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Newegg Commerce, Inc.

NEGG · Consumer Discretionary · $71.1M mkt cap · FY2012 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

49

2010–2012 (latest 3 aligned FYs; v3 window cap 5): revenue $19.6M to $21.4M, increasing; diluted EPS 1.09 to 0.70, decreasing.

66

Median gross margin 38.0% over 3y, very stable.

41

Median ROIC 11.9%, above the 12% hurdle in 33% of years.

73

Net debt/EBITDA n/ax, interest coverage 29x.

15

Owner earnings changed -16.0%/yr 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
100% above value if growth stopped today
$3.2M
$7.71
$7.71
$15.39
100% above value if growth stopped today

What today’s price assumes: owner earnings growing ~15%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.

Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

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

4 years of fundamentals

The business, in plain English

Newegg Commerce, Inc. booked $21.4M of revenue in FY2012 in the Consumer Discretionary sector and kept 38.0% of it as gross profit — a solid-margin business by that measure. After every other cost, 15.0% of each revenue dollar reached the bottom line.

It earned 11.9% on invested capital in the latest filed year, FY2012. Across the full 3-year measurable filed record, median ROIC was 11.9%. Over the v3 recent window (3 measurable filed years), median ROIC was 11.9%. The Returns on Capital filter above scores it 41/100.

NEGG's latest filed year, FY2012, 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: Balance-Sheet Safety is the strongest of the five filters (73/100) and Capital Allocation the weakest (15/100), which is how NEGG 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.

FY2009–FY2012 · 4 fiscal years, normalized from NEGG’s SEC filings

Sales, as filed$21.4M FY2012
$0$10M$20M2009201020112012
Revenue kept after cost of goods38.0% FY2012
0%20%40%2009201020112012
Standard ROIC or separately labeled Operating ROIC

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

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

Cash an owner could take out$3.2M FY2012
$0$2M$4M2009201020112012

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 Newegg Commerce, Inc. 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$21.4M · 100%Cost of revenue$13.3M · 62%Gross profit$8.1M · 38%Operating income$4.4M · 21%Income before tax$4.1M · 19%Income tax$862795 · 4%Net income$3.2M · 15%As of 2012-12-31 · 1 SEC filing sourceBuy 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
$21.4M100%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Cost of revenue$13.3M62%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
$8.1M38%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
$4.4M21%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Income before tax$4.1M19%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Income tax$8627954%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
$3.2M15%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Source:
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
· event Dec 31, 2012 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

What Newegg Commerce, Inc. owns — and owes

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

Table alternative
Filed lineValue% of assetsSource
Total assets$38.3M100%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Cash and equivalents$3.5M9%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Stockholders’ equity$32.6M85%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Source:
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
· event Dec 31, 2012 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives Newegg Commerce, Inc.’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 equity10%Tax burden79%net income ÷ pretax incomeInterest burden93%pretax ÷ operating incomeOperating margin21%operating income ÷ revenueAsset turnover0.58×revenue ÷ average assetsEquity multiplier1.19×average assets ÷ average equityAs of 2012-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$3.2MFY2012
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Income before tax$4.1MFY2012
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Operating income$4.4MFY2012
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
$21.4MFY2012
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Ending assets$38.3MFY2012
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Beginning assets$35MFY2011
  • 10-K · FY 2011Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
$32.6MFY2012
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
$28.8MFY2011
  • 10-K · FY 2011Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Source: · event Dec 31, 2012 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

Where Newegg Commerce, Inc.'s cash went

Newegg Commerce, 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$1.7M100%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Depreciation and amortization$55208632%
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
Source:
  • 10-K · FY 2012Filing detailsAccession 0001144204-13-015840 · filed Mar 18, 2013
· event Dec 31, 2012 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Newegg Commerce, 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
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot 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: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 4, 2026

Flagship explainer

What Newegg Commerce, Inc. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale48.6 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Sep 4, 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.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for NEGG.

Track record

How Newegg Commerce, 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 2011–2025, 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 NEGG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score5102050100200Indexed price · log scale (2012 = 100)201120142017202020232026

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, NEGG 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

#211 of 486 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #209LIVE LIVE VENTURES Inc48.8Shallow moat
  2. #210MHH MASTECH DIGITAL, INC.48.8Shallow moat
  3. #212JOUT Johnson Outdoors Inc.48.4Shallow moat
  4. #213AAP ADVANCE AUTO PARTS, INC.48.3Shallow moat

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

Common questions about NEGG

Does Newegg Commerce, Inc. have an economic moat?
Based on its FY2012 SEC filings, the Moat Index scores Newegg Commerce, Inc. (NEGG) 48.6 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 49, pricing power 66, returns on capital 41, balance-sheet safety 73, capital allocation 15.
Is NEGG trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $7.71 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $15.39, that is 100% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has NEGG's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 48.6 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.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NEGG. See the disclaimer.