Does ENERGY FOCUS, INC/DE have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ENERGY FOCUS, INC/DE (EFOI) 21.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 0, balance-sheet safety 55, capital discipline 44.

How has EFOI's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 21.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ENERGY FOCUS, INC/DE

EFOI · Industrials · $18.3M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power5

Median gross margin 18.0% over 10y, variable.

Returns on capital0

Median ROIC -122.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $2.90
Discount to value: No price data

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

Fundamentals

There's no normalized fundamentals series for EFOI yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale21.2 / 100

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 — EFOI 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.

Industrials context

#254 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#252JTAI Jet.AI Inc.21.6 out of 100, No moatNo moat
#253MATW MATTHEWS INTERNATIONAL CORP21.3 out of 100, No moatNo moat
#255SCWO 374WATER INC.21.1 out of 100, No moatNo moat
#256FRD FRIEDMAN INDUSTRIES INC20.8 out of 100, No moatNo moat

Compare EFOI with its nearest peers →All Industrials companies on the Index →

Common questions about EFOI

Does ENERGY FOCUS, INC/DE have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores ENERGY FOCUS, INC/DE (EFOI) 21.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has EFOI's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 21.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows EFOI’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/EFOI"
  width="340" height="150" style="border:0"
  title="EFOI Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell EFOI. See the disclaimer.