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FIRY INC.

FIRY · Technology · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

15

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $380M to $104M, decreasing; diluted EPS -13.49 to -4.51, increasing.

99

Median gross margin 91.6% over 8y, very stable.

0

Median ROIC -137.2%, 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.

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
$11.57
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 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 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.

9 years of fundamentals

The business, in plain English

FIRY INC. booked $104M of revenue in FY2025 in the Technology sector and kept 87.5% of it as gross profit — a high-margin business by that measure. After every other cost, −67.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $50.8M (FY2018) to $104M (FY2025) — about 10.9% a year compounded over 7 years.

It earned −112.5% on invested capital in the latest filed year, FY2025. Across the full 5-year measurable filed record, median ROIC was −137.2%. Over the v3 recent window (5 measurable filed years), median ROIC was −137.2%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $128M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

Put together: Pricing Power is the strongest of the five filters (99/100) and Returns on Capital the weakest (0/100), which is how FIRY lands at 43/100 — a Shallow 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.

FY2017–FY2025 · 9 fiscal years, normalized from FIRY’s SEC filings

Sales, as filed$104M FY2025
$0$200M$400M2017202020232025
Revenue kept after cost of goods87.5% FY2025
0%50%100%2017202020232025
Standard ROIC or separately labeled Operating ROICStandard ROIC −178.4% FY2025

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

−100%0%2017202020232025
Cash an owner could take out−$70.4M FY2025
−$400M−$200M$02017202020232025

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 FIRY INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$104M · 100%Cost of revenue$13.1M · 12%Gross profit$91.4M · 88%Operating income−$63.9M · −61%Income before tax−$70.3M · −67%Income tax$108000 · 0%Net income−$70.4M · −67%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$104M100%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Cost of revenue$13.1M12%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
$91.4M88%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
−$63.9M−61%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Income before tax−$70.3M−67%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Income tax$1080000%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
−$70.4M−67%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

What FIRY INC. owns — and owes

FIRY INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$293M100%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Cash and equivalents$195M66%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
$128M43%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Stockholders’ equity$112M38%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives FIRY 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−49%Tax burden100%net income ÷ pretax incomeInterest burden110%pretax ÷ operating incomeOperating margin−61%operating income ÷ revenueAsset turnover0.31×revenue ÷ average assetsEquity multiplier2.34×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$70.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Income before tax−$70.3MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Operating income−$63.9MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
$104MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Ending assets$293MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Beginning assets$374MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
$112MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
$173MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Source: · event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set
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Flagship explainer

Where FIRY INC.'s cash went

FIRY 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−$68.9M−100%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Depreciation and amortization$1.4M2%
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001801661-26-000020 · filed Mar 31, 2026
· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding FIRY 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 Oct 16, 2026

Flagship explainer

What FIRY INC. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

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

Moat Score history

28 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.5 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 16, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 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 Oct 16, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (21 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

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

InsiderShares owned afterDateFiling detail
Cabot AnthonyDirectorExercise or conversion of derivative security (M)Table I · Acquired · Class A common stock · 1 paired event19,048—Exercise or conversion of derivative security (M)—38,096Oct 5, 2026
1 filed lot
  • Table I · Class A common stock: 19,048 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 38,096 · Paired event: 19,048 Restricted Stock Unit → 19,048 Class A common stock ·
Cabot AnthonyDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event19,048—Exercise or conversion of derivative security (M)—38,094Oct 5, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 19,048 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 38,094 · Paired event: 19,048 Restricted Stock Unit → 19,048 Class A common stock ·
Singleton Nicole MarieChief Human Resources OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class A common stock · 2 paired events4,665—Exercise or conversion of derivative security (M)—See lot detailOct 1, 2026
2 filed lots
  • Table I · Class A common stock: 1,587 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 54,066 · Paired event: 1,587 Restricted Stock Unit → 1,587 Class A common stock ·
  • Table I · Class A common stock: 3,078 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 56,757 · Paired event: 3,078 Restricted Stock Unit → 3,078 Class A common stock ·
Singleton Nicole MarieChief Human Resources OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Class A common stock1,137$12.39$14,087See lot detailOct 1, 2026
2 filed lots
  • Table I · Class A common stock: 387 shares at $12.39 · code F · owned after 53,679 ·
  • Table I · Class A common stock: 750 shares at $12.39 · code F · owned after 56,007 ·
Singleton Nicole MarieChief Human Resources OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 2 paired events4,665—Exercise or conversion of derivative security (M)—See lot detailOct 1, 2026
2 filed lots
  • Table II · Restricted Stock Unit: 1,587 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 7,939 · Paired event: 1,587 Restricted Stock Unit → 1,587 Class A common stock ·
  • Table II · Restricted Stock Unit: 3,078 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 27,711 · Paired event: 3,078 Restricted Stock Unit → 3,078 Class A common stock ·
Paradise AndrewDirector, Chief Executive Officer, 10% ownerExercise or conversion of derivative security (M)Table I · Acquired · Class A common stock · 3 paired events134,911—Exercise or conversion of derivative security (M)—See lot detailOct 1, 2026
3 filed lots
  • Table I · Class A common stock: 90,576 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,863,435 · Paired event: 90,576 Restricted Stock Units → 90,576 Class A common stock ·
  • Table I · Class A common stock: 23,810 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,851,603 · Paired event: 23,810 Restricted Stock Units → 23,810 Class A common stock ·
  • Table I · Class A common stock: 20,525 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,862,758 · Paired event: 20,525 Restricted Stock Unit → 20,525 Class A common stock ·
Paradise AndrewDirector, Chief Executive Officer, 10% ownerPayment of exercise price or tax liability (F)Table I · Disposed · Class A common stock53,089$12.39$657,773See lot detailOct 1, 2026
3 filed lots
  • Table I · Class A common stock: 35,642 shares at $12.39 · code F · owned after 1,827,793 ·
  • Table I · Class A common stock: 9,370 shares at $12.39 · code F · owned after 1,842,233 ·
  • Table I · Class A common stock: 8,077 shares at $12.39 · code F · owned after 1,854,681 ·
Paradise AndrewDirector, Chief Executive Officer, 10% ownerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 2 paired events114,386—Exercise or conversion of derivative security (M)—See lot detailOct 1, 2026
2 filed lots
  • Table II · Restricted Stock Units: 90,576 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 90,585 · Paired event: 90,576 Restricted Stock Units → 90,576 Class A common stock ·
  • Table II · Restricted Stock Units: 23,810 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 119,044 · Paired event: 23,810 Restricted Stock Units → 23,810 Class A common stock ·
Paradise AndrewDirector, Chief Executive Officer, 10% ownerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event20,525—Exercise or conversion of derivative security (M)—184,730Oct 1, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 20,525 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 184,730 · Paired event: 20,525 Restricted Stock Unit → 20,525 Class A common stock ·
Hoffman Henry M.DirectorExercise or conversion of derivative security (M)Table I · Acquired · Class A common stock · 1 paired event3,511—Exercise or conversion of derivative security (M)—14,043Aug 3, 2026
1 filed lot
  • Table I · Class A common stock: 3,511 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 14,043 · Paired event: 3,511 Restricted Stock Units → 3,511 Class A common stock ·
Hoffman Henry M.DirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event3,511—Exercise or conversion of derivative security (M)—0Aug 3, 2026
1 filed lot
  • Table II · Restricted Stock Units: 3,511 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 3,511 Restricted Stock Units → 3,511 Class A common stock ·
Wakeford KentDirectorExercise or conversion of derivative security (M)Table I · Acquired · Class A common stock · 1 paired event16,129—Exercise or conversion of derivative security (M)—34,431Jul 31, 2026
1 filed lot
  • Table I · Class A common stock: 16,129 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 34,431 · Paired event: 16,129 Restricted Stock Units → 16,129 Class A common stock ·
Wakeford KentDirectorExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units · 1 paired event16,129—Exercise or conversion of derivative security (M)—32,258Jul 31, 2026
1 filed lot
  • Table II · Restricted Stock Units: 16,129 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 32,258 · Paired event: 16,129 Restricted Stock Units → 16,129 Class A common stock ·

Source-event as of . Retrieved .

Track record

How FIRY INC.’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.

Point-in-time scores 2020–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time 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 FIRY on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score125102050100Indexed price · log scale (2021 = 100)2020202120222023202420252026

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, FIRY 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.

Technology context

#427 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #425WEAV Weave Communications, Inc.42.7Shallow moat
  2. #426SOUN SOUNDHOUND AI, INC.42.7Shallow moat
  3. #428QBTS D-Wave Quantum Inc.42.5Shallow moat
  4. #429MAN MANPOWERGROUP INC.42.4Shallow moat

Compare FIRY with its nearest peers →All Technology companies on the Index →

Common questions about FIRY

Does FIRY INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores FIRY INC. (FIRY) 42.5 out of 100 — a Shallow 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 15, pricing power 99, returns on capital 0, balance-sheet safety 55, capital allocation 44.
How has FIRY's Moat Score changed over time?
The record logs 28 readings since Jul 17, 2026; the latest reads 42.5 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) 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 FIRY. See the disclaimer.