Share count
157Mpeak FY2023
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RSKD, Riskified Ltd.
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$345M
+5.2% YoY · 15% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $345M 5-yr avg $292M
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
- Operating margin has run around −15% through the cycle on a 52% 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.
- Is it a good business?
- Return on capital has rarely cleared the cost of capital (median −40%, above 15% in 0 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 →Revenue spreads across 5 regions, the largest United States at 54%.
Revenue by geography, FY2025
- United States54%$187M
- EMEA30%$102M
- Asia Pacific10%$34M
- Americas6%$22M
- Israel1%$4M
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, 2019–2025
realized figures from each filing · older years to the left| 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| $131M | $170M | $229M | $261M | $298M | $328M | $345M | $345M | RevenueRevenue |
| 50% | 55% | 54% | 52% | 51% | 52% | 52% | 52% | Gross marginGross mgn |
| ($14M) | ($7M) | ($56M) | ($109M) | ($77M) | ($48M) | ($34M) | ($34M) | Operating incomeOp. inc. |
| −10.6% | −4.0% | −24.4% | −41.9% | −25.8% | −14.6% | −9.9% | −9.9% | Operating marginOp. mgn |
| ($14M) | ($11M) | ($179M) | ($105M) | ($59M) | ($35M) | ($28M) | ($28M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||
| $4M | ($3M) | ($20M) | ($26M) | $7M | $40M | $34M | $34M | Operating cash flowOp. cash |
| $715K | $1M | $2M | $4M | $4M | $3M | $2M | $2M | DepreciationDeprec. |
| $17M | $7M | $157M | $75M | $63M | $71M | $59M | $59M | Working capital & otherWC & other |
| $2M | $2M | $12M | $6M | $1M | $637K | $810K | $810K | CapexCapex |
| 1.6% | 0.9% | 5.3% | 2.3% | 0.5% | 0.2% | 0.2% | 0.2% | Capex / revenueCapex/rev |
| $3M | ($5M) | ($22M) | ($30M) | $6M | $39M | $33M | $33M | Owner earningsOwner earn. |
| 2.4% | −2.7% | −9.7% | −11.4% | 2.0% | 11.9% | 9.6% | 9.6% | Owner earnings marginOE mgn |
| $2M | ($5M) | ($33M) | ($32M) | $6M | $39M | $33M | $33M | Free cash flowFCF |
| 1.3% | −2.7% | −14.2% | −12.4% | 2.0% | 11.9% | 9.6% | 9.6% | Free cash flow marginFCF mgn |
| — | — | $0 | $0 | $13M | $141M | $106M | — | BuybacksBuybacks |
| — | — | -40% | -28% | -119% | -336% | -20% | -20% | ROICROIC |
| — | — | -34% | -21% | -12% | -9% | -9% | -9% | Return on equityROE |
| — | — | −34% | −21% | −12% | −9% | −9% | −9% | Retained to equityRetained/eq |
| Balance sheet | ||||||||
| $70M | $104M | $418M | $189M | $470M | $371M | $293M | $293M | Cash & investmentsCash+inv |
| — | $37M | $35M | $38M | $47M | $48M | $48M | $48M | ReceivablesReceiv. |
| — | $2M | $228K | $2M | $3M | $2M | $2M | $2M | Accounts payablePayables |
| — | $36M | $35M | $35M | $44M | $45M | $47M | $47M | Operating working capitalOper. WC |
| — | $163M | $565M | $530M | $532M | $434M | $356M | $356M | Current assetsCur. assets |
| — | $52M | $62M | $73M | $70M | $71M | $71M | $71M | Current liabilitiesCur. liab. |
| — | 3.1× | 9.1× | 7.3× | 7.6× | 6.1× | 5.0× | 5.0× | Current ratioCurr. ratio |
| — | $181M | $601M | $607M | $602M | $496M | $411M | $411M | Total assetsAssets |
| ($70M) | ($104M) | ($418M) | ($189M) | ($470M) | ($371M) | ($293M) | ($293M) | Net debt / (cash)Net debt |
| ($41M) | ($44M) | $528M | $494M | $492M | $382M | $295M | $295M | Shareholders’ equityEquity |
| Per share | ||||||||
| — | — | 76.5M | 168M | 177M | 171M | 157M | 157M | Shares out (diluted)Shares |
| — | — | $3.00 | $1.56 | $1.68 | $1.92 | $2.19 | $2.19 | Revenue / shareRev/sh |
| — | — | $-2.35 | $-0.62 | $-0.33 | $-0.20 | $-0.18 | $-0.18 | EPS (diluted)EPS |
| — | — | $-0.29 | $-0.18 | $0.03 | $0.23 | $0.21 | $0.21 | Owner earnings / shareOE/sh |
| — | — | $-0.43 | $-0.19 | $0.03 | $0.23 | $0.21 | $0.21 | Free cash flow / shareFCF/sh |
| — | — | $0.16 | $0.04 | $0.01 | $0.00 | $0.01 | $0.01 | Cap. spending / shareCapex/sh |
| — | — | $6.90 | $2.95 | $2.78 | $2.24 | $1.87 | $1.87 | Book value / shareBVPS |
The diluted share count moved ×2.19 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 6-yr | 5-yr | |
|---|---|---|
| Revenue / share | −7.6%/yr (4-yr) | −7.6%/yr (4-yr) |
| Capital spending / share | −57.7%/yr (4-yr) | −57.7%/yr (4-yr) |
| Book value / share | −27.8%/yr (4-yr) | −27.8%/yr (4-yr) |
The record, charted
FY2019–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−20%low FY2024
Gross margin
52%low FY2019
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$33Mowner earningsvs.($28M)net incomelow FY2022
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2019FY2025
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 $28M loss into $33M 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 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($28M) | ($35M) | ($59M) | ($105M) | ($179M) |
| Depreciation & amortizationnon-cash charge added back | +$2M | +$3M | +$4M | +$4M | +$2M |
| Working capital & othertiming of cash in and out, other non-cash items | +$59M | +$71M | +$63M | +$75M | +$157M |
| Cash from operations | $34M | $40M | $7M | ($26M) | ($20M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$810K | −$637K | −$1M | −$4M | −$2M |
| Owner earnings | $33M | $39M | $6M | ($30M) | ($22M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | — | — | — | −$3M | −$10M |
| Free cash flow | $33M | $39M | $6M | ($32M) | ($33M) |
| Owner-earnings marginowner earnings ÷ revenue | 10% | 12% | 2% | -11% | -10% |
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 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 cash, debt-freeCash $162M + ST investments $130M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $293M, 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.
- TightDSO 51 + DIO 0 − DPO 4 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. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)
Is it a good business?
- Not enough dataIndustry peers: median -4%
What this means
The filing data didn't include the inputs for this check.
- Solid, recently turned positivelatest $33M = operating cash $34M − maintenance capex $810K; positive each of the last 3 years, after an earlier loss stretch (7-yr median 2%)Industry 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 10% of revenue this year, a 2% median across 7 years.
- Loss, but cash-generativeNet income ($28M) · cash from operations $34M
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.
How is the cash used?
- Returned more than it generatedDividends + buybacks $106M ÷ Owner Earnings $33M
What this means
The company returned more than it generated: against $33M of Owner Earnings, $106M (321%) went back to shareholders, $0 dividends, $106M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 0.33×HarvestingCapex $810K ÷ depreciation $2M
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 · $345M
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× · 5.03×
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 (7-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 $-0.26/share (latest year $-0.18), the averaged base the calculator's gate runs on, and book value is $1.87/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, 2019–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 0 of 7
What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
- Operating margin −13% → −17% (3-yr avg ends)
What this means
The recent-years average (−17%) sits below the early years (−13%), but the latest year (−10%) is back near the early level: a cyclical trough dragging the window down, not a one-way slide. The through-cycle median is −15% — read it across the cycle, not on the dip.
- Worst year 2022 · −41.9% op. margin
What this means
Operations went underwater in 2022, understand why before trusting the good years.
Does AI threaten the moat?
Elevated contestabilityThe product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.
AI has collapsed the cost of building a capable substitute for the very thing this business sells. When a credible alternative can be assembled for a fraction of the incumbent's price, it is pricing power that erodes first, not revenue tomorrow. The live question is whether the moat survives that, not whether it held in the past. Whether that question is answerable at all is yours to decide, against your own circle of competence.
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$356M
- Cash & short-term investments$293M
- Receivables$48M
- Other current assets$15M
Current liabilities$71M
- Accounts payable$2M
- Other current liabilities$69M
Current ratio5.03×all current assets ÷ what's due · Graham looked for 2×
Quick ratio5.03×stricter: inventory excluded
Cash ratio4.14×strictest: cash alone against what's due
Working capital$285Mthe cushion left after near-term bills
Deeper floors
Tangible book value$295Mequity stripped of goodwill & intangibles
Net current asset value$240MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$6M$6M of it operating leases
From the company's latest filing.
How the cash was used, 2019–2025
Over the record, the business generated $35M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- Reinvested$25M · 71%
- Buybacks$260M · 743%
- Returned to owners$260M
1066% of the owner earnings the business produced over the span, $0 as dividends and $260M as buybacks.
- Source of funding−$250M
Reinvestment and shareholder returns ran $250M beyond the operating cash the business generated, so the gap was financed off the balance sheet.
- Average price paid for buybacks—
Buybacks ran $260M over the span, but the filings don't tag the share count needed to deduce the average price paid.
- Net change in share count105.9%
The diluted count rose from 76M to 157M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
- Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Peers, Commercial Services & Supplies
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 |
|---|---|---|---|---|---|
| GETYGetty Images Holdings Inc. | $981M | 73% | 19.2% | — | 10% |
| PRTHPriority Technology Holdings Inc. | $953M | 30% | 8.0% | 16% | 6% |
| NUTXNutex Health Inc. | $875M | 39% | -12.8% | -182% | 10% |
| EEXEmerald Holding Inc. | $463M | 71% | 7.0% | 3% | 23% |
| RMNIRimini Street Inc. (DE) | $422M | 62% | 8.3% | — | 8% |
| RSKDRiskified Ltd. | $345M | 52% | -14.6% | -40% | 2% |
| DSPViant Technology Inc. | $344M | 46% | 1.2% | -8% | 13% |
| RPAYRepay Holdings Corporation | $309M | 76% | -20.6% | -4% | 24% |
| Group median | — | 57% | 4.1% | -6% | 10% |
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. Riskified Ltd.'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Riskified Ltd. has delivered.
Riskified Ltd.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.
$
Through the cycle, Riskified Ltd. earns about $7M on its 2.0% median owner-earnings margin. This year’s 9.6% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
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.
Implied by the price—
Owner-earnings growth · since FY2023+136%/yr
Owner-earnings growth · since FY2023+136%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $33M on 157M shares outstanding (a weighted average, the only count this filer tags); net cash $293M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Riskified Ltd. (RSKD), the owner's record," https://ownerscorecard.com/c/RSKD, data as of 2026-07-09.
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