MeritValue

CollPlant Biotechnologies Ltd

CLGNdata completeness 88%9 fiscal years on file

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

The thesis, from the filings

CollPlant Biotechnologies Ltd earns about -78% on equity, with a roughly flat share count. 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$15.6M1$299,0002$11M3$515,0003$2.37M3
Net income$237,0004−$16.9M5−$7.02M6−$16.6M6−$11.5M6
Operating cash flow$2.5M7−$13.7M8−$2.76M9−$14.1M9−$9.42M9
Capital expenditure$1.43M10$1.27M11$954,00012$483,00012$28,00012
Free cash flow (derived)$1.07M7−$15M8−$3.72M9−$14.6M9−$9.45M9
Total debt$249,00013$321,00014———
Cash & equivalents$13.1M15$29.7M15$26.7M16$11.9M17$5.59M17
Diluted shares12.0M11.0M11.4M11.5M12.2M

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
$4.98
your share of equity
Profit it earned you last year
−$9.41
Free cash flow it threw off
−$7.74
Debt you’d be carrying
—

10 shares is a claim on $4.98 of net worth that earned you −$9.41 and generated −$7.74 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-78% avg · 5y
FY21 1%FY22 -52%FY23 -25%FY24 -123%FY25 -189%

It earned an average -78% 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
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 29% over the same window.

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 0001213900-24-030055 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001013762-25-002502 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-034393 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-030055 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001013762-25-002502 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-034393 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-030055 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001013762-25-002502 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-034393 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-030055 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001013762-25-002502 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-034393 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-22-014666 (LongTermDebt)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-23-023849 (ShortTermBorrowings)
  15. 20-F · period ending 2021-12-31 · accession 0001213900-24-030055 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001013762-25-002502 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-12-31 · accession 0001213900-26-034393 (CashAndCashEquivalentsAtCarryingValue)