MeritValue

Polyrizon Ltd.

PLRZdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Polyrizon Ltd. earns about -23% on equity, and has bought back 48% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$779,0001−$600,0002−$1.55M2−$3.34M2
Operating cash flow−$1.13M3−$537,0004−$1.15M4−$4.53M4
Capital expenditure$3,0005——$7,0006
Free cash flow (derived)−$1.14M3——−$4.54M4
Total debt————
Cash & equivalents$36,0007$4,0008$2.55M9$1.31M9
Diluted shares1.3M1,3541,994680,380

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
$308.56
your share of equity
Profit it earned you last year
−$49.02
Free cash flow it threw off
−$66.65
Debt you’d be carrying
—

10 shares is a claim on $308.56 of net worth that earned you −$49.02 and generated −$66.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-23% avg · 4y
FY22 —FY23 —FY24 -29%FY25 -16%

It earned an average -23% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−48% shares · 4y

Share count is down 48% over 4 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$58.33
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001213900-25-022732 (NetIncomeLoss)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-034198 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-022732 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-034198 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-022732 (PaymentsToAcquirePropertyPlantAndEquipment)
  6. 20-F · period ending 2025-12-31 · accession 0001213900-26-034198 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-26-034198 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-25-022732 (CashAndCashEquivalentsAtCarryingValue)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-26-034198 (CashAndCashEquivalentsAtCarryingValue)