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The Moat Index

Personalis, Inc.

PSNL · Healthcare · $1.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

15/ 100
No moat

The four filters

Pricing power16

Median gross margin 25.6% over 9y, variable.

Returns on capital0

Median ROIC -48.4%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -430x.

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
$15.39
Discount to value
No price data

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

10 years of fundamentals

The business, in plain English

Personalis, Inc. booked $69.6M of revenue in FY2025 in the Healthcare sector and kept 22.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, −116.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $9.4M (FY2017) to $69.6M (FY2025) — about 28.5% a year compounded over 8 years.

It earned −50.8% on invested capital in FY2025, with a median of −48.4% across 7 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $0 of total debt in FY2020. Balance-Sheet Safety scores it 28/100.

The share count rose 3221.4% between FY2018 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (28/100) and Returns on Capital the weakest (0/100), which is how PSNL lands at 15/100 — a None 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.

FY2016–FY2025 · 10 fiscal years, normalized from PSNL’s SEC filings

RevenueSales, as filed$69.6M FY2025
$0$50M2016201920222025
Gross marginRevenue kept after cost of goods22.7% FY2025
−25%0%25%2016201920222025
Return on invested capitalOperating profit on the capital employed−50.8% FY2025
−100%−50%0%2016201920222025
Owner earningsCash an owner could take out−$75.7M FY2025
−$100M−$50M$02016201920222025

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

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale15.2 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

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 — PSNL has read No 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

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

Nearest peers by Moat Score

  1. #427PLSE Pulse Biosciences, Inc.15.8No moat
  2. #428LFCR LIFECORE BIOMEDICAL, INC.15.4No moat
  3. #430SYPR SYPRIS SOLUTIONS, INC.14.4No moat
  4. #431POSC POSITRON CORPORATION14.3No moat

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

Common questions about PSNL

Does Personalis, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Personalis, Inc. (PSNL) 15.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 16, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has PSNL's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 15.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell PSNL. See the disclaimer.

Personalis, Inc. (PSNL) Moat Score — The Moat Index · Buy Like Buffett