MeritValue

Pulsenmore Ltd.

PLSMdata completeness 88%1 fiscal years on file

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

The thesis, from the filings

Pulsenmore Ltd. earns about -20% on invested capital, with a roughly flat share count. 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 2025
Revenue$12.5M1
Net income−$4.97M2
Operating cash flow−$10.3M3
Capital expenditure$42,0004
Free cash flow (derived)−$10.3M3
Total debt—
Cash & equivalents$6.77M5
Diluted shares6.4M

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
$40.43
your share of equity
Profit it earned you last year
−$7.71
Free cash flow it threw off
−$16.06
Debt you’d be carrying
—

10 shares is a claim on $40.43 of net worth that earned you −$7.71 and generated −$16.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-20% avg · 1y
FY25 -20%

It earned an average -20% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback.

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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
Graham Number
$8.37
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2025-12-31 · accession 0001493152-26-013485 (Revenue)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-013485 (ProfitLoss)
  3. 20-F · period ending 2025-12-31 · accession 0001493152-26-013485 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-013485 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F · period ending 2025-12-31 · accession 0001493152-26-013485 (CashAndCashEquivalents)