Balance Sheet The Tel-Aviv Stock Exchange Ltd.

Equities

TASE

IL0011590291

Financial & Commodity Market Operators

Market Closed - TEL AVIV STOCK EXCHANGE Other stock markets 10:27:19 2026-04-20 am EDT			5-day change	1st Jan Change
14,960.00 ^ILa	-1.58%		+0.61%	+57.64%

Mar. 05	The Tel-Aviv Stock Exchange Ltd., 2025 Earnings Call, Mar 05, 2026
Mar. 05	The Tel-Aviv Stock Exchange Ltd. Approves Special Dividend for 2025, Payable on March 20, 2026	CI

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Published financial data: THE TEL-AVIV STOCK EXCHANGE LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	324M	361M	390M	438M	564M
Total Revenues	324M	361M	390M	438M	564M
Gross Profit	324M	361M	390M	438M	564M
Selling General & Admin Expenses, Total	198M	203M	207M	226M	236M
Stock-Based Compensation (IS)	739K	530K	6.14M	5.77M	3.29M
Depreciation & Amortization - (IS)	47.62M	51.34M	52.41M	55.98M	60.5M
Other Operating Expenses	13.19M	13.8M	16.2M	17.64M	22.56M
Other Operating Expenses, Total	260M	268M	282M	305M	323M
Operating Income	63.81M	92.67M	108M	133M	241M
Interest Expense, Total	-417K	-309K	-400K	-9.43M	-8.21M
Interest And Investment Income	249K	1.57M	7.68M	16.66M	12.38M
Net Interest Expenses	-168K	1.26M	7.28M	7.23M	4.17M
Currency Exchange Gains (Loss)	-	608K	122K	-63K	-1.66M
Other Non Operating Income (Expenses)	-9.65M	-9.41M	-8.26M	-8.67M	-12.32M
EBT, Excl. Unusual Items	53.98M	85.13M	107M	131M	231M
Gain (Loss) On Sale Of Investments	5.24M	-15.02M	4.07M	3.03M	5.11M
Gain (Loss) On Sale Of Assets	-262K	-132K	-1.38M	-	-
Asset Writedown	-	-	-	-	-
EBT, Incl. Unusual Items	58.96M	69.97M	110M	134M	236M
Income Tax Expense	13.49M	19.14M	26.44M	33.07M	55.19M
Earnings From Continuing Operations	45.47M	50.84M	83.21M	101M	181M
Net Income to Company	45.47M	50.84M	83.21M	101M	181M
Net Income - (IS)	45.47M	50.84M	83.21M	101M	181M
Net Income to Common Incl Extra Items	45.47M	50.84M	83.21M	101M	181M
Net Income to Common Excl. Extra Items	45.47M	50.84M	83.21M	101M	181M
Per Share Items
Net EPS - Basic	0.45	0.5	0.86	1.09	1.97
Basic EPS - Continuing Operations	0.45	0.5	0.86	1.09	1.97
Basic Weighted Average Shares Outstanding	101M	102M	96.85M	92.78M	91.72M
Net EPS - Diluted	0.44	0.49	0.84	1.05	1.92
Diluted EPS - Continuing Operations	0.44	0.49	0.84	1.05	1.92
Diluted Weighted Average Shares Outstanding	104M	103M	99.1M	96.72M	94.13M
Normalized Basic EPS	0.33	0.52	0.69	0.89	1.57
Normalized Diluted EPS	0.32	0.52	0.67	0.85	1.53
Dividend Per Share	0.22	-	0.45	0.56	0.98
Payout Ratio	40.58	44.72	-	268.97	28
Supplemental Items
EBITDA	81.31M	112M	125M	151M	260M
EBITA	63.81M	92.67M	108M	133M	241M
EBIT	63.81M	92.67M	108M	133M	241M
EBITDAR	81.58M	112M	126M	151M	260M
Total Revenues (As Reported)	324M	361M	390M	438M	564M
Effective Tax Rate - (Ratio)	22.88	27.35	24.11	24.59	23.36
Total Current Taxes	14.25M	16.06M	24.75M	32.72M	58.31M
Total Deferred Taxes	-759K	3.08M	1.69M	348K	-3.13M
Normalized Net Income	33.74M	53.21M	66.85M	82.14M	144M
Interest on Long-Term Debt	782K	327K	431K	1.16M	970K
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
Advertising Expense	3.7M	-	-	-	-
Marketing Expenses	7.5M	13.17M	5.69M	6.67M	5.15M
Selling and Marketing Expenses	11.2M	13.17M	5.69M	6.67M	5.15M
General and Administrative Expenses	38.71M	41.6M	47.95M	53.61M	61.2M
Net Rental Expense, Total	265K	75K	41K	153K	44K
Imputed Operating Lease Interest Expense	48.4K	9.71K	1.47K	81.96K	26.4K
Imputed Operating Lease Depreciation	217K	65.29K	39.53K	71.04K	17.6K
Stock-Based Comp., Other (Total)	739K	530K	6.14M	5.77M	3.29M
Total Stock-Based Compensation	739K	530K	6.14M	5.77M	3.29M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	180M	192M	408M	438M	371M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	210M	196M	90.18M	93.12M	123M
Total Cash And Short Term Investments	390M	389M	499M	531M	494M
Accounts Receivable, Total	15.44M	16.02M	18.67M	17.86M	19.91M
Other Receivables	9.31M	7.57M	9.38M	11.59M	9.14M
Total Receivables	24.74M	23.59M	28.05M	29.45M	29.05M
Other Current Assets, Total	665M	937M	1.7B	784M	775M
Total Current Assets	1.08B	1.35B	2.22B	1.34B	1.3B
Gross Property Plant And Equipment	480M	484M	480M	487M	507M
Accumulated Depreciation	-147M	-169M	-173M	-178M	-192M
Net Property Plant And Equipment	333M	316M	307M	309M	315M
Long-term Investments	-	-	-	-	-
Goodwill	492K	492K	492K	492K	492K
Other Intangibles, Total	128M	140M	153M	163M	168M
Deferred Tax Assets Long-Term	15.16M	5.59M	4.03M	3.25M	6.63M
Other Long-Term Assets, Total	2.41M	1.4M	5.36M	4.89M	4.36M
Total Assets	1.56B	1.81B	2.69B	1.83B	1.79B
Liabilities
Accounts Payable, Total	18.98M	13.86M	13.06M	11.33M	33.51M
Accrued Expenses, Total	32.88M	37.56M	55.4M	47.03M	52.72M
Current Portion of Long-Term Debt	-	-	49.95M	49.95M	43.57M
Current Portion of Leases	8.73M	8.47M	4.74M	8.54M	8.82M
Current Income Taxes Payable	2.18M	4.74M	11.2M	17.39M	33.91M
Unearned Revenue Current, Total	24.59M	28.41M	28.73M	29.85M	31.92M
Other Current Liabilities	669M	940M	1.93B	790M	782M
Total Current Liabilities	757M	1.03B	2.09B	954M	986M
Long-Term Debt	-	-	99.89M	49.97M	46.94M
Long-Term Leases	14.41M	6.57M	9.01M	9.69M	1.51M
Unearned Revenue Non Current	86.44M	78.46M	77.06M	80.97M	95.44M
Pension & Other Post Retirement Benefits	39.49M	6.58M	9.5M	9.12M	11.34M
Other Non Current Liabilities	720K	720K	-	-	-
Total Liabilities	898M	1.13B	2.29B	1.1B	1.14B
Retained Earnings	596M	593M	290M	350M	278M
Comprehensive Income and Other	65.42M	93.22M	112M	371M	374M
Total Common Equity	662M	686M	402M	721M	651M
Total Equity	662M	686M	402M	721M	651M
Total Liabilities And Equity	1.56B	1.81B	2.69B	1.83B	1.79B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	102M	102M	92.44M	81.04M	92.61M
ECS Total Common Shares Outstanding	101M	101M	92.44M	81.04M	92.61M
Book Value / Share	6.53	6.81	4.35	8.9	7.04
Tangible Book Value	533M	546M	248M	558M	483M
Tangible Book Value Per Share	5.26	5.42	2.69	6.88	5.22
Total Debt	23.14M	15.04M	164M	118M	101M
Net Debt	-367M	-374M	-335M	-413M	-393M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	-	-	-	-
Debt Equivalent Oper. Leases	2.12M	600K	328K	1.22M	352K
Account Code - Inventory Valuation	3	3	-	3	3
Land - (BS)	245M	245M	246M	247M	248M
Machinery, Total	149M	153M	161M	162M	180M
Full Time Employees	258	260	263	275	276

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	45.47M	50.84M	83.21M	101M	181M
Depreciation & Amortization - CF	25.99M	27.77M	26.43M	26.97M	28.33M
Depreciation & Amortization, Total	25.99M	27.77M	26.43M	26.97M	28.33M
Amortization of Deferred Charges, Total - (CF)	21.62M	23.56M	25.98M	29M	32.17M
(Gain) Loss From Sale Of Asset	262K	131K	691K	141K	999K
(Gain) Loss on Sale of Investments - (CF)	-5.24M	15.02M	-4.07M	-3.03M	-5.11M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Stock-Based Compensation (CF)	739K	530K	6.14M	5.77M	3.29M
Other Operating Activities, Total	3.77M	8.72M	10.74M	8.5M	16.99M
Change In Accounts Receivable	-5M	-532K	-9.13M	-936K	932K
Change In Accounts Payable	5.72M	-2.32M	1.21M	-796K	7.82M
Change in Unearned Revenues	11.32M	-4.16M	-1.08M	5.03M	16.54M
Change in Other Net Operating Assets	1.72M	14K	20.15M	-6.84M	6.82M
Cash from Operations	106M	120M	160M	165M	290M
Capital Expenditure	-23.77M	-34.17M	-29.73M	-35.01M	-41.73M
Sale of Property, Plant, and Equipment	16K	-	-	-	-
Sale (Purchase) of Intangible assets	-11.88M	-14.09M	-20.84M	-19.95M	-15.7M
Investment in Marketable and Equity Securities, Total	-4.59M	-4.63M	108M	-731K	-25.93M
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	-40.22M	-52.89M	57.02M	-55.68M	-83.36M
Long-Term Debt Issued, Total	-	-	150M	-	130M
Total Debt Issued	-	-	150M	-	130M
Long-Term Debt Repaid, Total	-9.12M	-8.82M	-8.85M	-59.47M	-149M
Total Debt Repaid	-9.12M	-8.82M	-8.85M	-59.47M	-149M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-31.32M	-155M	-	-203M
Common Dividends Paid	-18.45M	-22.74M	-	-273M	-50.7M
Common & Preferred Stock Dividends Paid	-18.45M	-22.74M	-	-273M	-50.7M
Other Financing Activities, Total	-800K	8.22M	12.75M	253M	-
Cash from Financing	-28.38M	-54.65M	-1.35M	-79.67M	-272M
Foreign Exchange Rate Adjustments	-169K	604K	121K	-50K	-1.66M
Net Change in Cash	37.61M	12.65M	216M	29.8M	-67.31M
Supplemental Items
Cash Interest Paid	726K	417K	567K	8.7M	7.19M
Cash Income Tax Paid (Refund)	13.99M	13.5M	18.46M	26.53M	41.79M
Levered Free Cash Flow	58.55M	67.6M	328M	-150M	199M
Unlevered Free Cash Flow	58.81M	67.8M	328M	-144M	204M
Change In Net Working Capital	-6.22M	-6.27M	-253M	234M	-47.22M
Net Debt Issued / Repaid	-9.12M	-8.82M	141M	-59.47M	-18.84M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.9	3.44	2.99	3.68	8.32
Return on Total Capital	6	8.35	10.64	11.83	18.92
Return On Equity %	7.03	7.54	15.29	18.06	26.38
Return on Common Equity	7.03	7.54	15.29	18.06	26.38
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	61.27	56.14	53.17	51.51	41.93
EBITDA Margin %	25.12	30.97	32.19	34.48	46.2
EBITA Margin %	19.71	25.67	27.66	30.36	42.75
EBIT Margin %	19.71	25.67	27.66	30.36	42.75
Income From Continuing Operations Margin %	14.05	14.08	21.34	23.16	32.12
Net Income Margin %	14.05	14.08	21.34	23.16	32.12
Net Avail. For Common Margin %	14.05	14.08	21.34	23.16	32.12
Normalized Net Income Margin	10.42	14.74	17.15	18.76	25.63
Levered Free Cash Flow Margin	18.09	18.73	84.07	-34.3	35.32
Unlevered Free Cash Flow Margin	18.17	18.78	84.13	-32.95	36.23
Asset Turnover
Asset Turnover	0.24	0.21	0.17	0.19	0.31
Fixed Assets Turnover	0.98	1.11	1.25	1.42	1.81
Receivables Turnover (Average Receivables)	22.88	22.95	22.48	23.97	29.84
Short Term Liquidity
Current Ratio	1.43	1.31	1.06	1.41	1.32
Quick Ratio	0.55	0.4	0.25	0.59	0.53
Operating Cash Flow to Current Liabilities	0.14	0.12	0.08	0.17	0.29
Days Sales Outstanding (Average Receivables)	15.95	15.9	16.24	15.27	12.23
Long Term Solvency
Total Debt/Equity	3.5	2.19	40.72	16.38	15.48
Total Debt / Total Capital	3.38	2.14	28.94	14.08	13.4
LT Debt/Equity	2.18	0.96	27.11	8.27	7.44
Long-Term Debt / Total Capital	2.1	0.94	19.26	7.11	6.44
Total Liabilities / Total Assets	57.56	62.12	85.08	60.49	63.67
EBIT / Interest Expense	153.01	299.91	269.54	14.09	29.34
EBITDA / Interest Expense	215.35	389.78	335.62	16.95	32.79
(EBITDA - Capex) / Interest Expense	158.35	279.19	261.3	13.24	27.71
Total Debt / EBITDA	0.26	0.12	1.22	0.74	0.37
Net Debt / EBITDA	-4.09	-3.1	-2.5	-2.58	-1.46
Total Debt / (EBITDA - Capex)	0.35	0.17	1.57	0.95	0.44
Net Debt / (EBITDA - Capex)	-5.56	-4.33	-3.21	-3.31	-1.73
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.37	11.54	7.99	12.31	28.7
Gross Profit, 1 Yr. Growth %	6.37	11.54	7.99	12.31	28.7
EBITDA, 1 Yr. Growth %	5.62	37.52	12.23	20.31	72.43
EBITA, 1 Yr. Growth %	6.1	45.24	16.34	23.3	81.23
EBIT, 1 Yr. Growth %	6.1	45.24	16.34	23.3	81.23
Earnings From Cont. Operations, 1 Yr. Growth %	23.21	11.8	63.68	21.86	78.54
Net Income, 1 Yr. Growth %	23.21	11.8	63.68	21.86	78.54
Normalized Net Income, 1 Yr. Growth %	11.16	57.64	25.64	24.49	75.84
Diluted EPS Before Extra, 1 Yr. Growth %	21.79	12.84	70.73	24.76	83.49
Accounts Receivable, 1 Yr. Growth %	20.1	3.78	16.54	-4.35	11.48
Net Property, Plant and Equip., 1 Yr. Growth %	0.92	-5.26	-2.68	0.59	1.99
Total Assets, 1 Yr. Growth %	31.28	16.2	48.53	-32.18	-1.76
Tangible Book Value, 1 Yr. Growth %	4.6	2.47	-54.54	124.54	-13.41
Common Equity, 1 Yr. Growth %	4.92	3.71	-41.48	79.54	-9.68
Cash From Operations, 1 Yr. Growth %	11.48	12.41	34.03	3.08	75.43
Capital Expenditures, 1 Yr. Growth %	-11.08	43.79	-11.5	17.75	19.21
Levered Free Cash Flow, 1 Yr. Growth %	30.2	15.46	384.82	-145.82	-232.52
Unlevered Free Cash Flow, 1 Yr. Growth %	30.01	15.28	383.81	-143.99	-241.49
Dividend Per Share, 1 Yr. Growth %	22.27	-	-	23.48	75.91
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.57	8.93	9.75	10.13	20.23
Gross Profit, 2 Yr. CAGR %	11.57	8.93	9.75	10.13	20.23
EBITDA, 2 Yr. CAGR %	25.21	20.52	24.23	16.2	44.03
EBITA, 2 Yr. CAGR %	56.06	24.14	29.99	19.77	49.48
EBIT, 2 Yr. CAGR %	56.06	24.14	29.99	19.77	49.48
Earnings From Cont. Operations, 2 Yr. CAGR %	60.93	17.37	35.27	41.23	47.5
Net Income, 2 Yr. CAGR %	60.93	17.37	35.27	41.23	47.5
Normalized Net Income, 2 Yr. CAGR %	91.85	32.4	40.73	24.35	47.95
Diluted EPS Before Extra, 2 Yr. CAGR %	58.3	17.23	38.8	45.95	51.3
Accounts Receivable, 2 Yr. CAGR %	5.86	11.64	9.97	5.58	3.26
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.76	-2.22	-3.98	-1.06	1.29
Total Assets, 2 Yr. CAGR %	16.1	23.51	31.38	0.36	-18.38
Tangible Book Value, 2 Yr. CAGR %	4.71	3.53	-31.74	1.04	39.44
Common Equity, 2 Yr. CAGR %	5.14	4.31	-22.09	2.5	27.35
Cash From Operations, 2 Yr. CAGR %	14.51	11.94	22.74	17.54	34.47
Capital Expenditures, 2 Yr. CAGR %	3.34	13.07	15.74	2.08	18.48
Levered Free Cash Flow, 2 Yr. CAGR %	-6.62	22.61	136.6	49.05	-22.08
Unlevered Free Cash Flow, 2 Yr. CAGR %	-6.61	22.42	136.16	45.89	-21.11
Dividend Per Share, 2 Yr. CAGR %	59.42	-	42.38	-	47.38
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.19	11.56	8.61	10.6	16
Gross Profit, 3 Yr. CAGR %	8.19	11.56	8.61	10.6	16
EBITDA, 3 Yr. CAGR %	13.63	29.18	17.69	22.91	32.54
EBITA, 3 Yr. CAGR %	16.92	52.37	21.48	27.72	37.5
EBIT, 3 Yr. CAGR %	16.92	52.37	21.48	27.72	37.5
Earnings From Cont. Operations, 3 Yr. CAGR %	-19.27	42.53	31.13	30.65	52.71
Net Income, 3 Yr. CAGR %	-19.27	42.53	31.13	30.65	52.71
Normalized Net Income, 3 Yr. CAGR %	22.78	79.71	30.11	34.51	39.57
Diluted EPS Before Extra, 3 Yr. CAGR %	-20.39	41.41	32.88	33.95	57.52
Accounts Receivable, 3 Yr. CAGR %	0.25	5.16	13.25	4.98	7.51
Net Property, Plant and Equip., 3 Yr. CAGR %	-0.3	-2.94	-2.37	-2.48	-0.05
Total Assets, 3 Yr. CAGR %	-1.07	16.14	31.35	5.39	-0.35
Tangible Book Value, 3 Yr. CAGR %	5.51	3.96	-21.31	1.51	-4.03
Common Equity, 3 Yr. CAGR %	5.74	4.66	-13.97	2.91	-1.73
Cash From Operations, 3 Yr. CAGR %	14.29	13.8	18.87	15.8	34.32
Capital Expenditures, 3 Yr. CAGR %	-15.42	15.37	3.61	16.41	7.5
Levered Free Cash Flow, 3 Yr. CAGR %	165.75	0.23	93.89	36.89	43.32
Unlevered Free Cash Flow, 3 Yr. CAGR %	166.15	0.18	93.55	34.87	44.41
Dividend Per Share, 3 Yr. CAGR %	-	-	35.15	35.77	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.97	8.29	8.81	10.99	13.12
Gross Profit, 5 Yr. CAGR %	5.97	8.29	8.81	10.99	13.12
EBITDA, 5 Yr. CAGR %	17.62	52.95	17.76	23.82	27.59
EBITA, 5 Yr. CAGR %	25.84	193.29	21.99	38.38	31.99
EBIT, 5 Yr. CAGR %	25.84	193.29	21.99	38.38	31.99
Earnings From Cont. Operations, 5 Yr. CAGR %	84.95	28.93	-0.76	42.01	37.45
Net Income, 5 Yr. CAGR %	84.95	28.93	-0.76	42.01	37.45
Normalized Net Income, 5 Yr. CAGR %	41.79	50.8	29.67	55.05	36.62
Diluted EPS Before Extra, 5 Yr. CAGR %	81.72	26.99	-0.56	43.21	39.96
Accounts Receivable, 5 Yr. CAGR %	2.49	2.41	4.03	5.33	9.15
Net Property, Plant and Equip., 5 Yr. CAGR %	5.38	4.79	-1.78	-2.19	-0.92
Total Assets, 5 Yr. CAGR %	-3.01	-4.93	10.82	9.55	8.59
Tangible Book Value, 5 Yr. CAGR %	4.79	4.64	-11.36	2.78	-1.07
Common Equity, 5 Yr. CAGR %	5.33	5.54	-6.42	3.8	0.65
Cash From Operations, 5 Yr. CAGR %	14.8	23.59	17.6	15.28	24.88
Capital Expenditures, 5 Yr. CAGR %	3.45	16.63	-5.42	9.48	9.32
Levered Free Cash Flow, 5 Yr. CAGR %	21.81	17.7	153.68	17.47	34.65
Unlevered Free Cash Flow, 5 Yr. CAGR %	21.89	17.76	153.72	16.43	35.18
Dividend Per Share, 5 Yr. CAGR %	-	-	-	44.66	39.91