Payton enters 2026 with an unusually strong balance sheet and a broader US platform, but the operating core is still weaker than the reported bottom line and backlog has not yet confirmed a return to growth.
In 2025 Payton benefited from real supplier-credit support inside working capital, so stronger cash flow is not clean proof that the operating core alone improved.
As of year-end 2025, SI looks more like an investment that creates an option on a US platform than like a profit engine that has already proved itself inside Payton.
Payton's cash pile looks very large at the consolidated level, but real access for TASE shareholders still passes through two filters: the 33.82% minority interest in Payton Planar and a separate dividend decision at each layer.
