← All companies ← SSL Manual STAK → ← SNDK Technology Hardware STX →

SSYS, Stratasys Ltd. Ordinary Shares (Israel)

Technology Hardware consumer brand Unprofitable

Revenue is Products (69%) and Services (31%).

Latest annual: FY2025 20-F · US listing is the ordinary share

SSYS · Stratasys Ltd. Ordinary Shares (Israel)

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$551M

−3.7% YoY · 1% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $551M 5-yr avg $602M

Gross margin 37% 5-yr avg 43%

Operating margin −13.2% 5-yr avg −12.8%

ROIC −7% 5-yr avg −8%

Owner-earnings margin −1% 5-yr avg −5%

Free cash flow margin −1% 5-yr avg −5%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

What it is: A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
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.
What moves the needle: Operating margin has run around −13% 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 25% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −8%, above 15% in 0 of 10 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 →

Products is 69% of revenue, with Services the other meaningful line at 31%.

Revenue by product line, FY2025

Products69%$380M
Services31%$171M

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
$672M	$668M	$663M	$636M	$521M	$607M	$651M	$628M	$572M	$551M	$551M	RevenueRevenue
47%	48%	49%	49%	42%	43%	42%	43%	45%	41%	37%	Gross marginGross mgn
($87M)	($31M)	($9M)	($12M)	($456M)	($79M)	($57M)	($88M)	($86M)	($72M)	($72M)	Operating incomeOp. inc.
−12.9%	−4.6%	−1.3%	−1.8%	−87.6%	−13.0%	−8.8%	−14.0%	−15.0%	−13.2%	−13.2%	Operating marginOp. mgn
($78M)	($40M)	($11M)	($11M)	($444M)	($62M)	($29M)	($123M)	($120M)	($104M)	($104M)	Net incomeNet inc.
											Cash flow & returns
$62M	$62M	$64M	($11M)	$28M	$36M	($75M)	($62M)	$8M	$15M	$15M	Operating cash flowOp. cash
$93M	$67M	$61M	$51M	$50M	$56M	$60M	$49M	$45M	$43M	$50M	DepreciationDeprec.
$47M	$36M	$14M	($51M)	$422M	$42M	($106M)	$12M	$83M	$76M	$70M	Working capital & otherWC & other
$45M	$22M	$23M	$22M	$27M	$25M	$14M	$14M	$11M	$22M	$22M	CapexCapex
6.7%	3.3%	3.5%	3.5%	5.2%	4.1%	2.1%	2.2%	1.9%	4.0%	4.0%	Capex / revenueCapex/rev
$17M	$39M	$40M	($34M)	$859K	$11M	($89M)	($75M)	($3M)	($7M)	($7M)	Owner earningsOwner earn.
2.5%	5.9%	6.1%	−5.3%	0.2%	1.8%	−13.7%	−12.0%	−0.5%	−1.3%	−1.3%	Owner earnings marginOE mgn
$17M	$39M	$40M	($34M)	$859K	$11M	($89M)	($75M)	($3M)	($7M)	($7M)	Free cash flowFCF
2.5%	5.9%	6.1%	−5.3%	0.2%	1.8%	−13.7%	−12.0%	−0.5%	−1.3%	−1.3%	Free cash flow marginFCF mgn
-8%	-3%	-1%	-1%	-74%	-9%	-6%	-9%	-9%	-8%	-7%	ROICROIC
-7%	-4%	-1%	-1%	-58%	-6%	-3%	-14%	-15%	-12%	-12%	Return on equityROE
−7%	−4%	−1%	−1%	−58%	−6%	−3%	−14%	−15%	−12%	−12%	Retained to equityRetained/eq
											Balance sheet
$280M	$329M	$393M	$293M	$272M	$243M	$150M	$83M	$70M	$95M	$95M	Cash & investmentsCash+inv
$120M	$133M	$138M	$133M	$106M	$129M	$145M	$172M	$153M	$151M	$151M	ReceivablesReceiv.
$118M	$116M	$124M	$169M	$132M	$129M	$194M	$193M	$180M	$145M	$145M	InventoryInvent.
$41M	$40M	$46M	$36M	$17M	$52M	$73M	$47M	$45M	$43M	$43M	Accounts payablePayables
$197M	$209M	$216M	$265M	$221M	$207M	$266M	$318M	$288M	$254M	$254M	Operating working capitalOper. WC
$553M	$615M	$684M	$659M	$560M	$801M	$700M	$560M	$513M	$582M	$582M	Current assetsCur. assets
$165M	$163M	$176M	$160M	$132M	$210M	$211M	$176M	$167M	$163M	$163M	Current liabilitiesCur. liab.
3.4×	3.8×	3.9×	4.1×	4.2×	3.8×	3.3×	3.2×	3.1×	3.6×	3.6×	Current ratioCurr. ratio
$386M	$387M	$386M	$386M	$36M	$65M	$65M	$100M	$99M	$102M	$102M	GoodwillGoodwill
$1.4B	$1.4B	$1.4B	$1.4B	$990M	$1.3B	$1.3B	$1.1B	$1.0B	$1.1B	$1.1B	Total assetsAssets
$26M	$32M	$27M	—	—	—	—	—	—	—	$27M	Total debtDebt
($254M)	($296M)	($366M)	—	—	—	—	—	—	—	($67M)	Net debt / (cash)Net debt
$1.1B	$1.1B	$1.1B	$1.2B	$759M	$956M	$959M	$885M	$793M	$843M	$843M	Shareholders’ equityEquity
											Per share
210M	212M	215M	200M	54.9M	63.5M	66.5M	69.7M	71.1M	—	71.1M	Shares out (diluted)Shares
$3.20	$3.16	$3.08	$3.18	$9.48	$9.57	$9.80	$9.01	$8.05	—	$7.75	Revenue / shareRev/sh
$-0.37	$-0.19	$-0.05	$-0.06	$-8.09	$-0.98	$-0.44	$-1.77	$-1.69	—	$-1.47	EPS (diluted)EPS
$0.08	$0.19	$0.19	$-0.17	$0.02	$0.17	$-1.34	$-1.08	$-0.04	—	$-0.10	Owner earnings / shareOE/sh
$0.08	$0.19	$0.19	$-0.17	$0.02	$0.17	$-1.34	$-1.08	$-0.04	—	$-0.10	Free cash flow / shareFCF/sh
$0.21	$0.11	$0.11	$0.11	$0.49	$0.39	$0.21	$0.19	$0.15	—	$0.31	Cap. spending / shareCapex/sh
$5.40	$5.35	$5.31	$5.79	$13.83	$15.06	$14.43	$12.70	$11.15	—	$11.85	Book value / shareBVPS

Share counts before 2019 are restated ×4 for a stock split, so per-share figures sit on one basis.

The diluted share count moved ×1/3.64 into 2020 — shares retired, 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

	9-yr	5-yr
Revenue / share	+12.2%/yr (8-yr)	+20.4%/yr
Capital spending / share	−4.1%/yr (8-yr)	+6.4%/yr
Book value / share	+9.5%/yr (8-yr)	+14.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

71Mpeak FY2018

ROIC

−8%low FY2020

Gross margin

41%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($7M)owner earningsvs.($104M)net incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

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 $104M loss into ($7M) 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	($104M)	($120M)	($123M)	($29M)	($62M)
Depreciation & amortizationnon-cash charge added back	+$43M	+$45M	+$49M	+$60M	+$56M
Working capital & othertiming of cash in and out, other non-cash items	+$76M	+$83M	+$12M	−$106M	+$42M
Cash from operations	$15M	$8M	($62M)	($75M)	$36M
Capital expenditurecash put back in to keep running and to grow	−$22M	−$11M	−$14M	−$14M	−$25M
Owner earnings	($7M)	($3M)	($75M)	($89M)	$11M
Owner-earnings marginowner earnings ÷ revenue	-1%	-1%	-12%	-14%	2%

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.

III

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? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$67M

Net cash

Cash $95M − debt $27M

What this means
Cash and short-term investments exceed every dollar of debt by $67M, 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.
How long is cash tied up? 208d

Long (60+ days)

DSO 100 + DIO 153 − DPO 45 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?

Return on invested capital -8%

Below average through the cycle

10-yr median, range -74%–-1%; -7% latest = NOPAT ($57M) ÷ invested capital $776M

Industry peers: median 4%

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 10 years (it ran -7% 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 -1%

Consumes cash through the cycle

10-yr median margin, range -14%–6%; latest ($7M) = operating cash $15M − maintenance capex $22M

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 -1% of revenue this year, a -1% median across 10 years.
Are earnings backed by cash? $15M

Loss, but cash-generative

Net income ($104M) · cash from operations $15M

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?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 0.45×

Harvesting

Capex $22M ÷ depreciation $50M

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 Miss

Revenue ≥ $2B · $551M

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 Pass

Current ratio ≥ 2× · 3.57×

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 Pass

Debt ≤ working capital · $27M vs $419M 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 Miss

A profit every year (10-yr record) · 10 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted 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 $-1.35/share (latest year $-1.21), the averaged base the calculator's gate runs on, and book value is $9.79/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 0 of 10

What this means
Lost money in 10 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 −6% → −14% (3-yr avg ends)

What this means
Through the cycle the operating margin slipped — about −6% early to −14% lately, median −13% — competition or costs are biting in.
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 2020 · −87.6% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Share count +3.4%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Low contestability

The 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, 2025

Can 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$582M

Cash & short-term investments$95M
Receivables$151M
Inventory$145M
Other current assets$191M

Current liabilities$163M

Debt due within a year$5M
Accounts payable$43M
Other current liabilities$115M

Current ratio3.57×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.68×stricter: inventory excluded

Cash ratio0.58×strictest: cash alone against what's due

Working capital$419Mthe cushion left after near-term bills

Debt due this year vs. cash$5M due · $95M cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book value$645Mequity stripped of goodwill & intangibles

Net current asset value$351MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$34M$7M of it operating leases

Deferred revenue$48Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $126M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$225M · 179%

Source of funding−$100M
Reinvestment and shareholder returns ran $100M beyond the operating cash the business generated, so the gap was financed off the balance sheet: cash and short-term investments drew down $186M.
Net change in share count−66.2%
The diluted count fell from 210M to 71M, so the buybacks outran the stock issued to staff.
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.

Inverting the record

Invert: instead of why Stratasys Ltd. Ordinary Shares (Israel) is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 4 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?−4.6% vs 4.8%
The owner-earnings margin averaged 4.8% early in the record and −4.6% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid receivables and inventory outpace sales?35% → 54% of sales
Receivables and inventory grew from $238M to $297M while revenue grew −18%: working capital is climbing faster than sales (35% of revenue then, 54% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Did the share count rise anyway?
Did debt outgrow the business?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Technology Hardware

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
CRSRCorsair Gaming Inc.	$1.5B	25%	1.4%	1%	2%
NTGRNETGEAR Inc.	$700M	30%	3.1%	4%	3%
SSYSStratasys Ltd. Ordinary Shares (Israel)	$551M	44%	-13.0%	-8%	-0%
PARPAR Technology Corporation	$456M	22%	-15.1%	-8%	-8%
DGIIDigi International Inc.	$430M	53%	6.7%	5%	11%
ATENA10 Networks Inc.	$291M	78%	10.6%	38%	16%
MITKMitek Systems Inc.	$180M	—	7.3%	4%	20%
EVLVEvolv Technologies Holdings Inc.	$146M	34%	-154.2%	-81%	10%
Group median	—	34%	2.3%	3%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Stratasys Ltd. Ordinary Shares (Israel)'s US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Stratasys Ltd. Ordinary Shares (Israel) 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.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered0%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−1%

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.

Weigh SSYS against another business →

Cite: Owner Scorecard, "Stratasys Ltd. Ordinary Shares (Israel) (SSYS), the owner's record," https://ownerscorecard.com/c/SSYS, data as of 2026-07-09.

Manual order: ← SSL its page in the Manual STAK →

Industry order: ← SNDK the Technology Hardware chapter STX →