2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $742M to $424M, decreasing; diluted EPS -3.19 to -9.08, decreasing.
22
Median gross margin 15.5% over 7y, stable.
0
Median ROIC -4.6%, above the 12% hurdle in 0% of years.
55
Net cash position — no leverage risk.
64
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
$16.23
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. CNNE revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.
Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
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.
12 years of fundamentals
The business, in plain English
CANNAE HOLDINGS, INC. booked $424M of revenue in FY2025 in the Consumer Discretionary sector and kept 15.5% of it as gross profit — a thin-margin business by that measure. After every other cost, −121.2% of each revenue dollar reached the bottom line.
Across the filed record, revenue shrank from $1.4B (FY2015) to $424M (FY2025) — about −11.4% a year compounded over 10 years.
It earned −10.4% on invested capital in the latest filed year, FY2025. Across the full 11-year measurable filed record, median ROIC was −4.4%. Over the v3 recent window (10 measurable filed years), median ROIC was −4.6%. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $70.8M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.
Put together: Capital Allocation is the strongest of the five filters (64/100) and Returns on Capital the weakest (0/100), which is how CNNE lands at 29/100 — 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.
FY2014–FY2025 · 12 fiscal years, normalized from CNNE’s SEC filings
Sales, as filed$424M FY2025Revenue kept after cost of goods15.5% FY2025Standard ROIC or separately labeled Operating ROICStandard ROIC −8.5% FY2025
Exact FY and FY-1 financing invested-capital inputs are required.
Cash an owner could take out−$512M 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 CANNAE HOLDINGS, 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 Oct 16, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
28 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale29.2 / 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 Oct 16, 2026.
Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (6 versus 0). 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
Tyler WoodrowDirector
Grant, award, or other acquisition (A)Table I · Acquired · Common Stock
1,019
$15.34
$15,631
17,361
Sep 30, 2026
1 filed lot
Table I · Common Stock: 1,019 shares at $15.34 · code A · owned after 17,361 ·
How CANNAE HOLDINGS, 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 2017–2025, 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 CNNE 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, CNNE 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.
Consumer Discretionary context
#402 of 487 scored Consumer Discretionary companies, ranked by Moat Score.
Based on its FY2025 SEC filings, the Moat Index scores CANNAE HOLDINGS, INC. (CNNE) 29.2 out of 100 — below the Shallow-moat bar, so no 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 5, pricing power 22, returns on capital 0, balance-sheet safety 55, capital allocation 64.
How has CNNE's Moat Score changed over time?
The record logs 28 readings since Jul 17, 2026; the latest reads 29.2 out of 100 (no 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 CNNE. See the disclaimer.