Buy Like Buffett

The Moat Index

FGI Industries Ltd.

FGI · Industrials · $8.3M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

25/ 100
No moat

The four filters

Pricing power30

Median gross margin 26.9% over 5y, stable.

Returns on capital20

Median ROIC 6.4%, above the 9% hurdle in 40% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -2x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
61% below value
Owner earnings (normalized)
$1.9M
Est. intrinsic value / share
$11.06
Recent price
$4.32
Discount to value
61% below value

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

6 years of fundamentals

The business, in plain English

FGI Industries Ltd. booked $130.5M of revenue in FY2025 in the Industrials sector and kept 27.0% of it as gross profit — a moderate-margin business by that measure. After every other cost, −4.7% of each revenue dollar reached the bottom line.

It earned −7.0% on invested capital in FY2025, with a median of 6.4% across 5 filed years. The Returns on Capital filter above scores it 20/100.

The balance sheet carried $11.9M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

Put together: Pricing Power is the strongest of the four filters (30/100) and Returns on Capital the weakest (20/100), which is how FGI lands at 25/100 — 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.

FY2020–FY2025 · 6 fiscal years, normalized from FGI’s SEC filings

RevenueSales, as filed$130.5M FY2025
$0$100M2020202220242025
Gross marginRevenue kept after cost of goods27.0% FY2025
0%10%20%2020202220242025
Return on invested capitalOperating profit on the capital employed−7.0% FY2025
0%20%40%2020202220242025
Owner earningsCash an owner could take out−$7.0M FY2025
$02020202220242025

Gaps in a line mean that item isn’t in FGI’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 scale25.3 / 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 — FGI has read No 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 FGI Industries Ltd.’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 FGI 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 reconstructed history shown, FGI did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Industrials context

#245 of 327 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #243DNOW DNOW INC.25.5No moat
  2. #244NOV NOV INC.25.3No moat
  3. #246OUST Ouster, Inc.25.2No moat
  4. #247MSN EMERSON RADIO CORP25.1No moat

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

Common questions about FGI

Does FGI Industries Ltd. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores FGI Industries Ltd. (FGI) 25.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 30, returns on capital 20, balance-sheet safety 28, capital discipline 24.
Is FGI 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 $11.06 per share versus a recent price of $4.32 — 61% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has FGI's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 25.3 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 FGI’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/FGI"
  width="340" height="150" style="border:0"
  title="FGI 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 FGI. See the disclaimer.