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The Moat Index

Harrow, Inc.

HROW · Healthcare · $1.7B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

32/ 100
No moat

The four filters

Pricing power87

Median gross margin 70.0% over 10y, stable.

Returns on capital4

Median ROIC 0.7%, above the 9% hurdle in 11% of years.

Balance-sheet safety0

Net debt/EBITDA 5.6x, interest coverage 1x.

Capital discipline24

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

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$46.65
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

28 years of fundamentals

The business, in plain English

Harrow, Inc. booked $272.3M of revenue in FY2025 in the Healthcare sector and kept 75.1% of it as gross profit — a high-margin business by that measure. After every other cost, −1.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $10000 (FY2013) to $272.3M (FY2025) — about 134.2% a year compounded over 12 years.

It earned 10.5% on invested capital in FY2025, with a median of 0.7% across 9 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $250.0M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 80397.2% between FY2007 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (87/100) and Balance-Sheet Safety the weakest (0/100), which is how HROW lands at 32/100 — a None 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.

FY1998–FY2025 · 28 fiscal years, normalized from HROW’s SEC filings

RevenueSales, as filed$272.3M FY2025
$0$100M$200M1998200720162025
Gross marginRevenue kept after cost of goods75.1% FY2025
0%50%100%1998200720162025
Return on invested capitalOperating profit on the capital employed10.5% FY2025
−25%0%1998200720162025
Owner earningsCash an owner could take out−$4.7M FY2025
−$20M$01998200720162025

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

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale32.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

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 — HROW has read No 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

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

Nearest peers by Moat Score

  1. #333CATX PERSPECTIVE THERAPEUTICS, INC.32.2No moat
  2. #334HIND VYOME HOLDINGS, INC.32.2No moat
  3. #336SBFM SUNSHINE BIOPHARMA INC.31.9No moat
  4. #337CYRX Cryoport, Inc.31.8No moat

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

Common questions about HROW

Does Harrow, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Harrow, Inc. (HROW) 32.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 87, returns on capital 4, balance-sheet safety 0, capital discipline 24.
How has HROW's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 32.1 out of 100 (no 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 HROW. See the disclaimer.

Harrow, Inc. (HROW) Moat Score — The Moat Index · Buy Like Buffett