MeritValue

BioLineRx Ltd.

BLRXdata completeness 88%11 fiscal years on file

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

The thesis, from the filings

BioLineRx Ltd. earns about -125% on equity, but has diluted owners by 245% over 5 years — worth asking whether the growth reaches owners. 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$01$02$4.8M3$28.9M3$1.18M3
Net income−$27.1M4−$25M5−$60.6M6−$9.22M6−$2.03M6
Operating cash flow−$23.6M7−$26.2M8−$22.6M9−$43.9M9−$8.07M9
Capital expenditure$97,00010$131,00011$116,00012$53,00012$25,00012
Free cash flow (derived)−$23.7M7−$26.4M8−$22.7M9−$43.9M9−$8.1M9
Total debt—————
Cash & equivalents$13M13$10.6M14$4.26M14$10.4M14$3.25M14
Diluted shares715.2M923.0M1.09B1.20B2.47B

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
$0.07
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
−$0.03
Debt you’d be carrying
—

10 shares is a claim on $0.07 of net worth that earned you −$0.01 and generated −$0.03 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-125% avg · 5y
FY21 -40%FY22 -49%FY23 -458%FY24 -69%FY25 -11%

It earned an average -125% 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
+245% shares · 5y

Share count is up 245% over 5 years — owners have been diluted. Worth asking what they got for it.

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. 20-F · period ending 2021-12-31 · accession 0001178913-24-001075 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-25-001123 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001178913-26-001581 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001178913-24-001075 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-25-001123 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-26-001581 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001178913-24-001075 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001178913-25-001123 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001178913-26-001581 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001178913-24-001075 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001178913-25-001123 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001178913-26-001581 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001178913-25-001123 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001178913-26-001581 (CashAndCashEquivalents)