MeritValue

Check-Cap Ltd

MBAIdata completeness 63%13 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Check-Cap Ltd earns about -8% on equity, but has diluted owners by 50% 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−$17.2M1−$19.1M2−$17.6M3−$25.1M3$4.14M3
Operating cash flow−$16.3M4−$18.7M5−$17M6−$8M6−$46,0006
Capital expenditure$1.01M7$486,0008$83,0009——
Free cash flow (derived)−$17.3M4−$19.2M5−$17M6——
Total debt—————
Cash & equivalents$26.5M10$4.09M10$8.84M11—$2,00012
Diluted shares4.2M5.7M5.8M5.8M6.2M

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
$5.51
your share of equity
Profit it earned you last year
$6.64
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $5.51 of net worth that earned you $6.64 last year.

iii. Is this a good business?
Moat signal · return on equity
-8% avg · 5y
FY21 -34%FY22 -46%FY23 -74%FY24 —FY25 120%

It earned an average -8% 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
+50% shares · 5y

Share count is up 50% 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
$2.86
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 0001213900-24-043550 (NetIncomeLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-080891 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-048090 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-043550 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-080891 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-048090 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-043550 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-080891 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-048090 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-043550 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-25-080891 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2025-12-31 · accession 0001213900-26-048090 (CashAndCashEquivalentsAtCarryingValue)