I-ON DIGITAL CORP.
IONI · Other · $3.9M mkt cap · FY2025 filings · · No moat ·
Doesn't clear the bar
The five investor questions
2023–2025 (latest 3 aligned FYs; v3 window cap 5): revenue $97875 to $433012, increasing; diluted EPS -0.03 to -0.09, decreasing.
Median gross margin 34.1% over 8y, variable.
Median ROIC -3.6%, above the 12% hurdle in 11% of years.
Net cash position — no leverage risk.
Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.
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.
- Not reported
- Unavailable — insufficient owner-earnings data
- Unavailable — insufficient growth-model data
- $0.11
- 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.
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.
13 years of fundamentals
The business, in plain English
I-ON DIGITAL CORP. booked $433012 of revenue in FY2025 in the Other sector and kept 100.0% of it as gross profit — a high-margin business by that measure. After every other cost, −666.0% of each revenue dollar reached the bottom line.
Across the filed record, revenue shrank from $2M (FY2014) to $433012 (FY2025) — about −13.1% a year compounded over 11 years.
It earned −15.5% on invested capital in the latest filed year, FY2025. Across the full 10-year measurable filed record, median ROIC was −3.4%. Over the v3 recent window (9 measurable filed years), median ROIC was −3.6%. The Returns on Capital filter above scores it 4/100.
IONI's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Balance-Sheet Safety is the strongest of the five filters (55/100) and Returns on Capital the weakest (4/100), which is how IONI lands at 35/100 — 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.
Exact FY and FY-1 financing invested-capital inputs are required.
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.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
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 — IONI has read No 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.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Sep 4, 2026.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for IONI; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Other context
#75 of 99 scored Other companies, ranked by Moat Score.
Nearest peers by Moat Score
- #73HSDT SOLANA COMPANY35.4 out of 100, No moatNo moat
- #74BMNP BITMINE IMMERSION TECHNOLOGIES, INC.35.0 out of 100, No moatNo moat
- #76AVX AVAX ONE TECHNOLOGY LTD.33.8 out of 100, No moatNo moat
- #77BTBT Bit Digital, Inc.33.7 out of 100, No moatNo moat
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Common questions about IONI
- Does I-ON DIGITAL CORP. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores I-ON DIGITAL CORP. (IONI) 34.5 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 40, pricing power 30, returns on capital 4, balance-sheet safety 55, capital allocation 44.
- How has IONI's Moat Score changed over time?
- The record logs 1 reading since Sep 4, 2026; the latest reads 34.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.