SILICOM LTD.
SILCdata completeness 88%17 fiscal years on fileData notes: no data for concept 'totalDebt'
SILICOM LTD. earns about -5% on invested capital, below its ~9% cost of capital, and has bought back 18% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $60.13 and $64.71 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $128.5M1 | $150.6M2 | $124.1M3 | $58.1M3 | $61.9M3 |
| Net income | $10.5M4 | $18.3M5 | −$26.4M6 | −$13.7M6 | −$11.5M6 |
| Operating cash flow | $1.08M7 | −$4.09M8 | $31.9M9 | $18.3M9 | −$2.16M9 |
| Capital expenditure | $2.59M10 | $2.09M11 | $1.12M12 | $932,00012 | $1.19M12 |
| Free cash flow (derived) | −$1.51M7 | −$6.18M8 | $30.8M9 | $17.4M9 | −$3.35M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $29.3M13 | $30.7M14 | $47M15 | $51.3M16 | $35.2M16 |
| Diluted shares | 7.0M | 6.8M | 6.7M | 6.0M | 5.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $205.88 of net worth that earned you −$20.12 and generated −$5.87 of cash last year.
It earned about -5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 18% 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.
The 2 estimate methods that apply put fair value between $60.13 and $64.71 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$17.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$17.4M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $49.61 |
| Base | 5.0% | $60.13 |
| Bull | 10.0% | $72.72 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001474 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001515 (Revenues)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-002258 (Revenues)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001474 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001515 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-002258 (NetIncomeLoss)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001474 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001515 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-002258 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001178913-24-001474 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001178913-25-001515 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001178913-26-002258 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2021-12-31 · accession 0001178913-23-001545 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2022-12-31 · accession 0001178913-24-001474 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001178913-25-001515 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001178913-26-002258 (CashAndCashEquivalentsAtCarryingValue)