MeritValue

Can-Fite BioPharma Ltd.

CANFdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Can-Fite BioPharma Ltd. earns about -2819% on invested capital, and has bought back 100% 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$853,0001$810,0001$743,0001$674,0002$405,0002
Net income−$12.6M3−$10.2M4−$7.63M5−$7.88M5−$9.83M5
Operating cash flow−$9.86M6−$10.8M7−$8.44M8−$7.64M8−$8.95M8
Capital expenditure$11,0009$9,00010$2,00011$5,00011$2,00011
Free cash flow (derived)−$9.87M6−$10.8M7−$8.44M8−$7.64M8−$8.95M8
Total debt—————
Cash & equivalents$4.39M12$2.98M13$4.28M14$4.83M15$5.53M15
Diluted shares553.1M815.7M426,111725,3091.6M

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
$33.97
your share of equity
Profit it earned you last year
−$59.7
Free cash flow it threw off
−$54.37
Debt you’d be carrying
—

10 shares is a claim on $33.97 of net worth that earned you −$59.7 and generated −$54.37 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2819% avg · 5y
FY21 -98%FY22 -542%FY23 -307%FY24 -1019%FY25 -12131%

It earned an average -2819% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001213900-24-026947 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2024-12-31 · accession 0001213900-26-034447 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-026947 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001213900-25-031298 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-034447 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-026947 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-25-031298 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-034447 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-026947 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-25-031298 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-26-034447 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001213900-23-024298 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-24-026947 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001213900-25-031298 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-26-034447 (CashAndCashEquivalentsAtCarryingValue)