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The Moat Index

AVANOS MEDICAL, INC.

AVNS · Healthcare · $1.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

41/ 100
Shallow moat

The four filters

Pricing power89

Median gross margin 55.3% over 10y, very stable.

Returns on capital0

Median ROIC -3.0%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -8x.

Capital discipline45

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$24.97
Discount to value
No price data

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

15 years of fundamentals

The business, in plain English

AVANOS MEDICAL, INC. booked $701.2M of revenue in FY2025 in the Healthcare sector and kept 50.5% of it as gross profit — a solid-margin business by that measure. After every other cost, −10.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $1.7B (FY2012) to $701.2M (FY2025) — about −6.5% a year compounded over 13 years.

It earned −7.1% on invested capital in FY2025, with a median of −2.4% across 14 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $247.7M of total debt in FY2018. Balance-Sheet Safety scores it 28/100.

The share count has held roughly flat between FY2014 and FY2025. Capital Discipline scores it 45/100.

Put together: Pricing Power is the strongest of the four filters (89/100) and Returns on Capital the weakest (0/100), which is how AVNS lands at 41/100 — 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.

FY2011–FY2025 · 15 fiscal years, normalized from AVNS’s SEC filings

RevenueSales, as filed$701.2M FY2025
$0$1B2011201620212025
Gross marginRevenue kept after cost of goods50.5% FY2025
0%25%50%2011201620212025
Return on invested capitalOperating profit on the capital employed−7.1% FY2025
−40%−20%0%2011201620212025
Owner earningsCash an owner could take out−$65.6M FY2025
−$250M$02011201620212025

Gaps in a line mean that item isn’t in AVNS’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 scale41.3 / 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 — AVNS 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

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

Nearest peers by Moat Score

  1. #219VIVS VIVOSIM LABS, INC.41.7Shallow moat
  2. #220ELUT Elutia Inc.41.5Shallow moat
  3. #222IMRX Immuneering Corporation41.3Shallow moat
  4. #223STIM NEURONETICS, INC.41.2Shallow moat

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

Common questions about AVNS

Does AVANOS MEDICAL, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores AVANOS MEDICAL, INC. (AVNS) 41.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 28, capital discipline 45.
How has AVNS's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 41.3 out of 100 (shallow 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 AVNS. See the disclaimer.

AVANOS MEDICAL, INC. (AVNS) Moat Score — The Moat Index · Buy Like Buffett