47M | 68.97M | 24.71M | 37.93M | 39.37M | 37.21M | 27.07M | 41.78M | 21.82M | 31.47M |
| Accounts Receivable | 774.46M | 784.1M | 992.82M | 928M | 802.99M | 757.19M | 710.3M | 735.22M | 721.01M | 765.7M | 774.52M | 798.69M | 725.07M | 739.63M | 727.16M | 754.58M | 719.29M | 686.34M | 655.84M | 639.57M |
| Days Sales Outstanding | 100.58 | 116.79 | 115.1 | 126.42 | 103.79 | 96.44 | 98.51 | 94.87 | 106.81 | 108.2 | 109.22 | 102.28 | 106.29 | 106.04 | 104.59 | 100.86 | 98.16 | 105.31 | 100.26 | 93.99 |
| Inventory | 30.25M | 26.27M | 48.1M | 27.77M | 30.73M | 27.04M | 30.19M | 34.56M | 42.01M | 37.16M | 39.37M | 38.63M | 35.18M | 36.07M | 36.74M | 33.5M | 21.22M | 21.14M | 19.3M | 19.85M |
| Days Inventory Outstanding | 4.55 | 6.07 | 6.06 | 5.3 | 5.2 | 4.99 | 5.88 | 6.52 | 7.6 | 7.11 | 7.18 | 6.53 | 6.99 | 6.94 | 6.45 | 4.9 | 3.87 | 4.18 | 3.99 | 4.41 |
| Other Current Assets | 80.52M | 737.85M | 109.61M | 96.89M | 41.6M | 86.41M | 90.27M | 92.56M | 43.99M | 72.91M | 76.38M | 80.91M | 3.73M | 71.24M | 70.65M | 78.6M | 23.25M | 75.52M | 79.6M | 84.01M |
| Total Non-Current Assets | 1.44B | 1.27B | 1.75B | 1.56B | 1.53B | 1.47B | 1.4B | 1.43B | 1.44B | 1.38B | 1.44B | 1.42B | 1.42B | 1.41B | 1.39B | 1.47B | 1.45B | 1.42B | 1.44B | 1.32B |
| Property, Plant & Equipment | 193.07M | 193.69M | 226.17M | 203.69M | 208.17M | 206.04M | 162.57M | 170.06M | 173.58M | 160.33M | 172.09M | 174.35M | 172.31M | 163.31M | 150.52M | 164.57M | 172.72M | 155.78M | 161.88M | 163.67M |
| Fixed Asset Turnover | 3.69x | 3.33x | 3.53x | 2.99x | 3.34x | 3.80x | 4.01x | 4.06x | 3.84x | 3.94x | 3.78x | 3.87x | 3.78x | 4.06x | 4.09x | 3.90x | 4.01x | 3.69x | 3.61x | 3.39x |
| Goodwill | 814.37M | 0 | 0 | 0 | 975.08M | 0 | 0 | 0 | 936.58M | 0 | 0 | 0 | 926.16M | 0 | 0 | 0 | 932.85M | 0 | 0 | 0 |
| Intangible Assets | 147.62M | 956.58M | 1.38B | 1.23B | 217.08M | 1.14B | 1.12B | 1.13B | 206.93M | 1.11B | 1.15B | 798.69M | 222.73M | 1.13B | 1.14B | 1.2B | 241.94M | 1.16B | 1.18B | 1.06B |
| Long-Term Investments | 353.45M | 89.59M | 101.02M | 97.8M | 65.11M | 89.9M | 71.56M | 79.52M | 45.23M | 70.17M | 69.39M | 61.09M | 20.64M | 68.29M | 56.7M | 29.06M | 28.9M | 28.57M | 28.96M | 28.51M |
| Other Non-Current Assets | 50.38M | 0 | 0 | 0 | 28.99M | 0 | 0 | 0 | 27.57M | 0 | 0 | 0 | 39.75M | 0 | 0 | 28.15M | 23.68M | 26.73M | 28.67M | 27.04M |
| Total Assets | 3.6B | 3.33B | 3.2B | 3.05B | 3.01B | 2.85B | 2.7B | 2.81B | 2.81B | 2.66B | 2.73B | 2.77B | 2.79B | 2.69B | 2.61B | 2.83B | 2.75B | 2.62B | 2.59B | 2.44B |
| Asset Turnover | 0.21x | 0.21x | 0.24x | 0.20x | 0.24x | 0.25x | 0.24x | 0.25x | 0.23x | 0.24x | 0.24x | 0.24x | 0.23x | 0.24x | 0.24x | 0.24x | 0.25x | 0.23x | 0.23x | 0.23x |
| Asset Growth % | 19.55% | 16.73% | 18.28% | 8.45% | 7.18% | 7.28% | -0.87% | 1.34% | 0.64% | -1.25% | 4.55% | -2.02% | 1.71% | 2.67% | 0.83% | 15.84% | 9.03% | 18.22% | 19.2% | 14.44% |
| Total Current Liabilities | 1.33B | 1.29B | 1.19B | 1.18B | 1.14B | 981.43M | 931.7M | 1.04B | 985.66M | 904.47M | 923.96M | 1B | 1B | 916.71M | 920.67M | 1.05B | 944.69M | 861.57M | 807.74M | 759.46M |
| Accounts Payable | 368.31M | 285.48M | 287.71M | 283.89M | 292.07M | 226.69M | 199.12M | 222.55M | 258.65M | 211.5M | 202.93M | 194.2M | 222.48M | 187.31M | 183.92M | 193.21M | 205.84M | 151.51M | 145.89M | 138.73M |
| Days Payables Outstanding | 52.59 | 46.79 | 45.64 | 52.2 | 46.7 | 37.17 | 38.28 | 40.99 | 45.14 | 38.5 | 36.55 | 36.88 | 40.22 | 35.36 | 34.61 | 35.73 | 32.68 | 30.77 | 28.98 | 29.4 |
| Short-Term Debt | 297.72M | 249.24M | 251.79M | 237.72M | 275.58M | 220.12M | 214.67M | 235.37M | 218.86M | 234.87M | 221.7M | 240.02M | 226.18M | 234.62M | 259.79M | 305.42M | 224.15M | 252.79M | 194.47M | 161.82M |
| Deferred Revenue (Current) | 157.54M | 146.58M | 205.18M | 180.62M | 173.96M | 141.19M | 147.19M | 166.34M | 137.64M | 124.34M | 136.39M | 156.5M | 132.73M | 123.57M | 135.37M | 158.22M | 140.66M | 128.21M | 142.49M | 146.16M |
| Other Current Liabilities | 264.02M | 510.24M | 59.06M | 65.36M | 119.47M | 56.31M | 132.05M | 153.79M | 86.04M | 107.39M | 134.38M | 169.23M | 305.61M | 138.64M | 115.75M | 153.74M | 127.74M | 297.15M | 292.9M | 280.24M |
| Current Ratio | 1.63x | 1.60x | 1.21x | 1.26x | 1.30x | 1.41x | 1.40x | 1.33x | 1.40x | 1.41x | 1.40x | 1.35x | 1.37x | 1.40x | 1.32x | 1.29x | 1.38x | 1.40x | 1.42x | 1.47x |
| Quick Ratio | 1.61x | 1.58x | 1.17x | 1.23x | 1.28x | 1.38x | 1.37x | 1.30x | 1.35x | 1.37x | 1.36x | 1.31x | 1.33x | 1.36x | 1.28x | 1.26x | 1.35x | 1.37x | 1.39x | 1.45x |
| Cash Conversion Cycle | 52.53 | 76.07 | 75.51 | 79.52 | 62.29 | 64.27 | 66.11 | 60.41 | 69.27 | 76.81 | 79.85 | 71.94 | 73.06 | 77.61 | 76.43 | 70.03 | 69.35 | 78.73 | 75.27 | 69.01 |
| Total Non-Current Liabilities | 475.13M | 459.61M | 540.89M | 488.19M | 485.56M | 507.55M | 444.02M | 465.74M | 518.75M | 525.95M | 574.8M | 578.7M | 614.82M | 628.94M | 525.75M | 596.06M | 623.2M | 622.16M | 651.1M | 578.33M |
| Long-Term Debt | 186.73M | 235.48M | 249.88M | 226.99M | 249.04M | 293.16M | 258M | 267.89M | 322.43M | 342.71M | 383.76M | 380.35M | 421.51M | 418.45M | 300.54M | 339.89M | 362.26M | 375.71M | 385.52M | 336.93M |
| Capital Lease Obligations | 107.8M | 112.45M | 132.55M | 117.64M | 119.59M | 118.83M | 79.76M | 83.27M | 84.64M | 75.58M | 79.54M | 79.42M | 78.97M | 77.09M | 68.94M | 77.94M | 84.84M | 77.66M | 83.41M | 84.51M |
| Deferred Tax Liabilities | 83.42M | 39.72M | 51.42M | 45.33M | 42.89M | 38.74M | 53.02M | 59.89M | 59.21M | 57.74M | 60.17M | 62.08M | 58.99M | 68.38M | 70.37M | 77.65M | 78.14M | 73.61M | 69.86M | 64.43M |
| Other Non-Current Liabilities | 80.72M | 54.86M | 90.37M | 72.28M | 61.52M | 41.64M | 36.16M | 38.35M | 47.61M | 45.49M | 45.44M | 49.44M | 47.25M | 53.58M | 72.71M | 83.91M | 78.19M | 76.05M | 92.67M | 72.04M |
| Total Liabilities | 1.81B | 1.75B | 1.73B | 1.67B | 1.63B | 1.49B | 1.38B | 1.5B | 1.5B | 1.43B | 1.5B | 1.58B | 1.62B | 1.55B | 1.45B | 1.65B | 1.57B | 1.48B | 1.46B | 1.34B |
| Total Debt | 592.25M | 638.7M | 683.87M | 626.94M | 689.45M | 676.72M | 593.56M | 630.46M | 669.99M | 694.46M | 731.2M | 748M | 772.67M | 771.46M | 667.07M | 763.91M | 712.91M | 738.06M | 695.4M | 615.75M |
| Net Debt | -687.85M | 207.38M | 290.68M | 165.14M | 181.65M | 207.01M | 185.3M | 193.66M | 218.04M | 302.16M | 345.2M | 300.1M | 228.33M | 301M | 254.97M | 231.08M | 227.52M | 284.78M | 249.03M | 187.6M |
| Debt / Equity | 0.33x | 0.40x | 0.47x | 0.46x | 0.50x | 0.50x | 0.45x | 0.48x | 0.51x | 0.57x | 0.60x | 0.63x | 0.66x | 0.67x | 0.57x | 0.65x | 0.60x | 0.65x | 0.62x | 0.56x |
| Debt / EBITDA | 3.18x | 11.65x | 9.86x | 12.73x | 9.59x | 9.53x | 7.71x | 10.07x | 11.10x | 9.94x | 10.21x | 16.31x | 17.27x | 7.57x | 5.59x | 14.63x | 9.99x | 11.23x | 10.57x | 9.82x |
| Net Debt / EBITDA | -3.69x | 3.78x | 4.19x | 3.35x | 2.53x | 2.91x | 2.41x | 3.09x | 3.61x | 4.33x | 4.82x | 6.54x | 5.10x | 2.95x | 2.14x | 4.43x | 3.19x | 4.33x | 3.78x | 2.99x |
| Interest Coverage | 1.38x | 6.16x | 6.64x | 7.63x | 10.41x | 12.23x | 16.99x | 11.17x | 6.55x | 9.07x | 10.69x | 8.58x | 8.72x | 12.43x | 26.79x | 12.68x | 41.17x | 9.04x | 8.51x | 9.30x |
| Total Equity | 1.8B | 1.58B | 1.46B | 1.38B | 1.39B | 1.36B | 1.33B | 1.31B | 1.31B | 1.23B | 1.23B | 1.19B | 1.18B | 1.15B | 1.16B | 1.18B | 1.18B | 1.14B | 1.13B | 1.1B |
| Equity Growth % | 29.43% | 15.86% | 10.22% | 5.45% | 6.2% | 11% | 8.08% | 9.74% | 11.14% | 7.12% | 5.7% | 1.08% | -0.23% | 0.71% | 3.01% | 6.68% | 6.53% | 21.16% | 23.28% | 24.04% |
| Book Value per Share | 113.56 | 99.81 | 92.81 | 87.56 | 88.50 | 87.00 | 84.93 | 83.88 | 84.37 | 78.91 | 79.30 | 76.96 | 76.10 | 73.72 | 74.99 | 76.85 | 76.12 | 73.84 | 73.39 | 71.96 |
| Total Shareholders' Equity | 1.36B | 777.69M | 722.92M | 681.02M | 679.34M | 660.09M | 644.02M | 631.46M | 625.76M | 583.3M | 576.11M | 564.41M | 551.87M | 548.49M | 540.67M | 537.53M | 540.96M | 519.7M | 517.47M | 499.92M |
| Common Stock | 0 | 0 | 0 | 0 | 4.35M | 0 | 0 | 0 | 4.35M | 583.3M | 576.11M | 0 | 4.35M | 548.49M | 540.67M | 537.53M | 4.34M | 519.7M | 517.47M | 499.92M |
| Retained Earnings | 0 | 0 | 0 | 0 | 536.01M | 0 | 0 | 0 | 475.22M | 0 | 0 | 0 | 419.45M | 0 | 0 | 0 | 358.31M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | -259K | 0 | 0 | 0 | -259K | 0 | 0 | 0 | -259K | 0 | 0 | 0 | -259K | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -13.42M | 0 | 0 | 0 | -11.03M | 0 | 0 | 551.88M | -17.03M | 0 | 0 | 0 | 25.52M | 0 | 0 | 0 |
| Minority Interest | 435.18M | 799.67M | 739.61M | 696.24M | 710.01M | 701.4M | 682.88M | 674.65M | 682.42M | 643.25M | 651.56M | 625.76M | 625.17M | 596.52M | 620.75M | 639.9M | 638.83M | 617.25M | 609.96M | 603.81M |