MeritValue

Innoviz Technologies Ltd.

INVZdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Innoviz Technologies Ltd. earns about -82% on invested capital, but has diluted owners by 94% 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$5.47M1$6.03M2$20.9M3$24.3M3$55.1M3
Net income−$153.6M4−$126.9M5−$123.5M6−$94.8M6−$67.8M6
Operating cash flow−$82.5M7−$93.4M8−$93.1M9−$77M9−$47.9M9
Capital expenditure$3.78M10$22.6M11$6.58M12$4.41M12$4.25M12
Free cash flow (derived)−$86.3M7−$116M8−$99.6M9−$81.4M9−$52.2M9
Total debt$013————
Cash & equivalents$23.6M14$55.7M15$26.3M16$25.4M16$8.64M16
Diluted shares102.9M135.2M147.5M167.2M199.9M

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
$3.89
your share of equity
Profit it earned you last year
−$3.39
Free cash flow it threw off
−$2.61
Debt you’d be carrying
—

10 shares is a claim on $3.89 of net worth that earned you −$3.39 and generated −$2.61 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-82% avg · 5y
FY21 -44%FY22 -73%FY23 -76%FY24 -140%FY25 -77%

It earned an average -82% 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
+94% shares · 5y

Share count is up 94% 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
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 0001178913-24-000910 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-25-000817 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001178913-26-000724 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001178913-24-000910 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-25-000817 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-26-000724 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001178913-24-000910 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001178913-25-000817 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001178913-26-000724 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001178913-24-000910 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001178913-25-000817 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001178913-26-000724 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001178913-22-001300 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001178913-24-000910 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001178913-25-000817 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001178913-26-000724 (CashAndCashEquivalentsAtCarryingValue)