Formula Systems (1985) (ADR)
Builds and oversees a decentralized portfolio of software and IT-services businesses.
Something off on this page? Send us feedback.
Profile
Builds and manages controlled and significant stakes in software and IT-services businesses, with Matrix and Magic Software at its core. The group operates a decentralized model, while Sapiens is now an indirect minority holding.
Builds, manages and strengthens a portfolio of software and IT-services businesses. Matrix and Magic Software are central holdings, alongside Michpal, ZAP, Insync, Ofek and Shamrad; group activities include software services, product marketing and support, infrastructure and integration, and training and integration.
The group uses a decentralized model, retaining founders and management while supervising non-ordinary changes. Its strategy combines organic development with acquisitions and often seeks control stakes.
Following its acquisition by Advent, Sapiens ceased to be a controlled subsidiary. Formula retains an indirect minority holding, and Sapiens is reported as discontinued operations.
Company facts
Key statistics
Year to date −23.2% · Average volume (30d) 486
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 25, 2026Q2 FY26 | — | $1.47 | — | — | $782.4M | — | +1.96% |
| May 28, 2026Q1 FY26 | — | $2.25 | — | — | $738.3M | — | 0.00% |
| May 20, 2026Q1 FY26 | — | $2.33 | — | — | $738.3M | — | 0.00% |
| Mar 26, 2026Q4 FY25 | — | $0.27 | — | — | $712.8M | — | 0.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $616.2M | $759.3M | $699.9M | $712.8M | $738.3M | $782.4M | |
| Gross profit | $119.6M | $189.5M | $136.3M | $141.0M | $146.0M | $158.4M | |
| Operating income | $49.3M | $69.3M | $54.8M | $32.6M | $82.0M | $71.6M | |
| Net income | $19.2M | $15.4M | $17.4M | $558.2M | $35.6M | $23.3M | |
| Diluted EPS | $1.23 | $0.95 | $0.73 | $35.25 | $2.25 | $1.47 | |
| Gross margin | 19.4% | 25.0% | 19.5% | 19.8% | 19.8% | 20.2% | |
| Operating margin | 8.0% | 9.1% | 7.8% | 4.6% | 11.1% | 9.2% |
Fiscal years (4-quarter sums)FY21 $2.41B · FY22 $2.57B · FY23 $2.62B · FY24 $2.76B · FY25 $2.79B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $864.5M · Total debt $670.6M · Total assets $3.51B · Shareholders' equity $1.21B
Dividends
Raised for 2 straight years — most recently to $0.5195 from $0.5187 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 22, 2026 | May 22 | Jun 15 | $13.045 | special dividend |
| Dec 30, 2025 | Dec 30 | Jan 23 | $0.5195 | raised from $0.5187 |
| Oct 14, 2025 | Oct 14 | Nov 7 | $0.5187 | raised from $0.3321 |
| Jul 7, 2025 | Jul 7 | Aug 1 | $0.3321 | cut from $0.7096 |
| Apr 30, 2025 | Apr 30 | May 27 | $0.7096 | raised from $0.6238 |
| Sep 12, 2024 | Sep 12 | Oct 7 | $0.6238 | raised from $0.6111 |
| Apr 3, 2024 | Apr 4 | Apr 29 | $0.6111 | raised from $0.4532 |
| Jun 2, 2023 | Jun 5 | Jul 3 | $0.4532 | cut from $0.6178 |
Ownership
Shares outstanding 15.33M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Guy Bernstein · officer: CEO | 1.80M | 11.72% | Form 4 | Apr 20, 2026 |
| Clal Insurance Enterprises Holdings Ltd | 777.7K | 5.07% | 13F | Aug 13, 2026 |
| Asaf Berenstin · officer: CFO | 31.8K | 0.21% | Form 4 | Apr 20, 2026 |
| GHP Investment Advisors, Inc. | 7.7K | 0.05% | 13F | Jul 20, 2026 |
| Dimensional Fund Advisors LP | 3.3K | 0.02% | 13F | Aug 11, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Microsoft
Low-code, integration and cloud-platform rival
- Salesforce
Low-code application and integration-platform rival
- ServiceNow
Low-code workflow and integration-platform rival
- Appian
Low-code application-platform rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Formula Systems (1985) (ADR) | $124.00 | −3.34% | $1.97B | 3.2 | — | 0.7 | +5.3% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| ServiceNow | $143.28 | −0.97% | $149.61B | 90.4 | 31.9 | 10.2 | +24.0% |
| Appian | $42.90 | +0.92% | $3.15B | — | 34.9 | 4.0 | +19.1% |
| Median | 28.6 | 29.0 | 7.5 | +18.4% |