MeritValue

DarioHealth Corp.

DRIOdata completeness 100%14 fiscal years on file
The thesis, from the filings

DarioHealth Corp. earns about -76% on invested capital, and has bought back 76% 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$20.5M1$27.7M2$20.4M3$27M4$22.4M4
Net income−$76.8M5−$62.2M6−$59.4M7−$42.7M8−$41.7M8
Operating cash flow−$50.4M9−$47.8M10−$30.4M11−$38.6M12−$25.9M12
Capital expenditure$261,00013$442,00014$584,00015$138,00016$142,00016
Free cash flow (derived)−$50.7M9−$48.3M10−$31M11−$38.7M12−$26.1M12
Total debt$017$35.8M18$28.5M19$28.9M20$30.7M20
Cash & equivalents$35.8M21$49.4M22$36.8M23$27.8M24$21.8M24
Diluted shares16.6M23.6M28.4M2.5M4.0M

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
$170.53
your share of equity
Profit it earned you last year
−$104.73
Free cash flow it threw off
−$65.49
Debt you’d be carrying
$77.2

10 shares is a claim on $170.53 of net worth that earned you −$104.73 and generated −$65.49 of cash last year, against $77.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-76% avg · 5y
FY21 -122%FY22 -72%FY23 -94%FY24 -48%FY25 -43%

It earned an average -76% 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
−76% shares · 5y

Share count is down 76% 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
$62.31
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-003240 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004151 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002527 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-031621 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003240 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004151 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002527 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-031621 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003240 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004151 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002527 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-031621 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003240 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004151 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002527 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-031621 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-003240 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-004151 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-002527 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-031621 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001558370-23-003240 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001558370-24-004151 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001558370-25-002527 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001104659-26-031621 (CashAndCashEquivalentsAtCarryingValue)