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The Moat Index

EMBECTA CORP.

EMBC · Healthcare · $190.1M mkt cap · FY2025 filings · Wide moat ·

Wonderful & reasonably priced

83/ 100
Wide moat

The four filters

Pricing power99

Median gross margin 67.8% over 6y, very stable.

Returns on capital100

Median ROIC 72.1%, above the 9% hurdle in 100% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline15

Owner earnings -21.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale
87% below value
Owner earnings (normalized)
$126.8M
Est. intrinsic value / share
$24.09
Recent price
$3.25
Discount to value
87% below value

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

7 years of fundamentals

The business, in plain English

EMBECTA CORP. booked $1.1B of revenue in FY2025 in the Healthcare sector and kept 62.6% of it as gross profit — a high-margin business by that measure. After every other cost, 8.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue held roughly flat, from $1.1B (FY2020) to $1.1B (FY2025) — about −0.1% a year compounded over 5 years.

The balance sheet carried $0 of total debt in FY2021. Balance-Sheet Safety scores it 100/100.

Put together: Returns on Capital is the strongest of the four filters (100/100) and Capital Discipline the weakest (15/100), which is how EMBC lands at 83/100 — a Wide 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.

FY2019–FY2025 · 7 fiscal years, normalized from EMBC’s SEC filings

RevenueSales, as filed$1.1B FY2025
$0$500M$1B2019202120232025
Gross marginRevenue kept after cost of goods62.6% FY2025
0%50%2019202120232025
Return on invested capitalOperating profit on the capital employed69.4% FY2021
0%50%2019202120232025
Owner earningsCash an owner could take out$126.8M FY2025
$0$200M$400M2019202120232025

Gaps in a line mean that item isn’t in EMBC’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

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale82.6 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

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

None yet — EMBC has read Wide moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How EMBECTA CORP.’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.

As-of scores 2022–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of 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 EMBC on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score50100Indexed price · log scale (2023 = 100)20222023202420252026

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 4 years EMBC rated Wide-moat (2022, 2023, 2024 and 2025), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year −23% vs the S&P 500’s 24% (price basis) · median over 3 years
  • 3 years −48% vs the S&P 500’s 79% (price basis) · median over 1 year
  • 5 years None of the 4 years it rated Wide has a fully elapsed 5-year window with a benchmark to compare against yet.

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Healthcare context

#23 of 461 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #21A AGILENT TECHNOLOGIES, INC.84.1Wide moat
  2. #22HRMY HARMONY BIOSCIENCES HOLDINGS, INC.83.3Wide moat
  3. #24VLTO VERALTO CORPORATION82.6Wide moat
  4. #25BMI BADGER METER, INC.82.1Wide moat

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

Common questions about EMBC

Does EMBECTA CORP. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores EMBECTA CORP. (EMBC) 82.6 out of 100 — a Wide moat. The four filters behind that score (each 0–100): pricing power 99, returns on capital 100, balance-sheet safety 100, capital discipline 15.
Is EMBC stock trading below its intrinsic value?
Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $24.09 per share versus a recent price of $3.25 — 87% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has EMBC's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 82.6 out of 100 (wide 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 EMBC. See the disclaimer.