Revenue growth remains highly volatile, ranging from a 10.1% decline in 2024Q1 to a 23.3% increase in 2024Q3, while gross margins have held steady at an average of approximately 28% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 618.86M | 561.39M | 575.79M | 543.26M | 498.32M | 454.21M | 454.09M | 395.64M | 338.25M | 311.98M | 294.2M | 312.51M | 328.74M | 336.03M | 286.51M | 264.4M | 348.36M | 303.46M | 349.23M | 250.33M | 190.89M | 166.18M | 171.29M | 137.38M | 131.54M | 126.83M | 127.04M | 130.03M | 136.46M | 102.22M |
| Revenue Growth % | 5.86% | -2.5% | 5.99% | 9.02% | 9.71% | 0.03% | 14.78% | 16.97% | 8.42% | 6.04% | -5.86% | -4.94% | -2.17% | 17.29% | 8.36% | -24.1% | 14.8% | -13.11% | 39.51% | 31.14% | 14.88% | -2.99% | 24.68% | 4.45% | 3.71% | -0.16% | -2.3% | -4.72% | 33.5% | - |
| Cost of Goods Sold | 440.78M | 404.93M | 414.46M | 422.69M | 355.23M | 315.92M | 308.72M | 271.78M | 240.03M | 237.65M | 217.59M | 237.45M | 249.14M | 252.35M | 217.47M | 202.7M | 247.57M | 219.57M | 281.65M | 199.33M | 143.16M | 128.13M | 130.54M | 110.16M | 103.22M | 98.17M | 98.36M | 101.69M | 106.92M | 79.94M |
| COGS % of Revenue | - | 72.13% | 71.98% | 77.81% | 71.28% | 69.55% | 67.99% | 68.7% | 70.96% | 76.17% | 73.96% | 75.98% | 75.78% | 75.1% | 75.9% | 76.66% | 71.07% | 72.36% | 80.65% | 79.63% | 74.99% | 77.11% | 76.2% | 80.19% | 78.47% | 77.4% | 77.43% | 78.21% | 78.35% | 78.2% |
| Gross Profit | 178.08M | 156.45M | 161.33M | 120.57M | 143.1M | 138.29M | 145.38M | 123.85M | 98.21M | 74.33M | 76.62M | 75.06M | 79.61M | 83.68M | 69.04M | 61.7M | 100.79M | 83.89M | 67.58M | 51M | 47.74M | 38.04M | 40.76M | 27.22M | 28.32M | 28.67M | 28.67M | 28.34M | 29.54M | 22.28M |
| Gross Margin % | 28.77% | 27.87% | 28.02% | 22.19% | 28.72% | 30.45% | 32.01% | 31.3% | 29.04% | 23.83% | 26.04% | 24.02% | 24.22% | 24.9% | 24.1% | 23.34% | 28.93% | 27.64% | 19.35% | 20.37% | 25.01% | 22.89% | 23.79% | 19.81% | 21.53% | 22.6% | 22.57% | 21.79% | 21.65% | 21.8% |
| Gross Profit Growth % | - | -3.03% | 33.81% | -15.74% | 3.47% | -4.87% | 17.38% | 26.11% | 32.13% | -2.98% | 2.07% | -5.71% | -4.87% | 21.2% | 11.89% | -38.78% | 20.14% | 24.14% | 32.51% | 6.83% | 25.48% | -6.67% | 49.73% | -3.88% | -1.21% | -0.02% | 1.19% | -4.07% | 32.56% | - |
| Operating Expenses | 103.97M | 88.11M | 106.46M | 100.22M | 98M | 88.94M | 87.91M | 76.56M | 60.51M | 57.93M | 53.98M | 70.22M | 56.13M | 54.54M | 45.63M | 44.62M | 67.22M | 50.72M | 59.08M | 46.54M | 35.14M | 29.3M | 24.82M | 20M | 18.6M | 18.17M | 18.36M | 16.82M | 15.39M | 11.67M |
| OpEx % of Revenue | - | 15.69% | 18.49% | 18.45% | 19.67% | 19.58% | 19.36% | 19.35% | 17.89% | 18.57% | 18.35% | 22.47% | 17.08% | 16.23% | 15.93% | 16.87% | 19.3% | 16.71% | 16.92% | 18.59% | 18.41% | 17.63% | 14.49% | 14.56% | 14.14% | 14.33% | 14.45% | 12.93% | 11.28% | 11.42% |
| Selling, General & Admin | 104.06M | 88.11M | 89.37M | 100.33M | 92.51M | 84.16M | 87.91M | 73.64M | 60.51M | 57.93M | 53.98M | 70.22M | 57.38M | 54.54M | 45.63M | 44.86M | 67.27M | 56.05M | 56.89M | 43.48M | 35.14M | 29.3M | 24.82M | 20M | 18.6M | 18.17M | 18.36M | 16.05M | 14.98M | 11.32M |
| SG&A % of Revenue | - | 15.69% | 15.52% | 18.47% | 18.56% | 18.53% | 19.36% | 18.61% | 17.89% | 18.57% | 18.35% | 22.47% | 17.45% | 16.23% | 15.93% | 16.97% | 19.31% | 18.47% | 16.29% | 17.37% | 18.41% | 17.63% | 14.49% | 14.55% | 14.14% | 14.33% | 14.45% | 12.34% | 10.98% | 11.07% |
| Research & Development | 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 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -95K | 0 | 17.09M | -109K | 5.49M | 4.78M | 108K | 2.92M | 69K | 361K | 112K | 0 | 4K | 54K | 46K | 0 | -47K | -5.33M | 2.19M | 3.06M | 0 | 0 | 0 | 4.36K | 0 | 0 | 0 | 767.64K | 416.05K | 353.7K |
| Operating Income | 74.11M | 68.34M | 54.87M | 20.35M | 45.1M | 49.35M | 57.58M | 33.62M | 37.77M | 16.77M | 22.75M | 7.03M | 23.62M | 29.19M | 23.46M | 17.09M | 33.57M | 33.17M | 7.43M | 4.46M | 12.59M | 8.74M | 15.94M | 7.23M | 9.72M | 10.5M | 10.31M | 11.52M | 14.15M | 10.61M |
| Operating Margin % | 11.98% | 12.17% | 9.53% | 3.75% | 9.05% | 10.87% | 12.68% | 8.5% | 11.17% | 5.37% | 7.73% | 2.25% | 7.19% | 8.69% | 8.19% | 6.46% | 9.64% | 10.93% | 2.13% | 1.78% | 6.6% | 5.26% | 9.31% | 5.26% | 7.39% | 8.28% | 8.12% | 8.86% | 10.37% | 10.38% |
| Operating Income Growth % | - | 24.55% | 169.65% | -54.87% | -8.63% | -14.28% | 71.27% | -11% | 125.31% | -26.3% | 223.8% | -70.26% | -19.09% | 24.45% | 37.27% | -49.09% | 1.19% | 346.58% | 66.65% | -64.6% | 43.99% | -45.15% | 120.62% | -25.66% | -7.4% | 1.8% | -10.48% | -18.57% | 33.31% | - |
| EBITDA | 82.37M | 75.68M | 62.18M | 24.9M | 51.6M | 55.55M | 63.27M | 38.43M | 41.39M | 20.45M | 26.51M | 10.75M | 27.25M | 33.65M | 26.59M | 20.59M | 39.38M | 38.95M | 10.52M | 9.91M | 13.79M | 10M | 17M | 8.18M | 10.65M | 11.53M | 11.65M | 12.29M | 14.56M | 10.96M |
| EBITDA Margin % | 13.31% | 13.48% | 10.8% | 4.58% | 10.36% | 12.23% | 13.93% | 9.71% | 12.24% | 6.55% | 9.01% | 3.44% | 8.29% | 10.01% | 9.28% | 7.79% | 11.31% | 12.83% | 3.01% | 3.96% | 7.22% | 6.02% | 9.93% | 5.96% | 8.09% | 9.09% | 9.17% | 9.45% | 10.67% | 10.73% |
| EBITDA Growth % | 16.81% | 21.72% | 149.74% | -51.76% | -7.11% | -12.19% | 64.62% | -7.14% | 102.41% | -22.87% | 146.64% | -60.57% | -19.01% | 26.55% | 29.12% | -47.71% | 1.11% | 270.38% | 6.12% | -28.15% | 37.98% | -41.22% | 107.85% | -23.14% | -7.65% | -1.03% | -5.2% | -15.63% | 32.81% | - |
| D&A (Non-Cash Add-back) | 8.26M | 7.33M | 7.3M | 4.55M | 6.51M | 6.2M | 5.69M | 4.82M | 3.61M | 3.68M | 3.76M | 3.72M | 3.63M | 4.46M | 3.13M | 3.51M | 5.82M | 5.78M | 3.09M | 5.45M | 1.2M | 1.25M | 1.06M | 955.08K | 925.04K | 1.03M | 1.34M | 767.64K | 416.05K | 353.7K |
| EBIT | 108.64M | 68.34M | 54.87M | 20.35M | 45.1M | 49.35M | 57.47M | 47.3M | 37.7M | 16.4M | 22.64M | 6.8M | 23.47M | 41.33M | 31.79M | 18.3M | 32.31M | 35.42M | 5.71M | 7.76M | 12.59M | 8.75M | 15.94M | 7.22M | 9.72M | 10.5M | 10.31M | 11.52M | 14.15M | 10.96M |
| Net Interest Income | 37.73M | 6.11M | 6.21M | 7.37M | 5.35M | 4.19M | 1.14M | 1.34M | 4.38M | 2.26M | 1.19M | 2.43M | 1.38M | 1.74M | 2.26M | 3.02M | 1.26M | 57K | 1.19M | 2.05M | 2.95M | 1.51M | 1.12M | 876.58K | -1.02M | 1.72M | 1.47M | 0 | -2.5M | 0 |
| Interest Income | 40.27M | 6.9M | 8.14M | 8.89M | 5.48M | 4.29M | 1.26M | 1.45M | 2.26M | 13.97M | 2.11M | 3.36M | 1.75M | 13.01M | 8.72M | 1.48M | 5.54M | 835K | 2.02M | 2.63M | 3.22M | 1.65M | 1.9M | 1.55M | 0 | 1.72M | 1.47M | 0 | 416.05K | 0 |
| Interest Expense | 2.55M | 790.68K | 1.93M | 1.52M | 135K | 92K | 119.22K | 110.86K | 7.21M | 3.77M | 6.57M | 978K | 1.38M | 876K | 410K | 313K | 1.3M | 778K | 843K | 929.25K | 269.6K | 142.6K | 776.87K | 675.97K | 1.02M | 0 | 0 | 0 | 2.91M | 0 |
| Other Income/Expense | 42.45M | 38.85M | 37.81M | 18.84M | 8.88M | 8.46M | 10.1M | 31.63M | -4.96M | 14.17M | -6.57M | 2.38M | 2.42M | 12.13M | 8.31M | 1.17M | -1.32M | 1.47M | -8M | 2.27M | 23.11M | 2.53M | 1.16M | 4.44M | -213.47K | 1.72M | 1.49M | 506.23K | -2.5M | -353.7K |
| Pretax Income | 116.56M | 107.19M | 92.68M | 39.19M | 53.97M | 57.82M | 67.67M | 65.25M | 32.82M | 26.96M | 16.18M | 9.41M | 26.04M | 41.33M | 31.76M | 18.25M | 37.81M | 34.64M | 1.72M | 6.79M | 35.7M | 11.28M | 17.1M | 11.67M | 9.51M | 12.22M | 11.8M | 12.02M | 11.65M | 10.26M |
| Pretax Margin % | 18.83% | 19.09% | 16.1% | 7.21% | 10.83% | 12.73% | 14.9% | 16.49% | 9.7% | 8.64% | 5.5% | 3.01% | 7.92% | 12.3% | 11.09% | 6.9% | 10.85% | 11.42% | 0.49% | 2.71% | 18.7% | 6.79% | 9.98% | 8.49% | 7.23% | 9.63% | 9.29% | 9.25% | 8.54% | 10.03% |
| Income Tax | 26.04M | 24.05M | 22.37M | 7.54M | 12.41M | 12.72M | 15.46M | 13.73M | 7.85M | 5.91M | 5.33M | 2.57M | 7.19M | 9.52M | 7.76M | 3.91M | 8.48M | 5.04M | 1.45M | 2.52M | 5.36M | 3.56M | 5.9M | 2.89M | 2.3M | 3.99M | 4.02M | 4.26M | 4.16M | 3.54M |
| Effective Tax Rate % | 22.34% | 22.43% | 24.13% | 19.23% | 22.99% | 22% | 22.85% | 21.05% | 23.92% | 21.92% | 32.93% | 27.27% | 27.6% | 23.03% | 24.42% | 21.4% | 22.44% | 14.56% | 84.49% | 37.16% | 15.02% | 31.57% | 34.48% | 24.75% | 24.2% | 32.66% | 34.08% | 35.4% | 35.71% | 34.48% |
| Net Income | 90.51M | 83.14M | 70.31M | 31.66M | 41.56M | 45.1M | 52.21M | 51.51M | 24.97M | 21.05M | 10.85M | 6.84M | 18.85M | 31.81M | 24.01M | 18.31M | 28.18M | 30.44M | -786K | 1.97M | 28.53M | 7.72M | 11.2M | 8.77M | 7.21M | 8.23M | 7.78M | 7.77M | 7.49M | 6.72M |
| Net Margin % | 14.63% | 14.81% | 12.21% | 5.83% | 8.34% | 9.93% | 11.5% | 13.02% | 7.38% | 6.75% | 3.69% | 2.19% | 5.74% | 9.47% | 8.38% | 6.93% | 8.09% | 10.03% | -0.23% | 0.79% | 14.95% | 4.64% | 6.54% | 6.39% | 5.48% | 6.49% | 6.13% | 5.97% | 5.49% | 6.57% |
| Net Income Growth % | 27.01% | 18.24% | 122.12% | -23.84% | -7.84% | -13.61% | 1.36% | 106.32% | 18.59% | 94% | 58.56% | -63.7% | -40.73% | 32.5% | 31.1% | -35.01% | -7.42% | 3972.26% | -139.89% | -93.09% | 269.63% | -31.11% | 27.69% | 21.77% | -12.41% | 5.72% | 0.19% | 3.72% | 11.44% | - |
| Net Income (Continuing) | 90.51M | 83.14M | 70.31M | 31.66M | 41.56M | 45.1M | 52.21M | 51.51M | 24.97M | 25.02M | 10.85M | 6.84M | 18.85M | 31.81M | 24.01M | 14.35M | 25.26M | 29.6M | 3.76M | 4.64M | 28.53M | 7.72M | 11.2M | 8.77M | 7.21M | 8.23M | 7.78M | 7.77M | 7.49M | 7.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -210K | -1.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.52M | 3.54M | 13.35M | 18.66M | 14.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.51 | 5.96 | 5.07 | 2.28 | 3.00 | 3.25 | 3.89 | 3.90 | 1.89 | 1.89 | 0.82 | 0.52 | 1.45 | 2.45 | 1.85 | 1.35 | 2.18 | 2.96 | -0.08 | 0.23 | 3.12 | 0.90 | 1.30 | 1.02 | 0.84 | 0.97 | 0.91 | 0.91 | 0.89 | 0.99 |
| EPS Growth % | 25.39% | 17.55% | 122.37% | -24% | -7.69% | -16.45% | -0.26% | 106.35% | 0% | 130.49% | 57.69% | -64.14% | -40.82% | 32.43% | 37.04% | -38.07% | -26.35% | 3969.28% | -133.26% | -92.63% | 246.67% | -30.77% | 27.45% | 21.43% | -13.4% | 6.59% | 0% | 2.25% | -10.1% | - |
| EPS (Basic) | - | 5.99 | 5.07 | 2.28 | 3.00 | 3.25 | 3.89 | 3.90 | 1.89 | 1.89 | 0.82 | 0.52 | 1.45 | 2.45 | 1.85 | 1.35 | 2.18 | 2.96 | -0.08 | 0.23 | 3.17 | 0.90 | 1.30 | 1.02 | 0.84 | 0.97 | 0.91 | 0.93 | 0.92 | 1.03 |
| Diluted Shares Outstanding | 13.91M | 13.91M | 13.87M | 13.87M | 13.87M | 13.87M | 13.43M | 13.22M | 13.24M | 13.24M | 13.24M | 13.11M | 12.97M | 12.97M | 12.98M | 13.57M | 12.88M | 10.27M | 10.27M | 10.27M | 9.03M | 8.62M | 8.6M | 8.55M | 8.55M | 8.55M | 8.56M | 8.55M | 8.37M | 7.5M |
| Basic Shares Outstanding | 13.91M | 13.91M | 13.87M | 13.87M | 13.87M | 13.87M | 13.43M | 13.22M | 13.24M | 13.24M | 13.11M | 13.09M | 12.97M | 12.97M | 12.98M | 13.57M | 12.88M | 10.27M | 10.27M | 10.27M | 9.03M | 8.62M | 8.6M | 8.55M | 8.55M | 8.55M | 8.56M | 8.29M | 8.18M | 7.24M |
| Dividend Payout Ratio | - | 55.2% | 14.2% | 126.18% | 132.1% | 132.98% | - | - | - | - | 177.38% | - | - | - | - | - | - | - | - | - | 16.61% | - | - | - | - | - | - | - | - | - |
Geopolitical and currency volatility
According to recent quarterly filings, WILC's revenue growth has fluctuated significantly, ranging from a 10.1% contraction in 2024Q1 to a 23.3% expansion in 2024Q3, suggesting that the company's top-line performance is highly sensitive to seasonal demand cycles and the timing of import-related logistics.
The inconsistent revenue trajectory appears to reflect the company's reliance on a fragmented portfolio of niche international suppliers, which may be susceptible to supply chain disruptions. Investors should monitor whether the recent 8.3% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous logistical bottlenecks.
As reported in financial statements, WILC has maintained gross margins averaging approximately 28% over the last ten quarters, demonstrating a degree of pricing power despite the inflationary pressures and maritime logistics challenges inherent in the Israeli food distribution market.
The ability to sustain these margins suggests that the company's specialized regulatory and Kosher compliance infrastructure acts as a meaningful barrier to entry. However, the margin compression observed in 2024Q1 warrants further investigation into whether rising freight costs are beginning to erode the company's competitive pricing advantage.
Based on the company's reported figures, net income has frequently diverged from operating income, with net margins reaching as high as 19.9% in 2025Q2, largely due to the significant interest income generated by the company's substantial cash reserves rather than core distribution performance.
Analysts should be cautious when evaluating profitability, as the interest earned on the $123.5 million cash balance may be artificially inflating bottom-line results. Stripping out this non-operating income is essential to determine the true underlying health and efficiency of the food distribution business.
Data from recent income statements indicates that WILC has maintained a lean cost structure, with SG&A expenses often representing a relatively stable portion of revenue, which has allowed operating margins to scale effectively during periods of higher volume.
The company's ability to keep R&D costs at zero highlights its focus on distribution rather than product innovation, which is appropriate for its business model. However, management must remain vigilant, as domestic labor inflation and rising energy costs for cold storage could threaten this lean operating profile.
While the company's balance sheet is undeniably strong with a 0.01% debt-to-equity ratio, the persistent accumulation of cash without clear deployment strategies suggests that the market may be correct in applying a conglomerate discount to the stock's valuation.
The lack of transformative M&A or aggressive capital returns to shareholders may indicate a passive management approach that prioritizes control over equity maximization. Investors should monitor whether this liquidity remains a dormant asset or if management eventually identifies a strategic use for these funds to drive future growth.
Quick answers to the most common questions about buying WILC stock.
For fiscal year 2025, G. Willi-Food International Ltd. (WILC) reported total revenue of $561.4M. This represents a 449.2% increase compared to $102.2M in 1997.
G. Willi-Food International Ltd. (WILC) is profitable, generating $83.1M in net income for the fiscal year ending 2025 with a net profit margin of 14.8%.
G. Willi-Food International Ltd. (WILC) reported an operating income of $68.3M, resulting in an operating profit margin of 12.2%. This margin reflects the operational efficiency of the business before interest and taxes.
G. Willi-Food International Ltd. (WILC) generated $156.5M in gross profit for the year, representing a gross profit margin of 27.9%. This demonstrates the company's core pricing power and production efficiency.