2021–2024 (latest 4 aligned FYs; v3 window cap 5): revenue $27.2M to $8.4M, decreasing; diluted EPS -76.00 to -0.40, 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%.
27
Median gross margin 32.4% over 10y, variable.
—
Not enough years of ROIC data to score returns on capital.
28
Net debt/EBITDA n/ax, interest coverage -7x.
44
Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.
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
$0.00
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF.
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.
18 years of fundamentals
The business, in plain English
HIGH WIRE NETWORKS, INC. booked $8.4M of revenue in FY2024 in the Communications sector and kept 30.1% of it as gross profit — a moderate-margin business by that measure. After every other cost, −4.6% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $2606 (FY2011) to $8.4M (FY2024) — about 86.1% a year compounded over 13 years.
HWNI's latest filed year, FY2024, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
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.
FY2007–FY2024 · 18 fiscal years, normalized from HWNI’s SEC filings
Sales, as filed$8.4M FY2024Revenue kept after cost of goods30.1% FY2024Standard ROIC or separately labeled Operating ROICStandard ROIC −125.4% FY2020
Exact FY and FY-1 financing invested-capital inputs are required.. Exact FY and FY-1 Operating Invested Capital inputs are required.
Cash an owner could take out$396026 FY2024
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 HIGH WIRE NETWORKS, INC. makes its money
HIGH WIRE NETWORKS, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
· event Dec 31, 2024 · retrieved Sep 4, 2026 · annual-row source set
Curated 19-manager tier
Who reported holding HIGH WIRE NETWORKS, INC.
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
0 holding0 exited0 not holding0/19 resolved19 not retrieved
Named manager positions and quarter-over-quarter changes
Manager
Reported position
Quarter-over-quarter
Filing accession
Abrams Capital
Not retrieved
Comparison not retrieved
Filing not retrieved
Akre Capital
Not retrieved
Comparison not retrieved
Filing not retrieved
Baupost Group
Not retrieved
Comparison not retrieved
Filing not retrieved
Berkshire Hathaway
Not retrieved
Comparison not retrieved
Filing not retrieved
Brave Warrior Advisors
Not retrieved
Comparison not retrieved
Filing not retrieved
Dodge & Cox
Not retrieved
Comparison not retrieved
Filing not retrieved
First Eagle
Not retrieved
Comparison not retrieved
Filing not retrieved
Fundsmith
Not retrieved
Comparison not retrieved
Filing not retrieved
Gardner Russo & Quinn
Not retrieved
Comparison not retrieved
Filing not retrieved
Gates Foundation Trust
Not retrieved
Comparison not retrieved
Filing not retrieved
Mairs & Power
Not retrieved
Comparison not retrieved
Filing not retrieved
Markel / Markel-Gayner
Not retrieved
Comparison not retrieved
Filing not retrieved
Oakmark / Harris Associates
Not retrieved
Comparison not retrieved
Filing not retrieved
Pershing Square
Not retrieved
Comparison not retrieved
Filing not retrieved
Polen Capital
Not retrieved
Comparison not retrieved
Filing not retrieved
Sequoia / Ruane Cunniff
Not retrieved
Comparison not retrieved
Filing not retrieved
Southeastern Asset Management
Not retrieved
Comparison not retrieved
Filing not retrieved
Tweedy, Browne
Not retrieved
Comparison not retrieved
Filing not retrieved
Yacktman Asset Management
Not retrieved
Comparison not retrieved
Filing not retrieved
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.
Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 4, 2026
Flagship explainer
What HIGH WIRE NETWORKS, INC. insiders reported
The complete Form 4 source snapshot retrieved on Sep 4, 2026 contains no transaction rows.
Verified empty: the retrieved source snapshot contains no transaction event.
Source snapshot retrieved 2026-09-04T07:00:16.464Z · SEC Form 4
Moat Score history
16 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale33.0 / 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.
No reported Form 4 transactions were found in the complete checked issuer window for HWNI, –. The totals and cluster result below are arithmetic over that certified window.
$0
P purchases minus S sales only, Sep 5, 2025–Sep 5, 2026.
0 P / 0 S
Only P and S are included; awards, gifts, exercises, withholding, and other mechanics are excluded.
No
Requires at least 3 distinct insiders with P purchases.
Transaction-code histogram
Supporting event counts for the same certified window, Sep 5, 2025–Sep 5, 2026.
P
0
S
0
A
0
F
0
M
0
G
0
C
0
J
0
W
0
Retrieved .
Track record
How HIGH WIRE NETWORKS, 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 2011–2025, 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 HWNI 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 price path is a total-return (dividends reinvested) index built from the same data the forward returns use; 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, HWNI 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.
Communications context
#81 of 134 scored Communications companies, ranked by Moat Score.
Does HIGH WIRE NETWORKS, INC. have an economic moat?
Based on its FY2024 SEC filings, the Moat Index scores HIGH WIRE NETWORKS, INC. (HWNI) 33.0 out of 100 — below the Shallow-moat bar, so no 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 33, pricing power 27, returns on capital not measurable from the filings, balance-sheet safety 28, capital allocation 44.
How has HWNI's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 33.0 out of 100 (no 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 HWNI. See the disclaimer.