2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $82.1M to $18.4M, decreasing; diluted EPS 0.74 to 0.02, decreasing.
65
Median gross margin 49.3% over 6y, stable.
—
Not enough years of ROIC data to score returns on capital.
78
Net cash position — no leverage risk.
0
Owner earnings changed -42.0%/yr over up to the ten most recent annual observations.
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. 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
35% below value if growth stopped today
$16.2M
$7.37
$7.37
$4.79
35% below value if growth stopped today
A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.
How to read this
What today’s price assumes: owner earnings shrinking ~8%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. FTCO revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.
Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
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.
7 years of fundamentals
The business, in plain English
Fortitude Gold Corporation booked $18.4M of revenue in FY2025 in the Materials sector and kept 54.1% of it as gross profit — a solid-margin business by that measure. After every other cost, 2.3% of each revenue dollar reached the bottom line.
Across the filed record, revenue shrank from $54M (FY2020) to $18.4M (FY2025) — about −19.4% a year compounded over 5 years.
FTCO's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
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 FTCO’s SEC filings
Sales, as filed$18.4M FY2025Revenue kept after cost of goods54.1% FY2025Standard ROIC or separately labeled Operating ROIC
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
Exact FY and FY-1 financing invested-capital inputs are required.. Current-year EBIT, tax expense, and non-zero pretax income are required for standard ROIC.
Cash an owner could take out$926000 FY2025
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 Fortitude Gold Corporation makes its money
Fortitude Gold Corporation's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set
Curated 19-manager tier
Who reported holding Fortitude Gold Corporation
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
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Reported position
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Abrams Capital
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Akre Capital
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Baupost Group
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Berkshire Hathaway
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Brave Warrior Advisors
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Dodge & Cox
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First Eagle
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Fundsmith
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Gardner Russo & Quinn
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Gates Foundation Trust
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Mairs & Power
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Markel / Markel-Gayner
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Oakmark / Harris Associates
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Pershing Square
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Polen Capital
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Sequoia / Ruane Cunniff
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Southeastern Asset Management
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Tweedy, Browne
Not retrieved
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Yacktman Asset Management
Not retrieved
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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 4, 2026
Flagship explainer
What Fortitude Gold Corporation insiders reported
The complete Form 4 source snapshot retrieved on Sep 5, 2026 contains no transaction rows.
Verified empty: the retrieved source snapshot contains no transaction event.
Source snapshot retrieved 2026-09-05T07:00:13.498Z · SEC Form 4
Moat Score history
16 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale39.4 / 100
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
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.
No reported Form 4 transactions were found in the complete checked issuer window for FTCO, –. The totals and cluster result below are arithmetic over that certified window.
$0
P purchases minus S sales only, Sep 5, 2025–Sep 5, 2026.
0 P / 0 S
Only P and S are included; awards, gifts, exercises, withholding, and other mechanics are excluded.
No
Requires at least 3 distinct insiders with P purchases.
Transaction-code histogram
Supporting event counts for the same certified window, Sep 5, 2025–Sep 5, 2026.
P
0
S
0
A
0
F
0
M
0
G
0
C
0
J
0
W
0
Retrieved .
Track record
How Fortitude Gold Corporation’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 2021–2025, 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 FTCO on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
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, FTCO 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.
Materials context
#153 of 309 scored Materials companies, ranked by Moat Score.
Does Fortitude Gold Corporation have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Fortitude Gold Corporation (FTCO) 39.4 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 15, pricing power 65, returns on capital not measurable from the filings, balance-sheet safety 78, capital allocation 0.
Is FTCO trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $7.37 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $4.79, that is 35% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has FTCO's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 39.4 out of 100 (no 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 FTCO. See the disclaimer.