Microbot Medical Inc.

MBOTdata completeness 75%18 fiscal years on file

The thesis, from the filings

Microbot Medical Inc. earns about -168% on equity, but has diluted owners by 544% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$11.3M¹	−$13.2M²	−$10.7M³	−$11.4M⁴	−$13.1M⁴
Operating cash flow	−$9.35M⁵	−$11.5M⁶	−$8.53M⁷	−$8.83M⁸	−$13M⁸
Capital expenditure	$69,000⁹	$84,000¹⁰	$33,000¹¹	$25,000¹²	$60,000¹²
Free cash flow (derived)	−$9.42M⁵	−$11.6M⁶	−$8.57M⁷	−$8.85M⁸	−$13.1M⁸
Total debt	—	—	—	—	—
Cash & equivalents	$13.5M¹³	$2.44M¹⁴	$2.47M¹⁵	$3.11M¹⁶	$3.91M¹⁶
Diluted shares	7.1M	7.3M	10.2M	15.6M	45.8M

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

Net assets behind them

$16.94

your share of equity

Profit it earned you last year

−$2.87

Free cash flow it threw off

−$2.86

Debt you’d be carrying

—

10 shares is a claim on $16.94 of net worth that earned you −$2.87 and generated −$2.86 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-168% avg · 5y

FY21 -79%FY22 -181%FY23 -239%FY24 -324%FY25 -17%

It earned an average -168% 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

+544% shares · 5y

Share count is up 544% 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

10-K · period ending 2021-12-31 · accession 0001493152-23-010223 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-011521 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-000614 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-012935 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001493152-23-010223 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-011521 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-000614 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-012935 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001493152-23-010223 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001493152-24-011521 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001641172-25-000614 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001493152-26-012935 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001493152-23-010223 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001493152-24-011521 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001641172-25-000614 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-012935 (CashAndCashEquivalentsAtCarryingValue)