Formula Systems (1985) Ltd. income statement FORTY

Annual Quarterly

In fiscal 2024, which ended Dec 31, 2024, Formula Systems (1985) Ltd. reported revenue of $2.8 billion, up 5.2% from the year before. Net income was $193.8 million, a profit margin of 7.0%. Diluted earnings per share were $5.09. Across the 10 fiscal years shown, revenue grew from $636.4 million in fiscal 2014 to $2.8 billion in fiscal 2024, about 17.7% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2015 Dec 31, 2015	FY 2014 Dec 31, 2014
Revenue	2,758 +5.2%	2,621 +1.9%	2,572 +7.0%	2,404 +24.3%	1,934 +13.7%	1,701 +13.9%	1,493 +10.2%	1,355	751 +17.9%	636 -20.0%
Cost of revenue	2,073 +4.8%	1,977 +1.4%	1,950 +5.9%	1,841 +23.8%	1,486 +13.0%	1,315 +13.4%	1,160 +9.6%	1,058	602 +13.5%	530 -12.1%
Gross profit	685 +6.4%	644 +3.4%	622 +10.4%	564 +26.0%	447 +15.9%	386 +15.8%	333 +12.3%	297	232 +118.1%	106 -44.8%
Research and development	84 +8.2%	78 +8.1%	72 +9.5%	66 +25.2%	53 +12.7%	47 +13.3%	41 +3.4%	40	15 +1821.6%	1 -94.4%
Selling, general and administrative	335 +2.7%	326 +2.6%	318 +9.6%	290 +29.3%	224 +11.6%	201 +10.1%	182 -0.9%	184	141 +99.9%	71 -40.2%
Operating income	—	—	—	208 +21.9%	171	—	—	—	47 +33.0%	35 -42.3%
Pretax income	248	—	—	—	144 +20.0%	120 +18.3%	101 +91.9%	53	38 +27.1%	30 -44.7%
Income tax	57 +23.0%	46 -16.6%	55 +29.6%	43 +36.3%	31 +15.0%	27 +11.9%	24 +81.7%	13	—	—
Net income	194 +16.9%	166 -17.0%	200 +40.7%	142 +24.5%	114 +20.8%	94 +22.0%	77 +96.2%	39	50 -46.8%	95 -11.1%
Basic EPS	5.22 +24.6%	4.19 -21.1%	5.31 +48.7%	3.57 +17.0%	3.05 +19.1%	2.56 +16.4%	2.20 +205.6%	0.72	—	—
Diluted EPS	5.09 +23.5%	4.12 -20.9%	5.21 +48.9%	3.50 +16.3%	3.01 +23.4%	2.44 +14.0%	2.14 +214.7%	0.68	—	—
Weighted average shares, basic	0	—	—	—	—	—	—	—	—	—
Weighted average shares, diluted	0	—	—	—	—	—	—	—	—	—
Other measures
Depreciation and amortization	115 -4.7%	121 +5.1%	115 -5.6%	122 +27.9%	96 +9.9%	87 +78.4%	49 +11.7%	44	17 +111.5%	8 +30.3%
EBITDA	—	—	—	330 +24.1%	266	—	—	—	64 +47.8%	43 -35.6%
Interest coverage	—	—	—	6.94x	5.80x	—	—	—	5.65x	7.20x
Margins
Gross margin	24.83%	24.56%	24.20%	23.45%	23.14%	22.69%	22.33%	21.90%	30.90%	16.71%
Operating margin	—	—	—	8.65%	8.82%	—	—	—	6.21%	5.51%
Pretax margin	9.01%	—	—	—	7.43%	7.04%	6.79%	3.90%	5.11%	4.74%
Profit margin	7.03%	6.32%	7.76%	5.90%	5.90%	5.55%	5.18%	2.91%	6.71%	14.88%
EBITDA margin	—	—	—	13.73%	13.76%	—	—	—	8.50%	6.78%
Effective tax rate	22.81%	—	—	—	21.75%	22.70%	23.98%	25.32%	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.

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Company profile

Industry: Services-Computer Programming Services (SIC 7371)
Listed as: FORTY (Nasdaq)
Fiscal year ends: December 31
Incorporated in: Israel
Headquarters: Or Yehuda, Israel
SEC filer status: Large accelerated filer
SEC CIK: 1045986
Former names: FORMULA SYSTEMS \1985\ LTD (until Aug 30, 2004)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.