MeritValue

DUKE Robotics Corp.

DUKRdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

DUKE Robotics Corp. earns about -294% on equity, and has bought back 96% 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$500,0001—$300,0002$108,0003$377,0003
Net income−$888,0004−$1.1M5−$726,0006−$985,0007−$1.24M7
Operating cash flow−$234,0008−$672,0009−$548,00010−$918,00011−$811,00011
Capital expenditure—$35,00012$18,00013$77,00014$205,00014
Free cash flow (derived)—−$707,0009−$566,00010−$995,00011−$1.02M11
Total debt—————
Cash & equivalents$3.56M15$2.85M16$2.28M17$1.26M18$750,00018
Diluted shares49.2M54.3M54.5M2.2M2.2M

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
$0.46
your share of equity
Profit it earned you last year
−$5.67
Free cash flow it threw off
−$4.65
Debt you’d be carrying
—

10 shares is a claim on $0.46 of net worth that earned you −$5.67 and generated −$4.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-294% avg · 5y
FY21 -29%FY22 -45%FY23 -40%FY24 -116%FY25 -1241%

It earned an average -294% 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
−96% shares · 5y

Share count is down 96% 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
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 0001213900-23-022590 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-025286 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-026927 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-022590 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-022826 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-025286 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-026927 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-022590 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-022826 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-025286 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-026927 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001213900-24-022826 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-025286 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001213900-26-026927 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-22-010947 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001213900-24-022826 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001213900-25-025286 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-26-026927 (CashAndCashEquivalentsAtCarryingValue)