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The Moat Index

Anika Therapeutics, Inc.

ANIK · Healthcare · $211.8M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

53/ 100
Shallow moat

The four filters

Pricing power89

Median gross margin 66.3% over 10y, stable.

Returns on capital14

Median ROIC 1.3%, above the 9% hurdle in 40% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline54

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$15.25
Discount to value
No price data

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

18 years of fundamentals

The business, in plain English

Anika Therapeutics, Inc. booked $112.8M of revenue in FY2025 in the Healthcare sector and kept 56.6% of it as gross profit — a high-margin business by that measure. After every other cost, −9.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $40.1M (FY2009) to $112.8M (FY2025) — about 6.7% a year compounded over 16 years.

It earned −10.2% on invested capital in FY2025, with a median of 10.1% across 17 filed years. The Returns on Capital filter above scores it 14/100.

The balance sheet carried $9.6M of total debt in FY2012. Balance-Sheet Safety scores it 55/100.

The share count rose 3.0% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 54/100.

Put together: Pricing Power is the strongest of the four filters (89/100) and Returns on Capital the weakest (14/100), which is how ANIK lands at 53/100 — 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.

FY2008–FY2025 · 18 fiscal years, normalized from ANIK’s SEC filings

RevenueSales, as filed$112.8M FY2025
$0$100M2008201420202025
Gross marginRevenue kept after cost of goods56.6% FY2025
0%50%2008201420202025
Return on invested capitalOperating profit on the capital employed−10.2% FY2025
0%25%50%2008201420202025
Owner earningsCash an owner could take out−$10.9M FY2025
−$50M$0$50M2008201420202025

Gaps in a line mean that item isn’t in ANIK’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

4 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale52.6 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 18, 2026

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

None yet — ANIK has read Shallow moat for every logged capture since Jul 17, 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 Anika Therapeutics, 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 2011–2025, 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 ANIK on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score100200500Indexed price · log scale (2012 = 100)201120142017202020232026

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 5 years ANIK rated Wide-moat (2016, 2017, 2018, 2019 and 2020), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year −15% vs the S&P 500’s 19% (price basis) · median over 5 years
  • 3 years −22% vs the S&P 500’s 37% (price basis) · median over 5 years
  • 5 years −46% vs the S&P 500’s 85% (price basis) · median over 5 years

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Healthcare context

#112 of 461 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #110ALKS Alkermes plc.53.0Shallow moat
  2. #111GEHC GE HEALTHCARE TECHNOLOGIES INC.52.9Shallow moat
  3. #113MRVI Maravai LifeSciences Holdings, Inc.52.2Shallow moat
  4. #114RGEN REPLIGEN CORP52.1Shallow moat

Compare ANIK with its nearest peers →All Healthcare companies on the Index →

Common questions about ANIK

Does Anika Therapeutics, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Anika Therapeutics, Inc. (ANIK) 52.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 14, balance-sheet safety 55, capital discipline 54.
How has ANIK's Moat Score changed over time?
The record logs 4 readings since Jul 17, 2026; the latest reads 52.6 out of 100 (shallow 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 ANIK. See the disclaimer.