Does ALLIANCE ENTERTAINMENT HOLDING CORPORATION have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores ALLIANCE ENTERTAINMENT HOLDING CORPORATION (AENT) 42.4 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 20, pricing power 100, returns on capital 43, balance-sheet safety 36, capital allocation 13.

Is AENT trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $3.00 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $4.54, that is 51% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has AENT's Moat Score changed over time?

The record logs 28 readings since Jul 17, 2026; the latest reads 42.4 out of 100 (shallow moat). Tier changes so far: No moat → Shallow moat on Sep 19, 2026. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

ALLIANCE ENTERTAINMENT HOLDING CORPORATION

AENT · Industrials · $231M mkt cap · FY2026 filings · as of Oct 16, 2026 · Shallow moat ·

Doesn't clear the bar

Shallow moat

The five investor questions

2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $1.4B to $1.1B, decreasing; diluted EPS 0.60 to 0.26, decreasing.

100

Median gross margin 99.9% over 3y, very stable.

Median ROIC 10.9%, above the 12% hurdle in 50% of years.

Net debt/EBITDA n/ax, interest coverage 6x.

Owner earnings changed -18.8%/yr over up to the ten most recent annual observations.

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

51% above value if growth stopped today

: $13.8M
: $3.00
: $3.00
: $4.54
: 51% above value if growth stopped today

What today’s price assumes: owner earnings growing ~9%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

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 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 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.

7 years of fundamentals

The business, in plain English

It earned 16.3% on invested capital in the latest filed year, FY2026. Across the full 6-year measurable filed record, median ROIC was 10.9%. Over the v3 recent window (6 measurable filed years), median ROIC was 10.9%. The Returns on Capital filter above scores it 43/100.

AENT's latest filed year, FY2026, 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: Pricing Power is the strongest of the five filters (100/100) and Capital Allocation the weakest (13/100), which is how AENT lands at 42/100 — 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.

Sales, as filed$1.1B FY2026

Revenue kept after cost of goods100.0% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC 7.6% FY2024

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

Cash an owner could take out$13.8M FY2026

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 ALLIANCE ENTERTAINMENT HOLDING CORPORATION makes its money

ALLIANCE ENTERTAINMENT HOLDING CORPORATION's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed line	Value	% of revenue	Source
	$1.1B	100%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
	$27.2M	2%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Income before tax	$18.8M	2%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Income tax	$5.8M	1%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
	$13.1M	1%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

· event Jun 30, 2026 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What ALLIANCE ENTERTAINMENT HOLDING CORPORATION owns — and owes

ALLIANCE ENTERTAINMENT HOLDING CORPORATION's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$398M	100%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Cash and equivalents	$814000	0%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Stockholders’ equity	$117M	29%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

· event Jun 30, 2026 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives ALLIANCE ENTERTAINMENT HOLDING CORPORATION’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$13.1M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Income before tax	$18.8M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Operating income	$27.2M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
	$1.1B	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Ending assets	$398M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Beginning assets	$361M	FY2025	10-K · FY 2025Filing detailsAccession 0001493152-25-012989 · filed Sep 10, 2025 10-K · FY 2025Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
	$117M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
	$103M	FY2025	10-K · FY 2025Filing detailsAccession 0001493152-25-012989 · filed Sep 10, 2025 10-K · FY 2025Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

Source:

10-K · filed Sep 10, 2025Filing detailsAccession 0001493152-25-012989 · filed Sep 10, 2025
10-K · filed Sep 10, 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

· event Jun 30, 2026 · retrieved Oct 16, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where ALLIANCE ENTERTAINMENT HOLDING CORPORATION's cash went

ALLIANCE ENTERTAINMENT HOLDING CORPORATION’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	−$1.7M	−100%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026
Depreciation and amortization	$1.8M	105%	10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001493152-26-042141 · filed Sep 10, 2026

· event Jun 30, 2026 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding ALLIANCE ENTERTAINMENT HOLDING CORPORATION

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
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing 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 16, 2026

Flagship explainer

What ALLIANCE ENTERTAINMENT HOLDING CORPORATION insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.4 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

No moatchanged toShallow moatSep 19, 2026
Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 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.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for AENT; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved Oct 16, 2026.

Track record

How ALLIANCE ENTERTAINMENT HOLDING CORPORATION’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored AENT on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, AENT did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Industrials context

#223 of 448 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#221NHTC Natural Health Trends Corp.42.6 out of 100, Shallow moatShallow moat
#222TWIN Twin Disc, Incorporated42.4 out of 100, Shallow moatShallow moat
#224GTES Gates Industrial Corporation plc42.3 out of 100, Shallow moatShallow moat
#225USFD US FOODS HOLDING CORP.42.2 out of 100, Shallow moatShallow moat

Compare AENT with its nearest peers →All Industrials companies on the Index →

Common questions about AENT

Does ALLIANCE ENTERTAINMENT HOLDING CORPORATION have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores ALLIANCE ENTERTAINMENT HOLDING CORPORATION (AENT) 42.4 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 20, pricing power 100, returns on capital 43, balance-sheet safety 36, capital allocation 13.
Is AENT trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $3.00 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $4.54, that is 51% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has AENT's Moat Score changed over time?: The record logs 28 readings since Jul 17, 2026; the latest reads 42.4 out of 100 (shallow moat). Tier changes so far: No moat → Shallow moat on Sep 19, 2026. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) 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 AENT. See the disclaimer.