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Formula Systems Financials

FORTY
Source SEC Filings (10-K/10-Q) Data as of May 13, 2026 Currency USD FYE May

This page shows Formula Systems (FORTY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FORTY FY2025

FY2025 shows a cash-rich, lightly levered balance sheet but earnings that convert to cash less cleanly.

With net income of $669M but operating cash flow of only $382M, and free cash flow still $366M because capex was just $16M, cash conversion was materially lower than reported profit. That combination points to an asset-light operating model whose accounting earnings include a sizable non-cash element in FY2025.

Cash of $1.28B versus long-term debt of $108M, alongside a 1.6x current ratio, indicates a self-funded balance-sheet posture rather than dependence on lenders. Retained earnings of $1.11B also suggest much of the capital base has been built internally, giving the company room to handle near-term obligations without heavy refinancing pressure.

Some figures from recent filings were inconsistent and were omitted from this summary.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Formula Systems's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Earnings Quality Mixed
0.57x

For every $1 of reported earnings, Formula Systems generates $0.57 in operating cash flow ($382.0M OCF vs $669.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.6B
5Y CAGR+28.5%
10Y CAGR+16.9%

Formula Systems generated $2.6B in revenue in fiscal year 2025.

EBITDA
N/A
Net Income
$669.1M
YoY+371.5%
5Y CAGR+55.5%
10Y CAGR+43.3%

Formula Systems reported $669.1M in net income in fiscal year 2025. This represents an increase of 371.5% from the prior year.

EPS (Diluted)
$2.30
5Y CAGR-14.4%
10Y CAGR+5.4%

Formula Systems earned $2.30 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
$365.9M
5Y CAGR+49.5%
10Y CAGR+23.1%

Formula Systems generated $365.9M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt
$1.3B
5Y CAGR+57.4%
10Y CAGR+27.8%

Formula Systems held $1.3B in cash against $107.8M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
15M
YoY+0.3%
5Y CAGR+0.8%
10Y CAGR+1.2%

Formula Systems had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
25.5%
5Y CAGR+15.6pp
10Y CAGR+22.1pp

Formula Systems's net profit margin was 25.5% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity
37.6%
5Y CAGR+21.3pp
10Y CAGR+28.3pp

Formula Systems's ROE was 37.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$16.2M
5Y CAGR+24.4%
10Y CAGR+11.7%

Formula Systems invested $16.2M in capex in fiscal year 2025, funding long-term assets and infrastructure.

FORTY Income Statement

Metric Q3'16 Q3'15 Q3'14 Q3'13 Q3'12 Q3'11
Revenue N/A N/A N/A N/A N/A N/A
Cost of Revenue N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A N/A
Interest Expense N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A
Net Income N/A N/A N/A N/A N/A N/A
EPS (Diluted) N/A N/A N/A N/A N/A N/A

FORTY Balance Sheet

Metric Q3'16 Q3'15 Q3'14 Q3'13 Q3'12 Q3'11
Total Assets $1.1B-5.2% $1.1B+29.1% $871.8M-1.1% $881.6M+31.4% $671.1M+7.6% $623.8M
Current Assets $357.5M-0.3% $358.5M+7.6% $333.2M-9.7% $369.0M+20.2% $307.0M-7.5% $331.8M
Cash & Equivalents $132.6M+23.4% $107.4M+30.8% $82.1M-26.2% $111.2M+26.2% $88.2M-20.2% $110.5M
Inventory $4.6M+104.1% $2.3M-6.1% $2.4M+12.0% $2.1M-12.3% $2.5M-56.3% $5.6M
Accounts Receivable $176.7M-9.5% $195.3M+0.9% $193.6M-4.1% $201.9M+23.7% $163.2M+5.7% $154.4M
Goodwill $162.2M-56.5% $373.2M+64.1% $227.4M-30.4% $326.9M+3656.1% $8.7M-94.8% $166.5M
Total Liabilities $504.2M-31.4% $735.4M+85.9% $395.6M-37.8% $636.6M+99.6% $318.9M-25.2% $426.2M
Current Liabilities $211.8M-6.5% $226.6M+7.4% $211.0M-5.8% $224.0M+22.6% $182.7M+2.6% $178.0M
Long-Term Debt $58.3M $0 $0 $0-100.0% $15.2M-52.1% $31.9M
Total Equity $451.6M+15.9% $389.7M+22.0% $319.3M+30.3% $245.1M+12.1% $218.7M+10.7% $197.6M
Retained Earnings $318.7M+27.5% $250.0M+35.8% $184.1M+59.0% $115.8M+26.3% $91.7M+56.9% $58.4M

FORTY Cash Flow Statement

Metric Q3'16 Q3'15 Q3'14 Q3'13 Q3'12 Q3'11
Operating Cash Flow N/A N/A N/A N/A N/A N/A
Capital Expenditures N/A N/A N/A N/A N/A N/A
Free Cash Flow N/A N/A N/A N/A N/A N/A
Investing Cash Flow N/A N/A N/A N/A N/A N/A
Financing Cash Flow N/A N/A N/A N/A N/A N/A
Dividends Paid N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A

FORTY Financial Ratios

Metric Q3'16 Q3'15 Q3'14 Q3'13 Q3'12 Q3'11
Gross Margin N/A N/A N/A N/A N/A N/A
Operating Margin N/A N/A N/A N/A N/A N/A
Net Margin N/A N/A N/A N/A N/A N/A
Return on Equity N/A N/A N/A N/A N/A N/A
Return on Assets N/A N/A N/A N/A N/A N/A
Current Ratio 1.69+0.1 1.580.0 1.58-0.1 1.65-0.0 1.68-0.2 1.86
Debt-to-Equity 0.13+0.1 0.000.0 0.000.0 0.00-0.1 0.07-0.1 0.16
FCF Margin N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Formula Systems (FORTY) reported $2.6B in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Yes, Formula Systems (FORTY) reported a net income of $669.1M in fiscal year 2025, with a net profit margin of 25.5%.

Formula Systems (FORTY) reported diluted earnings per share of $2.30 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

As of fiscal year 2025, Formula Systems (FORTY) had $1.3B in cash and equivalents against $107.8M in long-term debt.

Formula Systems (FORTY) had a net profit margin of 25.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Formula Systems (FORTY) has a return on equity of 37.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Formula Systems (FORTY) generated $365.9M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Formula Systems (FORTY) generated $382.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Formula Systems (FORTY) had $3.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Formula Systems (FORTY) invested $16.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Formula Systems (FORTY) had 15M shares outstanding as of fiscal year 2025.

Formula Systems (FORTY) had a current ratio of 1.63 as of fiscal year 2025, which is generally considered healthy.

Formula Systems (FORTY) had a debt-to-equity ratio of 0.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Formula Systems (FORTY) had a return on assets of 18.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Formula Systems (FORTY) has an earnings quality ratio of 0.57x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

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