Buy Like Buffett
Watchlist

Newegg Commerce, Inc.

NEGG · Consumer Discretionary · $65.2M mkt cap · FY2012 filings · · not refreshed in 35 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
Share / Embed this score
Embed this score

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
83% above value if growth stopped today
$3.2M
$7.71
$7.71
$14.12
83% above value if growth stopped today

What today’s price assumes: owner earnings growing ~13%/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 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

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 ROICROIC 11.9% FY2012
0%10%20%2009201020112012
Cash an owner could take out$3.2M FY2012
$0$2M$4M2009201020112012

Gaps in a line mean that item isn’t in NEGG’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.

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%
Cost of revenue$13.3M62%
$8.1M38%
$4.4M21%
Income before tax$4.1M19%
Income tax$8627954%
$3.2M15%
Source: · event Dec 31, 2012 · retrieved Jul 26, 2026 · annual-row source set
Embed this chart

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%
Cash and equivalents$3.5M9%
Stockholders’ equity$32.6M85%
Source: · event Dec 31, 2012 · retrieved Jul 26, 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
Income before tax$4.1MFY2012
Operating income$4.4MFY2012
$21.4MFY2012
Ending assets$38.3MFY2012
Beginning assets$35MFY2011
$32.6MFY2012
$28.8MFY2011
Source:
  • SEC filingFiling detailsAccession 0001144204-13-015840
· event Dec 31, 2012 · retrieved Jul 26, 2026 · annual-row source set
Embed this chart

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%
Depreciation and amortization$55208632%
Source: · event Dec 31, 2012 · retrieved Jul 26, 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 Jul 26, 2026

Flagship explainer

What Newegg Commerce, Inc. insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

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

Moat Score history

15 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, 2026Jul 26, 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.

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 Aug 30, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (10 versus 1). 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.

InsiderShares owned afterDateFiling detail
Ching ChristinaInterim CFOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event131$17.88$2,3423,948Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 131 shares at $17.88 · code M · owned after 3,948 · Paired event: 131 Restricted Stock Unit → 131 Common Stock ·
Ching ChristinaInterim CFOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock48$17.88$8583,900Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 48 shares at $17.88 · code F · owned after 3,900 ·
Ching ChristinaInterim CFOExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event131—Exercise or conversion of derivative security (M)—116Aug 7, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 131 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 116 · Paired event: 131 Restricted Stock Unit → 131 Common Stock ·
Chen MichaelChief Legal OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock67$12.74$8542,388Aug 3, 2026
1 filed lot
  • Table I · Common Stock: 67 shares at $12.74 · code S · owned after 2,388 ·
Chen MichaelChief Legal OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event105$13.28$1,3942,493Jul 31, 2026
1 filed lot
  • Table I · Common Stock: 105 shares at $13.28 · code M · owned after 2,493 · Paired event: 105 Restricted Stock Unit → 105 Common Stock ·
Chen MichaelChief Legal OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock38$13.28$5052,455Jul 31, 2026
1 filed lot
  • Table I · Common Stock: 38 shares at $13.28 · code F · owned after 2,455 ·
Chen MichaelChief Legal OfficerExercise or conversion of derivative security (M)Table II · Disposed · Restricted Stock Unit · 1 paired event105—Exercise or conversion of derivative security (M)—299Jul 31, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 105 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 299 · Paired event: 105 Restricted Stock Unit → 105 Common Stock ·
Chen MichaelChief Legal OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Unit18,352—Grant, award, or other acquisition (A)—18,352Jul 29, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 18,352 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 18,352 ·
Ching ChristinaInterim CFOGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Unit34,082—Grant, award, or other acquisition (A)—34,082Jul 29, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 34,082 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 34,082 ·
Chow AnthonyDirector, Chief Executive OfficerGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Unit178,275—Grant, award, or other acquisition (A)—178,275Jul 29, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 178,275 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 178,275 ·
Hou MontaqueCISOGrant, award, or other acquisition (A)Table II · Acquired · Restricted Stock Unit18,352—Grant, award, or other acquisition (A)—18,352Jul 29, 2026
1 filed lot
  • Table II · Restricted Stock Unit: 18,352 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 18,352 ·

Source-event as of . Retrieved .

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 487 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #209LIVE Live Ventures Incorporated48.8Shallow 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 $14.12, that is 83% 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 15 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.