MeritValue

My Size, Inc.

MYSZdata completeness 100%12 fiscal years on file
The thesis, from the filings

My Size, Inc. earns about -1021% on invested capital, but has diluted owners by 646% 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$131,0001$4.46M2$7M3$8.26M4$9.36M4
Net income−$10.5M5−$8.31M6−$6.38M7−$4M8−$5.85M8
Operating cash flow−$7.3M9−$7.29M10−$6.11M11−$3.09M12−$5.14M12
Capital expenditure$23,00013$27,00014$7,00015$7,00016$16,00016
Free cash flow (derived)−$7.32M9−$7.32M10−$6.11M11−$3.1M12−$5.16M12
Total debt—$531,00017$407,00018$253,00019$925,00019
Cash & equivalents$10.7M20$2.1M21$2.19M22$4.88M23$2.3M23
Diluted shares420,3851.1M318,848910,7583.1M

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
$16.44
your share of equity
Profit it earned you last year
−$18.65
Free cash flow it threw off
−$16.44
Debt you’d be carrying
$2.95

10 shares is a claim on $16.44 of net worth that earned you −$18.65 and generated −$16.44 of cash last year, against $2.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1021% avg · 5y
FY21 -4444%FY22 -222%FY23 -179%FY24 -138%FY25 -122%

It earned an average -1021% 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
+646% shares · 5y

Share count is up 646% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 74% 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. 10-K · period ending 2021-12-31 · accession 0001493152-23-012237 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012542 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000990 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016874 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012237 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012542 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000990 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016874 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012237 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012542 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000990 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016874 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012237 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012542 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000990 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-016874 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-012542 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-000990 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-016874 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001493152-23-012237 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001493152-24-012542 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001641172-25-000990 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001493152-26-016874 (CashAndCashEquivalentsAtCarryingValue)