MeritValue

Pluri Inc.

PLURdata completeness 88%16 fiscal years on file
The thesis, from the filings

Pluri Inc. earns about -5549% on equity, and has bought back 77% 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—$234,0001$287,0002$326,0003$1.34M3
Net income−$49.9M4−$41.2M5−$28.3M6−$20.9M7−$22.6M7
Operating cash flow−$30.9M8−$36.5M9−$22.9M10−$18M11−$18.2M11
Capital expenditure$373,00012$280,00013$262,00014$323,00015$1.62M15
Free cash flow (derived)−$31.3M8−$36.8M9−$23.1M10−$18.3M11−$19.8M11
Total debt—————
Cash & equivalents$31.2M16$9.77M17$5.36M18$6.78M19$5.9M19
Diluted shares28.1M32.2M4.6M5.2M6.3M

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
−$10.8
your share of equity
Profit it earned you last year
−$35.64
Free cash flow it threw off
−$31.29
Debt you’d be carrying
—

10 shares is a claim on −$10.8 of net worth that earned you −$35.64 and generated −$31.29 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-5549% avg · 5y
FY21 -87%FY22 -137%FY23 -212%FY24 -21758%FY25 —

It earned an average -5549% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−77% shares · 5y

Share count is down 77% 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 2022-06-30 · accession 0001213900-23-076079 (Revenues)
  2. 10-K · period ending 2023-06-30 · accession 0001213900-24-079861 (Revenues)
  3. 10-K · period ending 2024-06-30 · accession 0001213900-25-088578 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001213900-22-057677 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001213900-23-076079 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001213900-24-079861 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0001213900-25-088578 (NetIncomeLoss)
  8. 10-K · period ending 2021-06-30 · accession 0001213900-22-057677 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001213900-23-076079 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001213900-24-079861 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0001213900-25-088578 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-06-30 · accession 0001213900-22-057677 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001213900-23-076079 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-06-30 · accession 0001213900-24-079861 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-06-30 · accession 0001213900-25-088578 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-06-30 · accession 0001213900-22-057677 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-06-30 · accession 0001213900-23-076079 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0001213900-24-079861 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001213900-25-088578 (CashAndCashEquivalentsAtCarryingValue)