Does NEKTAR THERAPEUTICS have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NEKTAR THERAPEUTICS (NKTR) 43.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 87, returns on capital 4, balance-sheet safety 55, capital discipline 24.

How has NKTR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 43.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

NEKTAR THERAPEUTICS

NKTR · Healthcare · $1.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power87

Median gross margin 81.5% over 10y, stable.

Returns on capital4

Median ROIC -81.7%, above the 9% hurdle in 10% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

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: $68.26
Discount to value: No price data

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

18 years of fundamentals

The business, in plain English

NEKTAR THERAPEUTICS booked $55.2M 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, −297.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $71.9M (FY2009) to $55.2M (FY2025) — about −1.6% a year compounded over 16 years.

It earned −148.1% on invested capital in FY2025, with a median of −56.7% across 15 filed years. The Returns on Capital filter above scores it 4/100.

NKTR'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 fell 78.4% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (87/100) and Returns on Capital the weakest (4/100), which is how NKTR lands at 43/100 — 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.

RevenueSales, as filed$55.2M FY2025

Gross marginRevenue kept after cost of goods100.0% FY2025

Return on invested capitalOperating profit on the capital employed−148.1% FY2025

Owner earningsCash an owner could take out−$163.2M FY2025

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — NKTR 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.

Healthcare context

#204 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#202EBS EMERGENT BIOSOLUTIONS INC.43.1 out of 100, Shallow moatShallow moat
#203PYXS Pyxis Oncology, Inc.43.1 out of 100, Shallow moatShallow moat
#205SSKN STRATA SKIN SCIENCES, INC.43.0 out of 100, Shallow moatShallow moat
#206AVTX Avalo Therapeutics, Inc.42.9 out of 100, Shallow moatShallow moat

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

Common questions about NKTR

Does NEKTAR THERAPEUTICS have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NEKTAR THERAPEUTICS (NKTR) 43.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 87, returns on capital 4, balance-sheet safety 55, capital discipline 24.
How has NKTR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 43.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows NKTR’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/NKTR"
  width="340" height="150" style="border:0"
  title="NKTR Moat Score — The Moat Index"
  loading="lazy"></iframe>

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