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The Moat Index

Astera Labs, Inc.

ALAB · Technology · $51.7B mkt cap · FY2025 filings · Narrow moat ·

On the watchlist

63/ 100
Narrow moat

The four filters

Pricing power98

Median gross margin 74.6% over 4y, very stable.

Returns on capital18

Median ROIC 2.1%, above the 9% hurdle in 50% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline42

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$303.62
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

5 years of fundamentals

The business, in plain English

Astera Labs, Inc. booked $852.5M of revenue in FY2025 in the Technology sector and kept 75.7% of it as gross profit — a high-margin business by that measure. After every other cost, 25.7% of each revenue dollar reached the bottom line.

ALAB's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (18/100), which is how ALAB lands at 63/100 — a Narrow 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.

FY2021–FY2025 · 5 fiscal years, normalized from ALAB’s SEC filings

RevenueSales, as filed$852.5M FY2025
$0$500M202120232025
Gross marginRevenue kept after cost of goods75.7% FY2025
0%50%202120232025
Return on invested capitalOperating profit on the capital employed14.5% FY2025
−10%0%10%202120232025
Owner earningsCash an owner could take out$219.1M FY2025
$0$200M202120232025

Gaps in a line mean that item isn’t in ALAB’s 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.

Moat Score history

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale63.1 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

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

None yet — ALAB has read Narrow moat for every logged capture since Jul 18, 2026.

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

Track record

How Astera Labs, Inc.’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.

As-of scores 2024–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of 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 ALAB on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score100Indexed price · log scale 20242025

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 indexed price path isn't available for this company yet; 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, ALAB 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.

Technology context

#125 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #123EGAN eGain Corporation63.1Narrow moat
  2. #124ATKR Atkore Inc.63.1Narrow moat
  3. #126UPBD Upbound Group, Inc62.8Narrow moat
  4. #127PLXS PLEXUS CORP.62.7Narrow moat

Compare ALAB with its nearest peers →All Technology companies on the Index →

Common questions about ALAB

Does Astera Labs, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Astera Labs, Inc. (ALAB) 63.1 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 98, returns on capital 18, balance-sheet safety 100, capital discipline 42.
How has ALAB's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 63.1 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ALAB. See the disclaimer.

Astera Labs, Inc. (ALAB) Moat Score — The Moat Index · Buy Like Buffett