Nano-X Imaging Ltd.

NNOX
About the company

Nano-X Imaging Ltd. develops a commercial-grade tomographic imaging device with a digital X-ray source. It provides teleradiology services and develops artificial intelligence applications to be used in real-world medical imaging applications. The company's solutions include Nanox Multi Source System comprising Nanox.ARC, a medical tomographic imaging system incorporating its digital X-ray source; and Nanox.

Country: IsraelPrice: $0.32Market Cap: $25.4M

Investment snapshot

0%positive consensus
Scored 1d ago

Positive

0

BUY / PASS

Neutral / negative

3 / 13

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedFAILFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILFAILNEUTRALNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-30

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.02, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.02
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities3.96
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.02
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.02
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.02
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0224; #773/4210 (top 18.4%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 8✗ 20▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.2x
    ✓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 ValueN/A (EV <= 0)
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=-257.1%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share0.2x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-177.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.2x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($0.32)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-295.76%; #5786/6340 (top 91.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+5.5090; #268/6449 (top 4.2%)
    ✓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 Share0.28x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-59.9%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.5134; #2595/5247 (top 49.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-177.41%; #4180/4519 (top 92.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-81.17%; #5847/6202 (top 94.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-113.2M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-45.0M
    ✗LynchPositive and growing
    Operating Cash Flow$-40.8M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-25.16%, ROA=-46.26%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-177.4%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/8 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-200.8%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/8 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-45.0M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-177.41%; #4180/4519 (top 92.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 2✗ 11▾

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

    EPS Growth (3-yr avg, 10-yr window)
    ✗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 GrowthInv: 105.6% vs Rev: 15.4%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth15.4%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗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 -66.6% -> -98.2%, operating margin -631.9% -> -600.8%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts0% pass✗ 13▾

    Split decision: 13 FAIL · 3 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2101/2370 (Top 88.6%))✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Profitability13% pass✓ 5✗ 30▾

    14 of 16 flag NNOX's profitability — Graham, Buffett, Lynch +11 more

    Positive EPS (10 years)0/9 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/9 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-37.3%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-600.8% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-113.2M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗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-53.7%
    ✗Lynch> 15%
    EBIT / Enterprise ValueN/A (EV <= 0)
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=-257.1%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-46.26%
    ✗PiotroskiROA > 0
    ROA Change YoY-25.48% -> -46.26% (delta: -20.78%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-25.16%, ROA=-46.26%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY-94.0% -> -98.2%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-589.9%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-53.7%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.2x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-37.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/8 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-600.8%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-53.7%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-631.9% (2023) -> -600.8% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin -66.6% -> -98.2%, operating margin -631.9% -> -600.8%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-295.76%; #5786/6340 (top 91.3%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets-7.89%; #3627/3702 (top 98.0%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-53.69%; #4250/5226 (top 81.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1137; #3642/5884 (top 61.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/8 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag NNOX's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio3.96
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-40.2%
    ✗Buffett> 10%
    ROIC - WACC-50.2%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-257.1%
    ✗Greenblatt> 25%
    Current Ratio Change YoY5.63 -> 3.96
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.05x -> 0.08x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities3.96
    ✓Dreman> 1.5
    Return on Invested Capital-43.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-24.8%; FY2024: ROIC=-23.3%; FY2025: ROIC=-43.3%
    ✗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 -43.3%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Medical Equipment
SIC Sector: Measuring & Medical Instruments
Size: Micro Cap($25.4M)
Revenue: $13.0M+15.4% YoY
Net Income: $75.0M-40.2% YoY

Financial Snapshot

Operating Margin-600.8%
Return on Equity-53.7%
Debt / Equity0.02
Current Ratio3.96
EPS (Diluted)$-1.16
Shares Retired−9.1% / −20.4% 2y

Similar Companies

ALCALCON INC
$35.6B
PHGKONINKLIJKE PHILIPS NV
$29.7B
WSTWEST PHARMACEUTICAL SERVICES INC
$29.0B
SNNSMITH & NEPHEW PLC
$13.1B

Shareholder Return

Fiscal 2025

Issued 9.1% of shares last year, 20.4% issued over two.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-04-30
FY 2024
Sources
  • 20-F · 2025-04-09
FY 2023
Sources
  • 20-F · 2024-04-22
FY 2022
Sources
  • 20-F · 2024-04-22
FY 2021
Sources
  • 20-F · 2022-05-02
Market Cap$25.4Mcurrent$464.2Mest.$314.3Mest.$508.0Mest.$587.8Mest.
Revenue$13.0M↑15%$11.3M↑14%$9.9M↑15%$8.6M↑558%$1.3M
Operating Income-$78.2M↓38%-$56.7M↑9%-$62.6M↑47%-$117.7M↓91%-$61.6M
Net Income-$75.0M↓40%-$53.5M↑12%-$60.8M↑46%-$113.2M↓83%-$61.8M
EPS (Diluted)$-1.16↓27%$-0.91↑16%$-1.08↑50%$-2.17↓70%$-1.28
Gross Margin-98.2%↓4%-94.0%↓41%-66.6%↑17%-80.2%↑31%-116.0%
Operating Margin-600.8%↓19%-502.9%↑20%-631.9%↑54%-1372.2%↑71%-4720.7%
ROE-53.7%↓90%-28.3%↑9%-31.1%↑41%-52.3%↓147%-21.2%
Total Debt$3.1M↑2%$3.1M↓12%$3.5M↓55%$7.7M↑30%$6.0M
Shareholders' Equity$139.7M↓26%$189.1M↓3%$195.5M↓10%$216.7M↓26%$292.1M
Current Ratio3.96↓30%5.63↓1%5.71↑74%3.29↑83%1.80
Debt / Equity0.02↑39%0.02↓9%0.02↓50%0.04↑75%0.02
Operating Cash Flow-$40.8M↓11%-$36.6M↑18%-$44.8M↓3%-$43.4M↓14%-$38.1M
Free Cash Flow-$45.0M↓14%-$39.4M↑18%-$48.1M↑5%-$50.6M↑17%-$61.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Medical Equipment

NNOX vs Peers — Financial Grading

Revenue$13.0MBottom 25%
Net Income$75.0MBottom 25%
ROE-53.7%Bottom 25%
D/E0.02Top 25%
Op. Margin-600.8%Bottom 25%
Curr. Ratio3.96Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
ALCON INCALC$35.6B$74.12$10.4B$980.0M4.4%0.2113.1%2.122/91/93/70/3F-Score 64/11
KONINKLIJKE PHILIPS NVPHG$29.7B$30.34$21.0B$1.1B8.2%0.648.0%1.321/91/91/70/3F-Score 53/11
WEST PHARMACEUTICAL SERVICES INCWST$29.0B$416.42$3.1B$493.7M15.5%0.0619.0%3.024/96/96/71/3F-Score 75/11
SMITH & NEPHEW PLCSNN$13.1B$31.28$6.2B$625.0M11.8%0.5912.9%2.572/90/91/70/3F-Score 64/11
MSA Safety IncMSA$6.7B$174.17$1.9B$278.9M20.4%0.4219.8%3.015/95/94/71/3F-Score 57/11
STAAR SURGICAL COSTAA$1.3B$26.39$239.4M$80.4M-23.4%—-38.3%4.552/92/92/70/3F-Score 33/11
ARTIVION, INC.AORT$931.9M$19.10$441.3M$9.8M2.2%0.487.6%3.532/90/90/70/3F-Score 71/11
InMode Ltd.INMD$763.6M$13.27$370.5M$93.8M13.7%—23.0%9.885/93/90/73/3F-Score 44/11