MeritValue

Brenmiller Energy Ltd.

BNRGdata completeness 100%6 fiscal years on file

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

The thesis, from the filings

Brenmiller Energy Ltd. earns about -253% on equity, and has bought back 66% 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$395,0001$1.52M2$621,0003—$387,0003
Net income−$11M4−$11.1M5−$9.65M6−$6.77M6−$13.9M6
Operating cash flow−$8.5M7−$11.7M8−$6.92M9−$9.51M9−$10.4M9
Capital expenditure$47,00010$39,00011$33,00012$37,00012$13,00012
Free cash flow (derived)−$8.55M7−$11.7M8−$6.96M9−$9.54M9−$10.4M9
Total debt——$5.31M13—$5.17M14
Cash & equivalents$8.28M15$6.51M16$3.18M17$4.1M17$4.91M17
Diluted shares1.2M1.5M55,774149,585408,792

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
$85.47
your share of equity
Profit it earned you last year
−$340.15
Free cash flow it threw off
−$254.7
Debt you’d be carrying
$126.42

10 shares is a claim on $85.47 of net worth that earned you −$340.15 and generated −$254.7 of cash last year, against $126.42 of debt.

iii. Is this a good business?
Moat signal · return on equity
-253% avg · 5y
FY21 -143%FY22 -239%FY23 -335%FY24 -151%FY25 -398%

It earned an average -253% 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
−66% shares · 5y

Share count is down 66% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 0001213900-24-023515 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-020178 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-034046 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-023515 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-020178 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-034046 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-023515 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-020178 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-034046 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-023515 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-020178 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-034046 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001213900-24-023515 (LongTermDebt)
  14. 20-F · period ending 2025-12-31 · accession 0001213900-26-034046 (LongTermDebt)
  15. 20-F · period ending 2021-12-31 · accession 0001213900-24-023515 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2022-12-31 · accession 0001213900-25-020178 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-12-31 · accession 0001213900-26-034046 (CashAndCashEquivalentsAtCarryingValue)