MeritValue

InspireMD, Inc.

NSPRdata completeness 88%17 fiscal years on file
The thesis, from the filings

InspireMD, Inc. earns about -90% on invested capital, but has diluted owners by 776% 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$4.5M1$5.17M2$6.21M3$7.01M4$8.98M4
Net income−$14.9M5−$18.5M6−$19.9M7−$32M8−$48.8M8
Operating cash flow−$13.2M9−$15.5M10−$16.4M11−$21.9M12−$35.1M12
Capital expenditure$344,00013$473,00014$381,00015$1.4M16$1.66M16
Free cash flow (derived)−$13.6M9−$16M10−$16.8M11−$23.3M12−$36.8M12
Total debt—————
Cash & equivalents$12M17$4.63M18$9.64M19$18.9M20$8.94M20
Diluted shares7.3M7.9M24.3M41.9M64.3M

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
$8.58
your share of equity
Profit it earned you last year
−$7.58
Free cash flow it threw off
−$5.72
Debt you’d be carrying
—

10 shares is a claim on $8.58 of net worth that earned you −$7.58 and generated −$5.72 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-90% avg · 5y
FY21 -55%FY22 -114%FY23 -53%FY24 -147%FY25 -83%

It earned an average -90% 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
+776% shares · 5y

Share count is up 776% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0001493152-23-009598 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-008850 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-009909 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-010886 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009598 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-008850 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-009909 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-010886 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009598 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-008850 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009909 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-010886 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009598 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-008850 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-009909 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-010886 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009598 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-008850 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-009909 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-010886 (CashAndCashEquivalentsAtCarryingValue)