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iSpecimen Inc.

ISPC · Consumer Discretionary · $16.7M mkt cap · FY2025 filings · No moat ·

Price verdict withheld — value if growth stopped today unreliable

No moat
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The five investor questions

15

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $11.1M to $1.9M, decreasing; diluted EPS -20.90 to -2.28, 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%.

58

Median gross margin 52.2% over 6y, variable.

0

Median ROIC -140.1%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage -4606x.

44

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.

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
$1.97
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. ISPC revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

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.

7 years of fundamentals

The business, in plain English

iSpecimen Inc. booked $1.9M of revenue in FY2025 in the Consumer Discretionary sector and kept 1.2% of it as gross profit — a thin-margin business by that measure. After every other cost, −543.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $8.2M (FY2020) to $1.9M (FY2025) — about −25.1% a year compounded over 5 years.

ROIC is not available for the latest filed year, FY2025. Across the full 4-year measurable filed record, median ROIC was −140.1%. Over the v3 recent window (4 measurable filed years), median ROIC was −140.1%. The Returns on Capital filter above scores it 0/100.

ISPC'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: Pricing Power is the strongest of the five filters (58/100) and Returns on Capital the weakest (0/100), which is how ISPC lands at 29/100 — 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.

FY2019–FY2025 · 7 fiscal years, normalized from ISPC’s SEC filings

Sales, as filed$1.9M FY2025
$0$5M$10M2019202120232025
Revenue kept after cost of goods1.2% FY2025
0%25%50%2019202120232025
Standard ROIC or separately labeled Operating ROICROIC −413.4% FY2024
−400%−200%0%2019202120232025
Cash an owner could take out−$8.8M FY2025
−$10M−$5M$02019202120232025

Gaps in a line mean that item isn’t in ISPC’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.

Flagship explainer

How iSpecimen Inc. makes its money

iSpecimen Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$1.9M100%
Cost of revenue$1.9M99%
$241101%
−$9M−465%
−$10.5M−544%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What iSpecimen Inc. owns — and owes

iSpecimen Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$9.5M100%
Cash and equivalents$6.9M72%
Stockholders’ equity$3.1M32%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives iSpecimen Inc.’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income−$10.5MFY2025
Income before taxUnavailableFY2025
Operating income−$9MFY2025
Revenue$1.9MFY2025
Ending assets$9.5MFY2025
Beginning assets$9.4MFY2024
Ending equity$3.1MFY2025
Beginning equity$3.3MFY2024
Source:
  • SEC filingFiling detailsAccession 0001213900-25-031639
  • SEC filingFiling detailsAccession 0001213900-26-038607
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

Where iSpecimen Inc.'s cash went

iSpecimen 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−$4.2M−100%
Depreciation and amortization$1.7M41%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding iSpecimen Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

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 unavailable · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What iSpecimen Inc. insiders reported

The complete Form 4 source snapshot retrieved on Aug 19, 2026 contains no transaction rows.

Verified empty: the retrieved source snapshot contains no transaction event.

Source snapshot retrieved 2026-08-19T07:00:02.788Z · SEC Form 4

Moat Score history

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale28.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 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.

No reported Form 4 transactions were found in the complete checked issuer window for ISPC, –. The totals and cluster result below are arithmetic over that certified window.

$0
P purchases minus S sales only, Aug 19, 2025–Aug 19, 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, Aug 19, 2025–Aug 19, 2026.

P
0
S
0
A
0
F
0
M
0
G
0
C
0
J
0
W
0

Retrieved .

Track record

How iSpecimen 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 2021–2025, 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 ISPC on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score0.20.5125102050100Indexed price · log scale (2022 = 100)202120222023202420252026

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, ISPC 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.

Consumer Discretionary context

#406 of 487 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #404KRUS KURA SUSHI USA, INC.29.1No moat
  2. #405ZCAR ZOOMCAR HOLDINGS, INC.29.1No moat
  3. #407RKLB Rocket Lab Corp28.8No moat
  4. #408RDW Redwire Corp28.7No moat

Compare ISPC with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about ISPC

Does iSpecimen Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores iSpecimen Inc. (ISPC) 28.9 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 15, pricing power 58, returns on capital 0, balance-sheet safety 28, capital allocation 44.
How has ISPC's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 28.9 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 ISPC. See the disclaimer.