MeritValue

Freightos Ltd

CRGOdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Freightos Ltd earns about -79% on invested capital, but has diluted owners by 723% 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$11.1M1$19.1M2$20.3M3$23.8M3$29.5M3
Net income−$16.4M4−$24.7M5−$65.5M6−$22.5M6−$17.5M6
Operating cash flow−$17.3M7−$14.9M8−$27.1M9−$12.1M9−$8.87M9
Capital expenditure$181,00010$251,00011$80,00012$48,00012$135,00012
Free cash flow (derived)−$17.5M7−$15.2M8−$27.2M9−$12.1M9−$9M9
Total debt—$2.51M13———
Cash & equivalents$25.1M14$6.49M15$20.2M15$10.1M15$13.3M15
Diluted shares6.2M36.1M47.9M49.7M51.4M

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
$8.35
your share of equity
Profit it earned you last year
−$3.41
Free cash flow it threw off
−$1.75
Debt you’d be carrying
—

10 shares is a claim on $8.35 of net worth that earned you −$3.41 and generated −$1.75 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-79% avg · 5y
FY21 -131%FY22 —FY23 -100%FY24 -39%FY25 -46%

It earned an average -79% 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
+723% shares · 5y

Share count is up 723% over 5 years — owners have been diluted. Worth asking what they got for it. 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 0001410578-24-000252 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000425 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-034941 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-12-31 · accession 0001410578-24-000252 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000425 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-034941 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001410578-24-000252 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000425 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-034941 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001410578-24-000252 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000425 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-034941 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0001410578-24-000252 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001410578-25-000425 (CashAndCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001104659-26-034941 (CashAndCashEquivalents)