MeritValue

Galmed Pharmaceuticals Ltd.

GLMDdata completeness 63%14 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Galmed Pharmaceuticals Ltd. earns about 33% on invested capital, but has diluted owners by 163% 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−$32.5M1−$17.9M2−$6.91M3−$7.52M3−$10.3M3
Operating cash flow−$32.9M4−$18.5M5−$6.14M6−$5.88M6−$6.32M6
Capital expenditure$11,0007$4,0008———
Free cash flow (derived)−$32.9M4−$18.5M5———
Total debt—————
Cash & equivalents$2.88M9$2.02M10$2.86M11$4.65M12$3.99M12
Diluted shares1.6M139,682230,795930,8224.3M

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
$36.61
your share of equity
Profit it earned you last year
−$23.91
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $36.61 of net worth that earned you −$23.91 last year.

iii. Is this a good business?
Moat signal · return on invested capital
33% avg · 5y
FY21 -93%FY22 124%FY23 50%FY24 51%FY25 —

It earned an average 33% 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
+163% shares · 5y

Share count is up 163% 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
$14.03
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 0001493152-24-013203 (NetIncomeLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-002362 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-014182 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-013203 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-002362 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-014182 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-013203 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-002362 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2021-12-31 · accession 0001493152-23-009478 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2022-12-31 · accession 0001493152-24-013203 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2023-12-31 · accession 0001641172-25-002362 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-12-31 · accession 0001493152-26-014182 (CashAndCashEquivalentsAtCarryingValue)