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Organon & Co.

OGN · Healthcare · $3.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

34

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $6.3B to $6.2B, decreasing; diluted EPS 5.31 to 0.72, decreasing.

93

Median gross margin 62.2% over 7y, stable.

—

Not enough years of ROIC data to score returns on capital.

0

Net debt/EBITDA 6.3x, interest coverage 2x.

15

Owner earnings changed -30.6%/yr over up to the ten most recent annual observations.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. 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
67% below value if growth stopped today
$966M
$41.23
$41.23
$13.52
67% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~20%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

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. The recent FY revenue series does not trigger the three-consecutive-declines flag.

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.

8 years of fundamentals

The business, in plain English

Organon & Co. booked $6.2B of revenue in FY2025 in the Healthcare sector and kept 53.3% of it as gross profit — a solid-margin business by that measure. After every other cost, 3.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $7.8B (FY2019) to $6.2B (FY2025) — about −3.7% a year compounded over 6 years.

The balance sheet carried $8.6B of total debt in FY2025 against $386M of owner earnings — roughly 22.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

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.

FY2018–FY2025 · 8 fiscal years, normalized from OGN’s SEC filings

Sales, as filed$6.2B FY2025
$0$5B201820212025
Revenue kept after cost of goods53.3% FY2025
0%50%201820212025
Standard ROIC or separately labeled Operating ROIC

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

Cash an owner could take out$386M FY2025
$0$2B201820212025

Gaps in a line mean that item isn’t in OGN’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 Organon & Co. makes its money

Organon & Co.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$6.2B100%
Cost of revenue$2.9B47%
$3.3B53%
Income before tax$425M7%
Income tax$238M4%
$187M3%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What Organon & Co. owns — and owes

Organon & Co.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$12.9B100%
Cash and equivalents$574M4%
$8.6B67%
Stockholders’ equity$752M6%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Organon & Co.’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income$187MFY2025
Income before tax$425MFY2025
Operating incomeUnavailableFY2025
Revenue$6.2BFY2025
Ending assets$12.9BFY2025
Beginning assets$13.1BFY2024
Ending equity$752MFY2025
Beginning equity$472MFY2024
Source:
  • SEC filingFiling detailsAccession 0001628280-26-011125
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

Where Organon & Co.'s cash went

Organon & Co.’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$700M100%
Depreciation and amortization$361M52%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Organon & Co.

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

0 holding0 exited1 not holding1/19 resolved18 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

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: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Organon & Co. insiders reported

Insider activity is unavailable from the source; 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 scale35.5 / 100
0406080100WideNarrowShallowNo moatJul 26, 2026

Score history begins Jul 26, 2026 — the record builds forward from here.

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 OGN.

Healthcare context

#449 of 710 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #447TWST Twist Bioscience Corporation35.5No moat
  2. #448ATRA Atara Biotherapeutics, Inc.35.5No moat
  3. #450WLSS WELSIS CORP.35.4No moat
  4. #451INBP INTEGRATED BIOPHARMA INC35.3No moat

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

Common questions about OGN

Does Organon & Co. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Organon & Co. (OGN) 35.5 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 34, pricing power 93, returns on capital not measurable from the filings, balance-sheet safety 0, capital allocation 15.
Is OGN trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $41.23 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $13.52, that is 67% below 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 OGN's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 35.5 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 OGN. See the disclaimer.