XTL BIOPHARMACEUTICALS LTD

XTLBdata completeness 100%10 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

XTL BIOPHARMACEUTICALS LTD earns about -82% on invested capital, but has diluted owners by 71% 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

Figure	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	—	—	—	—	$451,000¹
Net income	−$2.95M²	$435,000²	−$1.35M³	−$1.78M³	−$1.03M³
Operating cash flow	−$850,000⁴	−$1.05M⁴	−$901,000⁵	−$707,000⁵	−$1.62M⁵
Capital expenditure	$1,000⁶	—	—	—	$54,000⁷
Free cash flow (derived)	−$851,000⁴	—	—	—	−$1.67M⁵
Total debt	—	—	—	—	$138,000⁸
Cash & equivalents	$3.63M⁹	$2.97M¹⁰	$2.09M¹⁰	$1.4M¹⁰	$371,000¹⁰
Diluted shares	514.2M	544.9M	544.9M	544.9M	881.4M

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

Net assets behind them

$0.06

your share of equity

Profit it earned you last year

−$0.01

Free cash flow it threw off

−$0.02

Debt you’d be carrying

10 shares is a claim on $0.06 of net worth that earned you −$0.01 and generated −$0.02 of cash last year, against $0 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-82% avg · 5y

FY20 —FY21 —FY22 -56%FY23 -172%FY24 -18%

It earned an average -82% 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

+71% shares · 5y

Share count is up 71% 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

20-F · period ending 2024-12-31 · accession 0001213900-25-037590 (Revenue)
20-F · period ending 2020-12-31 · accession 0001213900-23-021869 (ProfitLoss)
20-F · period ending 2022-12-31 · accession 0001213900-25-037590 (ProfitLoss)
20-F · period ending 2020-12-31 · accession 0001213900-23-021869 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001213900-25-037590 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2020-12-31 · accession 0001213900-23-021869 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2024-12-31 · accession 0001213900-25-037590 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2024-12-31 · accession 0001213900-25-037590 (Borrowings)
20-F · period ending 2020-12-31 · accession 0001213900-23-021869 (CashAndCashEquivalents)
20-F · period ending 2021-12-31 · accession 0001213900-25-037590 (CashAndCashEquivalents)