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Analyses on TOP Group (3)
- March 23, 2026March 23, 2026
- Follow-up
Top Group: What the Outsourcing Segment Really Earns, and What It Does to Cash Flow
Top Group’s outsourcing segment generates turnover, customer access, and positive contribution before head-office load, but at shareholder level it is a weak and funding-dependent profit engine: in 2025 it delivered 26.8% of revenue but only 5.6% of segment result, while its mai…

- Follow-up
Top Group: What Really Sits Behind the Acquisition Stack and Contingent Consideration
Top Group’s acquisition chain is no longer just a growth layer. It is a pricing and funding model: Composedoc and TerraWorks carried NIS 12.426 million of purchase cost in 2025, of which NIS 6.957 million was contingent consideration, and the same structure continues into 2026 w…

Top Group 2025: The Peak Looks Clean, but 2026 Already Starts With Another Acquisition Layer
Top Group finished 2025 with real improvement in revenue and profitability, but 2026 will test whether the company can turn an acquisition layer, a strong fourth quarter, and cash flow supported by working capital into a stable story of higher-quality growth.































