MeritValue

Protalix BioTherapeutics, Inc.

PLXdata completeness 88%17 fiscal years on file
The thesis, from the filings

Protalix BioTherapeutics, Inc. earns about 28% on invested capital, but has diluted owners by 78% 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$38.4M1$47.6M2$65.5M3$53.4M3$52.7M3
Net income−$27.6M4−$14.9M5$8.31M6$2.93M6−$6.6M6
Operating cash flow−$10.3M7−$25M8−$1.32M9$8.67M9−$12M9
Capital expenditure$1.46M10$628,00011$1.15M12$1.28M12$1.64M12
Free cash flow (derived)−$11.7M7−$25.6M8−$2.47M9$7.39M9−$13.6M9
Total debt—————
Cash & equivalents$39M13$17.1M14$23.6M15$19.8M16$14.7M16
Diluted shares44.1M48.5M82.4M81.1M78.5M

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
$6.14
your share of equity
Profit it earned you last year
−$0.84
Free cash flow it threw off
−$1.74
Debt you’d be carrying
—

10 shares is a claim on $6.14 of net worth that earned you −$0.84 and generated −$1.74 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
28% avg · 5y
FY21 —FY22 —FY23 84%FY24 13%FY25 -13%

It earned an average 28% 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
+78% shares · 5y

Share count is up 78% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0001558370-24-003161 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-003039 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-029858 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-003161 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-003039 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-029858 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-003161 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-003039 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-029858 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-003161 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-003039 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-029858 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002102 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003161 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003039 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-029858 (CashAndCashEquivalentsAtCarryingValue)