FORMULA SYSTEMS (1985) LTD (FORTY)
Formula Systems (1985) Ltd. is a global provider of diverse IT solutions and services, operating through its various subsidiaries. The company specializes in delivering both its own proprietary software and third-party solutions, alongside comprehensive IT professional services, software product marketing and support, and integrated computer infrastructure solutions. Its extensive range of offerings includes robust computer and telecommunication infrastructure solutions, specialized computer solutions for existing communication setups, cutting-edge cloud computing services, and advanced database and big data management. Formula Systems also supplies critical software tools for areas such as customer relationship management, computer systems infrastructure oversight, web content management, database and data warehouse mining, application integration, general database and system management, and software development. Additionally, it offers professional training courses and advanced educational programs. The company is also involved in the sale of computers and peripheral equipment to business clients. A significant part of its portfolio comprises specialized insurance technology platforms under the "Sapiens" brand. These include solutions for property and casualty insurance (e.g., Sapiens, Sapiens CoreSuite, Sapiens IDITSuite, Sapiens PolicyPro, Sapiens BillingPro, Sapiens ClaimsPro, e-Tica, and Tia Enterprise), life, pension, and annuities management (e.g., Sapiens CoreSuite, Sapiens UnderwritingPro, Sapiens ApplicationPro, Sapiens IllustrationPro, and Sapiens ConsolidationMaster), and reinsurance operations (e.g., Sapiens ReinsuranceMaster, Sapiens ReinsurancePro, and Sapiens Reinsurance GO). It also provides a dedicated Sapiens platform for workers' compensation solutions. Furthermore, Formula Systems delivers financial and compliance solutions, such as Sapiens FinancialPro, Sapiens Financial GO, and Sapiens StatementPro, alongside the Sapiens DECISION platform for advanced decision management, and a broader array of general technology-driven solutions. Its services are rounded out with platforms for application development and seamless business process integration, industry-specific software, strategic consulting, outsourcing, and a wide spectrum of other professional services. The company also develops on-premise payroll software. Formula Systems (1985) Ltd. was established in 1985 and is headquartered in Or Yehuda, Israel.
Sector: Services-Computer Programming Services
Industry: Information Technology Services
Formula Systems (1985) Ltd.
NASDAQ:FORTYTechnology · Information Technology Services
+11.02%$129.90
Mkt Cap$1.99B
Float9.58M
O/S15.33M
Inst Own5.2%
SI<0.1%
Div Yield11.70%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2.65B
Net Income$28.39M
Total Assets$3.58B
Free Cash Flow$374.82M
Debt & Equity
Debt 30%
Equity 70%
Total Debt$592.25M
Total Equity$1.35B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in FORTY's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$3.58B
Liabilities$1.81B
Accounts Receivable$774.46M
Accounts Payable$368.31M
Inventory$30.25M
PP&E (Net)$193.07M
Goodwill$646.24M
Intangible Assets$147.62M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 |
| Revenue | $2.65B | $2.23B | $2.61B | $2.57B | $2.4B | $1.93B | $1.7B | $1.49B | $1.36B | $1.11B | $798.8M | $636.42M | $796.67M | $744.73M | $640.62M | $549.69M | $469.39M | $590.81M | $493.35M | $492.74M | $506.37M | $456.61M | $366.83M | $283.31M | $376.92M | $405.74M | $335.49M | $258.8M |
| YoY Growth | 18.8% | -14.7% | 1.6% | 7.0% | 24.3% | 13.7% | 13.9% | 10.2% | 22.2% | 38.8% | 25.5% | -20.1% | 7.0% | 16.3% | 16.5% | 17.1% | -20.6% | 19.8% | 0.1% | -2.7% | 10.9% | 24.5% | 29.5% | -24.8% | -7.1% | 20.9% | 29.6% | - |
| Cost of Revenue | $2.2B | $1.83B | $1.97B | $1.95B | $1.84B | $1.49B | $1.32B | $1.16B | $1.06B | $849.84M | $630.15M | $530.08M | $603.08M | $564.8M | $492.89M | $412.46M | $352.28M | $452.26M | $369.11M | $340.05M | $333.54M | $284.96M | $230.5M | $186.91M | $253.59M | $244.52M | $178.98M | $155M |
| Gross Profit | $451.39M | $400.14M | $642.05M | $622.47M | $563.86M | $447.43M | $386.05M | $333.31M | $296.82M | $258.78M | $168.65M | $106.33M | $193.59M | $179.93M | $147.73M | $137.23M | $117.11M | $138.54M | $124.24M | $152.69M | $172.84M | $171.65M | $136.33M | $96.4M | $123.33M | $161.21M | $156.52M | $103.8M |
| Gross Margin | 17.0% | 18.0% | 24.6% | 24.2% | 23.5% | 23.1% | 22.7% | 22.3% | 21.9% | 23.3% | 21.1% | 16.7% | 24.3% | 24.2% | 23.1% | 25.0% | 24.9% | 23.4% | 25.2% | 31.0% | 34.1% | 37.6% | 37.2% | 34.0% | 32.7% | 39.7% | 46.7% | 40.1% |
| Research and Development | $20.18M | $18.16M | $77.77M | $72.13M | $65.86M | $52.6M | $46.69M | $41.22M | $39.85M | $22.33M | $10.23M | $787K | $14.17M | $12.35M | $5.15M | $5.5M | $4.43M | $6.56M | $6.55M | $16.39M | $22.43M | $25.04M | $17.37M | $15.97M | $21.09M | $18.15M | $12.94M | $8.4M |
| Selling, General, and Administrative | $209.08M | $203.17M | $325.53M | $245.23M | $226.78M | $224.19M | $200.87M | $182.47M | $183.61M | $147.95M | $103.9M | $70.52M | $117.89M | $110.76M | $93.34M | $84.51M | $77.32M | $98.61M | $90.46M | $113.66M | $133.05M | $128.54M | $107.1M | $85.29M | $129.8M | $127.82M | $92.77M | $57.9M |
| Other | $33.49M | $0 | $0 | $72.72M | $63.21M | $0 | $0 | $0 | -$308K | $0 | $0 | $0 | $14K | -$152K | -$207K | $231K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $18.49M | $12M |
| Total Operating Expenses | $262.75M | $221.34M | $403.3M | $390.08M | $355.84M | $276.79M | $247.56M | $223.69M | $223.15M | $170.28M | $114.14M | $71.3M | $132.06M | $122.93M | $98.49M | $90.24M | $81.75M | $105.17M | $97M | $130.05M | $155.48M | $153.57M | $124.47M | $101.26M | $150.89M | $145.97M | $124.2M | $78.3M |
| Operating Income (EBIT) | $188.64M | $178.81M | $238.75M | $232.38M | $208.02M | $170.64M | $51.56M | $109.62M | $73.67M | $88.5M | $54.51M | $35.03M | $61.53M | $56.99M | $49.24M | $46.99M | $35.35M | $33.37M | $27.23M | $19.48M | $15.9M | $18.08M | $11.86M | -$6.69M | -$38.43M | $12.78M | $32.31M | $25.5M |
| Operating Margin | 7.1% | 8.0% | 9.1% | 9.0% | 8.7% | 8.8% | 3.0% | 7.3% | 5.4% | 8.0% | 6.8% | 5.5% | 7.7% | 7.7% | 7.7% | 8.5% | 7.5% | 5.6% | 5.5% | 4.0% | 3.1% | 4.0% | 3.2% | -2.4% | -10.2% | 3.1% | 9.6% | 9.9% |
| Interest Expense | $30.67M | $26.39M | $38.27M | $18.43M | $18.07M | $25.71M | $21.38M | $14.74M | $29.11M | $14.99M | $2.37M | $5.77M | $8.2M | $0 | $6.62M | $7.56M | $8.57M | $13.5M | $3.81M | $15.33M | $23.12M | $14.04M | $3.68M | $0 | $0 | $0 | $0 | $4.9M |
| Interest Income | $0 | $0 | $13.76M | $5.82M | $2.65M | $2.56M | $3.79M | $7.56M | $8.75M | $6.01M | $0 | $0 | $983K | $6.93M | $1.03M | $1.06M | $4.16M | $8.97M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Income (Expense) | -$37.4M | -$17.1M | -$27.49M | $22.52M | -$23.5M | -$25.35M | -$18.65M | -$8.29M | -$20M | -$11.59M | -$9.53M | -$4.87M | -$5.44M | -$2.93M | -$6.5M | -$4.37M | $1.44M | -$7.75M | -$2.52M | -$11.43M | -$146K | -$343K | -$1.01M | $6.17M | -$52.13M | $41.46M | $33.26M | $5.6M |
| Income Before Tax (EBT) | $151.23M | $161.71M | $211.26M | $254.9M | $184.52M | $145.29M | $119.84M | $101.36M | $50.81M | $76.91M | $46.66M | $30.17M | $55.3M | $50.32M | $42.95M | $42.62M | $36.79M | $26.45M | $24.71M | $14.32M | $9.98M | $17.73M | $10.85M | -$513K | -$52.02M | $54.24M | $65.58M | $31.1M |
| Income Tax Expense | $40.78M | $38.96M | $45.96M | $55.23M | $42.61M | $31.27M | $27.2M | $24.34M | $13.37M | $21.16M | $11.87M | $10.07M | $8.93M | $6.58M | $5.69M | $6.54M | $8.3M | $3.54M | $1.93M | $3.5M | $5.2M | $4.63M | $2.54M | $2.01M | $4.06M | $14.21M | $19.39M | $4.5M |
| Net Income | $28.39M | $80.05M | $63.85M | $81.39M | $54.59M | $46.78M | $92.64M | $32.2M | $11.18M | $22.45M | $19.32M | $75.06M | $76.89M | $24.03M | $42.96M | $18.38M | $19.08M | $11.87M | $37.26M | $10.02M | $183K | $8.1M | $3.12M | -$2.41M | -$56.08M | $40.02M | $46.19M | $26.6M |
| Net Income Margin | 1.1% | 3.6% | 2.4% | 3.2% | 2.3% | 2.4% | 5.4% | 2.2% | 0.8% | 2.0% | 2.4% | 11.8% | 9.7% | 3.2% | 6.7% | 3.3% | 4.1% | 2.0% | 7.6% | 2.0% | 0.0% | 1.8% | 0.9% | -0.8% | -14.9% | 9.9% | 13.8% | 10.3% |
| Supplementary Data | ||||||||||||||||||||||||||||
| EPS | 1.85 | 5.23 | 4.16 | 5.31 | 3.57 | 3.05 | 6.10 | 2.13 | 0.78 | 1.58 | 1.38 | 5.38 | 5.57 | 1.78 | 3.17 | 1.37 | 1.44 | 0.88 | 2.82 | 0.80 | 0.01 | 0.73 | 0.29 | -0.24 | -6.01 | 4.27 | 4.93 | 3.12 |
| Diluted EPS | 1.80 | 5.12 | 4.11 | 5.21 | 3.50 | 3.01 | 6.04 | 2.07 | 0.74 | 1.49 | 1.31 | 5.19 | 5.38 | 1.72 | 3.11 | 1.36 | 1.40 | 0.88 | 2.79 | 0.73 | 0.01 | 0.65 | 0.24 | -0.24 | -6.01 | 4.27 | 4.93 | 3.12 |
| Weighted Average OS | 15.31M | 15.30M | 15.30M | 15.30M | 15.29M | 15.29M | 15.19M | 15.10M | 14.36M | 14.21M | 14.07M | 13.93M | 13.79M | 13.60M | 13.51M | 13.38M | 13.20M | 13.20M | 13.20M | 13.20M | 12.80M | 10.80M | 10.04M | 10.17M | 9.32M | 9.32M | 9.38M | 8.53M |
| EBITDA | $342.36M | $294.3M | $360.58M | $390.45M | $324.26M | $264.97M | $228.15M | $158.35M | $117.8M | $88.5M | $104.61M | $47.79M | $87.06M | $82.19M | $63.93M | $65.62M | $59.97M | $53.03M | $43.04M | $67.58M | $37.44M | $52.37M | $11.86M | $8.48M | -$13.18M | $15.24M | $50.8M | $37.5M |
| EBITDA Margin | 12.9% | 13.2% | 13.8% | 15.2% | 13.5% | 13.7% | 13.4% | 10.6% | 8.7% | 8.0% | 13.1% | 7.5% | 10.9% | 11.0% | 10.0% | 11.9% | 12.8% | 9.0% | 8.7% | 13.7% | 7.4% | 11.5% | 3.2% | 3.0% | -3.5% | 3.8% | 15.1% | 14.5% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 |
| Assets | ||||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||||
| Cash and Cash Equivalents | $1.28B | $507.8M | $451.95M | $544.34M | $485.39M | $501.63M | $369.04M | $268.84M | $245.94M | $238.16M | $186.95M | $107.42M | $82.12M | $111.24M | $88.17M | $110.51M | $100.2M | $110.6M | $161.5M | $116.4M | $81.77M | $107.17M | $93.46M | $90.56M | $83.55M | $147.41M | $149.27M | $116.7M |
| Short-Term Investments | $372K | $55.4M | $76.22M | $24.71M | $27.07M | $31.53M | $36.49M | $26.79M | $14.88M | $37.53M | $19.8M | $22.24M | $18.63M | $14.87M | $19.52M | $38.19M | $58.41M | $46.16M | $40.28M | $16.08M | $36.19M | $39.07M | $8.77M | $12.1M | $11.25M | $19.9M | $25.11M | $32.2M |
| Cash and Short-Term Investments | $1.28B | $563.2M | $528.17M | $569.06M | $512.46M | $533.15M | $405.53M | $295.63M | $260.82M | $275.69M | $206.75M | $129.65M | $100.75M | $126.1M | $107.69M | $148.7M | $158.62M | $156.76M | $201.78M | $132.49M | $117.95M | $146.25M | $102.23M | $102.66M | $94.8M | $167.31M | $174.38M | $148.9M |
| Accounts Receivable | $774.46M | $838.23M | $721.01M | $725.07M | $719.57M | $556.15M | $513.04M | $456.51M | $404.08M | $328.98M | $280.56M | $228.48M | $209.11M | $221.03M | $180.57M | $154.37M | $141.41M | $163.18M | $139.48M | $138.94M | $112.4M | $114.53M | $93.61M | $67.64M | $111.44M | $150.88M | $143.61M | $103.2M |
| Inventory | $30.25M | $30.73M | $42.01M | $35.18M | $21.22M | $23.99M | $7.16M | $3.88M | $3.3M | $3.95M | $4.61M | $2.26M | $2.41M | $2.15M | $2.45M | $5.6M | $2.44M | $2.77M | $3.16M | $3.08M | $3.81M | $4.67M | $2.63M | $3.59M | $4.95M | $8.16M | $5.79M | $4.3M |
| Other Current Assets | $80.52M | $6.36M | $43.99M | $1.49M | -$889K | $453K | $2.66M | $15.3M | $18.31M | $23.04M | $24.19M | $27.93M | $4.88M | $8.23M | $6.25M | $23.14M | $11.31M | $11.12M | $26.51M | $12.05M | $7.75M | $13.62M | $11.78M | $13.65M | $0 | $14K | $0 | -$100K |
| Total Current Assets | $2.17B | $1.49B | $1.38B | $1.37B | $1.3B | $1.16B | $965.78M | $780.95M | $694.51M | $634.01M | $454.57M | $360.39M | $338.91M | $369M | $306.99M | $331.81M | $313.38M | $333.83M | $379.24M | $304.06M | $279.92M | $291.55M | $217.01M | $193.54M | $211.18M | $326.36M | $323.78M | $256.3M |
| Long-Term Assets | ||||||||||||||||||||||||||||
| Property, Plant & Equipment Net | $193.07M | $208.17M | $173.58M | $172.31M | $172.72M | $173.97M | $147.19M | $29.18M | $29.57M | $26.13M | $19.8M | $19.88M | $19.26M | $21.46M | $19.16M | $12.41M | $9.99M | $15.23M | $15.79M | $18.46M | $23.48M | $26.53M | $25.76M | $25.05M | $31.57M | $40.75M | $33M | $31.1M |
| Goodwill | $646.24M | $975.08M | $936.58M | $926.16M | $932.85M | $872.42M | $724.19M | $640.86M | $617.27M | $497.78M | $162.17M | $373.23M | $227.43M | $326.54M | $166.64M | $166.5M | $145.32M | $143.35M | $119.01M | $159.32M | $200.04M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $147.62M | $217.08M | $206.93M | $222.73M | $241.94M | $222.26M | $165.28M | $150.05M | $163.98M | $129.82M | $4.92M | $76.03M | $39.64M | $74.86M | $31.54M | $33.1M | $0 | $0 | $0 | $60.37M | $0 | $196.92M | $145.67M | $115.17M | $0 | $0 | $69.14M | $34.9M |
| Long-Term Investments | $353.45M | $65.11M | $45.23M | $20.64M | $28.9M | $28.48M | $26.35M | $25.65M | $25.26M | $41.31M | $203.23M | $202.89M | $162.11M | $3.35M | $82.47M | $6.04M | $13.21M | $19.54M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $26.91M | $33.85M | $46.86M | $42.22M | $46.36M | $39.89M | $35.45M | $14.21M | $15.88M | $15.23M | $16.99M | $14.32M | $13.15M | $13.62M | $11.63M | $13.13M | -$145.32M | $0 | $11.44M | $7.05M | $6.28M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $50.13M | $28.99M | $27.57M | $39.75M | $23.68M | $22.7M | $21.49M | $22.77M | $16.64M | $14.39M | $70.6M | $73.92M | $76.91M | $72.2M | $53.39M | $60.78M | $229.86M | $84.67M | $87.14M | $46.26M | $120.36M | $126.02M | $140.48M | $134.85M | $206.66M | $186.18M | $26.97M | $23.9M |
| Total Long-Term Assets | $1.42B | $1.53B | $1.44B | $1.42B | $1.45B | $1.36B | $1.12B | $883.51M | $866.51M | $724.66M | $763.47M | $755.72M | $539.65M | $512.04M | $364.84M | $291.96M | $253.06M | $262.79M | $233.39M | $291.45M | $350.17M | $349.47M | $311.91M | $275.06M | $238.23M | $226.93M | $129.11M | $89.9M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $3.58B | $3.01B | $2.81B | $2.79B | $2.75B | $2.52B | $2.09B | $1.66B | $1.56B | $1.36B | $1.22B | $1.12B | $878.56M | $881.04M | $671.83M | $623.77M | $566.44M | $596.62M | $612.62M | $595.5M | $630.09M | $641.02M | $528.91M | $468.6M | $449.41M | $553.29M | $452.89M | $346.2M |
| Liabilities | ||||||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||||||
| Accounts Payable | $368.31M | $292.07M | $258.65M | $222.48M | $205.84M | $153.32M | $125.16M | $118.79M | $95.34M | $80.11M | $68.05M | $56.58M | $52.65M | $51.94M | $40.34M | $83.87M | $37.08M | $27.28M | $57.1M | $109.21M | $40.65M | $41.6M | $31.33M | $26.81M | $38.08M | $44.18M | $36.12M | $39.5M |
| Short-Term Debt | $254.59M | $275.58M | $218.86M | $226.18M | $224.15M | $161.9M | $156.66M | $127M | $75.64M | $88.03M | $59.3M | $46.04M | $35.64M | $39.34M | $31.47M | $22.61M | $24.69M | $13.64M | $30.48M | $49.95M | $113.42M | $32.37M | $81.88M | $87.75M | $53.25M | $22.42M | $26.59M | $19.5M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $157.54M | $173.96M | $137.64M | $131.64M | $140.66M | $128.9M | $93.51M | $59.85M | $58.91M | $37.38M | $35.6M | $35.07M | $28.45M | $34M | $22.65M | $26.84M | $0 | $29.96M | $0 | $9.24M | $14.7M | $0 | $110K | $407K | $4.84M | $0 | $0 | $0 |
| Other Current Liabilities | $115.28M | $119.47M | $86.04M | $89.5M | $124.84M | $113.37M | $118.25M | $111.05M | $91.35M | $58.91M | $33M | -$18.2M | $50.64M | $33.56M | $29.86M | $44.67M | $60.66M | $87.95M | $73.07M | $9.79M | $54.77M | $167.05M | $68.69M | $62.43M | $69.62M | $70.96M | $65.66M | $40.8M |
| Total Current Liabilities | $1.33B | $1.14B | $985.66M | $1B | $944.69M | $779.8M | $671.29M | $525.99M | $409.99M | $359.51M | $255.75M | $231.67M | $219.32M | $223.13M | $179.56M | $177.99M | $159.92M | $190.19M | $160.65M | $178.19M | $243.03M | $266.96M | $184.3M | $177.4M | $165.78M | $137.57M | $128.36M | $99.8M |
| Long-Term Liabilities | ||||||||||||||||||||||||||||
| Long-Term Debt | $186.73M | $249.04M | $322.43M | $421.51M | $362.26M | $383.39M | $337.47M | $254.43M | $269.36M | $170.97M | $160.76M | $108.2M | $62.45M | $64.66M | $49.7M | $35.01M | $52.46M | $72.64M | $95.56M | $103.41M | $16.81M | $27.09M | $50.98M | $33.73M | $8.14M | $0 | $7.9M | $5M |
| Long-Term Unearned Revenue | $16.46M | $12.52M | $4.87M | $8.86M | $17.76M | $16.63M | $6.49M | $4.91M | $9.34M | $4.7M | $4.4M | $5.03M | $4.99M | $1.35M | $2.09M | $65.45M | $53.89M | $49.82M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $83.42M | $42.89M | $59.21M | $58.99M | $78.14M | $68.37M | $50.93M | $35.2M | $36.24M | $30.94M | $29.18M | $27.03M | $8.16M | $7.98M | $4.84M | $2.65M | $2.21M | $4.5M | $3.28M | $457K | $1.28M | $958K | $942K | $871K | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $80.72M | $61.52M | $47.61M | $47.25M | $78.19M | $72.07M | $50.03M | $39.47M | $42.47M | $64.84M | $102.67M | $98.52M | $107.66M | $113.69M | $66.99M | $8.28M | $2.64M | $2.1M | $46.83M | $45.02M | $96.84M | $62.66M | $48.43M | $31.13M | $8.8M | $23.18M | $12.07M | $4.8M |
| Total Long-Term Liabilities | $475.13M | $485.56M | $518.75M | $614.82M | $623.2M | $632.72M | $520.8M | $333.34M | $378.1M | $275.31M | $290.99M | $235.65M | $176.32M | $189.41M | $125.98M | $111.39M | $111.21M | $129.07M | $145.67M | $148.88M | $114.93M | $90.7M | $100.36M | $65.72M | $16.94M | $23.18M | $19.97M | $9.8M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $1.81B | $1.63B | $1.5B | $1.62B | $1.57B | $1.41B | $1.19B | $859.33M | $788.1M | $634.82M | $546.74M | $467.32M | $395.64M | $412.54M | $305.54M | $289.38M | $271.13M | $319.25M | $306.32M | $327.07M | $357.96M | $357.66M | $284.66M | $243.12M | $182.72M | $160.75M | $148.33M | $109.6M |
| Stockholders' Equity | ||||||||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3K | $0 | $0 | $0 | $0 | $2.61M | $0 | $107.27M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $4.35M | $4.35M | $4.35M | $4.35M | $4.34M | $4.34M | $4.34M | $4.19M | $4.19M | $4.18M | $4.18M | $4.18M | $4.18M | $3.88M | $3.88M | $3.81M | $3.74M | $3.74M | $3.74M | $3.74M | $3.74M | $3.21M | $3.21M | $3.1M | $3.95M | $4.01M | $3.89M | $3.8M |
| Retained Earnings | $1.11B | $536.01M | $475.22M | $419.45M | $358.31M | $324.36M | $285.15M | $262.56M | $239.53M | $234.27M | $318.69M | $250M | $186.75M | $115.78M | $91.67M | $58.44M | $60.05M | $40.97M | $69.23M | $32.16M | $49.16M | $99.17M | $91.07M | $87.95M | $79.97M | $152.81M | $109.75M | $62.6M |
| Comprehensive Income & Other | $77.34M | -$13.42M | -$11.03M | -$17.03M | $25.52M | $25.51M | $11.68M | $3.13M | $18.08M | -$2.38M | -$1.58M | -$1.3M | -$816K | -$7.09M | -$12.29M | -$596K | -$7.12M | -$7.1M | -$6.86M | -$14.9M | -$21.68M | -$14.88M | -$17.29M | -$23.7M | $3.54M | -$1.59M | $38K | $1.1M |
| Other Stockholders' Equity | $243.33M | $138.97M | $146.19M | $128.07M | $178.31M | $174.03M | $132.15M | $100.62M | $115.47M | $97.94M | $73.4M | $128.7M | $131.76M | $125.4M | $125.73M | $135.37M | $231.53M | $125.23M | $125.42M | $117.39M | $110.55M | $84.4M | $81.72M | $62.3M | $87.05M | $75.34M | $68.72M | $69.9M |
| Total Equity | $1.35B | $679.34M | $625.76M | $551.87M | $540.96M | $502.73M | $421.64M | $367.37M | $359.19M | $336.39M | $396.28M | $382.88M | $322.69M | $245.05M | $221.28M | $197.62M | $295.31M | $169.94M | $198.39M | $153.29M | $163.44M | $186.78M | $176M | $153.35M | $170.97M | $232.16M | $182.36M | $136.3M |
| Minority Interest | $424.54M | $710.01M | $682.42M | $625.17M | $638.83M | $604.77M | $474.69M | $437.77M | $413.73M | $387.45M | $275.02M | $265.91M | $160.22M | $223.45M | $145.01M | $136.77M | $107.27M | $107.43M | $107.92M | $115.14M | $108.68M | $96.58M | $68.25M | $72.13M | $95.72M | $160.39M | $122.2M | $100.3M |
| Total Liabilities and Equity | $3.16B | $2.3B | $2.13B | $2.17B | $2.11B | $1.92B | $1.61B | $1.23B | $1.15B | $971.21M | $943.01M | $850.2M | $718.33M | $657.6M | $526.82M | $487M | $566.44M | $489.19M | $504.71M | $480.36M | $521.4M | $544.44M | $460.66M | $396.47M | $353.69M | $392.9M | $330.69M | $245.9M |
| Supplementary Data | ||||||||||||||||||||||||||||
| Total Debt | $592.25M | $689.45M | $669.99M | $772.67M | $712.91M | $668.54M | $603.49M | $381.43M | $344.97M | $258.66M | $220.41M | $150.02M | $98.08M | $104.05M | $46.72M | $57.62M | $58.56M | $88.53M | $126.04M | $153.36M | $130.23M | $59.46M | $132.87M | $121.48M | $61.39M | $22.42M | $34.49M | $24.5M |
| Net Debt | -$687.85M | $181.65M | $218.04M | $228.33M | $227.52M | $166.91M | $234.45M | $112.59M | $99.03M | $20.5M | $33.46M | $42.6M | $15.96M | -$7.19M | -$41.45M | -$52.89M | -$41.65M | -$22.07M | -$35.46M | $36.96M | $48.47M | -$47.71M | $39.41M | $30.92M | -$22.16M | -$124.98M | -$114.78M | -$92.2M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 |
| Operating Activities | ||||||||||||||||||||||||||||
| Net Income | $36.8M | $193.79M | $165.73M | $199.67M | $141.9M | $114.02M | $94.42M | $77.39M | $39.44M | $56.1M | $92.45M | $94.69M | $107.06M | $47.48M | $63.13M | $35M | $33.03M | $11.87M | $37.26M | $10.02M | $183K | $8.1M | $3.12M | -$2.41M | -$56.08M | $40.02M | $46.19M | $26.6M |
| Depreciation & Amortization | $153.72M | $115.5M | $121.83M | $115.31M | $122.18M | $95.51M | $86.93M | $48.73M | $43.65M | $32.37M | $17.56M | $8.96M | $24.35M | $25.65M | $14.36M | $17.18M | $14.61M | $13.08M | $15.81M | $44.95M | $25.26M | $20.79M | $19M | $13.34M | $68.38M | $0 | $18.49M | $12M |
| Deferred Income Tax | -$8.33M | -$12.41M | -$8.34M | -$18.14M | -$8M | -$6.35M | -$13.16M | -$5.74M | -$12.82M | $211K | -$991K | $14.39M | $926K | -$144K | -$3.8M | -$3.35M | $665K | -$1.88M | -$2.56M | -$2.35M | -$391K | -$1.1M | $827K | -$410K | -$526K | $0 | $345K | -$100K |
| Stock-Based Compensation | $0 | $16.16M | $18.62M | $14.95M | $14.77M | $7.78M | $3.87M | $3.98M | $4.55M | $4.39M | $5.07M | $4.98M | $3.98M | $4.92M | $4.62M | $1.46M | $1.64M | $1.5M | $0 | $0 | $0 | $0 | $456K | $430K | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||||||||
| Accounts Receivable | $52.35M | -$82.73M | $6.56M | -$48.77M | -$130.31M | $32.05M | $16.27M | -$66.07M | -$38.22M | -$30.09M | -$12.6M | -$13.6M | -$6.45M | -$1.67M | -$21.8M | -$10.63M | $25.54M | -$4.33M | $0 | $0 | $0 | $0 | -$12.65M | $14.15M | $0 | $0 | $0 | $0 |
| Inventory | $5.14M | $11.72M | -$3.38M | -$13.76M | $4.64M | -$10.97M | -$938K | -$1.02M | $1.04M | $923K | -$2.37M | -$153K | -$128K | $346K | $2.94M | -$3.01M | $340K | $446K | -$134K | $1.01M | $237K | -$1.85M | -$265K | $1.16M | $513K | $0 | $62K | -$1M |
| Accounts Payable | $24.43M | $40.03M | $18.72M | $25.33M | $40.08M | $10.95M | -$18.01M | $19.95M | $6.09M | $5.42M | $9.36M | $5.33M | $3.32M | $3.42M | -$6.2M | $925K | -$12.88M | $4.07M | $0 | $0 | $0 | $0 | -$12.47M | -$8.21M | $0 | $0 | $0 | $0 |
| Other Working Capital | $24.17M | $52.03M | -$21.26M | $15.87M | $16.54M | $39.14M | $24.29M | $10.02M | $23.56M | $5.48M | $10.68M | $2.37M | -$3.21M | -$6.21M | -$10.01M | $11.02M | $2.95M | $575K | -$179K | -$4.76M | -$23.27M | -$6.52M | $10.84M | -$7.66M | $24.86M | $0 | -$12.44M | -$300K |
| Total Working Capital Change | $106.1M | $21.05M | $640K | -$21.32M | -$69.06M | $71.18M | $21.6M | -$37.12M | -$7.54M | -$18.26M | $5.06M | -$6.05M | -$6.46M | -$4.11M | -$35.06M | -$1.69M | $15.95M | $766K | -$313K | -$3.75M | -$23.03M | -$8.37M | -$14.55M | -$556K | $25.38M | $0 | -$12.38M | -$1.3M |
| Other Non-Cash Items | $102.83M | -$9.64M | -$3.51M | -$51.33M | $6.68M | $4.81M | $2.4M | -$4.66M | $13.7M | $141K | -$64.75M | -$100.3M | -$61.3M | -$728K | -$17.42M | $4.78M | -$10.25M | $22.04M | $5.75M | $3.05M | $138K | -$1.61M | $3.44M | -$5.42M | -$35.97M | -$34.37M | -$39.23M | -$2.5M |
| Net Cash from Operating | $391.13M | $324.45M | $294.97M | $239.14M | $208.48M | $286.94M | $196.08M | $82.59M | $80.98M | $74.95M | $54.4M | $16.67M | $68.55M | $73.07M | $25.83M | $53.37M | $55.64M | $47.38M | $43.27M | $25.95M | $6.29M | $17.81M | $12.29M | $4.97M | $1.18M | $5.65M | $13.41M | $34.7M |
| Investing Activities | ||||||||||||||||||||||||||||
| Capital Expenditures | -$28.11M | -$16.44M | -$16.68M | -$39.31M | -$31.06M | -$28.81M | -$36.59M | -$20.63M | -$18.91M | -$19.3M | -$9.82M | -$4.74M | -$16.77M | -$13.43M | -$18.65M | -$5.35M | -$2.71M | -$4.05M | -$12.87M | -$25.35M | -$23.75M | -$5.72M | -$4.89M | -$3.38M | -$11.24M | -$16M | -$12.23M | -$12.1M |
| Acquisitions | $514.29M | -$80.21M | -$48.84M | -$14.52M | -$85.95M | -$157.13M | -$61.77M | -$57.36M | -$125.33M | -$46.62M | -$7.61M | $34.03M | -$13.25M | -$5.86M | -$40.19M | -$13.83M | -$4.13M | -$14.96M | -$5.39M | -$15.93M | -$5.34M | $13.72M | $20.48M | -$1.77M | -$16.04M | -$21.89M | -$2.78M | $0 |
| Purchases of Investments | -$549K | $0 | -$1.74M | -$15.07M | -$500K | -$8.46M | -$178K | $9.01M | -$25K | -$25.81M | -$716K | -$7.61M | -$1.52M | -$364K | -$13.94M | -$1.44M | -$11.95M | -$13.85M | -$36.18M | -$13.01M | -$7.32M | -$16.41M | -$2.67M | -$1.86M | -$1.56M | -$1.23M | $0 | -$3.4M |
| Sales of Investments | $59.77M | $5.78M | $699K | $309K | -$11.34M | $5.43M | $3.36M | $4M | $40.62M | $8.45M | $1.5M | $218K | -$472K | $2.51M | $21.5M | $13.85M | $3.2M | $3.5M | $2.51M | $66.51M | $12.68M | $1.25M | $1.58M | $2.13M | $28.89M | $32M | $0 | $0 |
| Other Investing Activities | -$6.15M | $12.69M | -$72.67M | -$5.7M | $18.65M | $11.94M | -$13.03M | -$25.47M | $1.1M | $4.47M | -$41.8M | -$41.71M | -$31.32M | $5.24M | -$16.56M | $3.38M | $2.75M | -$11.64M | $33.08M | -$6M | -$442K | -$9.95M | -$22.06M | -$55.33M | -$115.81M | -$82.67M | -$215K | -$17.3M |
| Net Cash from Investing | $539.25M | -$78.18M | -$139.24M | -$74.3M | -$110.19M | -$177.03M | -$108.22M | -$90.45M | -$102.54M | -$78.81M | -$58.45M | -$19.82M | -$63.33M | -$11.91M | -$67.84M | -$3.39M | -$12.84M | -$41.01M | -$18.86M | $6.22M | -$24.17M | -$17.11M | -$7.55M | -$60.21M | -$115.75M | -$89.8M | -$15.23M | -$32.8M |
| Financing Activities | ||||||||||||||||||||||||||||
| Debt Repaid | $109.61M | $82.36M | $142.82M | -$74.03M | $18.22M | -$42.18M | -$14.02M | -$76.35M | -$80.26M | -$11.21M | -$62.86M | -$66.14M | $13.34M | $4.68M | -$38.75M | $23.5M | $14.44M | $28.98M | -$18.4M | -$29.62M | -$13.17M | $12.52M | $12.47M | -$66.31M | -$37.66M | $10.93M | $229K | $2.6M |
| Common Stock Issuance | $84.32M | -$1.58M | $4.83M | -$95K | $2.08M | $108.74M | $953K | $25.4M | $3.24M | $931K | $1.99M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.91M | $7.57M | $35.52M | $0 | $14.11M | $0 | $12.36M | $101.46M | $40.81M | $76.4M |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | -$953K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$307K | -$4.13M | -$102K | $0 | -$3.88M | -$1.32M | -$8.4M | -$7.79M | -$4.4M |
| Dividends Paid | -$28.88M | -$18.81M | -$9.93M | -$21.78M | -$22.08M | -$14.94M | -$12.97M | -$5.01M | -$12.08M | -$10.01M | -$12.89M | -$11.63M | -$5.44M | -$76K | -$9.73M | -$19.99M | -$29.96M | -$10.16M | $0 | $0 | -$50.19M | -$88K | $0 | -$128K | -$797K | -$2.47M | -$10K | $0 |
| Other Financing Activities | -$155.79M | -$77.57M | -$85.73M | -$115.82M | -$112.17M | -$96.61M | $4.96M | -$35.03M | -$27.99M | -$27.81M | -$32.26M | -$28.53M | -$19.62M | -$34.28M | -$13.71M | $4.41M | -$8.31M | -$4.74M | $3.53M | -$23.05M | -$3.01M | $4.38M | -$6.21M | $356K | $9.1M | $0 | $0 | -$100K |
| Net Cash from Financing | -$202.07M | -$184.96M | -$243.18M | -$70.98M | -$114.13M | $9.73M | $6.01M | $40.97M | $16.42M | -$7.05M | $35.84M | $31.55M | -$38.41M | -$38.45M | $20.34M | -$42.68M | -$52.96M | -$59.78M | $12.89M | -$3.95M | -$3.17M | $12.09M | -$4.57M | $64.83M | $56.82M | $79.65M | $32.79M | $69.3M |
| Forex Effect | $43.99M | -$5.45M | -$4.95M | -$34.91M | -$416K | $13.34M | $6.29M | -$10.56M | $12.91M | -$81K | -$6.6M | -$3.12M | $4.07M | $355K | -$673K | $3M | -$238K | $2.48M | $7.82M | $6.42M | -$4.36M | $933K | $2.72M | -$2.58M | $4.53M | -$1.5M | -$128K | $2.2M |
| Net Change in Cash | $772.3M | $55.85M | -$92.4M | $58.95M | -$16.26M | $132.98M | $100.17M | $22.55M | $7.78M | -$10.98M | $25.19M | $25.29M | -$29.11M | $23.07M | -$22.34M | $10.3M | -$10.4M | -$50.92M | $45.13M | $34.63M | -$25.41M | $13.72M | $2.9M | $7.01M | -$53.23M | -$6M | $30.85M | $73.3M |
| Supplementary Data | ||||||||||||||||||||||||||||
| Operating Cash Flow | $391.13M | $324.45M | $294.97M | $239.14M | $208.48M | $286.94M | $196.08M | $82.59M | $80.98M | $74.95M | $54.4M | $16.67M | $68.55M | $73.07M | $25.83M | $53.37M | $55.64M | $47.38M | $43.27M | $25.95M | $6.29M | $17.81M | $12.29M | $4.97M | $1.18M | $5.65M | $13.41M | $34.7M |
| Capital Expenditure | -$16.31M | -$28.96M | -$32M | -$39.31M | -$31.06M | -$28.81M | -$36.59M | -$20.63M | -$18.91M | -$19.3M | -$9.82M | -$4.74M | -$16.77M | -$13.43M | -$18.65M | -$5.35M | -$2.71M | -$4.05M | -$12.87M | -$25.35M | -$23.75M | -$5.72M | -$4.89M | -$3.38M | -$11.24M | -$16M | -$12.23M | -$12.1M |
| Free Cash Flow | $374.82M | $295.49M | $262.97M | $199.82M | $177.42M | $258.13M | $159.5M | $61.96M | $62.07M | $55.66M | $44.58M | $11.93M | $51.78M | $59.64M | $7.18M | $48.02M | $52.93M | $43.33M | $30.4M | $603K | -$17.46M | $12.09M | $7.41M | $1.59M | -$10.06M | -$10.35M | $1.19M | $22.6M |
| Cash at Beginning | $507.8M | $451.95M | $544.34M | $485.39M | $501.65M | $368.67M | $268.49M | $245.95M | $238.16M | $249.14M | $107.42M | $82.12M | $111.24M | $88.17M | $110.51M | $100.2M | $110.6M | $161.53M | $116.4M | $81.77M | $107.17M | $93.46M | $90.56M | $83.55M | $136.77M | $153.41M | $118.42M | $43.4M |
| Cash at End | $1.28B | $507.8M | $451.95M | $544.34M | $485.39M | $501.65M | $368.67M | $268.49M | $245.94M | $238.16M | $132.6M | $107.42M | $82.12M | $111.24M | $88.17M | $110.51M | $100.2M | $110.6M | $161.53M | $116.4M | $81.77M | $107.17M | $93.46M | $90.56M | $83.55M | $147.41M | $149.27M | $116.7M |