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The Moat Index

MACROGENICS, INC.

MGNX · Healthcare · $284.3M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

40/ 100
Shallow moat

The four filters

Pricing power100

Median gross margin 99.4% over 7y, very stable.

Returns on capital0

Median ROIC -136.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -9x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$4.49
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

16 years of fundamentals

The business, in plain English

MACROGENICS, INC. booked $149.5M of revenue in FY2025 in the Healthcare sector and kept 100.0% of it as gross profit — a high-margin business by that measure. After every other cost, −49.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $57.2M (FY2011) to $149.5M (FY2025) — about 7.1% a year compounded over 14 years.

It earned −257.3% on invested capital in FY2023, with a median of −134.4% across 9 filed years. The Returns on Capital filter above scores it 0/100.

MGNX'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 rose 5661.9% between FY2012 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how MGNX lands at 40/100 — 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.

FY2010–FY2025 · 16 fiscal years, normalized from MGNX’s SEC filings

RevenueSales, as filed$149.5M FY2025
$0$100M2010201520202025
Gross marginRevenue kept after cost of goods100.0% FY2025
0%50%100%2010201520202025
Return on invested capitalOperating profit on the capital employed−257.3% FY2023
−500%−250%0%2010201520202025
Owner earningsCash an owner could take out−$69.4M FY2025
−$200M−$100M$02010201520202025

Gaps in a line mean that item isn’t in MGNX’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

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale40.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 18, 2026

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

None yet — MGNX has read Shallow moat for every logged capture since Jul 17, 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 MACROGENICS, 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.

As-of scores 2013–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of 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 MGNX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score5102050100Indexed price · log scale (2014 = 100)201320162019202220252026

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, MGNX 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.

Healthcare context

#250 of 461 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #248CODX CO-DIAGNOSTICS, INC.40.4Shallow moat
  2. #249INSM INSMED INCORPORATED40.3Shallow moat
  3. #251OMER OMEROS CORPORATION40.3Shallow moat
  4. #252KIDS OrthoPediatrics Corp40.3Shallow moat

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

Common questions about MGNX

Does MACROGENICS, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores MACROGENICS, INC. (MGNX) 40.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has MGNX's Moat Score changed over time?
The record logs 4 readings since Jul 17, 2026; the latest reads 40.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MGNX. See the disclaimer.

MACROGENICS, INC. (MGNX) Moat Score — The Moat Index · Buy Like Buffett