2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $127M to $225M, increasing; diluted EPS -0.65 to -0.34, increasing.
98
Median gross margin 81.4% over 10y, very stable.
0
Median ROIC -16.7%, above the 12% hurdle in 0% of years.
28
Net debt/EBITDA n/ax, interest coverage -1x.
24
Owner earnings changed trend unclear over up to the ten most recent annual observations.
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
$39.49
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
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.
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.
17 years of fundamentals
The business, in plain English
AXOGEN, INC. booked $225M of revenue in FY2025 in the Healthcare sector and kept 74.3% of it as gross profit — a high-margin business by that measure. After every other cost, −7.0% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $3M (FY2010) to $225M (FY2025) — about 33.3% a year compounded over 15 years.
It earned −4.4% on invested capital in the latest filed year, FY2025. Across the full 15-year measurable filed record, median ROIC was −25.3%. Over the v3 recent window (10 measurable filed years), median ROIC was −16.7%. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $48.4M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.
Put together: Pricing Power is the strongest of the five filters (98/100) and Returns on Capital the weakest (0/100), which is how AXGN lands at 42/100 — 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.
FY2009–FY2025 · 17 fiscal years, normalized from AXGN’s SEC filings
Sales, as filed$225M FY2025Revenue kept after cost of goods74.3% FY2025Standard ROIC or separately labeled Operating ROICROIC −4.4% FY2025
Not meaningful FY2010: invested capital is negative (cash exceeds debt + equity)
Cash an owner could take out−$12.8M FY2025
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 AXOGEN, INC. makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
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.
Records still being gathered — partial as of retrieval Aug 19, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
16 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale41.9 / 100
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
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.
Records still being gathered — partial as of retrieval Aug 19, 2026.
3 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (4 versus 3). The filing codes alone do not establish that every such row arose from a compensation plan.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
Scroll sideways to see all columns
Insider
Shares owned after
Date
Filing detail
Wendell Amy McBrideDirector
Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event
13,353
$14.85
$198,292
121,329
Aug 11, 2026
1 filed lot
Table I · Common Stock: 13,353 shares at $14.85 · code M · owned after 121,329 · Paired event: 13,353 Employee Stock Option (right to purchase) → 13,353 Common Stock ·
Exercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (right to purchase) · 1 paired event
13,353
—Exercise or conversion of derivative security (M)
—
0
Aug 11, 2026
1 filed lot
Table II · Employee Stock Option (right to purchase): 13,353 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 13,353 Employee Stock Option (right to purchase) → 13,353 Common Stock ·
Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event
67,500
$8.16
$550,800
117,635
Aug 10, 2026
1 filed lot
Table I · Common Stock: 67,500 shares at $8.16 · code M · owned after 117,635 · Paired event: 67,500 Employee Stock Option (right to buy) → 67,500 Common Stock ·
Exercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (right to buy) · 1 paired event
67,500
—Exercise or conversion of derivative security (M)
—
22,500
Aug 10, 2026
1 filed lot
Table II · Employee Stock Option (right to buy): 67,500 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 22,500 · Paired event: 67,500 Employee Stock Option (right to buy) → 67,500 Common Stock ·
How AXOGEN, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight
Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year
How to read this: each dot is what the engine would have scored AXGN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, AXGN did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Healthcare context
#313 of 710 scored Healthcare companies, ranked by Moat Score.
Based on its FY2025 SEC filings, the Moat Index scores AXOGEN, INC. (AXGN) 41.9 out of 100 — a Shallow 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 60, pricing power 98, returns on capital 0, balance-sheet safety 28, capital allocation 24.
How has AXGN's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 41.9 out of 100 (shallow 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 AXGN. See the disclaimer.