Does PTC Therapeutics, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores PTC Therapeutics, Inc. (PTCT) 54.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 100, capital discipline 24.

How has PTCT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 54.8 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

PTC Therapeutics, Inc.

PTCT · Healthcare · $6.4B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 96.8% over 4y, very stable.

Returns on capital0

Median ROIC -44.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety100

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: $78.59
Discount to value: No price data

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

16 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $105.4M (FY2011) to $1.7B (FY2025) — about 22.1% a year compounded over 14 years.

It earned −121.7% on invested capital in FY2021, with a median of −31.6% across 9 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $286.6M of total debt in FY2025 against $712.6M of owner earnings — roughly 0.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

The share count rose 1800040.7% between FY2012 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how PTCT lands at 55/100 — 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$1.7B FY2025

Gross marginRevenue kept after cost of goods96.0% FY2019

Return on invested capitalOperating profit on the capital employed−121.7% FY2021

Owner earningsCash an owner could take out$712.6M FY2025

Gaps in a line mean that item isn’t in PTCT’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 scale54.8 / 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 — PTCT 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

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

Nearest peers by Moat Score

#96RIGL RIGEL PHARMACEUTICALS INC55.2 out of 100, Shallow moatShallow moat
#97KNSA Kiniksa Pharmaceuticals International, plc55.0 out of 100, Shallow moatShallow moat
#99FTV Fortive Corp54.7 out of 100, Shallow moatShallow moat
#100UFPT UFP Technologies, Inc.54.5 out of 100, Shallow moatShallow moat

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

Common questions about PTCT

Does PTC Therapeutics, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores PTC Therapeutics, Inc. (PTCT) 54.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 100, capital discipline 24.
How has PTCT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 54.8 out of 100 (shallow 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 PTCT. See the disclaimer.