MeritValue

Gauzy Ltd.

GAUZdata completeness 100%2 fiscal years on file
The thesis, from the filings

Gauzy Ltd. earns about -54% on invested capital, but has diluted owners by 197% over 2 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 2023FY 2024
Revenue$78M1$103.5M1
Net income−$79.3M2−$53.2M2
Operating cash flow−$31.1M3−$31.9M3
Capital expenditure$5.93M4$11.6M4
Free cash flow (derived)−$37M3−$43.5M3
Total debt$14.3M5$34.7M6
Cash & equivalents$4.58M7$5.62M7
Diluted shares4.4M12.9M

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
$37.38
your share of equity
Profit it earned you last year
−$41.14
Free cash flow it threw off
−$33.66
Debt you’d be carrying
$26.86

10 shares is a claim on $37.38 of net worth that earned you −$41.14 and generated −$33.66 of cash last year, against $26.86 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-54% avg · 2y
FY23 —FY24 -54%

It earned an average -54% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+197% shares · 2y

Share count is up 197% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 143% over the same window.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2023-12-31 · accession 0001213900-25-022437 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-25-022437 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-25-022437 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-25-022437 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-25-022437 (LongTermDebtCurrent)
  6. 20-F · period ending 2024-12-31 · accession 0001213900-25-022437 (LongTermDebt)
  7. 20-F · period ending 2023-12-31 · accession 0001213900-25-022437 (CashAndCashEquivalentsAtCarryingValue)