Buy Like Buffett

The Moat Index

ARTIVION, INC.

AORT · Healthcare · $1.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

35/ 100
No moat

The four filters

Pricing power100

Median gross margin 65.9% over 10y, very stable.

Returns on capital0

Median ROIC 1.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety18

Net debt/EBITDA 2.7x, interest coverage 1x.

Capital discipline7

Owner earnings -3.1%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$25.06
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

ARTIVION, INC. booked $441.3M of revenue in FY2025 in the Healthcare sector and kept 64.4% of it as gross profit — a high-margin business by that measure. After every other cost, 2.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $111.7M (FY2009) to $441.3M (FY2025) — about 9.0% a year compounded over 16 years.

It earned 3.7% on invested capital in FY2025, with a median of 3.7% across 17 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $215.1M of total debt in FY2025 against $9.8M of owner earnings — roughly 22.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 18/100.

The share count rose 72.8% between FY2011 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 7/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how AORT lands at 35/100 — a None 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 AORT’s SEC filings

RevenueSales, as filed$441.3M FY2025
$0$200M$400M2008201420202025
Gross marginRevenue kept after cost of goods64.4% FY2025
0%25%50%2008201420202025
Return on invested capitalOperating profit on the capital employed3.7% FY2025
0%5%10%2008201420202025
Owner earningsCash an owner could take out$9.8M FY2025
−$20M$0$20M2008201420202025

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

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale35.0 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — AORT has read No 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.

Healthcare context

#305 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #303HYPD HYPERION DEFI, INC.35.3No moat
  2. #304SER Serina Therapeutics, Inc.35.3No moat
  3. #306ADMT ADM TRONICS UNLIMITED, INC.35.0No moat
  4. #307PLUR PLURI INC.35.0No moat

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

Common questions about AORT

Does ARTIVION, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ARTIVION, INC. (AORT) 35.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 18, capital discipline 7.
How has AORT's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 35.0 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows AORT’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/AORT"
  width="340" height="150" style="border:0"
  title="AORT Moat Score — The Moat Index"
  loading="lazy"></iframe>

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

ARTIVION, INC. (AORT) Moat Score — The Moat Index · Buy Like Buffett