Hod Assaf Industries

HOD.TA

Steel · Basic Materials

Exchange

Tel Aviv Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Good

Valuation

Mixed

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Winston Score History

The full picture

Hod Assaf Industries is an Israeli company that makes steel products, mainly steel pipes, tubes, and related metal components. It sells these products to construction companies, infrastructure projects, and industrial customers across Israel. The company is one of the significant domestic steel manufacturers in the Israeli market.

Hod Assaf makes money by buying raw steel materials, processing them into finished products, and selling those products to businesses. It operates primarily in Israel, with a market cap of around $0.4 billion, making it a small industrial manufacturer. The company's thin gross margin of about 9% and low operating margin of 2.5% show that steel manufacturing is a tough, commodity-driven business with little pricing power. The main risk the company faces is that steel prices are set globally, so rising raw material costs can quickly squeeze profits if the company cannot pass those costs on to customers.

Score breakdown

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Quality

Profit per sale

Gross Margin

10.1%

Thin — 10.1% gross margin

Profit after running costs

Operating Margin

2.6%

Thin — 2.6% operating margin

Return on the money invested

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-20.5%

Shrinking sales (-20.5% YoY)

Profit growth

EPS YoY

-77.9%

Earnings shrinking (-77.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

601%

Turns 601% of profit into real cash

Spare cash per sale

FCF Margin

1.4%

Thin free cash flow (1.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.30

Conservative — low debt load (0.30)

Covers its interest

Interest Cover

1.57x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.6x

no trend

Growth-priced — P/E 21.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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