WILC
G. Willi-Food International Ltd.G. Willi-Food International Ltd. develops, imports, exports, markets, and distributes food products worldwide. It offers mushrooms, artichoke, beans, asparagus, capers, corn kernels, baby corn, palm hearts, vine leaves, sour pickles, mixed pickled vegetables, pickled peppers, olives, garlic, roasted eggplant sun, and dried tomatoes; and canned fish comprising tuna, sardine, anchovies, smoked and pressed cod liver, herring, fish paste, and salmon products. The company also provides pineapples, pe
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q3 | 170.0 | 30.6 | -- | 22.1 | -- | 25.5 | -7.7 | 307.3 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 172.0 | 29.2 | -- | 20.6 | -- | 0.0 | -8.6 | 281.8 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 160.0 | 28.8 | -- | 20.0 | -- | -4.8 | -8.0 | 281.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 150.0 | 3.0 | -- | 15.0 | -- | 12.0 | -7.5 | 286.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 162.0 | 27.5 | -- | 20.3 | -- | 22.7 | -8.1 | 274.6 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 165.0 | 26.4 | -- | 18.2 | -- | -3.3 | -9.9 | 252.0 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 155.0 | 27.1 | -- | 18.6 | -- | -7.8 | -10.1 | 255.3 | -- | -- | -- | -- | -- |
| Est | 2025-Q4 | 155.0 | 0.8 | -- | 18.6 | -- | 15.5 | -12.4 | 263.0 | -- | -- | -- | -- | -- |
| Act | 2025-Q4 | 148.6 | 17.3 | 15.2 | 19.4 | 20.8 | 15.2 | -5.4 | 247.5 | 4.9 | 13.9 | 7.9% | 37.0x | 4.4x |
| Act | 2025-Q3 | 152.9 | 27.3 | 18.3 | 19.2 | 36.2 | 26.6 | -9.5 | 68.2 | 1.6 | 13.9 | 146.9% | 126.3x | 7.4x |
| Act | 2025-Q2 | 160.5 | 44.0 | 20.6 | 31.9 | 2.2 | -6.7 | -8.7 | 213.9 | 4.3 | 14.3 | 11.0% | 30.0x | 4.1x |
| Act | 2025-Q1 | 144.8 | 27.3 | 20.0 | 19.5 | 0.3 | -11.2 | -11.3 | 234.0 | 4.7 | 14.0 | 12.4% | 85.3x | 6.3x |
| Act | 2024-Q4 | 140.3 | -6.8 | 16.0 | 24.2 | 26.9 | 11.6 | -15.1 | 246.1 | 4.7 | 13.9 | 8.7% | -9.1x | 2.9x |
| Act | 2024-Q3 | 152.8 | 29.9 | 17.6 | 20.8 | 31.1 | 19.0 | -11.9 | 225.7 | 4.8 | 13.9 | 10.1% | 95.3x | 2.0x |
| Act | 2024-Q2 | 146.7 | 14.6 | 9.6 | 6.9 | -18.7 | -33.9 | -15.0 | 199.6 | 3.2 | 13.9 | 5.6% | 9.4x | 4.7x |
| Act | 2024-Q1 | 136.0 | 25.8 | 11.6 | 18.6 | 3.8 | -3.1 | -6.7 | 66.7 | 0.9 | 13.9 | 99.7% | 31.4x | 9.1x |
| Act | 2023-Q4 | 138.7 | -4.4 | 5.9 | 11.0 | 25.3 | 18.2 | -7.0 | 66.6 | 0.6 | 13.9 | 49.5% | -1.0x | 10.5x |
| Act | 2023-Q3 | 123.9 | 8.1 | 0.5 | 4.9 | 24.7 | 17.0 | -7.6 | 58.1 | 0.8 | 13.9 | 6.5% | 44.7x | 9.0x |
| Act | 2023-Q2 | 129.2 | 8.4 | 1.0 | 4.9 | 4.7 | 2.4 | -2.2 | 57.1 | 1.0 | 13.9 | 9.9% | 23.3x | 9.3x |
| Act | 2023-Q1 | 151.4 | 19.3 | 13.0 | 10.9 | -21.0 | -28.0 | -6.8 | 65.8 | 1.0 | 13.9 | 142.4% | 4.7x | 7.4x |
| Act | 2022-Q4 | 133.2 | 11.0 | 11.6 | 13.1 | 4.6 | -4.1 | -8.5 | 75.8 | 1.0 | 13.9 | 79.7% | 5.9x | 6.8x |
| Act | 2022-Q3 | 123.9 | 13.8 | 9.5 | 7.6 | 12.9 | 11.3 | -1.5 | 82.2 | 1.1 | 13.9 | 80.9% | 5.3x | -- |
| Act | 2022-Q2 | 123.2 | 20.8 | 14.5 | 7.2 | -5.7 | -6.9 | -1.1 | 87.2 | 1.1 | 13.9 | 110.8% | 2.1x | -- |
| Act | 2022-Q1 | 118.1 | 17.3 | 9.5 | 13.6 | 2.3 | -0.2 | -2.3 | 108.5 | 1.2 | 13.9 | 53.1% | 95.3x | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 11.49 | — | 12.6% | 63 | 1.6× | 787.2× | 4.3× | 0.4× |
| 2023 | 9.49 | +9.0% | 5.8% | 31 | 2.4× | 7.9× | 4.5× | 0.3× |
| 2024 | 15.43 | +6.0% | 11.0% | 64 | — | — | 2.1× | 0.3× |
| 2025 | 28.78 | +5.4% | 19.1% | 116 | 0.2× | 1.1× | 3.0× | 0.4× |
| TTM | — | +5.4% | 19.1% | 116 | — | — | — | — |
| 2026E | — | +4.2% | 0.1% | 1 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
G. Willi-Food is a well-run Israeli food importer/distributor with a fortress balance sheet, strong kosher niche positioning, and improving operational performance. However, the stock appears overvalued at current levels (~56x P/FCF), with a significant portion of reported earnings driven by volatile financial asset revaluations rather than core food operations. Heavy insider selling by the Chairman and CEO totaling $40M+ in January 2026 is a major red flag that insiders view the stock as fully valued. Legal risks from class actions (NIS 478M claimed) and competition authority sanctions add meaningful tail risk. The new logistics center provides a genuine growth catalyst, but the stock price already reflects a best-case scenario. Core operating FCF margins of ~6-8% on a food distribution business don't justify the current premium multiple, even accounting for the substantial cash hoard.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
Forward Outlook & Risk
Short Interest
Forward Projections & Estimates
Employees
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 2.5% of float, sold 1.4%.
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RENAISSANCE TECHNOLOGIES LLC | $10.3M | $15.26 | −$255K | −$1.0M | +1.2% | $63.91B |
| Y.D. More Investments Ltd | $1.8M | $24.19 | +$1.7M | +$1.7M | +2.9% | $2.52B |
| NORTHERN TRUST CORPPassive | $557K | $15.46 | −$7K | −$197K | -0.2% | $755.34B |
| Tidal Investments LLC | $344K | $27.19 | +$152K | +$344K | -0.2% | $32.04B |
| JPMORGAN CHASE & CO | $318K | $21.57 | −$15K | +$312K | -0.2% | $1.47T |
| BANK OF MONTREAL /CAN/ | $253K | $11.53 | +$0 | +$0 | -0.1% | $234.58B |
| CITADEL ADVISORS LLC | $239K | $25.20 | +$22K | +$239K | -0.4% | $138.22B |
| Noked Israel Ltd | $198K | $28.78 | +$0 | +$198K | +2.2% | $677M |
| IFP Advisors, Inc | $86K | $15.43 | +$0 | +$0 | -0.0% | $4.82B |
| ACADIAN ASSET MANAGEMENT LLC | $48K | $14.33 | +$0 | −$38K | -0.5% | $70.48B |
| ADVISOR GROUP HOLDINGS, INC. | $30K | $14.79 | −$5K | −$13K | -0.3% | $67.63B |
| Bernard Wealth Management Corp. | $25K | $15.43 | +$0 | +$0 | +0.4% | $234M |
| UBS Group AG | $5K | $24.03 | −$576K | −$41K | -0.3% | $562.11B |
| Annis Gardner Whiting Capital Advisors, LLC | $5K | $25.20 | +$5K | +$5K | -0.7% | $624M |
| SBI Securities Co., Ltd. | $0 | $15.43 | +$0 | −$0 | +0.9% | $3.62B |
| WELLS FARGO & COMPANY/MN | $0 | $12.88 | −$12K | +$0 | -0.2% | $497.71B |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
New buyers this quarter
Top-5 holders · 93.7%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2007 Q3 | 1.4B | 7M | 4M | $0.40 | $0.32 – $0.48 | 7 |
| 2008 Q1 | 80M | 8M | 77M | $0.47 | $0.36 – $0.54 | 20 |
| 2008 Q2 | 559M | -5M | -14M | $0.95 | $0.75 – $1.14 | 19 |
| 2010 Q3 | 324M | 45M | 29M | $0.69 | $0.55 – $0.84 | 15 |
| 2011 Q1 | 376M | 43M | 28M | $0.94 | $0.76 – $1.11 | 19 |
| 2013 Q3 | 231M | 35M | 24M | $0.32 | $0.28 – $0.39 | 8 |
| 2014 Q1 | 454M | 48M | 31M | $0.97 | $0.76 – $1.18 | 17 |
| 2014 Q2 | 352M | 30M | 18M | $0.55 | $0.44 – $0.65 | 14 |
| 2014 Q3 | 302M | 46M | 31M | $0.44 | $0.37 – $0.51 | 15 |
| 2025 Q3 | 153M | 16M | 0M | $0.00 | $0.00 – $0.00 | 0 |
Corporate
Order Flow (FINRA, ~3w lag)
Filing Risk Analysis
Filing Risk Scores
G WILLI-FOOD: A Market-Driven Investment Fund Disguised as a Food Distributor
Counter-Thesis
Counter-Thesis & Recent News
G. Willi-Food reported record high annual sales and net profit for FY 2024, with net profit surging 121.8% year-over-year. This momentum continued into 2025; for the first nine months ending September 30, 2025, net profit increased by 52.9% to NIS 70.6 million (US$ 21.3 million). Despite regional instability, management highlighted improved product availability and a shift toward a more profitable product mix as key drivers of margin expansion (gross profit reached 28.7% in 2025).
The bear thesis centers on significant insider selling and geopolitical risk. In January 2026, both the Chairman (Zwi Williger) and CEO (Joseph Williger) executed large share sales totaling over $40 million, which bears interpret as a signal that the stock has peaked. Additionally, the company's reliance on the Israeli market exposes it to currency fluctuations and supply chain disruptions, such as the Suez Canal shipping restrictions noted in 2024/2025.
Heavy insider liquidation in Q1 2026 is the primary red flag, with Chairman Zwi Williger selling over 1 million shares in a single day. Some analysts also point to the fact that the dividend (approx. 3.03% - 3.64% yield) has not always been consistently covered by free cash flow, and the stock is currently trading near its 200-day moving average ($24.70), suggesting potential technical resistance.
Willi-Food faces intense competition from large Israeli retail chains that are aggressively expanding their own private-label offerings. Furthermore, global food giants and other local importers (like Diplomat or Leiman Schlussel) compete for limited shelf space. The 'Iron Sword' war also created temporary supply gaps that competitors could exploit if Willi-Food’s logistics center development faced further delays.
Sentiment remains positive among retail partners, evidenced by a 6.5% increase in Q1 2025 sales attributed to better product availability and high demand for their kosher portfolio. The company serves over 1,500 customers, including major supermarket chains. The upcoming opening of a new refrigerated logistics center in late Q1 2026 is expected to boost sentiment further by allowing expansion into high-demand chilled and frozen food categories.