Share count
42Mpeak FY2025
← All companies ← ORLY Manual ORN → ← OPK Pharmaceuticals OVID →
ORMP, Oramed Pharmaceuticals Inc.
Pharmaceuticals consumer brand
We are a pharmaceutical company engaged in the research and development of innovative pharmaceutical solutions with a technology platform that allows for the oral delivery of therapeutic proteins.
OraTech will focus on developing and commercializing products based on our oral insulin and POD technology, utilizing HTIT's manufacturing capabilities.
On February 7, 2025, we and HTIT entered into a Joint Venture Agreement or, the "JV Agreement", amending the Initial JV Agreement, to advance the development and commercialization of oral insulin by combining our proprietary technology and funding with HTIT's manufacturing capabilities.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$2M
+49.3% YoY · −6% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $2M 5-yr avg $2M
Revenue $2M
Operating margin −225.0%
Net income ($8M)
Net margin −382.1%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Operating margin has run around −754% through the cycle on a 92% 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. Stock-based pay runs about 99% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, 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 −29%, above 15% in 0 of 9 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.
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 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| $641K | $2M | $2M | $3M | $3M | $3M | $3M | $1M | $2M | $2M | RevenueRevenue |
| 24% | — | — | — | — | — | — | — | 1% | 1% | Gross marginGross mgn |
| 383% | 112% | 167% | 138% | 156% | 220% | 511% | 629% | 436% | 424% | SG&A / revenueSG&A/rev |
| n/m | 419% | 489% | 500% | 378% | 777% | n/m | 669% | 319% | 288% | R&D / revenueR&D/rev |
| ($10M) | ($11M) | ($14M) | ($15M) | ($12M) | ($24M) | ($41M) | ($16M) | ($15M) | ($14M) | Operating incomeOp. inc. |
| n/m | −438.6% | −552.3% | −541.3% | −433.8% | −896.2% | n/m | n/m | −754.4% | −712.4% | Operating marginOp. mgn |
| ($11M) | ($10M) | ($13M) | ($14M) | ($12M) | ($23M) | ($37M) | $5M | $64M | $110M | Net incomeNet inc. |
| Cash flow & returns | ||||||||||
| $5M | ($6M) | ($15M) | ($13M) | ($12M) | ($21M) | ($28M) | ($10M) | ($9M) | ($9M) | Operating cash flowOp. cash |
| $4K | $5K | $6K | $8K | $7K | $77K | $58K | $196K | $121K | $121K | DepreciationDeprec. |
| $15M | $3M | ($3M) | $599K | ($1M) | ($964K) | ($3M) | ($20M) | ($79M) | ($124M) | Working capital & otherWC & other |
| $9K | $7K | $5K | $15K | $82K | $375K | $496K | $254K | $9K | $11K | CapexCapex |
| 1.4% | 0.3% | 0.2% | 0.6% | 3.0% | 13.9% | 18.3% | 19.0% | 0.4% | 0.5% | Capex / revenueCapex/rev |
| $5M | ($6M) | ($15M) | ($13M) | ($13M) | ($22M) | ($28M) | ($11M) | ($9M) | ($9M) | Owner earningsOwner earn. |
| 724.8% | −237.7% | −598.7% | −479.3% | −462.1% | −797.5% | n/m | −787.2% | −457.7% | −427.6% | Owner earnings marginOE mgn |
| $5M | ($6M) | ($15M) | ($13M) | ($13M) | ($22M) | ($28M) | ($11M) | ($9M) | ($9M) | Free cash flowFCF |
| 724.8% | −237.7% | −598.7% | −479.3% | −462.1% | −797.5% | n/m | −787.2% | −457.7% | −427.6% | Free cash flow marginFCF mgn |
| -35% | -56% | -28% | -45% | -68% | -21% | -29% | -8% | -8% | -4% | ROICROIC |
| -42% | -54% | -41% | -74% | -35% | -14% | -24% | 3% | 32% | 46% | Return on equityROE |
| −42% | −54% | −41% | −74% | −35% | −14% | −24% | 3% | 32% | 46% | Retained to equityRetained/eq |
| Balance sheet | ||||||||||
| $7M | $9M | $12M | $8M | $27M | $89M | $44M | $69M | $60M | $36M | Cash & investmentsCash+inv |
| $1M | $3M | $2M | $3M | $2M | $5M | $4M | $551K | $443K | $481K | Accounts payablePayables |
| $31M | $20M | $31M | $33M | $41M | $148M | $157M | $163M | $133M | $68M | Current assetsCur. assets |
| $4M | $5M | $5M | $5M | $5M | $7M | $6M | $53M | $19M | $11M | Current liabilitiesCur. liab. |
| 8.6× | 3.9× | 6.8× | 6.3× | 8.9× | 20.1× | 27.3× | 3.1× | 7.0× | 6.5× | Current ratioCurr. ratio |
| $43M | $39M | $47M | $35M | $45M | $178M | $162M | $221M | $231M | $269M | Total assetsAssets |
| — | — | $11M | $10M | — | — | $25K | — | — | $75M | Total debtDebt |
| — | — | ($985K) | $1M | — | — | ($44M) | — | — | $38M | Net debt / (cash)Net debt |
| $26M | $19M | $31M | $19M | $33M | $166M | $152M | $164M | $200M | $238M | Shareholders’ equityEquity |
| 98.9% | 64.1% | 63.2% | 29.9% | 17.2% | 99.7% | 425.8% | 314.3% | 299.6% | 276.9% | Stock comp / revenueSBC/rev |
| Per share | ||||||||||
| 12.6M | 13.3M | 14.9M | 17.5M | 20.5M | 28.5M | 39.0M | 40.6M | 42.4M | 42.0M | Shares out (diluted)Shares |
| $0.05 | $0.18 | $0.16 | $0.15 | $0.13 | $0.09 | $0.07 | $0.03 | $0.05 | $0.05 | Revenue / shareRev/sh |
| $-0.87 | $-0.79 | $-0.86 | $-0.82 | $-0.56 | $-0.81 | $-0.94 | $0.13 | $1.51 | $2.62 | EPS (diluted)EPS |
| $0.37 | $-0.44 | $-0.99 | $-0.74 | $-0.61 | $-0.76 | $-0.73 | $-0.26 | $-0.22 | $-0.20 | Owner earnings / shareOE/sh |
| $0.37 | $-0.44 | $-0.99 | $-0.74 | $-0.61 | $-0.76 | $-0.73 | $-0.26 | $-0.22 | $-0.20 | Free cash flow / shareFCF/sh |
| $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | Cap. spending / shareCapex/sh |
| $2.07 | $1.45 | $2.09 | $1.11 | $1.60 | $5.85 | $3.89 | $4.04 | $4.71 | $5.68 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −0.8%/yr | −18.6%/yr |
| Capital spending / share | −12.6%/yr | −44.4%/yr |
| Book value / share | +9.5%/yr | +24.1%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−8%low FY2020
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($9M)owner earningsvs.$64Mnet 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 $64M of profit but ($9M) of owner earnings: $73M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Reported net income | $64M | $5M | ($37M) | ($23M) | ($12M) |
| Depreciation & amortizationnon-cash charge added back | +$121K | +$196K | +$58K | +$77K | +$7K |
| Stock-based compensationreal costnon-cash, but a real cost | +$6M | +$4M | +$12M | +$3M | +$465K |
| Working capital & othertiming of cash in and out, other non-cash items | −$79M | −$20M | −$3M | −$964K | −$1M |
| Cash from operations | ($9M) | ($10M) | ($28M) | ($21M) | ($12M) |
| Capital expenditurecash put back in to keep running and to grow | −$9K | −$254K | −$496K | −$375K | −$82K |
| Owner earnings | ($9M) | ($11M) | ($28M) | ($22M) | ($13M) |
| Owner-earnings marginowner earnings ÷ revenue | -458% | -787% | -1051% | -797% | -462% |
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 . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $6M), owner earnings is nearer ($15M).
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 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -17.7×Does not cover its interestOperating income ($15M) ÷ interest expense $853K
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 cashCash $46M + ST investments $5M − debt $25K
What this means
Cash and short-term investments exceed every dollar of debt by $51M, on net the company owes nothing, and can act from strength when others can't. It also holds $8M in longer-dated marketable securities; counting those, it sits at net cash of $60M. 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 cycle9-yr median, range -68%–-8%; -8% latest = NOPAT ($13M) ÷ invested capital $154MIndustry peers: median -57%
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 9 years (it ran -8% 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.
- Owner-earnings margin -479%Consumes cash through the cycle9-yr median margin, range -1051%–725%; latest ($9M) = operating cash ($9M) − maintenance capex $9KIndustry peers: median -1904%
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 -458% of revenue this year, a -479% median across 9 years. Treating stock comp as the real expense it is (less $6M of SBC) leaves ($15M).
- Are earnings backed by cash? -0.14×Thinly cash-backedCash from ops ($9M) ÷ net income $64M
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?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 0.07×HarvestingCapex $9K ÷ depreciation $121K
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 MissRevenue ≥ $2B · $2M
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× · 6.98×
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 · $25K vs $114M 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 (9-yr record) · 7 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 $0.27/share (latest year $1.57), the averaged base the calculator's gate runs on, and book value is $4.88/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 2 of 9
What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
- Return on capital ≥ 15% 0 of 3 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin −851% → −1144% (3-yr avg ends)
What this means
The recent-years average (−1144%) sits below the early years (−851%), but the latest year (−754%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is −754% — read it across the cycle, not on the dip.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2016 · −1561.6% 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 filing reasons in an owner’s terms — per-share, return on capital, the long term — and the record has held; the words and the results are of a piece.
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.
“BioXcel is a biopharmaceutical company leveraging artificial intelligence to develop innovative medicines in neuroscience and immuno-oncology.”
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$68M
- Cash & short-term investments$18M
- Receivables$334K
- Other current assets$50M
Current liabilities$11M
- Accounts payable$481K
- Other current liabilities$10M
Current ratio6.45×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 ratio1.72×strictest: cash alone against what's due
Working capital$58Mthe cushion left after near-term bills
Cash runway2.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Current ratio, recent quarters41.1× → 6.5×
Deeper floors
Tangible book value$238Mequity stripped of goodwill & intangibles
Net current asset value$68MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$75M$761K of it operating leases
Deferred revenue$3Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2022 | Mr. Nadav Kidron | $6.8M | $7.4M | ($37M) |
| 2023 | Mr. Nadav Kidron | $1.7M | $266k | $5M |
| 2024 | Mr. Nadav Kidron | $2.1M | $2.1M | — |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
- Stock-based compensation$6M
The slice of the business handed to employees in shares this year, 300% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
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 |
|---|---|---|---|---|---|
| CPHIChina Pharma Holdings Inc. | $4M | 9% | -65.3% | -29% | -2% |
| ATAIAtaiBeckley Inc. | $4M | — | -15751.1% | -356% | -2533% |
| UPBUpstream Bio Inc. | $3M | — | -3281.2% | -53% | -2500% |
| DNTHDianthus Therapeutics Inc. | $2M | — | -1704.7% | -54% | -1308% |
| ORMPOramed Pharmaceuticals Inc. | $2M | 1% | -754.4% | -29% | -479% |
| SGMTSagimet Biosciences Inc. Series A | $2M | — | -2844.5% | -59% | — |
| INBXInhibrx Biosciences Inc. | $1M | — | -12178.9% | — | -10806% |
| STTKShattuck Labs Inc. | $1M | — | -1408.3% | -104% | -1059% |
| Group median | — | — | -2274.6% | -54% | -1308% |
The price
What a price has to assume.
What the price implies
reverse-DCFOramed Pharmaceuticals Inc. 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−10%/yr’19→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−428%
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, "Oramed Pharmaceuticals Inc. (ORMP), the owner's record," https://ownerscorecard.com/c/ORMP, data as of 2026-07-09.
Manual order: ← ORLY its page in the Manual ORN →
Industry order: ← OPK the Pharmaceuticals chapter OVID →