KALTURA INC

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 5✗ 30▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)3/8 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)-110.7%

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)0/8 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-139.9%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-2.7% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-8.2M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)1.55

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-262.1%

  ✗Lynch> 15%

  EBIT / Enterprise Value-0.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-0.8%, ROC=N/A (invested capital <= 0)

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-7.33%

  ✗PiotroskiROA > 0

  ROA Change YoY-17.27% -> -7.33% (delta: +9.94%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=8.83%, ROA=-7.33%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY66.6% -> 70.6%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-2.6%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-262.1%

  ✗Dreman> 12%

  Margin of SafetyP/B=32.0x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-157.3% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency0/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-1.0%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-262.1%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-22.1% (2023) -> -2.7% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 64.1% -> 70.6%, operating margin -22.1% -> -2.7%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-5.39%; #3905/6340 (top 61.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+78.55%; #261/3702 (top 7.1%)

  ✓AsnessTop 30% of eligible cross-section

  Net income / positive book equity-262.07%; #4947/5226 (top 94.7%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0889; #3331/5884 (top 56.6%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/6 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Growth0% pass✓ 2✗ 11▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)-110.7%

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$1.11 (2019) -> $-0.08 (2025)

  ✗DremanPositive over recent years

  EPS CAGR-7.5% CAGR over 2 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency0/7 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth2.0%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/3 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 64.1% -> 70.6%, operating margin -22.1% -> -2.7%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR8.5%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio0.57

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-91.9%

  ✗Buffett> 10%

  ROIC - WACC-101.9%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.20 -> 0.72

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.99x -> 1.10x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities0.57

  ✗Dreman> 1.5

  Return on Invested Capital-4.8%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-47.0%; FY2024: ROIC=-33.6%; FY2025: ROIC=-11.1%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -11.1%)

  ✗SleepROIC > 12% in a majority of years
• Verdicts7% pass✓ 1✗ 13▾

  Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 7)✗DremanFAIL (0/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (3/9)✗TempletonFAIL (2/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #2035/2370 (Top 85.9%))✗NeffFAIL (2/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage8% pass✓ 1✗ 14▾

  11 of 12 flag KLTR's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current AssetsLT Debt $25.3M vs NCA $-57.5M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 5.83, IC: -0.9x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity5.83

  ✗Lynch< 0.33

  Cash - Long-term Debt$-4.1M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change16.08% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.57

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity5.83

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels5.83

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-0.9x, D/EBITDA=6.8x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity5.83

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-5.8315; #4093/4210 (top 97.2%)

  ✗AsnessTop 30% of eligible cross-section
• Valuation8% pass✓ 1✗ 27▾

  12 of 13 flag KLTR's valuation — Graham, Lynch, Greenblatt +9 more

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio32.0x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-0.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-0.8%, ROC=N/A (invested capital <= 0)

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)13.9x

  ✗Dreman< 8x

  Price / Book Value per Share32.0x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-4.1%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=6.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=32.0x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share14.6x

  ✓Ackman<= 25

  Price vs. Trailing Low127% of trailing low ($1.08)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-5.39%; #3905/6340 (top 61.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.0206; #5137/6449 (top 79.7%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-93.6%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.8732; #1929/5247 (top 36.8%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+4.50%; #1676/4519 (top 37.1%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+26.85%; #1109/6202 (top 17.9%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models25% pass✓ 1✗ 3▾

  Models split on KLTR at $1.37 — fair values range $1.08–$10.65

  Munger fair value$1.08

  ✗Munger-26.9% margin vs $1.37

  Marks fair value$10.65

  ✓Marks+87.1% margin vs $1.37

  Ackman fair value$1.29

  ✗Ackman-6.2% margin vs $1.37

  Templeton fair value$1.20

  ✗Templeton-14.2% margin vs $1.37
• Cash Flow30% pass✓ 5✗ 7▾

  7 of 10 flag KLTR's cash flow — Buffett, Lynch, Dreman +4 more

  Free Cash Flow Proxy$-8.2M

  ✗BuffettPositive and growing

  FCF Positive and Growing$9.5M

  ✗LynchPositive and growing

  Operating Cash Flow$14.5M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=8.83%, ROA=-7.33%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)13.9x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=6.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive3/7 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap4.7%

  ✓Ackman>= 4%

  Price / FCF per Share14.6x

  ✓Ackman<= 25

  Positive Operating Cash Flow frequency4/7 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$9.5M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+4.50%; #1676/4519 (top 37.1%)

  ✗OshaughnessyTop 10% of eligible cross-section