MeritValue

Maris Tech Ltd.

MTEKdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Maris Tech Ltd. earns about -250% on equity, but has diluted owners by 132% 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$2.08M1$2.5M2$4.03M3$6.08M3$1.34M3
Net income−$824,2244−$3.69M5−$2.71M6−$1.23M6−$5.41M6
Operating cash flow−$875,0027−$4.86M8−$3.87M9−$2.22M9−$3.41M9
Capital expenditure$7,96710$284,49011$90,50812$190,99412$22,70012
Free cash flow (derived)−$882,9697−$5.14M8−$3.96M9−$2.41M9−$3.43M9
Total debt$1.6M13$23,15614$12,25414$9,34515$2M15
Cash & equivalents$78516$221,96117$2.05M18$2.29M19$2.55M19
Diluted shares3.5M7.5M7.9M7.9M8.0M

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
$0.75
your share of equity
Profit it earned you last year
−$6.73
Free cash flow it threw off
−$4.27
Debt you’d be carrying
$2.49

10 shares is a claim on $0.75 of net worth that earned you −$6.73 and generated −$4.27 of cash last year, against $2.49 of debt.

iii. Is this a good business?
Moat signal · return on equity
-250% avg · 5y
FY21 —FY22 -38%FY23 -39%FY24 -21%FY25 -899%

It earned an average -250% 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
+132% shares · 5y

Share count is up 132% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 25% 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
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 0001213900-24-024527 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001013762-25-004065 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-057766 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-024527 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001013762-25-004065 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-057766 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-024527 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001013762-25-004065 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-057766 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-024527 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001013762-25-004065 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-057766 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-017628 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-24-024527 (LongTermDebt)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-26-057766 (ShortTermBorrowings)
  16. 20-F · period ending 2021-12-31 · accession 0001213900-23-017628 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-24-024527 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0001013762-25-004065 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-26-057766 (CashAndCashEquivalentsAtCarryingValue)