KATAPULT HOLDINGS, INC.
KPLT · Technology · $33.2M mkt cap · FY2025 filings · No moat ·
Doesn't clear the bar
The five investor questions
2019–2025: revenue 91877000.00 to 291761000.00, increasing; diluted EPS -0.73 to -0.11, 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%.
Median gross margin 18.8% over 7y, variable.
Not enough years of ROIC data to score returns on capital.
Net debt/EBITDA n/ax, interest coverage -0x.
Owner earnings +34.3%/yr, share count growing (dilution).
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. owner-earnings value range
- Owner earnings (normalized)
- $114.7M
- Value range / share
- $268.21–$268.21
- Conservative high estimate / share
- $268.21
- Recent price
- $6.98
- Price vs. high estimate
- 97% below high estimate
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 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.
8 years of fundamentals
The business, in plain English
KATAPULT HOLDINGS, INC. booked $291.8M of revenue in FY2025 in the Technology sector and kept 17.7% of it as gross profit — a thin-margin business by that measure. After every other cost, 0.5% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $91.9M (FY2019) to $291.8M (FY2025) — about 21.2% a year compounded over 6 years.
KPLT's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.
The share count fell 84.9% between FY2020 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 60/100.
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.
Not disclosed in KPLT’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in KPLT’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.
Moat Score history
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How KATAPULT HOLDINGS, 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.
How to read this: each dot is what the engine would have scored KPLT 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, KPLT 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.
Technology context
#483 of 745 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #481FLNC Fluence Energy, Inc.39.5 out of 100, No moatNo moat
- #482ADMQ ADM ENDEAVORS, INC.39.3 out of 100, No moatNo moat
- #484BB BlackBerry Limited39.2 out of 100, No moatNo moat
- #485FRQND FREQUENCY HOLDINGS INC39.1 out of 100, No moatNo moat
Compare KPLT with its nearest peers →All Technology companies on the Index →
Common questions about KPLT
- Does KATAPULT HOLDINGS, INC. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores KATAPULT HOLDINGS, INC. (KPLT) 39.3 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 60, pricing power 10, returns on capital not measurable from the filings, balance-sheet safety 28, capital discipline 60.
- Is KPLT trading below the conservative owner-earnings estimate?
- The owner-earnings value range is $268.21–$268.21 per share. It capitalizes normalized owner earnings at a 9% rate; the low end assumes 0% growth and the high end uses 0% growth, capped at 4% and 18×. Versus a recent price of $6.98, that is 97% below high estimate relative to the high estimate. This is a conservative educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has KPLT's Moat Score changed over time?
- The record logs 8 readings since Jul 17, 2026; the latest reads 39.3 out of 100 (no moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.