MeritValue

IceCure Medical Ltd.

ICCMdata completeness 100%7 fiscal years on file

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

The thesis, from the filings

IceCure Medical Ltd. earns about -122% on equity, but has diluted owners by 123% 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$4.14M1$3.09M1$3.23M1$3.29M2$3.38M2
Net income−$9.9M3−$17M4−$14.7M5−$15.3M5−$15.1M5
Operating cash flow−$12.6M6−$14.3M7−$12.6M8−$12.6M8−$14.6M8
Capital expenditure$533,0009$891,00010$480,00011$71,00011$36,00011
Free cash flow (derived)−$13.1M6−$15.2M7−$13M8−$12.6M8−$14.6M8
Total debt———$161,00012$13,00012
Cash & equivalents$25.6M13$23.7M14$10.5M15$7.56M16$8.9M16
Diluted shares28.5M37.0M45.6M50.9M63.6M

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
$1.42
your share of equity
Profit it earned you last year
−$2.37
Free cash flow it threw off
−$2.3
Debt you’d be carrying
$0

10 shares is a claim on $1.42 of net worth that earned you −$2.37 and generated −$2.3 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
-122% avg · 5y
FY21 -37%FY22 -67%FY23 -120%FY24 -222%FY25 -166%

It earned an average -122% 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
+123% shares · 5y

Share count is up 123% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 92% — deleveraging.

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
$0.88
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 0001213900-24-029586 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2024-12-31 · accession 0001213900-26-028684 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-029586 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001013762-25-003010 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-028684 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-029586 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001013762-25-003010 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-028684 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-029586 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001013762-25-003010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-26-028684 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2024-12-31 · accession 0001213900-26-028684 (LongTermDebtNoncurrent)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-023867 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-24-029586 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001013762-25-003010 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-26-028684 (CashAndCashEquivalentsAtCarryingValue)