MeritValue

Sol-Gel Technologies Ltd.

SLGLdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Sol-Gel Technologies Ltd. earns about -33% on equity, and has bought back 88% of its shares over 5 years. 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$3.3M1$01$1.55M2$3.8M3$3.8M4
Net income$3.22M5−$14.9M6−$27.2M7−$10.6M7−$6.13M7
Operating cash flow−$7.69M8−$9.48M9−$17.7M10−$13.9M10$322,00010
Capital expenditure$143,00011$171,00012$134,00013$2,00013$47,00013
Free cash flow (derived)−$7.83M8−$9.66M9−$17.9M10−$13.9M10$275,00010
Total debt—————
Cash & equivalents$20.1M14$12.4M15$7.51M16$19.5M16$11M16
Diluted shares23.6M23.1M2.7M2.8M2.8M

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
$81.88
your share of equity
Profit it earned you last year
−$21.99
Free cash flow it threw off
$0.99
Debt you’d be carrying
—

10 shares is a claim on $81.88 of net worth that earned you −$21.99 and generated $0.99 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-33% avg · 5y
FY21 6%FY22 -35%FY23 -70%FY24 -37%FY25 -27%

It earned an average -33% 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
−88% shares · 5y

Share count is down 88% 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.

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 0001178913-23-000913 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001178913-26-001552 (Revenues)
  3. 20-F · period ending 2024-12-31 · accession 0001178913-25-001497 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2025-12-31 · accession 0001178913-26-001552 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 20-F · period ending 2021-12-31 · accession 0001178913-24-000932 (NetIncomeLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001178913-25-001497 (NetIncomeLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001178913-26-001552 (NetIncomeLoss)
  8. 20-F · period ending 2021-12-31 · accession 0001178913-24-000932 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001178913-25-001497 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001178913-26-001552 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001178913-24-000932 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-12-31 · accession 0001178913-25-001497 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-12-31 · accession 0001178913-26-001552 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2021-12-31 · accession 0001178913-24-000932 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001178913-25-001497 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001178913-26-001552 (CashAndCashEquivalentsAtCarryingValue)