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INNOVATIVE SOLUTIONS AND SUPPORT, INC.

IA · Technology · $325M mkt cap · FY2025 filings · · Narrow moat ·

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The five investor questions

100

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $23M to $84.3M, increasing; diluted EPS 0.29 to 0.88, 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%.

85

Median gross margin 55.2% over 10y, stable.

49

Median ROIC 12.3%, above the 12% hurdle in 50% of years.

67

Net debt/EBITDA 0.9x, interest coverage 12x.

72

Owner earnings changed +24.8%/yr over up to the ten most recent annual observations.

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
356% above value if growth stopped today
$6.4M
$4.02
$4.02
$18.30
356% above value if growth stopped today

What today’s price assumes: owner earnings growing ~35%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

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.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

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

INNOVATIVE SOLUTIONS AND SUPPORT, INC. booked $84.3M of revenue in FY2025 in the Technology sector and kept 48.1% of it as gross profit — a solid-margin business by that measure. After every other cost, 18.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $36.7M (FY2009) to $84.3M (FY2025) — about 5.3% a year compounded over 16 years.

It earned 18.3% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 10.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 12.3%. The Returns on Capital filter above scores it 49/100.

The balance sheet carried $24.1M of total debt in FY2025 against $15.6M of owner earnings — roughly 1.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 67/100.

Put together: Business Trend is the strongest of the five filters (100/100) and Returns on Capital the weakest (49/100), which is how IA lands at 75/100 — a Narrow 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.

FY2008–FY2025 · 18 fiscal years, normalized from IA’s SEC filings

Sales, as filed$84.3M FY2025
$0$50M2008201420202025
Revenue kept after cost of goods48.1% FY2025
0%25%50%2008201420202025
Standard ROIC or separately labeled Operating ROICStandard ROIC 19.6% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

0%10%20%2008201420202025
Cash an owner could take out$15.6M FY2025
$0$10M2008201420202025

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 INNOVATIVE SOLUTIONS AND SUPPORT, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$84.3M · 100%Cost of revenue$43.8M · 52%Gross profit$40.5M · 48%Operating income$20.1M · 24%Income before tax$20M · 24%Income tax$4.3M · 5%Net income$15.6M · 19%As of 2025-09-30 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$84.3M100%
Cost of revenue$43.8M52%
$40.5M48%
$20.1M24%
Income before tax$20M24%
Income tax$4.3M5%
$15.6M19%
Source: · event Sep 30, 2025 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

What INNOVATIVE SOLUTIONS AND SUPPORT, INC. owns — and owes

INNOVATIVE SOLUTIONS AND SUPPORT, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$103M100%
Cash and equivalents$2.7M3%
$24.1M23%
Stockholders’ equity$64.6M63%
Source: · event Sep 30, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives INNOVATIVE SOLUTIONS AND SUPPORT, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity28%Tax burden78%net income ÷ pretax incomeInterest burden99%pretax ÷ operating incomeOperating margin24%operating income ÷ revenueAsset turnover0.91×revenue ÷ average assetsEquity multiplier1.67×average assets ÷ average equityAs of 2025-09-30 · 3 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$15.6MFY2025
Income before tax$20MFY2025
Operating income$20.1MFY2025
$84.3MFY2025
Ending assets$103MFY2025
Beginning assets$82.4MFY2024
$64.6MFY2025
$46.6MFY2024
Source: · event Sep 30, 2025 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

Where INNOVATIVE SOLUTIONS AND SUPPORT, INC.'s cash went

INNOVATIVE SOLUTIONS AND SUPPORT, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$13.3M100%
Depreciation and amortization$3.7M28%
Source: · event Sep 30, 2025 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding INNOVATIVE SOLUTIONS AND SUPPORT, 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
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling 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 INNOVATIVE SOLUTIONS AND SUPPORT, INC. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

1 logged reading since Sep 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale74.6 / 100
0406080100WideNarrowShallowNo moatSep 4, 2026

Score history begins Sep 4, 2026 — the record builds forward from here.

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

None yet — IA has read Narrow moat for every logged capture since Sep 4, 2026.

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.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for IA.

Technology context

#83 of 749 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #81ALRM ALARM.COM HOLDINGS, INC.74.7Narrow moat
  2. #82XZO Exzeo Group, Inc.74.7Narrow moat
  3. #84TYL TYLER TECHNOLOGIES, INC.74.3Narrow moat
  4. #85SSTK SHUTTERSTOCK, INC.74.3Narrow moat

Compare IA with its nearest peers →All Technology companies on the Index →

Common questions about IA

Does INNOVATIVE SOLUTIONS AND SUPPORT, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores INNOVATIVE SOLUTIONS AND SUPPORT, INC. (IA) 74.6 out of 100 — a Narrow 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 100, pricing power 85, returns on capital 49, balance-sheet safety 67, capital allocation 72.
Is IA trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $4.02 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $18.30, that is 356% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has IA's Moat Score changed over time?
The record logs 1 reading since Sep 4, 2026; the latest reads 74.6 out of 100 (narrow moat). No tier changes on record yet. 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 IA. See the disclaimer.