MeritValue

PRF Technologies Ltd.

PRFXdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

PRF Technologies Ltd. earns about -181% on invested capital, and has bought back 35% 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——$01$01$17,0001
Net income−$7.25M2−$8.79M3−$9.34M4−$14.6M4−$5.02M4
Operating cash flow−$6.55M5−$6.46M6−$6.68M7−$12.6M7−$3.96M7
Capital expenditure$50,0008$6,0009$9,00010$13,00010$2,00010
Free cash flow (derived)−$6.6M5−$6.47M6−$6.69M7−$12.6M7−$3.96M7
Total debt—————
Cash & equivalents$16.5M11$4.1M12$8.03M13$4.26M13$3.13M13
Diluted shares999,562138,54876,005138,254647,973

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
$131.84
your share of equity
Profit it earned you last year
−$77.5
Free cash flow it threw off
−$61.07
Debt you’d be carrying
—

10 shares is a claim on $131.84 of net worth that earned you −$77.5 and generated −$61.07 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-181% avg · 5y
FY21 -370%FY22 -100%FY23 —FY24 —FY25 -73%

It earned an average -181% 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
−35% shares · 5y

Share count is down 35% 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. 20-F · period ending 2023-12-31 · accession 0001178913-26-001782 (Revenues)
  2. 20-F · period ending 2021-12-31 · accession 0001178913-24-000774 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001178913-25-001221 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001178913-26-001782 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001178913-24-000774 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001178913-25-001221 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001178913-26-001782 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001178913-24-000774 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2022-12-31 · accession 0001178913-25-001221 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2023-12-31 · accession 0001178913-26-001782 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2021-12-31 · accession 0001178913-24-000774 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2022-12-31 · accession 0001178913-25-001221 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2023-12-31 · accession 0001178913-26-001782 (CashAndCashEquivalentsAtCarryingValue)