MeritValue

Steakholder Foods Ltd.

STKHdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

Steakholder Foods Ltd. earns about 290% on invested capital, but has diluted owners by 1183% 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———$10,0001—
Net income−$21.9M2−$21.9M3−$16.9M4−$8.52M4−$11.2M4
Operating cash flow−$14.4M5−$14.8M6−$12.7M7−$8.46M7−$6.75M7
Capital expenditure$1.78M8$2.9M9$270,00010$985,00010$113,00010
Free cash flow (derived)−$16.2M5−$17.7M6−$13M7−$9.44M7−$6.86M7
Total debt—————
Cash & equivalents$19.2M11$6.28M12$4.25M13$1.26M14$3.09M14
Diluted shares116.0M135.9M236.6M417.6M1.49B

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
$0.03
your share of equity
Profit it earned you last year
−$0.08
Free cash flow it threw off
−$0.05
Debt you’d be carrying
—

10 shares is a claim on $0.03 of net worth that earned you −$0.08 and generated −$0.05 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
290% avg · 5y
FY21 0%FY22 0%FY23 752%FY24 242%FY25 455%

It earned an average 290% 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
+1183% shares · 5y

Share count is up 1183% 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 2024-12-31 · accession 0001213900-26-050174 (Revenues)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-037851 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001013762-25-004452 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-050174 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-037851 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001013762-25-004452 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001213900-26-050174 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-037851 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2022-12-31 · accession 0001013762-25-004452 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-26-050174 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2021-12-31 · accession 0001013762-25-004452 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-24-037851 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2023-12-31 · accession 0001013762-25-004452 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-26-050174 (CashAndCashEquivalentsAtCarryingValue)