MeritValue

Beamr Imaging Ltd.

BMRdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Beamr Imaging Ltd. earns about -86% on invested capital, but has diluted owners by 502% 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$3.3M1$2.86M2$2.91M3$3.06M3$3.09M3
Net income−$952,0004−$1.25M5−$695,0006−$3.35M6−$6.02M6
Operating cash flow$569,0007−$645,0008−$659,0009−$1.89M9−$4.7M9
Capital expenditure$4,00010$2,00011$10,00012$36,00012$27,00012
Free cash flow (derived)$565,0007−$647,0008−$669,0009−$1.92M9−$4.73M9
Total debt$1.36M13$1.56M14$500,00015$250,00015—
Cash & equivalents$1.03M16$693,00017$6.12M17$16.5M18$3.99M18
Diluted shares2.6M2.6M11.4M15.2M15.5M

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
$10.15
your share of equity
Profit it earned you last year
−$3.88
Free cash flow it threw off
−$3.05
Debt you’d be carrying
—

10 shares is a claim on $10.15 of net worth that earned you −$3.88 and generated −$3.05 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-86% avg · 5y
FY21 -90%FY22 -232%FY23 -11%FY24 -54%FY25 -40%

It earned an average -86% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+502% shares · 5y

Share count is up 502% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 82% — 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. 20-F · period ending 2021-12-31 · accession 0001213900-24-019243 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-019728 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-020770 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-019243 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-019728 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-020770 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-019243 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-019728 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-020770 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-019243 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-019728 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-020770 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-032036 (LongTermDebtCurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-23-032036 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-26-020770 (LongTermDebt)
  16. 20-F · period ending 2021-12-31 · accession 0001213900-23-032036 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-24-019243 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-12-31 · accession 0001213900-26-020770 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)