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DEFI DEVELOPMENT CORP.

CHAD · Other · $250M mkt cap · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

50

2022–2025 (latest 4 aligned FYs; v3 window cap 5): revenue $2.2M to $11.4M, increasing; diluted EPS -0.18 to -4.00, decreasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.

100

Median gross margin 98.1% over 2y, very stable.

0

Median ROIC -241.0%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage -4x.

42

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
$8.35
No price data

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 227% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 19, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, 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.

Fundamentals

We couldn't reach the fundamentals service just now, so we won't show a stale or guessed series for CHAD. Try again shortly.

Flagship explainer

How DEFI DEVELOPMENT CORP. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$11.4M · 100%Cost of revenue$249000 · 2%Gross profit$11.1M · 98%Operating income−$36.4M · −320%Income before tax−$73.8M · −648%Income tax$9000 · 0%Net income−$73.8M · −648%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$11.4M100%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Cost of revenue$2490002%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
$11.1M98%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
−$36.4M−320%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Income before tax−$73.8M−648%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Income tax$90000%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
−$73.8M−648%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
· event Dec 31, 2025 · retrieved Sep 19, 2026 · annual-row source set
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Flagship explainer

What DEFI DEVELOPMENT CORP. owns — and owes

DEFI DEVELOPMENT CORP.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$307M100%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Cash and equivalents$5.9M2%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
$127M41%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Stockholders’ equity$99.3M32%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
· event Dec 31, 2025 · retrieved Sep 19, 2026 · annual-row source set

Flagship explainer

What drives DEFI DEVELOPMENT CORP.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−144%Tax burden100%net income ÷ pretax incomeInterest burden203%pretax ÷ operating incomeOperating margin−320%operating income ÷ revenueAsset turnover0.07×revenue ÷ average assetsEquity multiplier3.03×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$73.8MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Income before tax−$73.8MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Operating income−$36.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
$11.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Ending assets$307MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Beginning assets$4.4MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001013762-25-003260 · filed Mar 27, 2025
  • 10-K · FY 2024Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
$99.3MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
$3.5MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001013762-25-003260 · filed Mar 27, 2025
  • 10-K · FY 2024Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Source: · event Dec 31, 2025 · retrieved Sep 19, 2026 · annual-row source set
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Flagship explainer

Where DEFI DEVELOPMENT CORP.'s cash went

DEFI DEVELOPMENT CORP.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$18M−100%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Depreciation and amortization$1M6%
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001805526-26-000006 · filed Mar 30, 2026
· event Dec 31, 2025 · retrieved Sep 19, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding DEFI DEVELOPMENT CORP.

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
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling 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 19, 2026

Flagship explainer

What DEFI DEVELOPMENT CORP. 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

1 logged reading since Sep 19, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale44.0 / 100
0406080100WideNarrowShallowNo moatSep 19, 2026

Score history begins Sep 19, 2026 — the record builds forward from here.

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

None yet — CHAD has read Shallow moat for every logged capture since Sep 19, 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 CHAD.

Other context

#49 of 100 scored Other companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #47WHG WESTWOOD HOLDINGS GROUP, INC.44.6Shallow moat
  2. #48MVNC MARVION INC.44.2Shallow moat
  3. #50IREN IREN Limited43.7Shallow moat
  4. #51HIVE HIVE DIGITAL TECHNOLOGIES LTD.43.6Shallow moat

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

Common questions about CHAD

Does DEFI DEVELOPMENT CORP. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores DEFI DEVELOPMENT CORP. (CHAD) 44.0 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 50, pricing power 100, returns on capital 0, balance-sheet safety 28, capital allocation 42.
How has CHAD's Moat Score changed over time?
The record logs 1 reading since Sep 19, 2026; the latest reads 44.0 out of 100 (shallow moat). No tier changes on record yet. 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 CHAD. See the disclaimer.