MeritValue

ZION OIL & GAS INC

ZNOGdata completeness 75%25 fiscal years on file
The thesis, from the filings

ZION OIL & GAS INC earns about -58% on invested capital, and has bought back 100% 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$11.3M1————
Net income−$10.7M2−$55.1M3−$7.96M4−$7.34M5−$7.63M5
Operating cash flow−$5.81M6−$5.7M7−$5.13M8−$6.29M9−$8.01M9
Capital expenditure$46,00010$17,00011$1,00011——
Free cash flow (derived)−$5.86M6−$5.72M7−$5.13M8——
Total debt——$432,00012$490,00013$013
Cash & equivalents$4.68M14$1.74M15$615,00016$2.27M17$8.31M17
Diluted shares277.5M468.6M568.4M797,2671.1M

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
$391.66
your share of equity
Profit it earned you last year
−$70.41
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $391.66 of net worth that earned you −$70.41 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-58% avg · 5y
FY21 -16%FY22 -204%FY23 -29%FY24 -22%FY25 -18%

It earned an average -58% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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. 10-K · period ending 2021-12-31 · accession 0001213900-22-013250 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001213900-23-023118 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-024404 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001437749-25-009623 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001437749-26-009073 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-23-023118 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-024404 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001437749-25-009623 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001437749-26-009073 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001213900-23-023118 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-024404 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-25-009623 (DebtCurrent)
  13. 10-K · period ending 2024-12-31 · accession 0001437749-26-009073 (DebtCurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-23-023118 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-024404 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001437749-25-009623 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001437749-26-009073 (CashAndCashEquivalentsAtCarryingValue)