MeritValue

Alpha Tau Medical Ltd.

DRTSdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

Alpha Tau Medical Ltd. earns about -40% on invested capital, but has diluted owners by 99% 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—————
Net income−$27.3M1−$33.8M2−$29.2M3−$31.8M3−$42.6M3
Operating cash flow−$11.8M4−$23.9M5−$18M6−$19.8M6−$26.7M6
Capital expenditure$2.93M7$904,0008$6.4M9$2.24M9$6.08M9
Free cash flow (derived)−$14.7M4−$24.8M5−$24.4M6−$22M6−$32.8M6
Total debt—————
Cash & equivalents$23.2M10$5.84M11$12.7M12$13.7M13$12.2M13
Diluted shares40.5M63.5M69.4M69.9M80.6M

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
$9.57
your share of equity
Profit it earned you last year
−$5.29
Free cash flow it threw off
−$4.06
Debt you’d be carrying
—

10 shares is a claim on $9.57 of net worth that earned you −$5.29 and generated −$4.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-40% avg · 5y
FY21 —FY22 -27%FY23 -32%FY24 -51%FY25 -52%

It earned an average -40% 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
+99% shares · 5y

Share count is up 99% 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
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 0001213900-24-020767 (NetIncomeLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-023187 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-025174 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-020767 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-023187 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-025174 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-020767 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-023187 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-025174 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-23-018883 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-24-020767 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-25-023187 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2024-12-31 · accession 0001213900-26-025174 (CashAndCashEquivalentsAtCarryingValue)