MeritValue

Cuentas Inc.

CUENdata completeness 63%16 fiscal years on file
The thesis, from the filings

Cuentas Inc. earns about -114% on equity, but has diluted owners by 177% 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$593,0001$2.99M2$2.35M3$676,0004—
Net income−$10.7M5−$14.5M6−$2.2M7−$3.31M8−$1.57M8
Operating cash flow−$9.33M9−$8.14M10−$4.19M11−$598,00012−$1.37M12
Capital expenditure—$7,00013$11,00014——
Free cash flow (derived)—−$8.14M10−$4.2M11——
Total debt—————
Cash & equivalents$6.61M15$466,00016$205,00017$15,00018$57,00018
Diluted shares1.1M1.2M2.3M2.7M3.0M

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
−$13.3
your share of equity
Profit it earned you last year
−$5.29
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$13.3 of net worth that earned you −$5.29 last year.

iii. Is this a good business?
Moat signal · return on equity
-114% avg · 5y
FY21 -114%FY22 —FY23 —FY24 —FY25 —

It earned an average -114% 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
+177% shares · 5y

Share count is up 177% over 5 years — owners have been diluted. Worth asking what they got for it.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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. 10-K · period ending 2021-12-31 · accession 0001213900-23-025603 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-032958 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-112675 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-046789 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-025603 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-032958 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-112675 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-046789 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-025603 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-032958 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-112675 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-046789 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-032958 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-112675 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-24-032958 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-12-31 · accession 0001213900-24-032958 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001213900-25-112675 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-26-046789 (CashAndCashEquivalentsAtCarryingValue)