Formula Systems (1985) Ltd. (FORTY) 주식 분석

회사 개요

Formula Systems (1985) Ltd. operates as a provider of proprietary and non-proprietary software solutions alongside information technology professional services across diverse global regions including Israel, the United States, Europe, Africa, Japan, and international markets. The entity functions within the Technology sector, specifically categorized under the Information Technology Services industry, which implies a focus on delivering specialized technical expertise rather than manufacturing physical goods. The company holds a substantial market capitalization of $1.91B and generates annual revenue of $2.63B, though specific employee headcount data is currently unavailable. These valuation and revenue figures indicate that Formula Systems holds a significant position within the mid-to-large cap technology landscape, operating with a scale that suggests established market presence and operational reach.

재무 건전성

The company reported a total revenue of $2.63B over the trailing twelve months, with a net income of $38.65M and an EBITDA of $241.94M, highlighting a distinct gap between gross earnings and bottom-line profit that reveals a substantial cost structure comprising operating expenses and taxes. While the company's free cash flow data is not disclosed in available records, the balance sheet demonstrates robust liquidity with cash reserves totaling $1.28B against total debt of $592.26M. The gross margin stands at 19.8%, indicating the portion of revenue remaining after direct costs, while the operating margin of 5.9% and profit margin of 23.1% reflect the efficiency of management in controlling overhead and converting revenue into net earnings respectively. In terms of leverage, the firm maintains a debt-to-equity ratio of 32.93, suggesting a leveraged capital structure where debt constitutes a notable portion of the financing mix relative to equity. Short-term liquidity appears adequate with a current ratio of 1.63, which indicates the company holds sufficient current assets to cover its short-term liabilities comfortably. Management effectiveness is further scrutinized through return metrics, where the return on equity is 6.9% and the return on assets is 3.7%, revealing the yield generated on shareholders' capital and the overall asset base efficiency.

밸류에이션 평가

The trailing twelve-month price-to-earnings ratio is recorded at 54.11, whereas the forward P/E ratio is not available, a discrepancy that prevents a direct comparison of expected earnings trajectory but suggests reliance on historical earnings for current valuation. The price-to-book ratio is 1.40, indicating that the market values the company at a premium of 40% over its tangible book value. Alternative valuation metrics such as the price-to-sales ratio of 0.73 and an EV/EBITDA of 6.83 suggest the stock is priced relative to its sales volume and enterprise earnings power, offering different perspectives on value than the P/E multiple alone. The 52-week high price reached $190.56 while the 52-week low was $84.52, providing a trading range within which the current market price fluctuates relative to recent volatility. The beta value of 0.17 signifies that the stock exhibits very low price volatility compared to the broader market, moving in a manner that is largely decoupled from general market swings.

Growth & Income

Revenue growth year-over-year is recorded at 2.4%, while earnings growth year-over-year shows a dramatic figure of 2645.3%, indicating that earnings are expanding at a pace vastly superior to revenue expansion in the recent period. This divergence in growth rates implies that the company has likely benefited from one-time gains, cost reductions, or significant non-recurring items that boosted the bottom line disproportionately to top-line sales activity. The company offers a dividend yield of 2.0% with a payout ratio of 107.1%, meaning the dividend paid exceeds the current net income generated, which raises questions regarding the long-term sustainability of the payout without external financing or asset sales. Given the high payout ratio exceeding earnings, the income profile relies on current profitability levels that must be maintained or improved to support the declared dividend without eroding retained earnings. Overall, the growth and income profile presents a mix of explosive earnings expansion driven by specific factors and a dividend yield that requires careful monitoring of the payout sustainability relative to the company's core operating performance.