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AquaBounty Technologies, Inc.

AQB · Agriculture · $3.5M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

50

2021–2023 (latest 3 aligned FYs; v3 window cap 5): revenue $1.2M to $2.5M, increasing; diluted EPS -109.44 to -7.17, increasing.

4

Median gross margin -2140.3% over 3y, variable.

0

Median ROIC -37.9%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage -20x.

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
$0.91
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

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

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.

12 years of fundamentals

The business, in plain English

It earned −290.2% on invested capital in the latest filed year, FY2025. Across the full 10-year measurable filed record, median ROIC was −37.9%. Over the v3 recent window (10 measurable filed years), median ROIC was −37.9%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $3.5M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

Put together: Business Trend is the strongest of the five filters (50/100) and Returns on Capital the weakest (0/100), which is how AQB lands at 25/100 — 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.

FY2014–FY2025 · 12 fiscal years, normalized from AQB’s SEC filings

Sales, as filed$2.5M FY2023
$0$2M2014201820222025
Revenue kept after cost of goods−1813.8% FY2019
−2000%0%2014201820222025
Standard ROIC or separately labeled Operating ROICROIC −290.2% FY2025
−400%−200%0%2014201820222025
Cash an owner could take out−$149M FY2024
−$100M$02014201820222025

Gaps in a line mean that item isn’t in AQB’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.

Flagship explainer

How AquaBounty Technologies, Inc. makes its money

AquaBounty Technologies, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
−$4MUnavailable
Income before tax−$2.2MUnavailable
Income tax$0Unavailable
−$18.5MUnavailable
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What AquaBounty Technologies, Inc. owns — and owes

AquaBounty Technologies, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$10.3M100%
Cash and equivalents$5012955%
$3.5M34%
Stockholders’ equity−$1.9M−18%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives AquaBounty Technologies, Inc.’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income−$18.5MFY2025
Income before tax−$2.2MFY2025
Operating income−$4MFY2025
RevenueUnavailableFY2025
Ending assets$10.3MFY2025
Beginning assets$34.1MFY2024
Ending equity−$1.9MFY2025
Beginning equity$15.8MFY2024
Source:
  • SEC filingFiling detailsAccession 0001603978-26-000029
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

Where AquaBounty Technologies, Inc.'s cash went

AquaBounty Technologies, Inc.’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−$8.7M−100%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding AquaBounty Technologies, Inc.

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

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

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 unavailable · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What AquaBounty Technologies, Inc. insiders reported

The complete Form 4 source snapshot retrieved on Aug 19, 2026 contains no transaction rows.

Verified empty: the retrieved source snapshot contains no transaction event.

Source snapshot retrieved 2026-08-19T07:00:02.788Z · SEC Form 4

Moat Score history

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale25.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-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.

No reported Form 4 transactions were found in the complete checked issuer window for AQB, –. The totals and cluster result below are arithmetic over that certified window.

$0
P purchases minus S sales only, Aug 19, 2025–Aug 19, 2026.
0 P / 0 S
Only P and S are included; awards, gifts, exercises, withholding, and other mechanics are excluded.
No
Requires at least 3 distinct insiders with P purchases.

Transaction-code histogram

Supporting event counts for the same certified window, Aug 19, 2025–Aug 19, 2026.

P
0
S
0
A
0
F
0
M
0
G
0
C
0
J
0
W
0

Retrieved .

Agriculture context

#19 of 25 scored Agriculture companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #17LOCL Local Bounti Corporation/DE26.3No moat
  2. #18GRPS TRANS AMERICAN AQUACULTURE, INC.26.2No moat
  3. #20ITHUF IANTHUS CAPITAL HOLDINGS, INC.24.9No moat
  4. #21BV BrightView Holdings, Inc.21.3No moat

Compare AQB with its nearest peers →All Agriculture companies on the Index →

Common questions about AQB

Does AquaBounty Technologies, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores AquaBounty Technologies, Inc. (AQB) 25.1 out of 100 — below the Shallow-moat bar, so no 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 50, pricing power 4, returns on capital 0, balance-sheet safety 28, capital allocation 44.
How has AQB's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 25.1 out of 100 (no moat). No tier changes on record yet. (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 AQB. See the disclaimer.