MeritValue

SMX (Security Matters) Public Ltd Co

SMXdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

SMX (Security Matters) Public Ltd Co earns about -396% on invested capital, but has diluted owners by 511565% 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−$4.94M1−$6.18M2−$20.9M3−$31.1M3−$174.6M4
Operating cash flow−$3.91M5−$5.22M6−$12.5M7−$11.3M7−$17M7
Capital expenditure$297,0008$152,0009$60,00010$21,00010—
Free cash flow (derived)−$4.21M5−$5.38M6−$12.5M7−$11.3M7—
Total debt————$5,75111
Cash & equivalents$4.17M12$1.4M13$168,00013$2.34M13$12.2M13
Diluted shares—3511,260101.8M

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
$49.31
your share of equity
Profit it earned you last year
−$972.14
Free cash flow it threw off
—
Debt you’d be carrying
$0.03

10 shares is a claim on $49.31 of net worth that earned you −$972.14 last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-396% avg · 5y
FY21 -105%FY22 -645%FY23 -147%FY24 -687%FY25 —

It earned an average -396% 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
+511565% shares · 5y

Share count is up 511565% 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
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 0001493152-24-017279 (ProfitLoss)
  2. 20-F/A · period ending 2022-12-31 · accession 0001641172-25-010997 (ProfitLoss)
  3. 20-F/A · period ending 2023-12-31 · accession 0001641172-25-010997 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2025-12-31 · accession 0001493152-26-011985 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001493152-24-017279 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F/A · period ending 2022-12-31 · accession 0001641172-25-010997 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001493152-26-011985 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001493152-24-017279 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F/A · period ending 2022-12-31 · accession 0001641172-25-010997 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001493152-26-011985 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2025-12-31 · accession 0001493152-26-011985 (Borrowings)
  12. 20-F/A · period ending 2021-12-31 · accession 0001641172-25-010997 (CashAndCashEquivalents)
  13. 20-F · period ending 2022-12-31 · accession 0001493152-26-011985 (CashAndCashEquivalents)