Share count
48Mpeak FY2025
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ENLV, Enlivex Ltd.
A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$1.2B
Vital signs · TTM, with 5-yr average
Revenue $1.2B
Operating margin −1.2%
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- The pipeline against the patent cliff, and pricing. What decides it: whether new drugs replace those losing exclusivity, the odds in the clinical pipeline, and how durable pricing stays against payers and generics.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−1%low FY2022
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($10M)owner earningsvs.$1.2Bnet incomelow FY2022
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business reported $1.2B of profit but ($10M) of owner earnings: $1.2B less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $1.2B | ($15M) | ($29M) | ($31M) | ($14M) |
| Depreciation & amortizationnon-cash charge added back | +$332K | +$545K | +$835K | +$777K | +$546K |
| Working capital & othertiming of cash in and out, other non-cash items | −$1.2B | +$1M | +$5M | +$6M | −$4M |
| Cash from operations | ($10M) | ($13M) | ($24M) | ($24M) | ($18M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$68K | −$103K | −$236K | −$777K | −$546K |
| Owner earnings | ($10M) | ($13M) | ($24M) | ($25M) | ($18M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | — | −$7M | −$1M |
| Free cash flow | ($10M) | ($13M) | ($24M) | ($32M) | ($19M) |
| Owner-earnings marginowner earnings ÷ revenue | — | — | — | — | — |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- No meaningful interest burdenLittle or no interest expense reported
What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
- Net cashCash $2M + ST investments $25M − debt $7M
What this means
Cash and short-term investments exceed every dollar of debt by $20M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below average through the cycle7-yr median, range -296%–-1%; -1% latest = NOPAT ($11M) ÷ invested capital $1.9BIndustry peers: median -26%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran -1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cashOwner earnings ($10M) = operating cash ($10M) − maintenance capex $68KIndustry peers: median -2%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year.
- Are earnings backed by cash? -0.01×Thinly cash-backedCash from ops ($10M) ÷ net income $1.2B
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.20×HarvestingCapex $68K ÷ depreciation $332K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size NearRevenue ≥ $2B · $1.2B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 193.24×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $7M vs $1.7B WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (10-yr record) · 9 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $8.19/share (latest year $25.48), the averaged base the calculator's gate runs on, and book value is $39.90/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$1.7B
- Cash & short-term investments$27M
- Receivables$16K
- Other current assets$1.7B
Current liabilities$9M
- Accounts payable$303K
- Other current liabilities$9M
Current ratio193.24×all current assets ÷ what's due · Graham looked for 2×
Quick ratio—inventory untagged this quarter, so withheld rather than shown equal to the current ratio
Cash ratio3.03×strictest: cash alone against what's due
Working capital$1.7Bthe cushion left after near-term bills
Cash runway2.6 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$1.9Bequity stripped of goodwill & intangibles
Net current asset value$1.4BGraham's net-net: current assets less all liabilities
Debt incl. operating leases$7M$264K of it operating leases
From the company's latest filing.
Peers, Pharmaceuticals
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| PTCTPTC Therapeutics Inc. | $1.7B | 97% | -55.4% | -45% | -28% |
| ALKSAlkermes | $1.5B | 84% | -4.8% | -7% | 3% |
| PAHCPhibro Animal Health Corporation | $1.3B | 32% | 8.8% | 16% | 3% |
| INDVIndivior Pharmaceuticals Inc. | $1.2B | 82% | -2.9% | — | -2% |
| ENLVEnlivex Ltd. | $1.2B | — | -1.2% | -62% | -1% |
| PBHPrestige Consumer Healthcare | $1.1B | 56% | 29.0% | 8% | 21% |
| ACADACADIA Pharmaceuticals Inc. | $1.1B | 94% | -54.1% | -48% | -29% |
| MDGLMadrigal Pharmaceuticals Inc. | $958M | 99% | -276.4% | -61% | -254% |
| Group median | — | — | -3.8% | -45% | -1% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Enlivex Ltd. reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
Enlivex Ltd. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−1%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Enlivex Ltd. (ENLV), the owner's record," https://ownerscorecard.com/c/ENLV, data as of 2026-07-09.
Manual order: ← ENLT its page in the Manual EQNR →
Industry order: ← ELAN the Pharmaceuticals chapter ENTA →