MeritValue

MediWound Ltd.

MDWDdata completeness 88%11 fiscal years on file

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

The thesis, from the filings

MediWound Ltd. earns about -61% on invested capital, and has bought back 53% 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$23.8M1$26.5M2$18.7M3$20.2M3$17M3
Net income−$13.6M4−$19.6M5−$6.72M6−$30.2M6−$23.9M6
Operating cash flow−$8.92M7−$11.9M8−$10.5M9−$13.6M9−$16.1M9
Capital expenditure$489,00010$555,00011$6.46M12$6.27M12$5.51M12
Free cash flow (derived)−$9.41M7−$12.4M8−$16.9M9−$19.9M9−$21.6M9
Total debt—————
Cash & equivalents$11M13$33.9M14$11.9M14$9.16M14$4.8M14
Diluted shares27.3M7.2M9.2M10.8M12.8M

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
shares
Net assets behind them
$33.99
your share of equity
Profit it earned you last year
−$18.6
Free cash flow it threw off
−$16.85
Debt you’d be carrying
—

10 shares is a claim on $33.99 of net worth that earned you −$18.6 and generated −$16.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-61% avg · 5y
FY21 —FY22 —FY23 -26%FY24 -108%FY25 -48%

It earned an average -61% 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
−53% shares · 5y

Share count is down 53% 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. 20-F · period ending 2021-12-31 · accession 0001178913-24-001020 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-25-000934 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001178913-26-000749 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001178913-24-001020 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-25-000934 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-26-000749 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001178913-24-001020 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001178913-25-000934 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001178913-26-000749 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001178913-24-001020 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001178913-25-000934 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001178913-26-000749 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001178913-25-000934 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001178913-26-000749 (CashAndCashEquivalents)