Does HERON THERAPEUTICS, INC. /DE/ have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores HERON THERAPEUTICS, INC. /DE/ (HRTX) 32.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 75, returns on capital 0, balance-sheet safety 28, capital discipline 24.

How has HRTX's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 32.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

HERON THERAPEUTICS, INC. /DE/

HRTX · Healthcare · $88.6M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power75

Median gross margin 61.8% over 10y, variable.

Returns on capital0

Median ROIC -50.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -0x.

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: $0.47
Discount to value: No price data

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

Fundamentals

There's no normalized fundamentals series for HRTX yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale32.8 / 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 — HRTX 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

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

Nearest peers by Moat Score

#326CNMD CONMED CORPORATION32.9 out of 100, No moatNo moat
#327FEED ENvue Medical, Inc.32.9 out of 100, No moatNo moat
#329ETON Eton Pharmaceuticals, Inc.32.8 out of 100, No moatNo moat
#330PRCT PROCEPT BioRobotics Corporation32.5 out of 100, No moatNo moat

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

Common questions about HRTX

Does HERON THERAPEUTICS, INC. /DE/ have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores HERON THERAPEUTICS, INC. /DE/ (HRTX) 32.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 75, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has HRTX's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 32.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows HRTX’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/HRTX"
  width="340" height="150" style="border:0"
  title="HRTX Moat Score — The Moat Index"
  loading="lazy"></iframe>

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