MeritValue

Odysight.ai Inc.

ODYSdata completeness 88%14 fiscal years on file
The thesis, from the filings

Odysight.ai Inc. earns about 2757% 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$387,0001$665,0002$3.03M3$3.96M4$3.02M4
Net income−$8.99M5−$9.47M6−$9.45M7−$11.8M8−$17M8
Operating cash flow−$5.89M9−$6.1M10−$10M11−$8.22M12−$13.7M12
Capital expenditure$595,00013$118,00014$113,00015$53,00016$56,00016
Free cash flow (derived)−$6.48M9−$6.21M10−$10.1M11−$8.27M12−$13.8M12
Total debt—————
Cash & equivalents$8.58M17$10.1M18$8.95M19$18.2M20$25.7M20
Diluted shares6.2M7,1229.7M11,44515,900

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
$15,991.19
your share of equity
Profit it earned you last year
−$10,713.84
Free cash flow it threw off
−$8,653.46
Debt you’d be carrying
—

10 shares is a claim on $15,991.19 of net worth that earned you −$10,713.84 and generated −$8,653.46 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
2757% avg · 5y
FY21 -64%FY22 -443%FY23 -84%FY24 11620%FY25 —

It earned an average 2757% 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. 10-K · period ending 2021-12-31 · accession 0001493152-23-009276 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011341 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000677 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-011691 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009276 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011341 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000677 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-011691 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009276 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011341 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000677 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-011691 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009276 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011341 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000677 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-011691 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009276 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011341 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-000677 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-011691 (CashAndCashEquivalentsAtCarryingValue)