2019–2023 (latest 5 aligned FYs; v3 window cap 5): revenue $2.4M to $4.2M, increasing; diluted EPS 0.01 to 0.03, increasing. Diluted EPS was derived from net income and diluted weighted-average shares in 4 years where the direct tag was absent.
92
Median gross margin 85.7% over 7y, stable.
—
Not enough years of ROIC data to score returns on capital.
100
Net cash position — no leverage risk.
24
Owner earnings changed trend unclear 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
8% below value if growth stopped today
$672236
$0.38
$0.62
$0.35
8% 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 ~2%/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. The recent FY revenue series does not trigger the three-consecutive-declines flag.
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 4% (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.
15 years of fundamentals
The business, in plain English
FULLNET COMMUNICATIONS INC booked $4.2M of revenue in FY2023 in the Communications sector and kept 74.9% of it as gross profit — a high-margin business by that measure. After every other cost, 12.7% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $1.7M (FY2010) to $4.2M (FY2023) — about 7.2% a year compounded over 13 years.
FULO's latest filed year, FY2023, 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.
FY2009–FY2023 · 15 fiscal years, normalized from FULO’s SEC filings
Sales, as filed$4.2M FY2023Revenue kept after cost of goods74.9% FY2023Standard ROIC or separately labeled Operating ROIC
Not meaningful FY2014–2017: invested capital is negative (cash exceeds debt + equity)
Not meaningful FY2014–2017: invested capital is negative (cash exceeds debt + equity)
Cash an owner could take out$548736 FY2023
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 FULLNET COMMUNICATIONS INC makes its money
FULLNET COMMUNICATIONS INC's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
· event Dec 31, 2023 · retrieved Jul 26, 2026 · annual-row source set
Curated 19-manager tier
Who reported holding FULLNET COMMUNICATIONS INC
Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.
0 holding0 exited0 not holding0/19 resolved19 unavailable
Named manager positions and quarter-over-quarter changes
Manager
Reported position
Quarter-over-quarter
Filing accession
Abrams Capital
Unavailable
Comparison unavailable
Filing unavailable
Akre Capital
Unavailable
Comparison unavailable
Filing unavailable
Baupost Group
Unavailable
Comparison unavailable
Filing unavailable
Berkshire Hathaway
Unavailable
Comparison unavailable
Filing unavailable
Brave Warrior Advisors
Unavailable
Comparison unavailable
Filing unavailable
Dodge & Cox
Unavailable
Comparison unavailable
Filing unavailable
First Eagle
Unavailable
Comparison unavailable
Filing unavailable
Fundsmith
Unavailable
Comparison unavailable
Filing unavailable
Gardner Russo & Quinn
Unavailable
Comparison unavailable
Filing unavailable
Gates Foundation Trust
Unavailable
Comparison unavailable
Filing unavailable
Mairs & Power
Unavailable
Comparison unavailable
Filing unavailable
Markel / Markel-Gayner
Unavailable
Comparison unavailable
Filing unavailable
Oakmark / Harris Associates
Unavailable
Comparison unavailable
Filing unavailable
Pershing Square
Unavailable
Comparison unavailable
Filing unavailable
Polen Capital
Unavailable
Comparison unavailable
Filing unavailable
Sequoia / Ruane Cunniff
Unavailable
Comparison unavailable
Filing unavailable
Southeastern Asset Management
Unavailable
Comparison unavailable
Filing unavailable
Tweedy, Browne
Unavailable
Comparison unavailable
Filing unavailable
Yacktman Asset Management
Unavailable
Comparison unavailable
Filing unavailable
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.
Records still being gathered — partial as of retrieval Aug 11, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
15 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale75.3 / 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.
Records still being gathered — partial as of retrieval Aug 11, 2026.
6 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
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 FULO; 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 .
Communications context
#5 of 134 scored Communications companies, ranked by Moat Score.
Does FULLNET COMMUNICATIONS INC have an economic moat?
Based on its FY2023 SEC filings, the Moat Index scores FULLNET COMMUNICATIONS INC (FULO) 75.3 out of 100 — a Narrow 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 85, pricing power 92, returns on capital not measurable from the filings, balance-sheet safety 100, capital allocation 24.
Is FULO trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $0.38 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $0.35, that is 8% 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 FULO's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 75.3 out of 100 (narrow 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 FULO. See the disclaimer.