Formula Systems (1985) Ltd. (FORTY) 股票分析

公司概述

Formula Systems (1985) Ltd. operates within the technology sector, specifically serving the information technology services industry by delivering proprietary and non-proprietary software solutions alongside IT professional services across a global footprint that includes Israel, the United States, Europe, Africa, Japan, and other international regions. The company also engages in software product marketing to complement its core service offerings, positioning itself as a comprehensive provider of digital infrastructure and expertise. As of the latest reporting period, the entity holds a total market capitalization of $1.91B and generates annual revenue (TTM) of $2.63B, while the specific count of its employees is not disclosed in the available data. These valuation and revenue figures indicate that Formula Systems maintains a substantial operational scale, commanding a significant valuation multiple relative to its sales volume which suggests a mature market presence despite the absence of explicit headcount metrics.

财务健康

The company recorded revenue of $2.63B over the trailing twelve months, with a net income of $38.65M and an EBITDA of $241.94M, revealing a structural cost base where operating expenses significantly compress the bottom line relative to earnings before interest and taxes. While free cash flow is not explicitly quantified in the provided data, the substantial cash balance of $1.28B on hand provides a significant buffer for operational continuity and potential strategic initiatives absent of immediate liquidity constraints. The gross margin stands at 19.8%, indicating that the cost of goods sold absorbs a majority of the revenue before operating leverage can be applied, while the operating margin of 5.9% reflects the efficiency of managing overheads and administrative functions. The profit margin of 23.1% appears elevated relative to the operating margin, suggesting non-operating income contributions or specific accounting adjustments that impact the final bottom line. On the balance sheet, the company holds $1.28B in cash against $592.26M in debt, supported by a debt-to-equity ratio of 32.93, which presents a leveraged profile where interest obligations are met with a smaller equity base compared to total liabilities. Short-term liquidity is supported by a current ratio of 1.63, indicating that current assets are sufficient to cover current liabilities with a 63% margin of safety. Return on equity is reported at 6.9% and return on assets at 3.7%, metrics that reveal management generates limited returns on the capital employed relative to the high leverage levels and the asset-heavy nature of the IT services business.

估值评估

The trailing P/E ratio (TTM) is 54.11, whereas the forward P/E is not available in the current dataset, creating an assessment gap that limits direct comparison with forward-looking earnings expectations but highlights the market's premium on current profitability. The price-to-book ratio is 1.40, suggesting that the market values the company at 40% above its net book value, which may reflect intangible assets or brand equity not fully captured on the balance sheet. Alternative valuation metrics show a price-to-sales ratio of 0.73 and an EV/EBITDA of 6.83, indicating that the company trades at less than one dollar of market value for every dollar of sales, despite the high earnings multiple driven by relatively low net income. The stock has traded between a 52-week low of $84.52 and a 52-week high of $190.56, placing the current price context within a wide historical volatility range that investors must weigh against the high beta of 0.17. The beta value of 0.17 signifies that the stock exhibits very low price volatility relative to the broader market, moving at a fraction of the magnitude of the overall index.

Growth & Income

Revenue growth year-over-year is 2.4%, while earnings growth year-over-year is 2645.3%, indicating that net income is expanding at a pace vastly disproportionate to sales growth, likely due to significant non-recurring gains or one-time adjustments affecting the profit margin. The company offers a dividend yield of 2.0% with a payout ratio of 107.1%, meaning the dividend distribution exceeds the annual net income generated, which raises questions regarding the sustainability of the payout without relying heavily on retained earnings or cash reserves. Given the payout ratio exceeds 100%, the company is currently distributing more in dividends than it earns in net income, which implies reliance on cash flows or asset liquidation to maintain the yield rather than reinvesting all earnings into growth. The overall growth and income profile presents a complex picture of high nominal earnings growth and a meaningful dividend yield, yet the structural disconnect between revenue expansion and profit margins alongside an unsustainable payout ratio requires careful scrutiny of the company's capital allocation strategy.