MeritValue

Nano Dimension Ltd.

NNDMdata completeness 88%10 fiscal years on file

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

The thesis, from the filings

Nano Dimension Ltd. earns about -23% on invested capital, and has bought back 100% 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$9.37M1$43.6M2$56.3M3$57.8M3$102.4M3
Net income$47,0004−$227.4M5−$56M6−$98.8M6−$293.3M6
Operating cash flow−$42.6M7−$92.1M8−$68.7M9−$18.9M9−$70.3M9
Capital expenditure$9.76M10$9.39M11$9.1M12$2.2M12$1.06M12
Free cash flow (derived)−$52.4M7−$101.4M8−$77.8M9−$21.1M9−$71.3M9
Total debt—————
Cash & equivalents$853.6M13$686.3M14$309.6M15$317.2M15$204.7M15
Diluted shares257.4M258.6M248,019218,311215,742

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
$25,585.56
your share of equity
Profit it earned you last year
−$13,594.71
Free cash flow it threw off
−$3,306.31
Debt you’d be carrying
—

10 shares is a claim on $25,585.56 of net worth that earned you −$13,594.71 and generated −$3,306.31 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-23% avg · 5y
FY21 -33%FY22 -39%FY23 -6%FY24 -14%FY25 -24%

It earned an average -23% 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
−100% shares · 5y

Share count is down 100% 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 0001213900-24-024783 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-001194 (Revenue)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-134641 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-024783 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-001194 (ProfitLossAttributableToOwnersOfParent)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-134641 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-024783 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-001194 (CashFlowsFromUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-134641 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-024783 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-001194 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-134641 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001410578-25-001194 (CashAndCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001193125-26-134641 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-134641 (CashAndCashEquivalentsAtCarryingValue)