LivaNova PLC

LIVN · Healthcare · $4.2B mkt cap · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

60

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.0B to $1.4B, increasing; diluted EPS -2.68 to -4.45, decreasing.

98

Median gross margin 67.1% over 10y, very stable.

4

Median ROIC -1.7%, above the 12% hurdle in 10% of years.

60

Net cash position — no leverage risk.

24

Owner earnings changed trend unclear 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
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$77.58
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 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 17, 2026.

Exactly which 50 companies?

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

14 years of fundamentals

The business, in plain English

LivaNova PLC booked $1.4B of revenue in FY2025 in the Healthcare sector and kept 67.7% of it as gross profit — a high-margin business by that measure. After every other cost, −17.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $254M (FY2013) to $1.4B (FY2025) — about 15.2% a year compounded over 12 years.

It earned 16.7% on invested capital in the latest filed year, FY2025. Across the full 13-year measurable filed record, median ROIC was 1.5%. Over the v3 recent window (10 measurable filed years), median ROIC was −1.7%. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $377M of total debt in FY2025. Balance-Sheet Safety scores it 60/100.

Put together: Pricing Power is the strongest of the five filters (98/100) and Returns on Capital the weakest (4/100), which is how LIVN lands at 49/100 — a Shallow 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.

FY2012–FY2025 · 14 fiscal years, normalized from LIVN’s SEC filings

Sales, as filed$1.4B FY2025
$0$500M$1B2012201720222025
Revenue kept after cost of goods67.7% FY2025
0%50%2012201720222025
Standard ROIC or separately labeled Operating ROICStandard ROIC 16.2% FY2025

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

0%2012201720222025
Cash an owner could take out−$242M FY2025
−$200M$02012201720222025

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 LivaNova PLC 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$1.4B · 100%Cost of revenue$448M · 32%Gross profit$940M · 68%Operating income$199M · 14%Income before tax−$221M · −16%Income tax$21.6M · 2%Net income−$242M · −17%As of 2025-12-31 · 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
$1.4B100%
Cost of revenue$448M32%
$940M68%
$199M14%
Income before tax−$221M−16%
Income tax$21.6M2%
−$242M−17%
Source: · event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set
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Flagship explainer

What LivaNova PLC owns — and owes

LivaNova PLC's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$2.6B100%
Cash and equivalents$636M24%
$377M14%
Stockholders’ equity$1.2B46%
Source: · event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Flagship explainer

What drives LivaNova PLC’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 equity−19%Tax burden110%net income ÷ pretax incomeInterest burden−111%pretax ÷ operating incomeOperating margin14%operating income ÷ revenueAsset turnover0.54×revenue ÷ average assetsEquity multiplier2.03×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$242MFY2025
Income before tax−$221MFY2025
Operating income$199MFY2025
$1.4BFY2025
Ending assets$2.6BFY2025
Beginning assets$2.5BFY2024
$1.2BFY2025
$1.3BFY2024
Source: · event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set
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Flagship explainer

Where LivaNova PLC's cash went

LivaNova PLC’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$254M100%
Depreciation and amortization$46.3M18%
Source: · event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding LivaNova PLC

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

0 holding0 exited18 not holding18/19 resolved1 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Pershing SquareNot 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:
37 SEC filings
  1. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  2. 13F-HR · Q2 2026Filing detailsAccession 0000813917-26-000042 · filed Aug 14, 2026
  3. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  4. 13F-HR · Q2 2026Filing detailsAccession 0000860643-26-000005 · filed Aug 13, 2026
  5. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  6. 13F-HR · Q2 2026Filing detailsAccession 0000905567-26-000003 · filed Aug 11, 2026
  7. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  8. 13F-HR · Q2 2026Filing detailsAccession 0000919574-26-005176 · filed Aug 14, 2026
  9. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  10. 13F-HR · Q2 2026Filing detailsAccession 0001061768-26-000010 · filed Aug 13, 2026
  11. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  12. 13F-HR · Q2 2026Filing detailsAccession 0001096343-26-000065 · filed Jul 31, 2026
  13. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  14. 13F-HR · Q2 2026Filing detailsAccession 0001104659-26-097175 · filed Aug 14, 2026
  15. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  16. 13F-HR · Q2 2026Filing detailsAccession 0001112520-26-000014 · filed Aug 14, 2026
  17. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  18. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  19. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  20. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  21. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003035 · filed Aug 4, 2026
  22. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003402 · filed Aug 13, 2026
  23. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003496 · filed Aug 14, 2026
  24. 13F-HR · Q2 2026Filing detailsAccession 0001172661-26-003728 · filed Aug 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  27. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  28. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-340443 · filed Aug 7, 2026
  29. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-349535 · filed Aug 13, 2026
  30. 13F-HR · Q2 2026Filing detailsAccession 0001193125-26-352200 · filed Aug 14, 2026
  31. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  32. 13F-HR · Q2 2026Filing detailsAccession 0001325447-26-000020 · filed Aug 5, 2026
  33. 13F-HR/A · Q2 2026 · Amendment NEW HOLDINGSFiling detailsAccession 0001325447-26-000033 · filed Aug 24, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  35. 13F-HR · Q2 2026Filing detailsAccession 0001398344-26-014641 · filed Aug 14, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
  37. 13F-HR · Q2 2026Filing detailsAccession 0001569205-26-000012 · filed Aug 14, 2026
· event Jun 30, 2026 · retrieved Oct 17, 2026

Flagship explainer

What LivaNova PLC insiders reported

Records still being gathered — partial as of retrieval Oct 17, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Oct 17, 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)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. 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 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 Oct 17, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Liddy Anne M.Chief Legal OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Units6,291—Grant, award, or other acquisition (A)—6,291Sep 15, 2026
1 filed lot
  • Table II · Restricted Stock Units: 6,291 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 6,291 ·
Bianchi FrancescoDirectorOpen-market or private sale (S)Table I · Disposed · Ordinary Shares3,500$78.0092$273,0324,434Sep 10, 2026
1 filed lot
  • Table I · Ordinary Shares: 3,500 shares at $78.0092 · code S · owned after 4,434 ·
Story BrookeDirectorOpen-market or private sale (S)Table I · Disposed · Ordinary Shares2,300$81.4218$187,2707,488Sep 4, 2026
1 filed lot
  • Table I · Ordinary Shares: 2,300 shares at $81.4218 · code S · owned after 7,488 ·
Bianchi FrancescoDirectorOpen-market or private sale (S)Table I · Disposed · Ordinary Shares1,650$79.72$131,5387,934Aug 31, 2026
1 filed lot
  • Table I · Ordinary Shares: 1,650 shares at $79.72 · code S · owned after 7,934 ·
Tezel AhmetChief Innovation OfficerExercise or conversion of derivative security (M)Table I · Acquired · Ordinary Shares · 1 paired event12,692$52.68$668,61518,782Aug 11, 2026
1 filed lot
  • Table I · Ordinary Shares: 12,692 shares at $52.68 · code M · owned after 18,782 · Paired event: 12,692 Stock Appreciation Rights → 12,692 Ordinary Shares ·
Tezel AhmetChief Innovation OfficerDisposition to the issuer (D)Table I · Disposed · Ordinary Shares8,589$77.86$668,74010,193Aug 11, 2026
1 filed lot
  • Table I · Ordinary Shares: 8,589 shares at $77.86 · code D · owned after 10,193 ·
Tezel AhmetChief Innovation OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Ordinary Shares1,428$77.86$111,1848,765Aug 11, 2026
1 filed lot
  • Table I · Ordinary Shares: 1,428 shares at $77.86 · code F · owned after 8,765 ·
Tezel AhmetChief Innovation OfficerOpen-market or private sale (S)Table I · Disposed · Ordinary Shares2,675$77.7355$207,9426,090Aug 11, 2026
1 filed lot
  • Table I · Ordinary Shares: 2,675 shares at $77.7355 · code S · owned after 6,090 ·
Tezel AhmetChief Innovation OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Appreciation Rights · 1 paired event12,692—Exercise or conversion of derivative security (M)—12,691Aug 11, 2026
1 filed lot
  • Table II · Stock Appreciation Rights: 12,692 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 12,691 · Paired event: 12,692 Stock Appreciation Rights → 12,692 Ordinary Shares ·

Source-event as of . Retrieved .

Track record

How LivaNova PLC’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 2015–2025, 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 LIVN on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score77168Indexed price · log scale (2016 = 100)2015201720192021202320252026

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 1 year LIVN rated Wide-moat (2016), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year 76% vs the S&P 500’s 19% (price basis) · median over 1 year
  • 3 years 63% vs the S&P 500’s 44% (price basis) · median over 1 year
  • 5 years 92% vs the S&P 500’s 112% (price basis) · median over 1 year

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Healthcare context

#200 of 708 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #198SLS SELLAS Life Sciences Group, Inc.49.1 out of 100, Shallow moatShallow moat
  2. #199RNXT RENOVORX, INC.49.1 out of 100, Shallow moatShallow moat
  3. #201KRMD KORU MEDICAL SYSTEMS, INC.48.9 out of 100, Shallow moatShallow moat
  4. #202AQST Aquestive Therapeutics, Inc.48.9 out of 100, Shallow moatShallow moat

Compare LIVN with its nearest peers →All Healthcare companies on the Index →

Common questions about LIVN

Does LivaNova PLC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores LivaNova PLC (LIVN) 49.1 out of 100 — a Shallow 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 98, returns on capital 4, balance-sheet safety 60, capital allocation 24.
How has LIVN's Moat Score changed over time?
The record logs 30 readings since Jul 17, 2026; the latest reads 49.1 out of 100 (shallow 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.