The Tel-Aviv Stock Exchange Ltd. — Cyborg Score 7/10

Strong
Financial Data & Stock Exchanges

Strategic Profile

TASE possesses a significant competitive advantage as it is the only stock exchange in Israel, granting it complete market share in the Israeli stock market and making it the central platform for trading stocks, bonds, and other financial instruments in the country. The exchange has pursued a strategy of diversification and technological innovation to secure future growth, with a central component being the introduction of new financial products and services.

Cyborg Score Rationale

Q3 2025 saw revenue rise 35% YoY with adjusted EBITDA rising 76% to a record 54.1% margin, while net profit increased 29% YoY. The company benefits from monopoly status and strong technology infrastructure, though geographic concentration and potential international competition present headwinds.

Top Insights

  • TA-125 gained 7.58% over the past 4 weeks and increased 60.82% over the past 12 months.
  • TASE possesses a significant moat due to its dominant position in the Israeli market, supported by exclusive license to conduct exchange activities and robust technological infrastructure.
  • Q3 2025 revenue reached ILS 147.1 million (up 35% YoY) with total 9M 2025 revenues of ILS 414.2 million (up 28% YoY).
  • TASE must monitor international developments and competition from foreign exchanges seeking to attract Israeli companies for secondary listings.

Named Competitors

  • London Stock Exchange — Major global exchange competing for dual listings
  • Deutsche Börse — European exchange operator
  • Euronext — Pan-European exchange network

Recent Developments

  • (February 2026) Stock reached all-time high of 16,240 ILA
  • (March 2026) Company scheduled to release next earnings report on March 5, 2026
  • (Q3 2025) Revenue surged 35% YoY to ILS 147.1 million with adjusted EBITDA rising 76%

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