NGM · Financial Statements

Intercure Ltd. (INCR) Financial Statements

$4.48 NGM: INCR Market Cap $53.07M

Intercure Ltd. most recently reported annual revenue of $270.0M, a net loss of $36.0M. Revenue grew at an average annual rate of 33.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Intercure Ltd.: net profit was positive in 2 of 10 reported years; operating margin moved from -38.3% to 2.5%, a shift of +40.8 percentage points; the most recent year shows a net loss of $36.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$0$0$0$9.0M$65.0M$220.0M$389.0M$356.0M$239.0M$270.0M
Operating Expenses$-1.0M$4.0M$11.0M$12.0M$103.0M$191.0M$338.0M$397.0M$306.0M$263.0M
Operating Profit$1.0M$-4.0M$-11.0M$-3.0M$-38.0M$28.0M$51.0M$-42.0M$-67.0M$7.0M
Operating Margin0.0%0.0%0.0%-38.3%-59.0%12.8%13.0%-11.7%-28.1%2.5%
Other Income$-1.0M$-1.0M$-2.0M$-3.0M$0$-9.0M$-7.0M$-20.0M$-20.0M$-51.0M
Interest$0$1.0M$1.0M$2.0M$1.0M$5.0M$15.0M$24.0M$21.0M$20.0M
Depreciation$1.0M$0$0$1.0M$3.0M$7.0M$12.0M$13.0M$15.0M$17.0M
Profit Before Tax$0$-5.0M$-13.0M$-7.0M$-38.0M$19.0M$44.0M$-61.0M$-87.0M$-44.0M
Tax$1.2B$-12.6M$0$10.3M$5.9M$61.1M$210,000$-3.7M$16.6M$16.6M
Net Profit$0$-5.0M$-13.0M$-6.0M$-37.0M$5.0M$45.0M$-62.0M$-68.0M$-36.0M
EPS$0.10$-1.55$-3.10$-0.65$-7.35$0.55$4.95$-6.80$-7.10$-3.15
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricMar '23Jun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25
Revenue$106.0M$102.0M$73.0M$73.0M$63.0M$63.0M$57.0M$57.0M$65.0M$65.0M$70.0M$70.0M
Operating Expenses$100.0M$97.0M$100.0M$100.0M$58.0M$58.0M$95.0M$95.0M$62.0M$62.0M$87.0M$87.0M
Operating Profit$6.0M$6.0M$-27.0M$-27.0M$5.0M$5.0M$-39.0M$-39.0M$3.0M$3.0M$-16.0M$-16.0M
Operating Margin5.6%5.7%-36.3%-36.3%8.4%8.4%-68.7%-68.7%4.4%4.4%-23.5%-23.5%
Interest$6.0M$6.0M$0$0$5.0M$5.0M$4.0M$4.0M$4.0M$4.0M$5.0M$5.0M
Profit Before Tax$2.0M$0$-32.0M$-32.0M$1.0M$1.0M$-44.0M$-44.0M$-1.0M$-1.0M$-21.0M$-21.0M
Tax$94.8M$-824.3M$-6.1M$-6.1M$100.4M$100.4M$18.0M$18.0M$21.1M$21.1M$16.4M$16.4M
Net Profit$0$5.0M$-34.0M$-34.0M$1.0M$1.0M$-35.0M$-35.0M$-1.0M$-1.0M$-17.0M$-17.0M
EPS$0.01$0.55$-3.75$-3.75$0.08$0.08$-3.95$-3.95$-0.07$-0.07$-1.70$-1.70

Over the 10 years reported for Intercure Ltd., borrowings increased from $2.0M in 2016 to $183.0M in 2025, cash stood at $46.0M in the latest year, shareholders' equity was $676.0M, current assets covered current liabilities 1.48 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$28.0M$24.0M$36.0M$282.0M$326.0M$686.0M$958.0M$787.0M$763.0M$691.0M
Current Assets$3.0M$2.0M$5.0M$42.0M$77.0M$336.0M$527.0M$419.0M$392.0M$317.0M
Cash$3.0M$2.0M$3.0M$27.0M$38.0M$196.0M$233.0M$101.0M$78.0M$46.0M
Inventory$0$0$-2.0M$6.0M$22.0M$68.0M$146.0M$106.0M$125.0M$108.0M
Receivables$0$0$0$7.0M$15.0M$38.0M$50.0M$61.0M$180.0M$154.0M
Fixed Assets$0$0$0$32.0M$53.0M$87.0M$103.0M$97.0M$105.0M$103.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$25.0M$22.0M$31.0M$40.0M$4.0M$3.0M$43.0M$2.0M$2.0M$1.0M
Other Assets$0$0$0$168.0M$190.0M$258.0M$284.0M$221.0M$225.0M$219.0M
Total Liabilities$4.0M$3.0M$16.0M$26.0M$34.0M$227.0M$437.0M$330.0M$365.0M$294.0M
Current Liabilities$4.0M$3.0M$16.0M$23.0M$30.0M$194.0M$313.0M$226.0M$227.0M$214.0M
Borrowings$2.0M$3.0M$13.0M$17.0M$7.0M$109.0M$255.0M$196.0M$211.0M$183.0M
Other Liabilities$1.0M$0$3.0M$9.0M$27.0M$118.0M$181.0M$134.0M$153.0M$111.0M
Equity$160.0M$146.0M$162.0M$403.0M$452.0M$624.0M$632.0M$643.0M$659.0M$676.0M
Reserves$24.0M$21.0M$20.0M$256.0M$275.0M$448.0M$501.0M$455.0M$397.0M$397.0M

For Intercure Ltd., operating cash flow was positive in 4 of 10 reported years; free cash flow in the latest year was $13.0M; free cash flow was positive in 3 of 10 years; financing activities used $19.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$-1.0M$-1.0M$-1.0M$-4.0M$8.0M$25.0M$51.0M$-54.0M$-67.0M$17.0M
Investing Cash Flow$-21.0M$-5.0M$-8.0M$-39.0M$-44.0M$-79.0M$-162.0M$2.0M$13.0M$-6.0M
Financing Cash Flow$1.0M$0$1.0M$4.0M$1.0M$3.0M$-17.0M$-21.0M$-15.0M$-19.0M
Net Cash Flow$0$0$1.0M$22.0M$11.0M$158.0M$36.0M$-131.0M$-23.0M$-32.0M
Free Cash Flow$-1.0M$-1.0M$-2.0M$-4.0M$-13.0M$11.0M$32.0M$-56.0M$-71.0M$13.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.07
EV / EBITDA-6.08
FCF Yield6.64%
Quick Ratio0.97
Interest Coverage0.35
Return 1Y-33.26%
Return 3Y-39.08%
Return 5Y-83.29%

Intercure Ltd. (INCR) financials — frequently asked questions

What is Intercure Ltd.'s annual revenue?

Intercure Ltd. (INCR) reported annual revenue of $270.0M in its most recent fiscal year.

What is Intercure Ltd.'s net profit?

Intercure Ltd. (INCR) reported a net loss of $36.0M in its most recent fiscal year.

What is INCR EV/EBITDA?

Intercure Ltd.'s enterprise value to EBITDA (EV/EBITDA) ratio is -6.08. A negative value means EBITDA was negative over the period, so the ratio is not a meaningful valuation measure.

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