MeritValue

Foresight Autonomous Holdings Ltd.

FRSXdata completeness 88%11 fiscal years on file

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

The thesis, from the filings

Foresight Autonomous Holdings Ltd. earns about -121% on equity, and has bought back 69% 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$120,0001$550,0002$497,0003$436,0003$398,0003
Net income−$15M4−$21.7M5−$18.4M6−$11.1M6−$12.1M6
Operating cash flow−$12.1M7−$17.1M8−$14.9M9−$11.1M9−$10.5M9
Capital expenditure$235,00010$313,00011$124,00012$62,00012$25,00012
Free cash flow (derived)−$12.4M7−$17.4M8−$15.1M9−$11.1M9−$10.5M9
Total debt—————
Cash & equivalents$28.1M13$19.2M14$15.6M15$7.08M16$6.24M16
Diluted shares321.4M322.8M47.3M66.7M100.7M

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
$0.62
your share of equity
Profit it earned you last year
−$1.2
Free cash flow it threw off
−$1.04
Debt you’d be carrying
—

10 shares is a claim on $0.62 of net worth that earned you −$1.2 and generated −$1.04 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-121% avg · 5y
FY21 -31%FY22 -77%FY23 -120%FY24 -184%FY25 -194%

It earned an average -121% 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
−69% shares · 5y

Share count is down 69% 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. 20-F · period ending 2021-12-31 · accession 0001493152-24-011506 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-000289 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-012661 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-011506 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-000289 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-012661 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-011506 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-000289 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-012661 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-011506 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-000289 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-012661 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001493152-23-009740 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-24-011506 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001641172-25-000289 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001493152-26-012661 (CashAndCashEquivalentsAtCarryingValue)