Does AtlasClear Holdings, Inc. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores AtlasClear Holdings, Inc. (ATCH) 31.3 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 not measurable from the filings, returns on capital 0, balance-sheet safety 55, capital allocation 20.

Is ATCH trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $0.29 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $0.19, that is 34% below 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 ATCH's Moat Score changed over time?

The record logs 4 readings since Sep 4, 2026; the latest reads 31.3 out of 100 (no moat). Tier changes so far: Not rated → No moat on Sep 29, 2026. The history is append-only — readings are only ever added, never rewritten.

AtlasClear Holdings, Inc.

ATCH · Other · $28.4M mkt cap · FY2026 filings · as of Sep 29, 2026 · No moat ·

Doesn't clear the bar

No moat

The five investor questions

2025–2026 (latest 2 aligned FYs; v3 window cap 5): revenue $10.9M to $20.1M, increasing; diluted EPS 0.96 to 0.02, decreasing. Two-year history is scoreable but carries less confidence than a full-cycle record.

—

Not enough years of gross-margin data to score pricing power.

Median ROIC -165.7%, above the 12% hurdle in 0% of years.

Net cash position — no leverage risk.

Owner earnings changed -65.9%/yr over up to the ten most recent annual observations, share count n/a.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

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

34% below value if growth stopped today

: $3.9M
: $0.29
: $0.29
: $0.19
: 34% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~8%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

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. Flag status unavailable — four adjacent recent FY revenue observations are required.

Among the current top-score group, the median current price is 212% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 29, 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.

6 years of fundamentals

The business, in plain English

The balance sheet carried $14.3M of total debt in FY2026 against $2M of owner earnings — roughly 7.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.

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$20.1M FY2026

Revenue kept after cost of goods

Not disclosed in ATCH’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC −89.6% FY2026

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

Cash an owner could take out$2M 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 AtlasClear Holdings, Inc. makes its money

AtlasClear Holdings, Inc.'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
	$20.1M	100%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
	−$9.8M	−49%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Income before tax	$1.7M	9%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Income tax	−$252105	−1%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
	$2M	10%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

· event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set

Flagship explainer

What AtlasClear Holdings, Inc. owns — and owes

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

Table alternative
Filed line	Value	% of assets	Source
Total assets	$71.2M	100%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Cash and equivalents	$15.4M	22%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
	$14.3M	20%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Stockholders’ equity	$21.1M	30%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

· event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set

Flagship explainer

What drives AtlasClear Holdings, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$2M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Income before tax	$1.7M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Operating income	−$9.8M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
	$20.1M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Ending assets	$71.2M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Beginning assets	$60.9M	FY2025	10-K · FY 2025Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
	$21.1M	FY2026	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
	−$6.8M	FY2025	10-K · FY 2025Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

Source:

10-K · filed Sep 24, 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

· event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where AtlasClear Holdings, Inc.'s cash went

AtlasClear Holdings, 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 line	Value	% of cash from operations	Source
Cash from operations	−$6.2M	−100%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026
Depreciation and amortization	$1.4M	23%	10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001493152-26-044008 · filed Sep 24, 2026

· event Jun 30, 2026 · retrieved Sep 29, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding AtlasClear Holdings, Inc.

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 Sep 29, 2026

Flagship explainer

What AtlasClear Holdings, Inc. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale31.3 / 100

Score history begins Sep 29, 2026 — the record builds forward from here.

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

Not ratedchanged toNo moatSep 29, 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.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for ATCH.

Other context

#82 of 101 scored Other companies, ranked by Moat Score.

Nearest peers by Moat Score

#80ACGP Associated Capital Group, Inc.33.1 out of 100, No moatNo moat
#81UPXI UPEXI, INC.31.6 out of 100, No moatNo moat
#83PWCM POWERCOMPUTE, INC.30.4 out of 100, No moatNo moat
#84DGXX Digi Power X Inc.30.4 out of 100, No moatNo moat

Compare ATCH with its nearest peers →All Other companies on the Index →

Common questions about ATCH

Does AtlasClear Holdings, Inc. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores AtlasClear Holdings, Inc. (ATCH) 31.3 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 not measurable from the filings, returns on capital 0, balance-sheet safety 55, capital allocation 20.
Is ATCH trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $0.29 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $0.19, that is 34% below 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 ATCH's Moat Score changed over time?: The record logs 4 readings since Sep 4, 2026; the latest reads 31.3 out of 100 (no moat). Tier changes so far: Not rated → No moat on Sep 29, 2026. 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 ATCH. See the disclaimer.