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The Moat Index

CRONOS GROUP INC.

CRON · Healthcare · $1.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

19/ 100
No moat

The four filters

Pricing power4

Median gross margin 17.8% over 9y, variable.

Returns on capital0

Median ROIC -23.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline32

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
$2.79
Discount to value
No price data

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

10 years of fundamentals

The business, in plain English

CRONOS GROUP INC. booked $146.6M of revenue in FY2025 in the Healthcare sector and kept 42.8% of it as gross profit — a solid-margin business by that measure. After every other cost, −6.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.1M (FY2017) to $146.6M (FY2025) — about 61.6% a year compounded over 8 years.

It earned −4.5% on invested capital in FY2025, with a median of −23.2% across 9 filed years. The Returns on Capital filter above scores it 0/100.

CRON's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 5.9% between FY2020 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 32/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (55/100) and Returns on Capital the weakest (0/100), which is how CRON lands at 19/100 — 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.

FY2016–FY2025 · 10 fiscal years, normalized from CRON’s SEC filings

RevenueSales, as filed$146.6M FY2025
$0$100M2016201920222025
Gross marginRevenue kept after cost of goods42.8% FY2025
−50%0%50%2016201920222025
Return on invested capitalOperating profit on the capital employed−4.5% FY2025
−40%−20%0%2016201920222025
Owner earningsCash an owner could take out−$9.4M FY2025
$0$1B2016201920222025

Gaps in a line mean that item isn’t in CRON’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 scale18.7 / 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 — CRON 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

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

Nearest peers by Moat Score

  1. #414RDNT RadNet, Inc.18.9No moat
  2. #415PLSH Panacea Life Sciences Holdings, Inc.18.7No moat
  3. #417AAWH ASCEND WELLNESS HOLDINGS, INC.18.4No moat
  4. #418BMRA BIOMERICA, INC.18.3No moat

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

Common questions about CRON

Does CRONOS GROUP INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores CRONOS GROUP INC. (CRON) 18.7 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 4, returns on capital 0, balance-sheet safety 55, capital discipline 32.
How has CRON's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 18.7 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 CRON. See the disclaimer.

CRONOS GROUP INC. (CRON) Moat Score — The Moat Index · Buy Like Buffett