2024–2025 (latest 2 aligned FYs; v3 window cap 5): revenue $8.8M to $7.7M, decreasing; diluted EPS -2.21 to -0.08, increasing. 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%. Two-year history is scoreable but carries less confidence than a full-cycle record.
93
Median gross margin 55.4% over 2y, very stable.
—
Not enough years of ROIC data to score returns on capital.
55
Net cash position — no leverage risk.
43
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
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$0.88
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.
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.
3 years of fundamentals
The business, in plain English
Fusemachines Inc. booked $7.7M of revenue in FY2025 in the Technology sector and kept 55.8% of it as gross profit — a high-margin business by that measure. After every other cost, −12.0% of each revenue dollar reached the bottom line.
The balance sheet carried $642000 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.
FY2023–FY2025 · 3 fiscal years, normalized from FUSE’s SEC filings
Sales, as filed$7.7M FY2025Revenue kept after cost of goods55.8% FY2025Standard ROIC or separately labeled Operating ROIC
Not meaningful FY2024–2025: invested capital is negative (cash exceeds debt + equity)
Not meaningful FY2024–2025: invested capital is negative (cash exceeds debt + equity)
Cash an owner could take out−$885000 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 Fusemachines Inc. makes its money
Start with a dollar of revenue and follow what the filing says remains.
Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
Curated 19-manager tier
Who reported holding Fusemachines Inc.
Delayed public 13F reports for 2026-Q2—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 18, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
12 logged readings since Jul 18, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale52.7 / 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 18, 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 FUSE; 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 .
Track record
How Fusemachines 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 2025–2025, 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 FUSE 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 indexed price path isn't available for this company yet; 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, FUSE 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
#254 of 744 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
#252WK WORKIVA INC52.7 out of 100, Shallow moatShallow moat
Based on its FY2025 SEC filings, the Moat Index scores Fusemachines Inc. (FUSE) 52.7 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 20, pricing power 93, returns on capital not measurable from the filings, balance-sheet safety 55, capital allocation 43.
How has FUSE's Moat Score changed over time?
The record logs 12 readings since Jul 18, 2026; the latest reads 52.7 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 FUSE. See the disclaimer.