Does HAEMONETICS CORPORATION have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores HAEMONETICS CORPORATION (HAE) 45.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 76, returns on capital 20, balance-sheet safety 20, capital discipline 64.

Is HAE stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $70.10 per share versus a recent price of $77.86 — 11% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has HAE's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 45.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

HAEMONETICS CORPORATION

HAE · Healthcare · $3.5B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power76

Median gross margin 50.0% over 10y, stable.

Returns on capital20

Median ROIC 7.3%, above the 9% hurdle in 30% of years.

Balance-sheet safety20

Net debt/EBITDA 3.6x, interest coverage 8x.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

11% above value

Owner earnings (normalized): $176.2M
Est. intrinsic value / share: $70.10
Recent price: $77.86
Discount to value: 11% above value

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

19 years of fundamentals

The business, in plain English

HAEMONETICS CORPORATION booked $1.3B of revenue in FY2026 in the Healthcare sector and kept 59.0% of it as gross profit — a high-margin business by that measure. After every other cost, 7.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $597.9M (FY2009) to $1.3B (FY2026) — about 4.8% a year compounded over 17 years.

It earned 6.7% on invested capital in FY2026, with a median of 7.3% across 18 filed years. The Returns on Capital filter above scores it 20/100.

The balance sheet carried $1.2B of total debt in FY2026 against $176.2M of owner earnings — roughly 6.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 20/100.

The share count rose 77.9% between FY2010 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 64/100.

Put together: Pricing Power is the strongest of the four filters (76/100) and Balance-Sheet Safety the weakest (20/100), which is how HAE lands at 46/100 — 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.

RevenueSales, as filed$1.3B FY2026

Gross marginRevenue kept after cost of goods59.0% FY2026

Return on invested capitalOperating profit on the capital employed6.7% FY2026

Owner earningsCash an owner could take out$176.2M FY2026

Gaps in a line mean that item isn’t in HAE’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

Moat Score over timeLast scored reading of each day, on the 0–100 scale45.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — HAE has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#165 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#163XTNT Xtant Medical Holdings, Inc.45.7 out of 100, Shallow moatShallow moat
#164ZOMDF Zomedica Corp.45.7 out of 100, Shallow moatShallow moat
#166INGN Inogen Inc45.5 out of 100, Shallow moatShallow moat
#167MMSI MERIT MEDICAL SYSTEMS INC45.4 out of 100, Shallow moatShallow moat

Compare HAE with its nearest peers →All Healthcare companies on the Index →

Common questions about HAE

Does HAEMONETICS CORPORATION have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores HAEMONETICS CORPORATION (HAE) 45.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 76, returns on capital 20, balance-sheet safety 20, capital discipline 64.
Is HAE stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $70.10 per share versus a recent price of $77.86 — 11% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has HAE's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 45.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HAE. See the disclaimer.