Does NURIX THERAPEUTICS, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NURIX THERAPEUTICS, INC. (NRIX) 32.3 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 50, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 55, capital allocation 24.

How has NRIX's Moat Score changed over time?

The record logs 41 readings since Jul 17, 2026; the latest reads 32.3 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.

NURIX THERAPEUTICS, INC.

NRIX · Healthcare · $2.8B mkt cap · FY2025 filings · as of Oct 30, 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 $29.8M to $84M, increasing; diluted EPS -2.73 to -3.05, decreasing.

—

Not enough years of gross-margin data to score pricing power.

Median ROIC -50.5%, above the 12% hurdle in 0% of years.

Net cash position — no leverage risk.

Owner earnings changed trend unclear over up to the ten most recent annual observations.

The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.

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
: $27.12
: 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 267% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 30, 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, UCFI, DAL, GWW, ISRG, MPWR

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.

8 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $31.1M (FY2019) to $84M (FY2025) — about 18.0% a year compounded over 6 years.

It earned −77.3% on invested capital in the latest filed year, FY2025. Across the full 6-year measurable filed record, median ROIC was −50.5%. Over the v3 recent window (6 measurable filed years), median ROIC was −50.5%. The Returns on Capital filter above scores it 0/100.

NRIX's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

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$84M FY2025

Revenue kept after cost of goods

Not disclosed in NRIX’s filings for these years — we don’t estimate it.

Standard ROIC or separately labeled Operating ROIC

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

Cash an owner could take out−$264M 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 NURIX THERAPEUTICS, INC. makes its money

NURIX THERAPEUTICS, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed line	Value	% of revenue	Source
	$84M	100%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
	−$286M	−340%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Income before tax	−$264M	−314%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Income tax	$760000	1%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
	−$264M	−315%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

· event Nov 30, 2025 · retrieved Oct 30, 2026 · annual-row source set

Flagship explainer

What NURIX THERAPEUTICS, INC. owns — and owes

NURIX THERAPEUTICS, 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	$688M	100%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Cash and equivalents	$247M	36%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Stockholders’ equity	$539M	78%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

· event Nov 30, 2025 · retrieved Oct 30, 2026 · annual-row source set

Flagship explainer

What drives NURIX THERAPEUTICS, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	−$264M	FY2025	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Income before tax	−$264M	FY2025	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Operating income	−$286M	FY2025	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
	$84M	FY2025	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Ending assets	$688M	FY2025	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Beginning assets	$669M	FY2024	10-K · FY 2024Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
	$539M	FY2025	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
	$527M	FY2024	10-K · FY 2024Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

Source:

10-K · filed Jan 28, 2026Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

· event Nov 30, 2025 · retrieved Oct 30, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where NURIX THERAPEUTICS, INC.'s cash went

NURIX THERAPEUTICS, 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	−$249M	−100%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026
Depreciation and amortization	$8.7M	4%	10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001549595-26-000016 · filed Jan 28, 2026

· event Nov 30, 2025 · retrieved Oct 30, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding NURIX THERAPEUTICS, 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 30, 2026

Flagship explainer

What NURIX THERAPEUTICS, 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

Moat Score over timeLast scored reading of each day, on the 0–100 scale32.3 / 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.

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

Track record

How NURIX THERAPEUTICS, 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 NRIX 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, NRIX 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

#500 of 707 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#498IBIO IBIO, INC.32.3 out of 100, No moatNo moat
#499KURA KURA ONCOLOGY, INC.32.3 out of 100, No moatNo moat

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

Common questions about NRIX

Does NURIX THERAPEUTICS, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NURIX THERAPEUTICS, INC. (NRIX) 32.3 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 50, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 55, capital allocation 24.
How has NRIX's Moat Score changed over time?: The record logs 41 readings since Jul 17, 2026; the latest reads 32.3 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 NRIX. See the disclaimer.