Share count
216Mpeak FY2023
← All companies ← NNAVW Manual NNN → ← MPTI Electronic Components & Instruments NVMI →
NNDM, Nano Dimension Ltd.
We do this through innovating and providing industrial manufacturing solutions that are at the pinnacle of multi-disciplinary technology - combining hardware, software, and materials science.
The solutions include industrial machinery, such as those for additive manufacturing, surface-mount technology, industrial inkjet printing, along with software for design, simulation, and manufacturing management, as well as materials or consumables that are used by the machinery.
Collectively, these solutions are used for design-to-manufacturing of electronics and mechanical parts by advanced industrial customers in aerospace, automotive, defense, electronics, medical, research and academia, as well as government organizations.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$102M
+77.3% YoY
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.
- 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
- Operating margin has run around −155% through the cycle on a 43% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Inventory runs near 29% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on supplier & input dependence, 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 −14%, above 15% in 0 of 3 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 10-K →EMEA is 71% of revenue, so this is largely a single-region business.
Revenue by geography, FY2025
- EMEA71%$41M
- Asia Pacific29%$17M
From the segment footnote of the company's own 10-K. 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, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $56M | $58M | $102M | $118M | RevenueRevenue |
| 46% | 43% | 34% | 35% | Gross marginGross mgn |
| 99% | 80% | 58% | 59% | SG&A / revenueSG&A/rev |
| 116% | 68% | 29% | 27% | R&D / revenueR&D/rev |
| ($129M) | ($90M) | ($140M) | ($163M) | Operating incomeOp. inc. |
| −229.6% | −155.1% | −137.0% | −138.4% | Operating marginOp. mgn |
| ($56M) | ($99M) | ($293M) | ($338M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($69M) | ($19M) | ($70M) | ($70M) | Operating cash flowOp. cash |
| $2M | $3M | $20M | $24M | DepreciationDeprec. |
| ($15M) | $77M | $203M | $244M | Working capital & otherWC & other |
| $9M | $2M | $1M | $936K | CapexCapex |
| 16.2% | 3.8% | 1.0% | 0.8% | Capex / revenueCapex/rev |
| ($71M) | ($21M) | ($71M) | ($71M) | Owner earningsOwner earn. |
| −125.4% | −36.6% | −69.6% | −60.1% | Owner earnings marginOE mgn |
| ($78M) | ($21M) | ($71M) | ($71M) | Free cash flowFCF |
| −138.1% | −36.6% | −69.6% | −60.1% | Free cash flow marginFCF mgn |
| $0 | $0 | $268M | $268M | AcquisitionsAcquis. |
| -14% | -13% | -32% | -99% | ROICROIC |
| -5% | -11% | -53% | -70% | Return on equityROE |
| −5% | −11% | −53% | −70% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $310M | $403M | $205M | $355M | Cash & investmentsCash+inv |
| — | $9M | $26M | $23M | ReceivablesReceiv. |
| — | $17M | $33M | $32M | InventoryInvent. |
| — | $4M | $12M | $13M | Accounts payablePayables |
| — | $22M | $47M | $41M | Operating working capitalOper. WC |
| — | $789M | $526M | $505M | Current assetsCur. assets |
| — | $30M | $52M | $56M | Current liabilitiesCur. liab. |
| — | 26.2× | 10.0× | 9.0× | Current ratioCurr. ratio |
| — | $0 | $40M | $0 | GoodwillGoodwill |
| — | $903M | $638M | $573M | Total assetsAssets |
| ($310M) | ($403M) | ($205M) | ($355M) | Net debt / (cash)Net debt |
| -352.4× | -134.1× | -1264.2× | — | Interest coverageInt. cov. |
| $1.0B | $860M | $552M | $485M | Shareholders’ equityEquity |
| Per share | ||||
| 248M | 218M | 216M | 208M | Shares out (diluted)Shares |
| $0.23 | $0.26 | $0.47 | $0.57 | Revenue / shareRev/sh |
| $-0.23 | $-0.45 | $-1.36 | $-1.63 | EPS (diluted)EPS |
| $-0.28 | $-0.10 | $-0.33 | $-0.34 | Owner earnings / shareOE/sh |
| $-0.31 | $-0.10 | $-0.33 | $-0.34 | Free cash flow / shareFCF/sh |
| $0.04 | $0.01 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $4.11 | $3.94 | $2.56 | $2.34 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−32%low FY2025
Gross margin
34%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($71M)owner earningsvs.($293M)net incomelow FY2025
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 turned a $293M loss into ($71M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($293M) | ($99M) | ($56M) |
| Depreciation & amortizationnon-cash charge added back | +$20M | +$3M | +$2M |
| Working capital & othertiming of cash in and out, other non-cash items | +$203M | +$77M | −$15M |
| Cash from operations | ($70M) | ($19M) | ($69M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$1M | −$2M | −$2M |
| Owner earnings | ($71M) | ($21M) | ($71M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | −$7M |
| Free cash flow | ($71M) | ($21M) | ($78M) |
| Owner-earnings marginowner earnings ÷ revenue | -70% | -37% | -125% |
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 .
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 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -1264.2×Does not cover its interestOperating income ($140M) ÷ interest expense $111K
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 $205M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $205M, 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.
- Long (60+ days)DSO 93 + DIO 176 − DPO 64 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -21%
What this means
The filing data didn't include the inputs for this check.
- Consumes cash through the cycle3-yr median margin, range -125%–-37%; latest ($71M) = operating cash ($70M) − maintenance capex $1MIndustry peers: median -10%
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 -70% of revenue this year, a -70% median across 3 years.
- Are earnings backed by cash? ($70M)Loss, and burning cashNet income ($293M) · cash from operations ($70M)
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? 0.05×HarvestingCapex $1M ÷ depreciation $20M
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 2 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 · $102M
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× · 10.02×
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.
- 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 $-0.71/share (latest year $-1.40), the averaged base the calculator's gate runs on, and book value is $2.64/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.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“As the regulatory framework for AI technology evolves, our business, financial condition, and results of operations may be adversely affected.”
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, and the company is using it that way.
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 the latest quarter, Mar 31, 2026Can 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$505M
- Cash & short-term investments$355M
- Receivables$23M
- Inventory$32M
- Other current assets$96M
Current liabilities$56M
- Accounts payable$13M
- Other current liabilities$43M
Current ratio9.01×all current assets ÷ what's due · Graham looked for 2×
Quick ratio8.45×stricter: inventory excluded
Cash ratio6.34×strictest: cash alone against what's due
Working capital$449Mthe cushion left after near-term bills
Cash runway5.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+106.4%the freshest read on whether the business is still growing
Current ratio, recent quarters26.2× → 9.0×
Deeper floors
Tangible book value$467Mequity stripped of goodwill & intangibles
Net current asset value$418MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$30M$30M of it operating leases
Deferred revenue$15Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 3-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$60M9% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity7%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$268Mover 3 years buying other businesses, against $12M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 3-year record, from the company's own filings.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Acquisitions, Stock compensation, Contingencies as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Electronic Components & Instruments
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 |
|---|---|---|---|---|---|
| LASRnLIGHT Inc. | $261M | 28% | -9.8% | -16% | -2% |
| INDIindie Semiconductor Inc. | $217M | 41% | -81.8% | -26% | -64% |
| NNDMNano Dimension Ltd. | $102M | 43% | -155.1% | -14% | -70% |
| AXTIAXT Inc | $88M | 32% | 6.0% | 4% | -16% |
| AMBQAmbiq Micro Inc. | $73M | 44% | -54.5% | -141% | — |
| AIPArteris Inc. | $71M | 90% | -56.0% | — | -3% |
| MPTIM-tron Industries Inc. | $54M | — | 10.4% | 19% | 9% |
| NVTSNavitas Semiconductor Corporation | $46M | 33% | -196.7% | -41% | -108% |
| Group median | — | 41% | -55.3% | -16% | -16% |
The price
What a price has to assume.
What the price implies
reverse-DCFNano Dimension 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
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−60%
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, "Nano Dimension Ltd. (NNDM), the owner's record," https://ownerscorecard.com/c/NNDM, data as of 2026-07-09.
Manual order: ← NNAVW its page in the Manual NNN →
Industry order: ← MPTI the Electronic Components & Instruments chapter NVMI →