AtriCure, Inc.
ATRC · Healthcare · $1.7B mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The four filters
Median gross margin 74.1% over 10y, very stable.
Median ROIC -7.6%, above the 9% hurdle in 10% of years.
Net cash position — no leverage risk.
Owner earnings trend unclear, share count growing (dilution).
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $34.95
- 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
AtriCure, Inc. booked $534.5M of revenue in FY2025 in the Healthcare sector and kept 75.0% of it as gross profit — a high-margin business by that measure. After every other cost, −2.1% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $54.5M (FY2009) to $534.5M (FY2025) — about 15.3% a year compounded over 16 years.
It earned −1.9% on invested capital in FY2025, with a median of −11.9% across 17 filed years. The Returns on Capital filter above scores it 4/100.
The balance sheet carried $61.9M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.
The share count rose 217.9% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.
Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (4/100), which is how ATRC lands at 47/100 — 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.
Gaps in a line mean that item isn’t in ATRC’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
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 — ATRC 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.
Healthcare context
#146 of 440 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #144MIND MIND TECHNOLOGY, INC47.1 out of 100, Shallow moatShallow moat
- #145BCRX BIOCRYST PHARMACEUTICALS, INC.46.9 out of 100, Shallow moatShallow moat
- #147CSTL CASTLE BIOSCIENCES, INC.46.9 out of 100, Shallow moatShallow moat
- #148QURE uniQure N.V.46.6 out of 100, Shallow moatShallow moat
Compare ATRC with its nearest peers →All Healthcare companies on the Index →
Common questions about ATRC
- Does AtriCure, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores AtriCure, Inc. (ATRC) 46.9 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 4, balance-sheet safety 55, capital discipline 24.
- How has ATRC's Moat Score changed over time?
- The record logs 3 readings since Jul 17, 2026; the latest reads 46.9 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.