MeritValue

ORAMED PHARMACEUTICALS INC.

ORMPdata completeness 88%18 fiscal years on file
The thesis, from the filings

ORAMED PHARMACEUTICALS INC. earns about 2% on invested capital, but has diluted owners by 20% 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$2.7M1$2.7M2$1.34M3—$2M4
Net income−$23M5−$36.6M6$5.09M7−$19.1M8$64.1M8
Operating cash flow−$21.2M9−$27.9M10−$10.3M11−$8.41M12−$9.15M12
Capital expenditure$375,00013$496,00014$254,00015$18,00016$9,00016
Free cash flow (derived)−$21.6M9−$28.4M10−$10.5M11−$8.43M12−$9.15M12
Total debt—$25,00017$51M18——
Cash & equivalents$77.2M19$40.5M20$9.06M20$54.4M21$45.9M21
Diluted shares35.3M39.0M40.6M40.9M42.4M

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
$47.09
your share of equity
Profit it earned you last year
$15.1
Free cash flow it threw off
−$2.16
Debt you’d be carrying
—

10 shares is a claim on $47.09 of net worth that earned you $15.1 and generated −$2.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 —FY22 -27%FY23 3%FY24 -11%FY25 42%

It earned an average 2% 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
+20% shares · 5y

Share count is up 20% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 203952% 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 v0.1.0
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
$12.61
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-08-31 · accession 0001213900-21-062009 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-020485 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-003450 (Revenues)
  4. 10-K · period ending 2025-12-31 · accession 0001213900-26-034835 (Revenues)
  5. 10-K · period ending 2021-08-31 · accession 0001213900-21-062009 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-020485 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-003450 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-034835 (NetIncomeLoss)
  9. 10-K · period ending 2021-08-31 · accession 0001213900-23-017837 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-020485 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-003450 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-034835 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-08-31 · accession 0001213900-23-017837 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-020485 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001013762-25-003450 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-034835 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-23-017837 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-003450 (ShortTermBorrowings)
  19. 10-K · period ending 2021-08-31 · accession 0001213900-21-062009 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001213900-24-020485 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001213900-26-034835 (CashAndCashEquivalentsAtCarryingValue)