Intercure Ltd. (INCR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Amounts are shown in US dollars, translated from ILS at the rate recorded for each period. Growth rates marked (ILS) are measured in ILS, the currency the company reports in, so a move in the exchange rate does not count as growth.
Newest figures come from the 20-F for FY2025, filed Apr 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the INCR SEC filings page.
Intercure Ltd. (INCR) reported $84.7M in revenue for fiscal year 2025, up 13.1% in ILS terms from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 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 (20-F and 6-K reports).
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 4 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Intercure Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Intercure Ltd., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Intercure Ltd. had 55M shares outstanding at the end of fiscal year 2025, against 47M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Intercure Ltd. scores 55/100 among other emerging companies.
Intercure Ltd. spent $122K on research and development in fiscal year 2025, which was 0.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Intercure Ltd. scores 4/100 among other emerging companies.
Intercure Ltd. reported revenue of $84.7M in fiscal year 2025, against $65.5M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Intercure Ltd. scores 34/100 among other emerging companies.
Intercure Ltd.'s operations generated $5.3M of cash in fiscal year 2025, against $18.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Intercure Ltd. scores 94/100 among other emerging companies.
Not available for Intercure Ltd., so it is left out of the overall score, which averages the 4 of 6 dimensions that can be computed.
Intercure Ltd. passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
Intercure Ltd. reported a net loss of $11.2M while generating $5.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Intercure Ltd. reported an operating loss of $8.5M against $244K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Intercure Ltd. generated $84.7M in revenue in fiscal year 2025. This represents an increase of 13.1% in ILS terms from the prior year.
Intercure Ltd.'s EBITDA was -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. The change from the prior year is not meaningful, because that figure was zero or negative.
Intercure Ltd. reported a net loss of $11.2M in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Intercure Ltd. earned -$0.21 per diluted share (EPS) in fiscal year 2025. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
Intercure Ltd. generated $4.2M in free cash flow in fiscal year 2025, representing cash available after capex. The change from the prior year is not meaningful, because that figure was zero or negative.
Intercure Ltd. held $14.6M in cash against $18.6M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Intercure Ltd.'s gross margin was 12.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.4 percentage points from the prior year.
Intercure Ltd.'s operating margin was -10.1% in fiscal year 2025, reflecting core business profitability. This is up 18.1 percentage points from the prior year.
Intercure Ltd.'s net profit margin was -13.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 15.2 percentage points from the prior year.
Intercure Ltd.'s ROE was -9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 8.1 percentage points from the prior year.
Capital Allocation
Intercure Ltd. invested $122K in research and development in fiscal year 2025. This represents a decrease of 5.8% in ILS terms from the prior year.
Intercure Ltd. invested $1.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 18.9% in ILS terms from the prior year.
Not reported for fiscal year 2025.
INCR Income Statement
Figures in USD, translated from ILS at the rate recorded for each period, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | $84.7M+13.1% | $65.5M-32.8% | $98.2M-8.5% | $110.4M+76.9% | $70.8M+237.8% | $20.2M+628.6% | $2.6M |
| Cost of Revenue | $72.0M+12.9% | $55.7M-17.8% | $68.3M+7.6% | $65.2M+85.7% | $39.8M+257.0% | $10.8M+364.7% | $2.2M |
| Gross Profit | $10.4M+9.8% | $8.3M-71.2% | $29.0M-32.2% | $44.0M+70.2% | $29.4M+185.0% | $9.9M+2061.9% | $428K |
| R&D Expenses | $122K-5.8% | $114K+6.7% | $107K-38.6% | $179K-48.8% | $398K-21.6% | $490K-7.8% | $495K |
| Operating Income | -$8.5Mn/m | -$18.4Mn/m | -$11.5M-182.1% | $14.4M+79.6% | $9.1Mn/m | -$11.9Mn/m | -$988K |
| EBITDA | -$3.2Mn/m | -$14.2Mn/m | -$7.8M-145.6% | $17.7M+75.2% | $11.5Mn/m | -$10.9Mn/m | -$748K |
| Interest Expense | $244K-5.0% | $225K+12.9% | $201K+1.0% | $204K+49.8% | $155K+650.0% | $20K-66.1% | $55K |
| Income Tax | -$2.3Mn/m | -$4.0M-746.4% | $621K+2317.2% | $26K-99.2% | $3.7Mn/m | -$706Kn/m | -$195K |
| Net Income | -$11.2Mn/m | -$18.6Mn/m | -$17.1M-238.2% | $12.7M+855.6% | $1.5Mn/m | -$11.6Mn/m | -$1.7M |
| EPS (Basic) | -$0.21n/m | -$0.41n/m | -$0.38-237.4% | $0.28+724.1% | $0.04 | -$0.44n/m | -$0.07 |
| EPS (Diluted) | -$0.21n/m | -$0.41n/m | -$0.38-237.4% | $0.28+801.0% | $0.04 | -$0.44n/m | -$0.07 |
Not reported in any period shown, so not listed: SG&A Expenses, Diluted Shares (Avg).
INCR Balance Sheet
Figures in USD, translated from ILS at the rate recorded for each period, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $216.5M-9.4% | $209.1M-3.1% | $217.3M-17.9% | $272.1M+37.5% | $224.4M+113.5% | $101.5M+15.6% | $81.6M |
| Current Assets | N/A | $107.4M-6.4% | $115.7M-20.6% | $149.8M+56.9% | $108.3M+338.6% | $23.8M | N/A |
| Cash & Equivalents | $14.6M-40.7% | $21.5M-22.6% | $27.9M-56.5% | $66.1M+18.5% | $63.2M+417.9% | $11.8M+38.6% | $7.9M |
| Inventory | $33.9M-10.2% | $33.0M+14.1% | $29.1M-24.7% | $39.8M+124.9% | $20.1M+227.1% | $5.9M | N/A |
| Goodwill | $68.7M-2.4% | $61.6M+1.6% | $61.1M-22.2% | $80.7M+5.9% | $86.4M+41.1% | $59.1M | N/A |
| Total Liabilities | $92.3M-19.4% | $100.1M+10.7% | $91.1M-24.5% | $124.0M+92.2% | $73.2M+564.9% | $10.6Mn/m | -$7.5M |
| Current Liabilities | $67.2M-5.5% | $62.2M+0.4% | $62.4M-27.8% | $88.8M+61.5% | $62.4M+547.9% | $9.3M | N/A |
| Non-Current Liabilities | $25.0M-42.2% | $37.9M+33.2% | $28.6M-16.3% | $35.2M+269.1% | $10.8M+683.1% | $1.3M | N/A |
| Long-Term Debt | $18.6M-47.8% | $31.3M+38.7% | $22.7M-17.5% | $28.3M+739.3% | $3.8M+2961.1% | $121K | N/A |
| Total Equity | $124.3M-0.1% | $108.9M-12.8% | $125.7M-9.2% | $142.4M+11.9% | $144.3M+63.2% | $85.4M+7.1% | $74.1M |
| Retained Earnings | -$98.7Mn/m | -$76.1Mn/m | -$56.4Mn/m | -$40.2Mn/m | -$60.1Mn/m | -$59.5M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments.
INCR Cash Flow Statement
Figures in USD, translated from ILS at the rate recorded for each period, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.3Mn/m | -$18.4Mn/m | -$14.8M-204.6% | $14.6M+70.1% | $9.7M+281.6% | $2.5Mn/m | -$3.3M |
| Depreciation & Amortization | $5.4M+11.6% | $4.2M+16.7% | $3.6M+12.5% | $3.3M+58.2% | $2.4M+127.3% | $1.0M+292.9% | $239K |
| Capital Expenditures | $1.1M-18.9% | $1.2M+67.1% | $724K-86.7% | $5.6M+40.7% | $4.5M-32.7% | $6.5M-25.9% | $8.1M |
| Free Cash Flow | $4.2Mn/m | -$19.6Mn/m | -$15.5M-278.4% | $9.0M+95.7% | $5.2Mn/m | -$4.0Mn/m | -$11.5M |
| Investing Cash Flow | -$624K-111.3% | $4.9M+270.6% | $1.3Mn/m | -$40.5Mn/m | -$21.0Mn/m | -$7.1Mn/m | -$7.5M |
| Financing Cash Flow | -$14.6M-276.4% | $7.3Mn/m | -$22.9M-168.8% | $34.2M-39.2% | $63.8M+685.6% | $7.8M-60.2% | $18.3M |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid, Share Buybacks.
INCR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | 12.3%-0.4pp | 12.7%-16.9pp | 29.6%-10.3pp | 39.9%-1.6pp | 41.5%-7.7pp | 49.2%+32.6pp | 16.6% |
| Operating Margin | -10.1%+18.1pp | -28.1%-16.4pp | -11.7%-24.7pp | 13.0%+0.2pp | 12.8%+71.9pp | -59.1%-20.8pp | -38.3% |
| Net Margin | -13.2%+15.2pp | -28.4%-10.9pp | -17.4%-29.0pp | 11.5%+9.4pp | 2.1%+59.4pp | -57.3%+8.8pp | -66.0% |
| Return on Equity | -9.0%+8.1pp | -17.1%-3.5pp | -13.6%-22.5pp | 8.9%+7.9pp | 1.1%+14.6pp | -13.6%-11.3pp | -2.3% |
| Return on Assets | -5.2%+3.7pp | -8.9%-1.0pp | -7.9%-12.6pp | 4.7%+4.0pp | 0.7%+12.1pp | -11.4%-9.3pp | -2.1% |
| Current Ratio | N/A | 1.73-0.1x | 1.85+0.2x | 1.690.0x | 1.74-0.8x | 2.57 | N/A |
| Debt-to-Equity | 0.15-0.1x | 0.29+0.1x | 0.180.0x | 0.20+0.2x | 0.030.0x | 0.00 | N/A |
| Liabilities-to-Equity | 0.74-0.2x | 0.92+0.2x | 0.72-0.1x | 0.87+0.4x | 0.51+0.4x | 0.12 | N/A |
| Asset Turnover | 0.39+0.1x | 0.31-0.1x | 0.450.0x | 0.41+0.1x | 0.32+0.1x | 0.20+0.2x | 0.03 |
| FCF Margin | 4.9%+34.8pp | -29.8%-14.0pp | -15.8%-23.9pp | 8.1%+0.8pp | 7.3%+27.2pp | -19.9% | -444.9% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Intercure Ltd. INCR | FY2025 | $84.7M | -$11.2M | -13.2% | $54.0M | 47/100 |
| Citius Oncology, Inc. CTOR | FY2025 | N/A | -$24.8M | N/A | $59.5M | — |
| Zhengye Biotechnology Holding Limited ZYBT | FY2025 | $16.6M | -$10.0M | -60.0% | $73.0M | 35/100 |
| Talphera, Inc. TLPH | FY2025 | $28K | -$14.3M | N/A | $54.5M | — |
| Cumberland Pharmaceuticals Inc CPIX | FY2025 | $44.5M | -$2.8M | -6.4% | $79.4M | 55/100 |
| Organigram Global Inc. OGI | FY2025 | $186.1M | -$17.8M | -9.6% | $122.9M | 52/100 |
Where Intercure Ltd. Ranks
Frequently Asked Questions
Intercure Ltd. (INCR) reported $84.7M in total revenue for fiscal year 2025. This represents a 13.1% change in ILS terms compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Intercure Ltd. (INCR) revenue grew by 13.1% year-over-year in ILS, the currency it reports in. Translated at each year’s own exchange rate, it went from $65.5M to $84.7M in fiscal year 2025.
No, Intercure Ltd. (INCR) reported a net loss of $11.2M in fiscal year 2025, with a net profit margin of -13.2%.
Intercure Ltd. (INCR) had EBITDA of -$3.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Intercure Ltd. (INCR) had $14.6M in cash and equivalents against $18.6M in long-term debt.
Intercure Ltd. (INCR) had a gross margin of 12.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Intercure Ltd. (INCR) had an operating margin of -10.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Intercure Ltd. (INCR) had a net profit margin of -13.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Intercure Ltd. (INCR) has a return on equity of -9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Intercure Ltd. (INCR) generated $4.2M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
Intercure Ltd. (INCR) generated $5.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Intercure Ltd. (INCR) had $216.5M in total assets as of fiscal year 2025, including both current and long-term assets.
Intercure Ltd. (INCR) invested $1.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Intercure Ltd. (INCR) invested $122K in research and development during fiscal year 2025.
Intercure Ltd. (INCR) had a debt-to-equity ratio of 0.15 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Intercure Ltd. (INCR) had a liabilities-to-equity ratio of 0.74 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Intercure Ltd. (INCR) had a return on assets of -5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Intercure Ltd. (INCR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $54.0M as of Nov 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Intercure Ltd. (INCR) trades at 0.6x sales, its market capitalization divided by $84.7M revenue, FY2025. The market capitalization is $54.0M as of Nov 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Intercure Ltd. (INCR) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Intercure Ltd. (INCR) reported a net loss of $11.2M while generating $5.3M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
Intercure Ltd. (INCR) reported an operating loss of $8.5M against $244K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
Intercure Ltd. (INCR) scores 47 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For Intercure Ltd. it averages the 4 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.