MeritValue

STRATASYS LTD.

SSYSdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

STRATASYS LTD. earns about -7% on invested capital, but has diluted owners by 128466% 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$607.2M1$651.5M2$627.6M3$572.5M3$551.1M3
Net income−$62M4−$29M4−$123.1M4−$120.3M5−$104.3M5
Operating cash flow$35.8M6−$75.4M7−$61.6M8$7.83M8$15.1M8
Capital expenditure$25M9$13.6M10$13.6M11$10.9M11$22.1M11
Free cash flow (derived)$10.8M6−$89M7−$75.2M8−$3.05M8−$6.97M8
Total debt—————
Cash & equivalents$243.2M12$150.5M13$82.6M14$70.2M14$94.5M14
Diluted shares63,47166.5M68.7M70.9M81.6M

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
$103.29
your share of equity
Profit it earned you last year
−$12.78
Free cash flow it threw off
−$0.85
Debt you’d be carrying
—

10 shares is a claim on $103.29 of net worth that earned you −$12.78 and generated −$0.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 -7%FY22 -2%FY23 -8%FY24 -9%FY25 -7%

It earned an average -7% 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
+128466% shares · 5y

Share count is up 128466% 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 0001628280-24-010213 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001628280-25-010800 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001628280-26-015079 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001628280-24-010213 (NetIncomeLoss)
  5. 20-F · period ending 2024-12-31 · accession 0001628280-26-015079 (ProfitLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001628280-24-010213 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001628280-25-010800 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001628280-26-015079 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001628280-24-010213 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2022-12-31 · accession 0001628280-25-010800 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001628280-26-015079 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001628280-24-010213 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2022-12-31 · accession 0001628280-25-010800 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001628280-26-015079 (CashAndCashEquivalentsAtCarryingValue)