Share count
11Mpeak FY2025
← All companies ← MB Manual MDXH → ← MDGL Pharmaceuticals MIRM →
MDWD, MediWound Ltd.
Our solutions selectively remove non-viable hazardous tissue while preserving healthy tissue, offering a safer and more effective alternative to traditional methods.
Our flagship product, NexoBrid, is a topically administered biological orphan drug that enzymatically removes eschar while preserving viable tissue in patients with deep partial- and full-thickness thermal burns.
EscharEx has shown clinical advantages over the leading enzymatic debridement product and targets a substantial global market opportunity.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$17M
−16.1% YoY · −5% 5-yr CAGR
Vital signs · TTM
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by United States (69%) and Other Countries (12%), with 3 more segments behind.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Capital build-out. Capital spending has surged to 32% of sales, today's earnings are charged less depreciation than tomorrow's will be.
- What moves the needle
- Operating margin has reached 14% at its best but run negative through the cycle (median −96%) on a 35% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 15% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −61%, above 15% in 1 of 5 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →United States is 69% of revenue, with Other Countries the other meaningful segment at 12%.
Revenue by reportable segment, FY2025
- United States69%$12M
- Other Countries12%$2M
- Spain8%$1M
- Italy6%$1M
- Germany5%$817K
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $2M | $2M | $3M | $32M | $22M | $24M | $26M | $19M | $20M | $17M | $17M | RevenueRevenue |
| −39% | 37% | 39% | 63% | 35% | 37% | 50% | 19% | 13% | 19% | 19% | Gross marginGross mgn |
| ($20M) | ($14M) | ($4M) | $4M | ($9M) | ($11M) | ($8M) | ($15M) | ($19M) | ($25M) | ($25M) | Operating incomeOp. inc. |
| n/m | −548.4% | −116.4% | 14.1% | −40.6% | −47.2% | −31.5% | −81.8% | −95.9% | −149.0% | −149.0% | Operating marginOp. mgn |
| ($19M) | ($22M) | ($1M) | $5M | ($9M) | ($14M) | ($20M) | ($7M) | ($30M) | ($24M) | ($24M) | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| ($16M) | ($16M) | ($12M) | $8M | ($7M) | ($9M) | ($12M) | ($10M) | ($14M) | ($16M) | ($16M) | Operating cash flowOp. cash |
| $475K | $457K | $474K | $512K | $387K | $559K | $426K | $672K | $630K | $591K | $591K | DepreciationDeprec. |
| $2M | $5M | ($12M) | $3M | $2M | $4M | $7M | ($4M) | $16M | $7M | $7M | Working capital & otherWC & other |
| $671K | $1M | $522K | $792K | $923K | $489K | $555K | $6M | $6M | $6M | $6M | CapexCapex |
| 43.1% | 41.9% | 15.3% | 2.5% | 4.2% | 2.1% | 2.1% | 34.6% | 31.0% | 32.5% | 32.5% | Capex / revenueCapex/rev |
| ($17M) | ($17M) | ($13M) | $8M | ($7M) | ($9M) | ($12M) | ($11M) | ($14M) | ($17M) | ($17M) | Owner earningsOwner earn. |
| n/m | −677.6% | −372.7% | 24.5% | −33.5% | −39.6% | −46.5% | −59.6% | −70.5% | −98.5% | −98.5% | Owner earnings marginOE mgn |
| ($17M) | ($18M) | ($13M) | $7M | ($8M) | ($9M) | ($12M) | ($17M) | ($20M) | ($22M) | ($22M) | Free cash flowFCF |
| n/m | −701.1% | −372.7% | 23.6% | −35.9% | −39.6% | −47.0% | −90.6% | −98.4% | −127.5% | −127.5% | Free cash flow marginFCF mgn |
| — | — | -139% | 57% | — | — | — | -61% | -70% | -51% | -51% | ROICROIC |
| -243% | -236% | -12% | 33% | -126% | — | -180% | -21% | -97% | -55% | -55% | Return on equityROE |
| −243% | −236% | −12% | 33% | −126% | — | −180% | −21% | −97% | −55% | −55% | Retained to equityRetained/eq |
| Balance sheet | |||||||||||
| $29M | $37M | $11M | $7M | $17M | $11M | $34M | $12M | $9M | $5M | $9M | Cash & investmentsCash+inv |
| $332K | $369K | $560K | $4M | $3M | $2M | $9M | $4M | $5M | $2M | $2M | ReceivablesReceiv. |
| $844K | $2M | $2M | $2M | $1M | $1M | $2M | $3M | $3M | $4M | $4M | InventoryInvent. |
| — | — | — | — | — | — | — | $6M | $5M | $8M | $8M | Accounts payablePayables |
| $1M | $2M | $2M | $6M | $4M | $3M | $11M | $1M | $2M | ($2M) | ($2M) | Operating working capitalOper. WC |
| $34M | $42M | $33M | $36M | $26M | $15M | $46M | $50M | $52M | $60M | $60M | Current assetsCur. assets |
| $5M | $5M | $5M | $10M | $8M | $11M | $12M | $18M | $27M | $26M | $26M | Current liabilitiesCur. liab. |
| 6.2× | 7.6× | 6.7× | 3.4× | 3.2× | 1.4× | 3.8× | 2.7× | 2.0× | 2.3× | 2.3× | Current ratioCurr. ratio |
| $36M | $44M | $35M | $41M | $31M | $20M | $50M | $66M | $73M | $86M | $86M | Total assetsAssets |
| ($29M) | ($37M) | ($11M) | ($7M) | ($17M) | ($11M) | ($34M) | ($12M) | ($9M) | ($5M) | ($9M) | Net debt / (cash)Net debt |
| -22.5× | -10.9× | -1.9× | 1.5× | -6.9× | -4.8× | -0.7× | -8.1× | -1.5× | -10.3× | -10.3× | Interest coverageInt. cov. |
| $8M | $9M | $9M | $15M | $7M | ($5M) | $11M | $32M | $31M | $44M | $44M | Shareholders’ equityEquity |
| Per share | |||||||||||
| 6.2M | 6.7M | 7.7M | 7.8M | 7.8M | 7.8M | 10.0M | 9.0M | 10.0M | 11.4M | 12.8M | Shares out (diluted)Shares |
| $0.25 | $0.37 | $0.44 | $4.09 | $2.80 | $3.05 | $2.66 | $2.07 | $2.03 | $1.49 | $1.32 | Revenue / shareRev/sh |
| $-3.02 | $-3.32 | $-0.14 | $0.64 | $-1.18 | $-1.74 | $-1.96 | $-0.75 | $-3.03 | $-2.10 | $-1.86 | EPS (diluted)EPS |
| $-2.71 | $-2.54 | $-1.64 | $1.00 | $-0.94 | $-1.21 | $-1.23 | $-1.24 | $-1.43 | $-1.47 | $-1.30 | Owner earnings / shareOE/sh |
| $-2.74 | $-2.62 | $-1.64 | $0.97 | $-1.01 | $-1.21 | $-1.25 | $-1.88 | $-2.00 | $-1.90 | $-1.68 | Free cash flow / shareFCF/sh |
| $0.11 | $0.16 | $0.07 | $0.10 | $0.12 | $0.06 | $0.06 | $0.72 | $0.63 | $0.48 | $0.43 | Cap. spending / shareCapex/sh |
| $1.24 | $1.41 | $1.16 | $1.95 | $0.94 | $-0.59 | $1.09 | $3.51 | $3.13 | $3.84 | $3.40 | Book value / shareBVPS |
Share counts before 2021 are restated ×1/7 for a stock split, so per-share figures sit on one basis.
Share counts before 2023 are restated ×2 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +22.0%/yr | −11.8%/yr |
| Capital spending / share | +18.2%/yr | +32.4%/yr |
| Book value / share | +13.3%/yr | +32.6%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
ROIC
−51%low FY2018
Gross margin
19%low FY2016
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($17M)owner earningsvs.($24M)net incomelow FY2016
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 earned ($17M) of owner earnings, the operating cash left after the $591K it takes just to hold its position. It put $5M more into growth; free cash flow, after that spending, was ($22M).
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($24M) | ($30M) | ($7M) | ($20M) | ($14M) |
| Depreciation & amortizationnon-cash charge added back | +$591K | +$630K | +$672K | +$426K | +$559K |
| Working capital & othertiming of cash in and out, other non-cash items | +$7M | +$16M | −$4M | +$7M | +$4M |
| Cash from operations | ($16M) | ($14M) | ($10M) | ($12M) | ($9M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$591K | −$630K | −$672K | −$426K | −$489K |
| Owner earnings | ($17M) | ($14M) | ($11M) | ($12M) | ($9M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$5M | −$6M | −$6M | −$129K | — |
| Free cash flow | ($22M) | ($20M) | ($17M) | ($12M) | ($9M) |
| Owner-earnings marginowner earnings ÷ revenue | -99% | -70% | -60% | -46% | -40% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $591K, roughly its depreciation, the rate its assets wear out). The other $5M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
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?
- Can it pay its interest? -10.3×Does not cover its interestOperating income ($25M) ÷ interest expense $2M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cash, debt-freeCash $5M + ST investments $4M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $9M, 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.
- Negative, funded by othersDSO 35 + DIO 109 − DPO 204 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Not enough dataIndustry peers: median -78%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle10-yr median margin, range -1086%–24%; latest ($17M) = operating cash ($16M) − maintenance capex $591KIndustry peers: median -590%
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 -99% of revenue this year, a -70% median across 10 years. It chose to put $5M more into growth, so free cash flow this year was ($22M) — the gap is investment, not weakness.
- Are earnings backed by cash? ($16M)Loss, and burning cashNet income ($24M) · cash from operations ($16M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
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? 9.31×ExpandingCapex $6M ÷ depreciation $591K
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 · 1 of 4 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 MissRevenue ≥ $2B · $17M
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× · 2.33×
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.
- 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 $-1.58/share (latest year $-1.86), the averaged base the calculator's gate runs on, and book value is $3.40/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.
Durability & moat, 2016–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 1 of 10
What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
- Operating margin −653% → −109% (3-yr avg ends)
What this means
Through the cycle the operating margin widened — about −653% early to −109% lately, median −96% — pricing power intact or improving.
- Worst year 2016 · −1293.6% op. margin
What this means
Operations went underwater in 2016, understand why before trusting the good years.
- How management talks about it Owner’s terms
What this means
The record and the register agree: capital is compounding and the filing reasons in an owner’s terms — per-share value, return on capital, the long term — not a promoter’s.
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.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
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$60M
- Cash & short-term investments$9M
- Receivables$2M
- Inventory$4M
- Other current assets$45M
Current liabilities$26M
- Accounts payable$8M
- Other current liabilities$18M
Current ratio2.33×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.17×stricter: inventory excluded
Cash ratio0.34×strictest: cash alone against what's due
Working capital$34Mthe cushion left after near-term bills
Cash runway0.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$44Mequity stripped of goodwill & intangibles
Net current asset value$17MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$3M$3M 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 |
|---|---|---|---|---|---|
| NAMSNewAmsterdam Pharma Company N.V. | $23M | — | -694.9% | -92% | -504% |
| MDWDMediWound Ltd. | $17M | 36% | -88.9% | -61% | -65% |
| QUREuniQure N.V. | $16M | 94% | -611.9% | -87% | -605% |
| RLAYRelay Therapeutics Inc. | $15M | — | -2846.8% | -46% | -2023% |
| IRDOpus Genetics Inc. | $14M | 99% | -205.8% | — | -248% |
| ABUSArbutus Biopharma Corporation | $14M | — | -936.4% | -85% | -685% |
| EVMNEvommune Inc. | $13M | — | -623.6% | -40% | -590% |
| PGENPrecigen Inc. | $10M | — | -444.8% | -72% | -262% |
| Group median | — | 94% | -617.8% | -72% | -547% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. MediWound Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
MediWound 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.
$
The assumptions
Revenue, delivered−6%/yr’20→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−128%
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, "MediWound Ltd. (MDWD), the owner's record," https://ownerscorecard.com/c/MDWD, data as of 2026-07-09.
Manual order: ← MB its page in the Manual MDXH →
Industry order: ← MDGL the Pharmaceuticals chapter MIRM →