MeritValue

Kornit Digital Ltd.

KRNTdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Kornit Digital Ltd. earns about -2% on invested capital, below its ~9% cost of capital, and has bought back 7% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.76 and $1.84 a share.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$39.4M1$49M1$219.8M2$203.8M2$208.2M2
Net income$15.5M3−$79.1M4−$64.4M5−$16.8M5−$13.5M5
Operating cash flow$53.6M6−$99.3M7−$34.7M8$48.7M8$24.6M8
Capital expenditure$14.5M9$18M10$7.01M11$15.1M11$21.3M11
Free cash flow (derived)$39.2M6−$117.4M7−$41.7M8$33.6M8$3.36M8
Total debt$9.17M12$275M12———
Cash & equivalents$611.6M13$104.6M14$39.6M15$35M16$35.5M16
Diluted shares48.6M49.8M49.2M47.5M45.2M

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
$157.49
your share of equity
Profit it earned you last year
−$2.99
Free cash flow it threw off
$0.74
Debt you’d be carrying
—

10 shares is a claim on $157.49 of net worth that earned you −$2.99 and generated $0.74 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 5%FY22 -4%FY23 -7%FY24 -2%FY25 -1%

It earned about -2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−7% shares · 5y

Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 2900% 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

The 2 estimate methods that apply put fair value between $1.76 and $1.84 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.76
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$3.36M
DCF · Growth Exit 5Y
$1.84
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$3.36M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $1.84
The three cases
Bear0.0%$1.84
Base0.0%$1.84
Bull5.0%$2.1

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-23-024737 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-034707 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-027207 (NetIncomeLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001013762-25-003018 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-034707 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001213900-24-027207 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001013762-25-003018 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-034707 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-027207 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001013762-25-003018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-26-034707 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001213900-23-024737 (ShortTermBorrowings)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-024737 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-24-027207 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001013762-25-003018 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-26-034707 (CashAndCashEquivalentsAtCarryingValue)