MeritValue

ParaZero Technologies Ltd.

PRZOdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

ParaZero Technologies Ltd. earns about -117% on equity, but has diluted owners by 4757% 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$724,3911$560,1182$620,5083$932,1543$1.05M3
Net income−$615,3814−$1.65M5−$3.77M6−$11.1M6−$5.41M6
Operating cash flow−$985,8987−$1.97M8−$2.94M9−$4.89M9−$5.8M9
Capital expenditure$5,57210$9,72511$25,75712$80,73812$27,80412
Free cash flow (derived)−$991,4707−$1.98M8−$2.96M9−$4.97M9−$5.83M9
Total debt—————
Cash & equivalents$33,02413$89,80614$7.43M15$4.18M16$2.16M16
Diluted shares359,7433.3M4.9M11.1M17.5M

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
$1.81
your share of equity
Profit it earned you last year
−$3.1
Free cash flow it threw off
−$3.34
Debt you’d be carrying
—

10 shares is a claim on $1.81 of net worth that earned you −$3.1 and generated −$3.34 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-117% avg · 5y
FY21 —FY22 —FY23 -62%FY24 —FY25 -171%

It earned an average -117% 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
+4757% shares · 5y

Share count is up 4757% 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
$1.12
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-24-024822 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001013762-25-001001 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-034376 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-024822 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001013762-25-001001 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-034376 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-024822 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001013762-25-001001 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-034376 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-024822 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001013762-25-001001 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-034376 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001013762-25-001001 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-24-024822 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001013762-25-001001 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-26-034376 (CashAndCashEquivalentsAtCarryingValue)