Does MARIMED INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MARIMED INC. (MRMD) 36.0 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 54, pricing power 66, returns on capital 16, balance-sheet safety 0, capital allocation 44.

How has MRMD's Moat Score changed over time?

The record logs 28 readings since Jul 17, 2026; the latest reads 36.0 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.

MARIMED INC.

MRMD · Healthcare · $22.6M mkt cap · FY2025 filings · as of Oct 16, 2026 · No moat ·

Doesn't clear the bar

No moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $121M to $160M, increasing; diluted EPS 0.02 to -0.04, decreasing.

Median gross margin 51.1% over 10y, variable.

Median ROIC 1.6%, above the 12% hurdle in 44% of years.

Net debt/EBITDA 12.7x, interest coverage -0x.

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
: $0.06
: 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 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 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.

15 years of fundamentals

The business, in plain English

MARIMED INC. booked $160M of revenue in FY2025 in the Healthcare sector and kept 36.2% of it as gross profit — a solid-margin business by that measure. After every other cost, −9.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $125607 (FY2011) to $160M (FY2025) — about 66.6% a year compounded over 14 years.

It earned −1.9% on invested capital in the latest filed year, FY2025. Across the full 9-year measurable filed record, median ROIC was 1.6%. Over the v3 recent window (9 measurable filed years), median ROIC was 1.6%. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $76M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

Put together: Pricing Power is the strongest of the five filters (66/100) and Balance-Sheet Safety the weakest (0/100), which is how MRMD lands at 36/100 — 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.

Sales, as filed$160M FY2025

Revenue kept after cost of goods36.2% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC −2.3% FY2025

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

Cash an owner could take out−$7.5M FY2025

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 MARIMED INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

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 line	Value	% of revenue	Source
	$160M	100%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Cost of revenue	$102M	64%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
	$57.9M	36%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
	−$2.8M	−2%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Income before tax	−$10.9M	−7%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Income tax	$3.6M	2%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
	−$14.5M	−9%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

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Flagship explainer

What MARIMED INC. owns — and owes

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

Table alternative
Filed line	Value	% of assets	Source
Total assets	$203M	100%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Cash and equivalents	$8.9M	4%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
	$76M	38%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Stockholders’ equity	$50M	25%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives MARIMED INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	−$14.5M	FY2025	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Income before tax	−$10.9M	FY2025	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Operating income	−$2.8M	FY2025	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
	$160M	FY2025	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Ending assets	$203M	FY2025	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Beginning assets	$207M	FY2024	10-K · FY 2024Filing detailsAccession 0001522767-25-000014 · filed Mar 6, 2025 10-K · FY 2024Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
	$50M	FY2025	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
	$58.5M	FY2024	10-K · FY 2024Filing detailsAccession 0001522767-25-000014 · filed Mar 6, 2025 10-K · FY 2024Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

Source:

10-K · filed Mar 6, 2025Filing detailsAccession 0001522767-25-000014 · filed Mar 6, 2025
10-K · filed Mar 12, 2026Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

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Flagship explainer

Where MARIMED INC.'s cash went

MARIMED 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 line	Value	% of cash from operations	Source
Cash from operations	$7.7M	100%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026
Depreciation and amortization	$8.1M	105%	10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001522767-26-000030 · filed Mar 12, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding MARIMED INC.

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

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing 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: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What MARIMED INC. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

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

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale36.0 / 100

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

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
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 16, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (24 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

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

Insider					Shares owned after	Date	Filing detail
Shaw TimothyChief Operating Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	42,657	—Exercise or conversion of derivative security (M)	—	9,503,779	Oct 15, 2026	1 filed lot Table I · Common stock: 42,657 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,503,779 · Paired event: 42,657 Restricted Stock Units (RSU) → 42,657 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000210 · filed Oct 15, 2026
Shaw TimothyChief Operating Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	12,520	$0.06	$751	9,491,259	Oct 15, 2026	1 filed lot Table I · Common stock: 12,520 shares at $0.06 · code F · owned after 9,491,259 · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000210 · filed Oct 15, 2026
Shaw TimothyChief Operating Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	42,657	—Exercise or conversion of derivative security (M)	—	85,312	Oct 15, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 42,657 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 85,312 · Paired event: 42,657 Restricted Stock Units (RSU) → 42,657 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000210 · filed Oct 15, 2026
Pinho MarioChief Financial Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	38,282	—Exercise or conversion of derivative security (M)	—	373,454	Oct 15, 2026	1 filed lot Table I · Common stock: 38,282 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 373,454 · Paired event: 38,282 Restricted Stock Units (RSU) → 38,282 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000208 · filed Oct 15, 2026
Pinho MarioChief Financial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	11,236	$0.06	$674	362,218	Oct 15, 2026	1 filed lot Table I · Common stock: 11,236 shares at $0.06 · code F · owned after 362,218 · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000208 · filed Oct 15, 2026
Pinho MarioChief Financial Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	38,282	—Exercise or conversion of derivative security (M)	—	76,562	Oct 15, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 38,282 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 76,562 · Paired event: 38,282 Restricted Stock Units (RSU) → 38,282 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000208 · filed Oct 15, 2026
Levine Jon RDirector, President and CEO, 10% owner	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	30,625	—Exercise or conversion of derivative security (M)	—	21,396,782	Oct 15, 2026	1 filed lot Table I · Common stock: 30,625 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 21,396,782 · Paired event: 30,625 Restricted Stock Units (RSU) → 30,625 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000206 · filed Oct 15, 2026
Levine Jon RDirector, President and CEO, 10% owner	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	8,989	$0.06	$539	21,387,793	Oct 15, 2026	1 filed lot Table I · Common stock: 8,989 shares at $0.06 · code F · owned after 21,387,793 · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000206 · filed Oct 15, 2026
Levine Jon RDirector, President and CEO, 10% owner	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	30,625	—Exercise or conversion of derivative security (M)	—	61,250	Oct 15, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 30,625 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 61,250 · Paired event: 30,625 Restricted Stock Units (RSU) → 30,625 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000206 · filed Oct 15, 2026
Crandall RyanChief Commercial Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	32,812	—Exercise or conversion of derivative security (M)	—	1,161,009	Oct 15, 2026	1 filed lot Table I · Common stock: 32,812 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,161,009 · Paired event: 32,812 Restricted Stock Units (RSU) → 32,812 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000204 · filed Oct 15, 2026
Crandall RyanChief Commercial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	9,631	$0.06	$578	1,151,378	Oct 15, 2026	1 filed lot Table I · Common stock: 9,631 shares at $0.06 · code F · owned after 1,151,378 · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000204 · filed Oct 15, 2026
Crandall RyanChief Commercial Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	32,812	—Exercise or conversion of derivative security (M)	—	65,625	Oct 15, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 32,812 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 65,625 · Paired event: 32,812 Restricted Stock Units (RSU) → 32,812 Common stock · FORM 4 · filed Oct 15, 2026Filing detailsAccession 0001522767-26-000204 · filed Oct 15, 2026
Shaw TimothyChief Operating Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	9,981	—Exercise or conversion of derivative security (M)	—	9,464,581	Oct 2, 2026	1 filed lot Table I · Common stock: 9,981 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,464,581 · Paired event: 9,981 Restricted Stock Units (RSU) → 9,981 Common stock · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001522767-26-000197 · filed Oct 2, 2026
Shaw TimothyChief Operating Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	3,459	$0.0696	$241	9,461,122	Oct 2, 2026	1 filed lot Table I · Common stock: 3,459 shares at $0.0696 · code F · owned after 9,461,122 · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001522767-26-000197 · filed Oct 2, 2026
Shaw TimothyChief Operating Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	9,981	—Exercise or conversion of derivative security (M)	—	9,982	Oct 2, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 9,981 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,982 · Paired event: 9,981 Restricted Stock Units (RSU) → 9,981 Common stock · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001522767-26-000197 · filed Oct 2, 2026
Levine Jon RDirector, President and CEO, 10% owner	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	11,517	—Exercise or conversion of derivative security (M)	—	21,370,148	Oct 2, 2026	1 filed lot Table I · Common stock: 11,517 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 21,370,148 · Paired event: 11,517 Restricted Stock Units (RSU) → 11,517 Common stock · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001522767-26-000195 · filed Oct 2, 2026
Levine Jon RDirector, President and CEO, 10% owner	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	3,991	$0.0696	$278	21,366,157	Oct 2, 2026	1 filed lot Table I · Common stock: 3,991 shares at $0.0696 · code F · owned after 21,366,157 · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001522767-26-000195 · filed Oct 2, 2026
Levine Jon RDirector, President and CEO, 10% owner	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	11,517	—Exercise or conversion of derivative security (M)	—	11,517	Oct 2, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 11,517 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 11,517 · Paired event: 11,517 Restricted Stock Units (RSU) → 11,517 Common stock · FORM 4 · filed Oct 2, 2026Filing detailsAccession 0001522767-26-000195 · filed Oct 2, 2026
Crandall RyanChief Commercial Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	6,046	—Exercise or conversion of derivative security (M)	—	1,130,292	Sep 28, 2026	1 filed lot Table I · Common stock: 6,046 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 1,130,292 · Paired event: 6,046 Restricted Stock Units (RSU) → 6,046 Common stock · FORM 4 · filed Sep 28, 2026Filing detailsAccession 0001522767-26-000191 · filed Sep 28, 2026
Crandall RyanChief Commercial Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	2,095	$0.077	$161	1,128,197	Sep 28, 2026	1 filed lot Table I · Common stock: 2,095 shares at $0.077 · code F · owned after 1,128,197 · FORM 4 · filed Sep 28, 2026Filing detailsAccession 0001522767-26-000191 · filed Sep 28, 2026
Crandall RyanChief Commercial Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	6,046	—Exercise or conversion of derivative security (M)	—	6,047	Sep 28, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 6,046 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 6,047 · Paired event: 6,046 Restricted Stock Units (RSU) → 6,046 Common stock · FORM 4 · filed Sep 28, 2026Filing detailsAccession 0001522767-26-000191 · filed Sep 28, 2026
Shaw TimothyChief Operating Officer	Exercise or conversion of derivative security (M)Table I · Acquired · Common stock · 1 paired event	65,000	—Exercise or conversion of derivative security (M)	—	9,477,123	Sep 1, 2026	1 filed lot Table I · Common stock: 65,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 9,477,123 · Paired event: 65,000 Restricted Stock Units (RSU) → 65,000 Common stock · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0001522767-26-000170 · filed Sep 1, 2026
Shaw TimothyChief Operating Officer	Payment of exercise price or tax liability (F)Table I · Disposed · Common stock	22,523	$0.0816	$1,838	9,454,600	Sep 1, 2026	1 filed lot Table I · Common stock: 22,523 shares at $0.0816 · code F · owned after 9,454,600 · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0001522767-26-000170 · filed Sep 1, 2026
Shaw TimothyChief Operating Officer	Exercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Units (RSU) · 1 paired event	65,000	—Exercise or conversion of derivative security (M)	—	0	Sep 1, 2026	1 filed lot Table II · Restricted Stock Units (RSU): 65,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 65,000 Restricted Stock Units (RSU) → 65,000 Common stock · FORM 4 · filed Sep 1, 2026Filing detailsAccession 0001522767-26-000170 · filed Sep 1, 2026

Source-event as of Oct 15, 2026. Retrieved Oct 16, 2026.

Track record

How MARIMED 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 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 MRMD 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, MRMD 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

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

Nearest peers by Moat Score

#434EBS EMERGENT BIOSOLUTIONS INC.36.1 out of 100, No moatNo moat
#435TXMD TherapeuticsMD, Inc.36.0 out of 100, No moatNo moat
#437ACRS Aclaris Therapeutics, Inc.36.0 out of 100, No moatNo moat
#438ADAPY ADAPTIMMUNE THERAPEUTICS PLC36.0 out of 100, No moatNo moat

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

Common questions about MRMD

Does MARIMED INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MARIMED INC. (MRMD) 36.0 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 54, pricing power 66, returns on capital 16, balance-sheet safety 0, capital allocation 44.
How has MRMD's Moat Score changed over time?: The record logs 28 readings since Jul 17, 2026; the latest reads 36.0 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 MRMD. See the disclaimer.