MeritValue

Enlivex Ltd.

ENLVdata completeness 75%14 fiscal years on file

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

The thesis, from the filings

Enlivex Ltd. earns about -14% on invested capital, but has diluted owners by 172% 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−$14.5M1−$31.1M2−$29.1M3−$15M3$1.24B3
Operating cash flow−$17.5M4−$24M5−$23.5M6−$13M6−$10.4M6
Capital expenditure$1.63M7$8.12M8$236,0009$103,0009$68,0009
Free cash flow (derived)−$19.2M4−$32.1M5−$23.8M6−$13.1M6−$10.5M6
Total debt—————
Cash & equivalents$11.2M10$49.9M11$813,00012$3.3M13$1.89M13
Diluted shares17.9M18.4M18.6M20.5M48.5M

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
$398.97
your share of equity
Profit it earned you last year
$254.75
Free cash flow it threw off
−$2.16
Debt you’d be carrying
—

10 shares is a claim on $398.97 of net worth that earned you $254.75 and generated −$2.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 5y
FY21 15%FY22 —FY23 -78%FY24 -58%FY25 64%

It earned an average -14% 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
+172% shares · 5y

Share count is up 172% 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
$151.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-24-037878 (NetIncomeLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-037657 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-033857 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-037878 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-037657 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-033857 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-037878 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-037657 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-033857 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-23-028398 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-24-037878 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-25-037657 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2024-12-31 · accession 0001213900-26-033857 (CashAndCashEquivalentsAtCarryingValue)