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Formula Systems (1985) vs Infosys: revenue, profit, margins and growth compared

Formula Systems (1985) brought in $2.8B of revenue in fiscal 2024, Infosys $19.3B in fiscal 2025. Revenue changed by +5.2% at Formula Systems (1985) and +3.9% at Infosys on the year before, so Formula Systems (1985) grew faster. Formula Systems (1985) kept 2.9% of its revenue as net profit, Infosys 16.4%.

Side by side, latest fiscal year

FORTYINFY
Fiscal year endedFY2024 (December 31, 2024)FY2025 (March 31, 2025)
Revenue$2.8B$19.3B
Revenue growth+5.2%+3.9%
Net income$79.7M$3.2B
Net margin2.9%16.4%
Free cash flow$308Mn/a
Free cash flow margin11.2%n/a
Earnings per share (diluted)$5.09$0.76
Cash$507.8M$2.9B
Debtn/an/a
Price to earningsn/an/a
Market value$1.8B$42.6B
Dividend yieldn/an/a
Rank by revenue in sector#127 of 530 · Technology#38 of 530 · Technology

Over the years

Revenue
FORTY FY2017: $1.4BFORTY FY2018: $1.5BFORTY FY2019: $1.7BFORTY FY2020: $1.9BFORTY FY2021: $2.4BFORTY FY2022: $2.6BFORTY FY2023: $2.6BFORTY FY2024: $2.8BINFY FY2018: $10.9BINFY FY2019: $11.8BINFY FY2020: $12.8BINFY FY2021: $13.6BINFY FY2022: $16.3BINFY FY2023: $18.2BINFY FY2024: $18.6BINFY FY2025: $19.3BFY17FY18FY19FY20FY21FY22FY23FY24FY25
FORTY $2.8BINFY $19.3B
Net income
FORTY FY2017: $10.4MFORTY FY2018: $77.4MFORTY FY2019: $94.4MFORTY FY2020: $114MFORTY FY2021: $141.9MFORTY FY2022: $81.4MFORTY FY2023: $64MFORTY FY2024: $79.7MINFY FY2018: $2.5BINFY FY2019: $2.2BINFY FY2020: $2.3BINFY FY2021: $2.6BINFY FY2022: $3BINFY FY2023: $3BINFY FY2024: $3.2BINFY FY2025: $3.2BFY17FY18FY19FY20FY21FY22FY23FY24FY25
FORTY $79.7MINFY $3.2B
Net margin
FORTY FY2017: 0.8%FORTY FY2018: 5.2%FORTY FY2019: 5.6%FORTY FY2020: 5.9%FORTY FY2021: 5.9%FORTY FY2022: 3.2%FORTY FY2023: 2.4%FORTY FY2024: 2.9%INFY FY2018: 22.7%INFY FY2019: 18.6%INFY FY2020: 18.2%INFY FY2021: 19.3%INFY FY2022: 18.2%INFY FY2023: 16.4%INFY FY2024: 17.1%INFY FY2025: 16.4%FY17FY18FY19FY20FY21FY22FY23FY24FY25
FORTY 2.9%INFY 16.4%
Revenue growth
FORTY FY2018: +10.2%FORTY FY2019: +13.9%FORTY FY2020: +13.7%FORTY FY2021: +24.3%FORTY FY2022: +7.0%FORTY FY2023: +1.9%FORTY FY2024: +5.2%INFY FY2019: +7.9%INFY FY2020: +8.3%INFY FY2021: +6.1%INFY FY2022: +20.3%INFY FY2023: +11.7%INFY FY2024: +1.9%INFY FY2025: +3.9%FY18FY19FY20FY21FY22FY23FY24FY25
FORTY +5.2%INFY +3.9%
Free cash flow
FORTY FY2017: $71.5MFORTY FY2018: $71MFORTY FY2019: $173.7MFORTY FY2020: $271.5MFORTY FY2021: $191.7MFORTY FY2022: $217.1MFORTY FY2023: $278.3MFORTY FY2024: $308MINFY FY2018: $1.9BINFY FY2019: $1.9BINFY FY2020: $2.1BFY17FY18FY19FY20FY21FY22FY23FY24
FORTY $308MINFY $2.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Formula Systems (1985) and Infosys

Which is bigger by revenue, Formula Systems (1985) or Infosys?

Infosys is bigger by revenue: $19.3B in fiscal 2025, against $2.8B for Formula Systems (1985) in fiscal 2024.

Which keeps more of its revenue as profit, Formula Systems (1985) or Infosys?

Formula Systems (1985) had a net margin of 2.9% in fiscal 2024; Infosys had 16.4% in fiscal 2025.

Which grew revenue faster, Formula Systems (1985) or Infosys?

In their latest fiscal years revenue changed by +5.2% at Formula Systems (1985) and +3.9% at Infosys.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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