MeritValue

Evogene Ltd.

EVGNdata completeness 88%11 fiscal years on file

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

The thesis, from the filings

Evogene Ltd. earns about -115% on equity, and has bought back 79% 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$930,0001$1.68M2$2.98M3$5.58M3$3.85M3
Net income−$27.8M4−$26.6M5−$23.9M6−$16.5M6−$8.49M6
Operating cash flow−$24.7M7−$23.7M8−$21.6M9−$19.7M9−$13.5M9
Capital expenditure$847,00010$1.17M11$577,00012$626,00012$135,00012
Free cash flow (derived)−$25.6M7−$24.8M8−$22.2M9−$20.3M9−$13.6M9
Total debt—————
Cash & equivalents$32.3M13$29M14$20.8M14$15.3M14$13M14
Diluted shares41.2M41.3M50.6M6.5M8.7M

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
−$0.09
your share of equity
Profit it earned you last year
−$9.73
Free cash flow it threw off
−$15.64
Debt you’d be carrying
—

10 shares is a claim on −$0.09 of net worth that earned you −$9.73 and generated −$15.64 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-115% avg · 5y
FY21 -52%FY22 -95%FY23 -198%FY24 —FY25 —

It earned an average -115% 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
−79% shares · 5y

Share count is down 79% 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
book value / share count 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 0001178913-24-001137 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-25-001092 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001178913-26-001767 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001178913-24-001137 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-25-001092 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-26-001767 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001178913-24-001137 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001178913-25-001092 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001178913-26-001767 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001178913-24-001137 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001178913-25-001092 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001178913-26-001767 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001178913-25-001092 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001178913-26-001767 (CashAndCashEquivalents)