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American Bitcoin Corp.

ABTC · Other · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

63

2022–2025 (latest 4 aligned FYs; v3 window cap 5): revenue $13.6M to $185M, increasing; diluted EPS -546.56 to -0.17, increasing.

61

Median gross margin 54.1% over 8y, variable.

6

Median ROIC -26.0%, above the 12% hurdle in 17% of years.

55

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$7.63
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 254% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 20, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

9 years of fundamentals

The business, in plain English

American Bitcoin Corp. booked $185M of revenue in FY2025 in the Other sector and kept 50.3% of it as gross profit — a solid-margin business by that measure. After every other cost, −82.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $10.5M (FY2018) to $185M (FY2025) — about 50.7% a year compounded over 7 years.

It earned −27.2% on invested capital in the latest filed year, FY2025. Across the full 6-year measurable filed record, median ROIC was −26.0%. Over the v3 recent window (6 measurable filed years), median ROIC was −26.0%. The Returns on Capital filter above scores it 6/100.

ABTC's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Business Trend is the strongest of the five filters (63/100) and Returns on Capital the weakest (6/100), which is how ABTC lands at 46/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2017–FY2025 · 9 fiscal years, normalized from ABTC’s SEC filings

Sales, as filed$185M FY2025
$0$100M2017202020232025
Revenue kept after cost of goods50.3% FY2025
0%25000%50000%2017202020232025
Standard ROIC or separately labeled Operating ROICStandard ROIC 2.4% FY2023

Exact FY and FY-1 financing invested-capital inputs are required.

−50%0%2017202020232025
Cash an owner could take out−$153M FY2025
$0$250M2017202020232025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How American Bitcoin Corp. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$185M · 100%Cost of revenue$92M · 50%Gross profit$93.2M · 50%Operating income−$228M · −123%Income before tax−$171M · −93%Income tax−$18.1M · −10%Net income−$153M · −83%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$185M100%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Cost of revenue$92M50%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
$93.2M50%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
−$228M−123%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Income before tax−$171M−93%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Income tax−$18.1M−10%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
−$153M−83%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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Flagship explainer

What American Bitcoin Corp. owns — and owes

American Bitcoin Corp.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$1.2B100%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Cash and equivalents$3.8M0%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Stockholders’ equity$666M53%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What drives American Bitcoin Corp.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−18%Tax burden89%net income ÷ pretax incomeInterest burden75%pretax ÷ operating incomeOperating margin−123%operating income ÷ revenueAsset turnover0.16×revenue ÷ average assetsEquity multiplier1.40×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$153MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Income before tax−$171MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Operating income−$228MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
$185MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Ending assets$1.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Beginning assets$1.1BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
  • 10-K · FY 2024Filing detailsAccession 0001213900-25-026404 · filed Mar 31, 2025
$666MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
$1.0BFY2024
  • 10-K · FY 2024Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
  • 10-K · FY 2024Filing detailsAccession 0001213900-25-026404 · filed Mar 31, 2025
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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Flagship explainer

Where American Bitcoin Corp.'s cash went

American Bitcoin Corp.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$79.6M−100%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Depreciation and amortization$58.2M73%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-127278 · filed Mar 27, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding American Bitcoin Corp.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 20, 2026

Flagship explainer

What American Bitcoin Corp. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Sep 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.8 / 100
0406080100WideNarrowShallowNo moatSep 4, 2026Oct 20, 2026

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — ABTC has read Shallow moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for ABTC.

Other context

#44 of 104 scored Other companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #42ICE Intercontinental Exchange, Inc.47.7Shallow moat
  2. #43ASST Strive, Inc.46.4Shallow moat
  3. #45RPC Ridgepost Capital, Inc.45.7Shallow moat
  4. #46WYFI WHITEFIBER, INC.45.1Shallow moat

Compare ABTC with its nearest peers →All Other companies on the Index →

Common questions about ABTC

Does American Bitcoin Corp. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores American Bitcoin Corp. (ABTC) 45.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 63, pricing power 61, returns on capital 6, balance-sheet safety 55, capital allocation 44.
How has ABTC's Moat Score changed over time?
The record logs 16 readings since Sep 4, 2026; the latest reads 45.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ABTC. See the disclaimer.