The Tel-Aviv Stock Exchange

TASE.TA

Financial - Data & Stock Exchanges · Financial Services

Price

12000.00 ILA

-320.00 (-2.60%)

Market Cap

11.27B ILA

Exchange

Tel Aviv Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

−11.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 104.3M (2021) → 92.6M (2025)

The Tel Aviv Stock Exchange (TASE) is Israel's only national stock exchange, where investors buy and sell stocks, bonds, and other financial instruments. It serves Israeli companies looking to raise money from the public, as well as local and international investors trading securities. TASE also provides market data, clearing, and settlement services to financial institutions across Israel.

TASE earns money through trading fees, listing fees charged to companies that list on the exchange, and the sale of market data to financial firms. It operates almost entirely within Israel, making it closely tied to the health of the Israeli economy and capital markets. Its monopoly position as the sole national exchange gives it a strong competitive moat, since companies and investors have no domestic alternative. The main risk the business faces is geopolitical instability in the region, which can reduce trading volumes and discourage foreign investment, directly hurting revenue.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+115.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

5.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$408M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

The Tel-Aviv Stock Exchange grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

72.9%

Premium pricing power — 72.9% gross margin

Operating Margin

54.2%

Excellent — 54.2% operating margin

ROCE

14.9%

Good — 14.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+33.7%

Fast-growing sales (+33.7% YoY)

EPS YoY

+102.5%

Earnings growing fast (+102.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

145%

Turns 145% of profit into real cash

FCF Margin

45.0%

Converts sales into free cash efficiently (45.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.14

Conservative — low debt load (0.14)

Interest Cover

37.29x

Comfortably covers interest (37.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

49.4x

Expensive — P/E 49.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.30%

Small dividend — 1.30% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

N/A

Data not available

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