HARMONY BIOSCIENCES HOLDINGS, INC.

HRMY · Healthcare · $1.9B mkt cap · FY2025 filings · Wide moat

Wonderful & reasonably priced

Wide moat

The four filters

Pricing power99

Median gross margin 79.2% over 7y, very stable.

Returns on capital100

Median ROIC 39.2%, above the 9% hurdle in 100% of years.

Balance-sheet safety86

Net cash position — no leverage risk.

Capital discipline32

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

25% below value

Owner earnings (normalized): $144.3M
Est. intrinsic value / share: $45.01
Recent price: $33.72
Discount to value: 25% below value

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

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

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

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