MeritValue

Oddity Tech Ltd

ODDdata completeness 75%5 fiscal years on file

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

The thesis, from the filings

Oddity Tech Ltd earns about 34% on invested capital. 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$222.6M1$324.5M2$508.7M3$647M3$809.8M3
Net income$13.9M4$21.7M5$58.5M6$101.5M6$110.7M6
Operating cash flow$10.2M7$39M8$87.5M9$137.8M9$87.6M9
Capital expenditure$2.37M10$2.35M11$2.1M12$3.27M12$3.94M12
Free cash flow (derived)$7.85M7$36.7M8$85.4M9$134.5M9$83.6M9
Total debt—$3.92M13———
Cash & equivalents$28.8M14$41M15$36.5M16$50.3M16$402.2M16
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
34% avg · 5y
FY21 35%FY22 35%FY23 24%FY24 44%FY25 —

It earned an average 34% 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
— shares · 5y

Total debt has held roughly steady.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
book value / share count 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 0001104659-24-031179 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000198 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-029490 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-031179 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000198 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-029490 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-031179 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000198 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-029490 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-031179 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000198 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-029490 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2022-12-31 · accession 0001104659-24-031179 (DebtCurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001104659-24-031179 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001410578-25-000198 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001104659-26-029490 (CashAndCashEquivalentsAtCarryingValue)