Does EMMAUS LIFE SCIENCES, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores EMMAUS LIFE SCIENCES, INC. (EMMA) 31.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 0, capital discipline 24.

How has EMMA's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 31.4 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

EMMAUS LIFE SCIENCES, INC.

EMMA · Healthcare · $800146 mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power89

Median gross margin 92.8% over 9y, stable.

Returns on capital0

Median ROIC -22.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 92.6x, interest coverage 0x.

Capital discipline24

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: $0.01
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 EMMA 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 scale31.4 / 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 — EMMA 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

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

Nearest peers by Moat Score

#339GPRO GOPRO, INC.31.5 out of 100, No moatNo moat
#340AMRX AMNEAL PHARMACEUTICALS, INC.31.5 out of 100, No moatNo moat
#342PRGO Perrigo Company plc31.3 out of 100, No moatNo moat
#343URGN UroGen Pharma Ltd.31.3 out of 100, No moatNo moat

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

Common questions about EMMA

Does EMMAUS LIFE SCIENCES, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores EMMAUS LIFE SCIENCES, INC. (EMMA) 31.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 0, capital discipline 24.
How has EMMA's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 31.4 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 EMMA. See the disclaimer.