MeritValue

Raphael Pharmaceutical Inc.

RAPHdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Raphael Pharmaceutical Inc. earns about -1898% on equity, but has diluted owners by 75% 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—————
Net income−$1.63M1−$3.36M2−$1.34M3−$1.52M4−$1.28M4
Operating cash flow−$1.42M5−$759,0006−$1.2M7−$532,0008−$210,0008
Capital expenditure—$2,0009———
Free cash flow (derived)—−$761,0006———
Total debt———$41,00010—
Cash & equivalents$153,00011$288,00012$230,00013$19,00013$45,00014
Diluted shares11.2M14.3M16.7M18.7M19.6M

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
−$0.73
your share of equity
Profit it earned you last year
−$0.65
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.73 of net worth that earned you −$0.65 last year.

iii. Is this a good business?
Moat signal · return on equity
-1898% avg · 5y
FY21 -1270%FY22 -3168%FY23 -1256%FY24 —FY25 —

It earned an average -1898% 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
+75% shares · 5y

Share count is up 75% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-043104 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-027234 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026214 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-037402 (NetIncomeLoss)
  5. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-043104 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-027234 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026214 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-037402 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-027234 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-25-026214 (ShortTermBorrowings)
  11. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-043104 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001213900-24-027234 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-026214 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2025-12-31 · accession 0001213900-26-037402 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)