Big (BIG) AI Stock Analysis

• Market Cap: ₪19.29B
• Dividend Yield: 1.08%
• Average Volume (3M): 44.65K
• Price to Earnings (P/E): 10.7
• Beta (1Y): 1.22
• Revenue Growth: 12.23%
• EPS Growth: 9.49%
• Country: IL
• Employees: 105
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 2209.40
• Shares Outstanding: 25,060,370
• 10 Day Avg. Volume: 55,568
• 30 Day Avg. Volume: 44,646
• PEG Ratio: 0.55
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 6.60
• P/FCF Ratio: 23.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: 86,764.00 ▲(13.43% Upside)
• Action: Downgraded Date: 03/19/26
• Date: Action: Downgraded 03/19/26

The score is driven primarily by strong recent profitability and improving free cash flow, tempered by meaningful balance-sheet leverage and weak operating cash flow conversion. Valuation is supportive due to a low P/E, while technical signals are neutral-to-mixed with no strong momentum confirmation.

Positive Factors

Expanding net margins

Net margin expansion from 36.8% to 61.5% over 2023–2025 signals durable pricing power and operating leverage. Sustained high margins improve cash generation capacity, fund reinvestment or deleveraging, and provide resilience across business cycles.

Rising free cash flow and quality of earnings

Material FCF growth to ~794M and FCF nearly matching net income (~93% in 2025) indicates improving cash realization of profits. That strengthens the firm's ability to service debt, invest in the business, and sustain distributions without relying on external financing.

Growing equity base

Equity growth from ~4.0B to ~13.4B enhances the capital buffer and lowers relative leverage over time. A larger equity base improves loss-absorption capacity, supports borrowing flexibility, and provides a firmer foundation for long-term strategic actions.

Negative Factors

Elevated leverage and large absolute debt

High debt-to-equity (~1.9–2.0) and ~25.4B total debt leave the company exposed to higher interest costs and reduce financial flexibility. In a downturn or rising-rate environment, servicing debt could constrain investment, distributions, or require asset sales.

Low operating cash flow coverage of earnings

Operating cash flow covers only a small fraction of reported earnings, suggesting profit quality issues or working-capital drags. If earnings do not reliably convert to cash, the company may struggle to fund recurring obligations and reduce leverage without external financing.

Uneven revenue growth and cyclicality

Volatile revenue growth with a prior loss year indicates sensitivity to cycle or execution risk. Revenue inconsistency makes forecasting tougher, can pressure margins during downturns, and amplifies the impact of the company's elevated leverage on financial stability.

Big Business Overview & Revenue Model

Company Description

BIG Shopping Centers Ltd invests in, develops, operates, and manages shopping centers and malls primarily in Israel, the United States, and Serbia. The company also develops logistics, offices, energy, and residential projects. It owns and manages 26 shopping centers and malls in Israel, 25 shopping centers in the United States, and 11 shopping centers in Serbia, as well as 3 logistics centers in France. The company was founded in 1994 and is headquartered in Herzliya, Israel.

Big Financial Statement Overview

Summary

Strong profitability with expanding net margins (36.8% in 2023 to 61.5% in 2025) and improving free cash flow (~447M in 2023 to ~794M in 2025). Offsetting this are elevated leverage (debt-to-equity ~1.9–2.0; total debt ~25.4B in 2025) and weak operating cash flow conversion versus earnings.

Income Statement

Profitability is very strong in recent annual periods, with net margin improving from 36.8% (2023) to 58.2% (2024) and 61.5% (2025), alongside solid gross margin stability (~69% in 2024–2025). Revenue growth is positive but uneven (2025: 3.7% vs. 2024: ~0.1% and 2023: 19.9%), and 2020 showed a loss, highlighting some cyclicality/volatility through the cycle.

Balance Sheet

The balance sheet is asset-heavy with meaningful leverage: debt-to-equity remains elevated around ~1.9–2.0 in 2022–2025 (and peaked higher in 2021). Equity has grown over time (from ~4.0B in 2020 to ~13.4B in 2025), supporting a healthier capital base, but the company still carries substantial total debt (~25.4B in 2025), which can constrain flexibility if operating conditions weaken.

Cash Flow

Cash generation is positive and improving, with free cash flow rising from ~447M (2023) to ~602M (2024) and ~794M (2025), and 2025 free cash flow nearly matching net income (about 93%), which is a quality signal. However, operating cash flow is low relative to the scale of earnings (coverage ~0.13–0.20 across years, 0.15 in 2025), suggesting earnings may not consistently translate into operating cash at the same pace.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.87B	2.51B	2.34B	1.95B	1.81B
Gross Profit	1.99B	1.74B	1.42B	1.18B	1.07B
EBITDA	3.54B	3.02B	1.91B	2.50B	2.07B
Net Income	1.76B	1.46B	860.99M	1.20B	1.05B
Balance Sheet
Total Assets	44.86B	41.06B	36.63B	32.06B	26.90B
Cash, Cash Equivalents and Short-Term Investments	2.79B	2.28B	1.22B	2.17B	1.70B
Total Debt	25.45B	24.30B	21.18B	18.59B	16.06B
Total Liabilities	29.16B	27.66B	24.45B	21.35B	18.33B
Stockholders Equity	13.39B	12.02B	10.95B	9.41B	6.65B
Cash Flow
Free Cash Flow	794.46M	601.76M	447.40M	478.78M	492.75M
Operating Cash Flow	855.88M	806.96M	652.32M	693.84M	604.18M
Investing Cash Flow	-1.03B	-2.97B	-3.42B	-1.90B	-1.18B
Financing Cash Flow	782.75M	3.12B	1.90B	1.56B	1.95B

Big Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 76490.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:BIG, the sentiment is Neutral. The current price of 76490 is below the 20-day moving average (MA) of 77919.00, below the 50-day MA of 78018.80, and above the 200-day MA of 70460.95, indicating a neutral trend. The MACD of -122.14 indicates Positive momentum. The RSI at 47.21 is Neutral, neither overbought nor oversold. The STOCH value of 45.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IL:BIG.

Big Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AMOT	71 Outperform	₪9.97B	15.41	―	5.22%	3.63%	-10.21%
MVNE	69 Neutral	₪10.08B	17.94	―	1.10%	11.13%	110.98%
BIG	68 Neutral	₪19.29B	10.73	―	1.08%	12.23%	9.49%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
MLSR	65 Neutral	₪21.08B	5.49	―	1.89%	15.31%	17.50%
AFPR	65 Neutral	₪9.69B	9.71	―	―	―	―
ALHE	49 Neutral	₪8.10B	-9.84	―	2.42%	6.64%	―