MeritValue

Nano-X Imaging Ltd.

NNOXdata completeness 100%8 fiscal years on file
The thesis, from the filings

Nano-X Imaging Ltd. earns about -40% on invested capital, but has diluted owners by 34% 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$1.3M1$8.58M2$9.91M3$11.3M3$13M3
Net income−$61.8M4−$113.2M5−$60.8M6−$53.5M6−$75M6
Operating cash flow−$38.1M7−$43.4M8−$44.8M9−$36.6M9−$40.8M9
Capital expenditure$23.2M10$7.17M11$3.3M12$2.77M12$4.21M12
Free cash flow (derived)−$61.2M7,10−$50.6M8,11−$48.1M9,12−$39.4M9,12−$45M9,12
Total debt$145,00013$7.73M14,15$3.49M16$3.06M17$3.14M17
Cash & equivalents$66.6M18$38.5M19$56.4M20$39.3M21$49.2M21
Diluted shares48,21652.2M56,36858,67364,790

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$21,566.91
your share of equity
Profit it earned you last year
−$11,578.64
Free cash flow it threw off
−$6,945.52
Debt you’d be carrying
$484.03

10 shares is a claim on $21,566.91 of net worth that earned you −$11,578.64 and generated −$6,945.52 of cash last year, against $484.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-40% avg · 5y
FY21 -22%FY22 -50%FY23 -34%FY24 -28%FY25 -65%

It earned an average -40% 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
+34% shares · 5y

Share count is up 34% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 2063% 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 v0.6.0
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 →

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Sources — the receipts
  1. 20-F filed 2024-04-22 · period ending 2021-12-31 · accession 0001213900-24-034697 (Revenues)
  2. 20-F filed 2025-04-09 · period ending 2022-12-31 · accession 0001213900-25-030318 (Revenues)
  3. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-050191 (Revenues)
  4. 20-F filed 2024-04-22 · period ending 2021-12-31 · accession 0001213900-24-034697 (NetIncomeLoss)
  5. 20-F filed 2025-04-09 · period ending 2022-12-31 · accession 0001213900-25-030318 (NetIncomeLoss)
  6. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-050191 (NetIncomeLoss)
  7. 20-F filed 2024-04-22 · period ending 2021-12-31 · accession 0001213900-24-034697 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F filed 2025-04-09 · period ending 2022-12-31 · accession 0001213900-25-030318 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-050191 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F filed 2024-04-22 · period ending 2021-12-31 · accession 0001213900-24-034697 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F filed 2025-04-09 · period ending 2022-12-31 · accession 0001213900-25-030318 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F filed 2026-04-30 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-050191 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F filed 2023-05-01 · period ending 2021-12-31 · accession 0001213900-23-034133 (ShortTermBorrowings)
  14. 20-F filed 2024-04-22 · period ending 2022-12-31 · accession 0001213900-24-034697 (LongTermDebtNoncurrent)
  15. 20-F filed 2024-04-22 · period ending 2022-12-31 · accession 0001213900-24-034697 (OtherShortTermBorrowings)
  16. 20-F filed 2025-04-09 · period ending 2023-12-31 · accession 0001213900-25-030318 (LongTermDebtCurrent)
  17. 20-F filed 2026-04-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-050191 (ShortTermBorrowings)
  18. 20-F filed 2023-05-01 · period ending 2021-12-31 · accession 0001213900-23-034133 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F filed 2024-04-22 · period ending 2022-12-31 · accession 0001213900-24-034697 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F filed 2025-04-09 · period ending 2023-12-31 · accession 0001213900-25-030318 (CashAndCashEquivalentsAtCarryingValue)
  21. 20-F filed 2026-04-30 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-050191 (CashAndCashEquivalentsAtCarryingValue)