Formula Systems (1985) (ADR) (FORTY)
Builds and oversees a decentralized portfolio of software and IT-services businesses.
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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
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $864.5M · Total debt $670.6M · Total assets $3.51B · Shareholders' equity $1.21B
- Revenue
- $782.4M
- Operating income
- $71.6M
- Net income
- $23.3M
HistoryDividendAnnual yield
| Institutions | 5.20% | 797.3K ADS | |
|---|---|---|---|
| 13 holders · as of Jun 30, 2026 | |||
| Insiders | 37.22% | 5.71M ADS | |
| 3 holders · as of Apr 20, 2026 | |||
| Strategic holders | 32.91% | 5.05M ADS | |
| 6 holders · as of Feb 2, 2022 | |||
| Other | 24.67% | 3.78M ADS | |
| remainder | |||
15.33M ADS as of Sep 1, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's Dec 2024 annual report; nothing newer is on file here.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Asseco Poland S.A.Insider | 25.29% | 3.88M | filed Aug 25, 2017 |
Guy BernsteinInsiderofficer: CEO | 11.72% | 1.80M ordinary | filed Apr 20, 2026 |
Menora Mivtachim Holdings Ltd.Strategic | 7.39% | 1.13M | filed Feb 11, 2021 |
Meitav Dash Investments Ltd.Strategic | 6.56% | 1.01M | filed Feb 2, 2022 |
The Phoenix HoldingS Ltd.Strategic | 6.26% | 959,538 | filed Feb 11, 2021 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- Microsoft
Low-code, integration and cloud-platform rival
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- Appian
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Formula Systems (1985) (ADR) | $113.50 | −0.44% | $1.75B | 2.9 | — | 0.6 | +5.3% |
| Microsoft | $500.16 | +0.43% | $3.70T | 27.7 | 25.5 | 11.1 | +17.8% |
| Salesforce | $239.57 | +2.70% | $191.06B | 21.3 | 16.3 | 4.3 | +10.8% |
| ServiceNow | $140.60 | +2.63% | $141.64B | 85.6 | 31.0 | 9.6 | +24.0% |
| Appian | $37.77 | +2.36% | $2.73B | — | 31.0 | 3.4 | +19.1% |
| Median | 27.7 | 28.2 | 7.0 | +18.4% |