MeritValue

Lifeward Ltd.

LFWDdata completeness 88%14 fiscal years on file
The thesis, from the filings

Lifeward Ltd. earns about -1419% on invested capital, and has bought back 98% of its shares over 5 years. 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$432,0001$352,0002$435,0003$1.7M4$1.4M5
Net income−$12.7M6−$19.6M7−$22.1M8−$28.9M8−$19.9M8
Operating cash flow−$11.5M9−$17.9M10−$20.7M11−$21.7M11−$16.8M11
Capital expenditure$47,00012$25,00013$81,00014$014$16,00014
Free cash flow (derived)−$11.5M9−$17.9M10−$20.7M11−$21.7M11−$16.8M11
Total debt—————
Cash & equivalents$88.3M15$67.9M16$28.1M17$6.75M18$2.17M18
Diluted shares47.9M8.9M710,941724,2721.2M

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
$72.45
your share of equity
Profit it earned you last year
−$171.6
Free cash flow it threw off
−$145.12
Debt you’d be carrying
—

10 shares is a claim on $72.45 of net worth that earned you −$171.6 and generated −$145.12 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1419% avg · 5y
FY21 -955%FY22 -5610%FY23 -89%FY24 -184%FY25 -257%

It earned an average -1419% 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
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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. 10-K · period ending 2021-12-31 · accession 0001178913-22-000800 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001178913-23-000722 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001178913-24-000730 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001178913-25-000736 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2025-12-31 · accession 0001178913-26-001208 (RevenueFromContractWithCustomerExcludingAssessedTax)
  6. 10-K · period ending 2021-12-31 · accession 0001178913-24-000730 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001178913-25-000736 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001178913-26-001208 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001178913-24-000730 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001178913-25-000736 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001178913-26-001208 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001178913-24-000730 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001178913-25-000736 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001178913-26-001208 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001178913-23-000722 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001178913-24-000730 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001178913-25-000736 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001178913-26-001208 (CashAndCashEquivalentsAtCarryingValue)