MeritValue

RxSight, Inc.

RXSTdata completeness 88%6 fiscal years on file
The thesis, from the filings

RxSight, Inc. earns about -22% on invested capital, but has diluted owners by 200% 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$22.6M1$49M2$89.1M3$139.9M3$134.5M3
Net income−$48.7M4−$66.8M5−$48.6M6−$27.5M6−$38.9M6
Operating cash flow−$44.7M7−$58.9M8−$41.6M9−$16.9M9−$15.5M9
Capital expenditure$1.94M10$2.39M11$4.81M12$5.44M12$3.83M12
Free cash flow (derived)−$46.6M7−$61.2M8−$46.4M9−$22.4M9−$19.3M9
Total debt$39.8M13$40.2M14$014——
Cash & equivalents$24.4M15$11.8M16$9.69M17$16.7M18$19.9M18
Diluted shares13.6M27.7M34.5M38.9M40.9M

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
$67.49
your share of equity
Profit it earned you last year
−$9.53
Free cash flow it threw off
−$4.73
Debt you’d be carrying
—

10 shares is a claim on $67.49 of net worth that earned you −$9.53 and generated −$4.73 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-22% avg · 5y
FY21 -23%FY22 -41%FY23 -24%FY24 -8%FY25 -12%

It earned an average -22% 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
+200% shares · 5y

Share count is up 200% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 0000950170-23-006237 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-026681 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-071775 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-006237 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-026681 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-071775 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-006237 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-026681 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-071775 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-006237 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-026681 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-071775 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-006237 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-022073 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-23-006237 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000950170-24-022073 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-026681 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-071775 (CashAndCashEquivalentsAtCarryingValue)