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FG Nexus Inc.

FGC · Other · $44.2M mkt cap · FY2025 filings · · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

13

2022–2025 (latest 4 aligned FYs; v3 window cap 5): revenue $20.1M to $2.4M, decreasing; diluted EPS 0.14 to -25.69, decreasing. Diluted EPS was derived from net income and diluted weighted-average shares in 1 year where the direct tag was absent. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.

—

Not enough years of gross-margin data to score pricing power.

0

Median ROIC -34.9%, above the 12% hurdle in 0% of years.

55

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

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
$6.24
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 212% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 29, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

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.

14 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $5.1M (FY2013) to $2.4M (FY2025) — about −6.0% a year compounded over 12 years.

It earned −38.3% on invested capital in the latest filed year, FY2025. Across the full 3-year measurable filed record, median ROIC was −34.9%. Over the v3 recent window (3 measurable filed years), median ROIC was −34.9%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.9M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

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.

FY2012–FY2025 · 14 fiscal years, normalized from FGC’s SEC filings

Sales, as filed$2.4M FY2025
$0$25M2012201720222025
Revenue kept after cost of goods

Not disclosed in FGC’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROICStandard ROIC −63.3% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

−50%−25%0%2012201720222025
Cash an owner could take out−$66.7M FY2025
−$50M$02012201720222025

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 FG Nexus Inc. makes its money

FG Nexus Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$2.4M100%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
−$64M−2652%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Income before tax−$67.7M−2806%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Income tax−$73000−3%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
−$66.7M−2766%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
· event Dec 31, 2025 · retrieved Sep 30, 2026 · annual-row source set

Flagship explainer

What FG Nexus Inc. owns — and owes

FG Nexus Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$164M100%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Cash and equivalents$13.4M8%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
$1.9M1%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Stockholders’ equity$143M88%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
· event Dec 31, 2025 · retrieved Sep 30, 2026 · annual-row source set

Flagship explainer

What drives FG Nexus Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−61%Tax burden99%net income ÷ pretax incomeInterest burden106%pretax ÷ operating incomeOperating margin−2652%operating income ÷ revenueAsset turnover0.02×revenue ÷ average assetsEquity multiplier1.26×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$66.7MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Income before tax−$67.7MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Operating income−$64MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
$2.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Ending assets$164MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Beginning assets$109MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
  • 10-K · FY 2024Filing detailsAccession 0001641172-25-001679 · filed Mar 31, 2025
$143MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
$74.2MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
  • 10-K · FY 2024Filing detailsAccession 0001641172-25-001679 · filed Mar 31, 2025
Source: · event Dec 31, 2025 · retrieved Sep 30, 2026 · annual-row source set
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Flagship explainer

Where FG Nexus Inc.'s cash went

FG Nexus Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$6.3M−100%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Depreciation and amortization$3040005%
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001493152-26-013032 · filed Mar 27, 2026
· event Dec 31, 2025 · retrieved Sep 30, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding FG Nexus Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

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.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 30, 2026

Flagship explainer

What FG Nexus Inc. insiders reported

Records still being gathered — partial as of retrieval Sep 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

1 logged reading since Sep 30, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale28.1 / 100
0406080100WideNarrowShallowNo moatSep 30, 2026

Score history begins Sep 30, 2026 — the record builds forward from here.

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

None yet — FGC has read No moat for every logged capture since Sep 30, 2026.

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 Sep 30, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for FGC; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Other context

FGC isn’t on the Other board at its last refresh — rankings revalidate hourly, so check back shortly.

Other leaders by Moat Score

  1. #1FHI Federated Hermes, Inc.95.8Wide moat
  2. #2MORN MORNINGSTAR, INC.90.2Wide moat
  3. #3MKTX MARKETAXESS HOLDINGS INC.86.2Wide moat

Compare FGC with Other leaders →All Other companies on the Index →

Common questions about FGC

Does FG Nexus Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores FG Nexus Inc. (FGC) 28.1 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 13, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 55, capital allocation 44.
How has FGC's Moat Score changed over time?
The record logs 1 reading since Sep 30, 2026; the latest reads 28.1 out of 100 (no moat). No tier changes on record yet. 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 FGC. See the disclaimer.