Does Aveanna Healthcare Holdings Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Aveanna Healthcare Holdings Inc. (AVAH) 24.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 55, returns on capital 10, balance-sheet safety 0, capital discipline 24.

How has AVAH's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 24.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Aveanna Healthcare Holdings Inc.

AVAH · Healthcare · $2.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power55

Median gross margin 31.4% over 7y, very stable.

Returns on capital10

Median ROIC 0.6%, above the 9% hurdle in 29% of years.

Balance-sheet safety0

Net debt/EBITDA 4.1x, interest coverage 2x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $9.69
Discount to value: No price data

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

8 years of fundamentals

The business, in plain English

Aveanna Healthcare Holdings Inc. booked $2.4B of revenue in FY2025 in the Healthcare sector and kept 33.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, 9.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.4B (FY2019) to $2.4B (FY2025) — about 9.9% a year compounded over 6 years.

It earned 19.7% on invested capital in FY2025, with a median of 0.6% across 7 filed years. The Returns on Capital filter above scores it 10/100.

The balance sheet carried $1.3B of total debt in FY2025 against $225.0M of owner earnings — roughly 5.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count rose 48.7% between FY2020 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 (55/100) and Balance-Sheet Safety the weakest (0/100), which is how AVAH lands at 24/100 — 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.

RevenueSales, as filed$2.4B FY2025

Gross marginRevenue kept after cost of goods33.3% FY2025

Return on invested capitalOperating profit on the capital employed19.7% FY2025

Owner earningsCash an owner could take out$225.0M FY2025

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.3 / 100

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 — AVAH 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

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

Nearest peers by Moat Score

#377IOVA IOVANCE BIOTHERAPEUTICS, INC.24.8 out of 100, No moatNo moat
#378KYMR KYMERA THERAPEUTICS, INC.24.8 out of 100, No moatNo moat
#380VANI Vivani Medical, Inc.23.9 out of 100, No moatNo moat
#381ARAY ACCURAY INCORPORATED23.7 out of 100, No moatNo moat

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

Common questions about AVAH

Does Aveanna Healthcare Holdings Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Aveanna Healthcare Holdings Inc. (AVAH) 24.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 55, returns on capital 10, balance-sheet safety 0, capital discipline 24.
How has AVAH's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 24.3 out of 100 (no 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 AVAH. See the disclaimer.