MeritValue

ZOOZ Strategy Ltd.

ZOOZdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

ZOOZ Strategy Ltd. earns about -88% on invested capital, and has bought back 97% 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——$764,0001$1.04M1$247,0001
Net income−$4.58M2−$7.83M3−$11.8M4−$11M4−$55.6M4
Operating cash flow−$6.09M5−$10.5M6−$12.2M7−$9.93M7−$13.8M7
Capital expenditure$298,0008$500,0009$1.37M10$67,00010$93,00010
Free cash flow (derived)−$6.38M5−$11M6−$13.6M7−$10M7−$13.9M7
Total debt—————
Cash & equivalents———$7.53M11$27M11
Diluted shares2.0M5.2M5,91210,07059,291

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
$20,104.23
your share of equity
Profit it earned you last year
−$9,375.62
Free cash flow it threw off
−$2,340.49
Debt you’d be carrying
—

10 shares is a claim on $20,104.23 of net worth that earned you −$9,375.62 and generated −$2,340.49 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-88% avg · 5y
FY21 -138%FY22 -28%FY23 -97%FY24 —FY25 —

It earned an average -88% 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
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2023-12-31 · accession 0001493152-26-013109 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2021-12-31 · accession 0001493152-24-017287 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001493152-25-009478 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-26-013109 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001493152-24-017287 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001493152-25-009478 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001493152-26-013109 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001493152-24-017287 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2022-12-31 · accession 0001493152-25-009478 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2023-12-31 · accession 0001493152-26-013109 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-12-31 · accession 0001493152-26-013109 (CashAndCashEquivalentsAtCarryingValue)