MeritValue

ACTELIS NETWORKS INC

ASNSdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

ACTELIS NETWORKS INC earns about -569% on equity, and has bought back 29% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.55M1$8.83M2$5.61M3$7.76M4$3.67M4
Net income−$5.25M5−$11M6−$6.29M7−$4.37M8−$8.26M8
Operating cash flow−$2.73M9−$7.77M10−$6.58M11−$6.55M12−$7.69M12
Capital expenditure$54,00013—$9,00014$1,00015$9,00015
Free cash flow (derived)−$2.78M9—−$6.59M11−$6.55M12−$7.7M12
Total debt$758,00016$5.18M17$4.64M18$300,00019$500,00019
Cash & equivalents$693,00020$3.94M21$620,00022$1.97M23$4.06M23
Diluted shares2.0M1.2M2.4M514,6051.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$32.97
your share of equity
Profit it earned you last year
−$56.79
Free cash flow it threw off
−$52.93
Debt you’d be carrying
$3.44

10 shares is a claim on $32.97 of net worth that earned you −$56.79 and generated −$52.93 of cash last year, against $3.44 of debt.

iii. Is this a good business?
Moat signal · return on equity
-569% avg · 5y
FY21 —FY22 -336%FY23 -1620%FY24 -147%FY25 -172%

It earned an average -569% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−29% shares · 5y

Share count is down 29% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 34% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-024106 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-026069 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-001251 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-030942 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-024106 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-026069 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-001251 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-030942 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024106 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-026069 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-001251 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-030942 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-024106 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-001251 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-030942 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-024106 (LongTermDebtCurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-026069 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-001251 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-030942 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001213900-23-024106 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001213900-24-026069 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001013762-25-001251 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001213900-26-030942 (CashAndCashEquivalentsAtCarryingValue)