olivLaw · US equity research
Steakholder Foods Ltd. STKH
Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)
Steakholder Foods is a deep-tech food company that develops and sells 3D-printing machines for alternative proteins and plans to launch its own branded foods. Its finances are fragile: at the end of fiscal 2025 it held about 3.1 million USD in cash, and its total operating loss was about 7.4 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Steakholder Foods Ltd. (STKH) stock was 0.42 USD (−1.07% on the day), with market capitalisation 2.3 bn USD, beta 0.81, 52-week range 0.39–10.26 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.34 – 0.65
- in the lower half of the band · %B 0.26 · band width 62.4%
- SMA 50 / 200
- 1.37 / 3.34
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.32
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −37.1% | −1.1% | −36.0 pp | — |
| 3 months | −83.8% | −0.5% | −83.3 pp | — |
| 6 months | −92.0% | +4.4% | −96.4 pp | — |
| Year to date | −94.0% | +12.3% | −106.3 pp | — |
| 1 year | −93.7% | +13.5% | −107.3 pp | −44.5% |
| 3 years | −99.9% | +76.4% | −176.4 pp | −65.9% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | 10.0 k | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -423.0 k | -18.5 m | -21.9 m | -21.9 m | -16.9 m | -8.5 m | -11.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | 0.31 | 0.16 | 0.23 | -0.07 | -0.02 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | −49.7% | +45.8% | −131.0% | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | -85,210.0% | unavailable |
| Free cash flow | -299.0 k | -4.5 m | -16.2 m | -17.7 m | -13.0 m | -9.4 m | -6.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 4.4 m USD
- Total assets
- 5.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.13x
- ROE
- -266.3%
- ROA
- -172.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | 10.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Cost of revenue | — | — | — | — | 22.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Gross profit | — | — | — | — | -12.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Research & development | 2.5 m | 4.8 m | 6.5 m | 7.1 m | 3.5 m | 2.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | -18.5 m | -17.2 m | -17.1 m | -14.2 m | -8.5 m | -7.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Interest expense | 93.0 k | 1.3 m | 286.0 k | — | — | — | SEC (XBRL)· 04 Apr 2023verified |
| Pre-tax income | — | 3.9 k | 14.5 k | 15.5 m | 8.5 m | 7.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Net income | -18.5 m | -21.9 m | -21.9 m | -16.9 m | -8.5 m | -11.2 m | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.31 | 0.16 | 0.23 | -0.07 | -0.02 | -0.01 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 60.1 m | 116.0 m | 135.9 m | 236.6 m | 417.6 m | 1.5 bn | SEC (XBRL)· 30 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 13.6 m | 19.2 m | 6.3 m | 4.2 m | 1.3 m | 3.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | 131.0 k | 2.8 m | 670.0 k | — | — | — | SEC (XBRL)· 04 Apr 2023verified |
| Current assets | 13.8 m | 22.1 m | 7.1 m | 5.0 m | 1.8 m | 3.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | 906.0 k | 2.9 m | 3.5 m | 2.3 m | 2.9 m | 1.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | 17.5 m | 40.7 m | 15.8 m | 10.8 m | 7.8 m | 5.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Accounts payable | 996.0 k | 2.2 m | 2.1 m | 1.8 m | 927.0 k | 778.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | 1.8 m | 2.8 m | 3.7 m | 2.5 m | 1.7 m | 894.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Equity | 15.6 m | 37.6 m | 7.9 m | 5.9 m † | 4.0 m † | 4.4 m † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | — | 125.8 m | 146.5 m | 251.8 m | 349.6 m | 5.4 bn | SEC (XBRL)· 30 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.8 m | -14.4 m | -14.8 m | -12.7 m | -8.5 m | -6.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 681.0 k | 1.8 m | 2.9 m | 270.0 k | 985.0 k | 113.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | -4.5 m ≈ | -16.2 m ≈ | -17.7 m ≈ | -13.0 m ≈ | -9.4 m ≈ | -6.9 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -1.8 m | -9.1 m | -3.6 m | -764.0 k | -956.0 k | -1.3 m | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 17.3 m | 29.2 m | 5.9 m | 11.3 m | 6.4 m | 9.8 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -112,470.0% | 0 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.3% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Steakholder Foods Ltd. (STKH). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 10.0 k USD in 2024; net margin -112,470.0%; ROE -266.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.1x
What contradicts it
- Net margin: -112,470.0%
- FCF yield: -0.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDLZMondelez International, Inc. | 85.3 bn | 21.2 | 15.5% | 10.2% | +5.8% | +17% / −5% |
| CAGConagra Brands, Inc. | 7.3 bn | — | -24.9% | -17.0% | −2.9% | −14% / −46% |
| CPBThe Campbell’s Company | 6.9 bn | 17.8 | 10.4% | 4.1% | −5.0% | −24% / −42% |
| OTLYOatly Group AB | 5.1 bn | — | -247.9% | -17.7% | +4.7% | −34% / −55% |
| BYNDBeyond Meat, Inc. | 3.7 bn | — | — | 111.7% | −15.6% | −76% / −97% |
| STKHSteakholder Foods Ltd. | 2.3 bn | — | -266.3% | -112,470.0% | unavailable | −94% / −100% |
| FLOFlowers Foods Inc | 1.5 bn | 27.3 | 4.0% | 1.1% | unavailable | −34% / −66% |
| BRBRBellRing Brands, Inc. | 1.2 bn | 7.2 | — | 7.3% | +16.1% | −67% / −81% |
| SMPLThe Simply Good Foods Company | 1.2 bn | — | -9.6% | -11.5% | −6.5% | −32% / −66% |
| VITLVital Farms, Inc. | 450.8 m | — | -7.4% | -3.0% | +25.3% | −68% / −21% |
| UCFICN Healthy Food Tech Group Corp. | 287.8 m | 36.7 | 39.2% | 24.6% | +144.6% | −46% / unavailable |
| BGSB&G Foods, Inc. | 208.9 m | — | -15.8% | -4.0% | unavailable | −44% / −72% |
| CHSNChanson International Holding | 131.0 m | 112.0 | 0.5% | 1.0% | +0.2% | −99% / −100% |
| SOWGSow Good Inc. | 44.4 m | — | -346.4% | — | unavailable | −75% / −98% |
| MLECMoolec Science SA | 32.7 m | — | -86.4% | -130.0% | +521.5% | −86% / −100% |
| LSFLaird Superfood, Inc. | 26.9 m | — | -22.9% | -3.4% | +15.2% | −12% / +129% |
| BOFBranchOut Food Inc. | 25.9 m | — | -202.6% | -56.8% | +113.3% | −45% / +8% |
| BRLSBorealis Foods Inc. | 24.7 m | — | — | -56.5% | +8.2% | −38% / −90% |
| HAINThe Hain Celestial Group, Inc. | 13.7 m | — | -96.8% | -22.5% | −13.2% | −86% / −99% |
| DDCDDC Enterprise Limited | — | — | -124.4% | -123.3% | +4.6% | −96% / −100% |
| NOMDNomad Foods Limited | — | — | 5.3% | 4.5% | −2.2% | +2% / −22% |
1- and 3-year price returns: for STKH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (05 Oct 2026), 6-K (16 Sept 2026), 6-K (15 Sept 2026), 6-K (03 Sept 2026), 6-K (25 Aug 2026).
In brief
Steakholder Foods is a deep-tech food company that develops and sells 3D-printing machines for alternative proteins and plans to launch its own branded foods. Its finances are fragile: at the end of fiscal 2025 it held about 3.1 million USD in cash, and its total operating loss was about 7.4 million USD 1.
SWOT
Strengths
- The company holds its own 3D-printing technology for food products, developed from the outset for alternative proteins.
- Its offering includes both equipment and consumables, which could generate recurring revenue from customers using the machines.
- The company has significantly reduced operating expenses in recent years, indicating cost discipline.
Weaknesses
- Revenue is nearly nonexistent, and the company relies on external financing to cover operating losses.
- Available cash is small relative to operating cash outflows, raising questions about the continuity of funding.
- The acquisition of an insolvent subsidiary generated losses and limited control over it.
Opportunities
- The planned 2026 launch of branded products could open a direct channel to consumers.
- Plant-based products could reach the market faster, since they do not face the lengthy regulatory processes of cultivated meat.
- Partnerships, co-development agreements or acquisitions of revenue-generating companies could accelerate commercialization.
Threats
- Repeated issuances of shares and warrants could significantly dilute existing shareholders.
- Difficulties at the insolvent Twine subsidiary could lead to further losses or obligations.
- Competition in alternative proteins and cultivated meat could limit the company's market share.
Risks
- Dependence on external financinghigh
The company relies on equity issuance and financing lines to sustain its operations, and a lack of access to capital could limit its activity.
- Shareholder dilutionhigh
Warrants, issuance commitments and private placements could lead to significant dilution of existing equity.
- Insolvency of the Twine subsidiarymedium
Twine's creditors hold rights that limit the company's control, and insolvency proceedings could create additional obligations.
- Negligible commercial revenuemedium
With no meaningful commercial revenue, the strategy depends on the company's future ability to commercialize its technologies, which remains uncertain.
- Persistent operating losseslow
The company continues to post losses, and cost reductions may not be enough to reach profitability.
Investment thesis
What would need to be true (bull case)
- If cost reductions continue and the branded products launch successfully in 2026, the company could show a transition from research to commercial revenue.
- Its own 3D-printing technology and related consumables could generate recurring revenue if customers adopt its solutions.
- Plant-based products could reach the market sooner than cultivated meat, which could speed up early sales.
What would break the thesis
- If revenue stays negligible, the company could be forced to keep issuing shares, with a strong dilutive effect.
- The Twine insolvency and limits on control could generate additional costs or losses for the group.
- Competition in alternative proteins could make it difficult to win a significant market share.
What to watch
- Revenue trend after the launch of branded products2026
- Use of the equity line and new share issuances2026
- Twine insolvency proceedings and impact on the groupnext 10-K
- Level of operating expenses and loss from continuing operationsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (05 Oct 2026), 6-K (16 Sept 2026), 6-K (15 Sept 2026), 6-K (03 Sept 2026), 6-K (25 Aug 2026).
The business
Steakholder Foods Ltd. is an international deep-tech company listed on the Nasdaq Capital Market under the ticker STKH, focused on developing and selling 3D-printing production machines for the food industry. It supplies the production technology and supplies needed to commercially make structured alternative protein products, mainly plant-based meat and fish analogs 1. The company intends to launch its own branded alternative protein foods in 2026 1.
The company's activity started in 2019 and moved toward cultivated meat technology after it had originally provided digital health services; a merger in January 2020 led to its current structure 1. Revenue has been minimal: initial revenue came only from plant-based premix blends in 2024, and none was recognized in 2025 1.
The acquisition of Twine, completed on October 31, 2025, brought into the group a subsidiary that was insolvent, with creditors holding operational rights that limit the company's control; Twine later received an order to commence insolvency proceedings in Israel 1.
Segments
3D-printing food production machines
The main commercial offering is 3D printers and their supplies: a meat printer producing fibrous meat analogs and a fish printer producing flaky fish analogs, with primarily plant-based ingredient blends 1.
Branded alternative protein foods and hybrid meats
The company has also developed hybrid meat technology combining cultivated and plant-based elements, and plans to launch its own branded products in 2026 1.
Market context
The company describes its technologies as having significant potential to reduce the environmental impact of food production and to improve the supply chain, and presents plant-based products, which may avoid the lengthy regulatory processes of cultivated meat, as its first commercial offerings 1. The size of the market is not quantified in the analyzed source.
Funding depends largely on equity issuance: in 2025 the company used an equity line of up to 8 million USD, public offerings and private placements, while operating revenue remains negligible 1.
Trends
- Lower operating expensestailwind
Research and development and marketing costs fell in 2025 as a result of cost-saving measures, which reduced the loss from continuing operations, although general and administrative costs rose 1. If the reductions continue, losses could decline in the coming years.
- Dilution from share and warrant issuanceheadwind
The company has used public offerings, private placements, repriced warrants and an equity line, which could cause significant dilution for existing shareholders 1.
- Shift from research to commercializationmixed
The company expects revenue to increase as its technologies are commercialized through partnerships or acquisitions, but this outcome is not assured 1.
- Regulatory pathway for alternative productstailwind
Plant-based products could avoid the lengthy regulatory processes associated with cultivated meat, which could speed up product launches if this assumption holds 1.
Competitive position
The analyzed source does not name competitors, describing only the company's technologies and products. Likely competition includes other alternative protein makers and cultivated meat producers, but the reference document does not confirm these.
- Plant-based alternative protein producers
Companies in this category compete for the same demand for meat and fish analogs, according to the general sector context described in the report.
- Cultivated meat producers
Companies developing cultivated meat represent a technological alternative that the company itself notes faces slower regulatory processes.
- Food 3D-printing equipment suppliers
Players in this segment could compete directly for customers buying food production machines.
- Hybrid meat producers
Companies combining cultivated and plant-based ingredients form a competing category that the company intends to enter.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)22 Jul 2026
- Current report (foreign issuer)14 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Steakholder Foods Ltd. · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.