MeritValue

Rail Vision Ltd.

RVSNdata completeness 88%7 fiscal years on file

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

The thesis, from the filings

Rail Vision Ltd. earns about -189% on equity, but has diluted owners by 58% 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$888,0001$421,0002$142,0003$1.3M3$1.49M3
Net income−$10.2M4−$10.5M5−$11.1M6−$30.7M6−$11.1M6
Operating cash flow−$9.95M7−$9.98M8−$10.5M9−$9.68M9−$9.12M9
Capital expenditure$273,00010$29,00011$152,00012$30,00012$125,00012
Free cash flow (derived)−$10.2M7−$10M8−$10.7M9−$9.71M9−$9.25M9
Total debt—————
Cash & equivalents$1.65M13$8.27M14$3.07M15$17.2M16$20M16
Diluted shares1.1M1.8M86,243554,1851.8M

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
$112.63
your share of equity
Profit it earned you last year
−$61.48
Free cash flow it threw off
−$51.22
Debt you’d be carrying
—

10 shares is a claim on $112.63 of net worth that earned you −$61.48 and generated −$51.22 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-189% avg · 5y
FY21 —FY22 -127%FY23 -400%FY24 -173%FY25 -55%

It earned an average -189% 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
+58% shares · 5y

Share count is up 58% 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. 20-F · period ending 2021-12-31 · accession 0001213900-24-027359 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-001777 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-014134 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-027359 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-001777 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-014134 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-027359 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-001777 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-014134 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-027359 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-001777 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-014134 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-022437 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2022-12-31 · accession 0001213900-24-027359 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2023-12-31 · accession 0001641172-25-001777 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2024-12-31 · accession 0001493152-26-014134 (CashAndCashEquivalentsAtCarryingValue)