Buy Like Buffett

The Moat Index

Roku, Inc.

ROKU · Communications · $21.4B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

31/ 100
No moat

The four filters

Pricing power64

Median gross margin 43.9% over 10y, stable.

Returns on capital4

Median ROIC -15.0%, above the 9% hurdle in 13% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -3x.

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
$144.43
Discount to value
No price data

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

12 years of fundamentals

The business, in plain English

Roku, Inc. booked $4.7B of revenue in FY2025 in the Communications sector and kept 43.8% of it as gross profit — a solid-margin business by that measure. After every other cost, 1.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $319.9M (FY2015) to $4.7B (FY2025) — about 30.9% a year compounded over 10 years.

It earned −0.5% on invested capital in FY2025, with a median of −15.0% across 8 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $99.6M of total debt in FY2019. Balance-Sheet Safety scores it 28/100.

The share count rose 2968.1% between FY2016 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 (64/100) and Returns on Capital the weakest (4/100), which is how ROKU lands at 31/100 — 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.

FY2014–FY2025 · 12 fiscal years, normalized from ROKU’s SEC filings

RevenueSales, as filed$4.7B FY2025
$0$2B$4B2014201820222025
Gross marginRevenue kept after cost of goods43.8% FY2025
0%20%40%2014201820222025
Return on invested capitalOperating profit on the capital employed−0.5% FY2025
−200%−100%0%2014201820222025
Owner earningsCash an owner could take out$128.7M FY2025
−$500M$02014201820222025

Gaps in a line mean that item isn’t in ROKU’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 scale30.9 / 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 — ROKU 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.

Communications context

#40 of 56 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #38SPIR SPIRE GLOBAL, INC.31.5No moat
  2. #39AD ARRAY DIGITAL INFRASTRUCTURE, INC.31.4No moat
  3. #41NXPL NextPlat Corp27.6No moat
  4. #42AREN THE ARENA GROUP HOLDINGS, INC.26.1No moat

Compare ROKU with its nearest peers →All Communications companies on the Index →

Common questions about ROKU

Does Roku, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Roku, Inc. (ROKU) 30.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 64, returns on capital 4, balance-sheet safety 28, capital discipline 24.
How has ROKU's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 30.9 out of 100 (no 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 ROKU’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/ROKU"
  width="340" height="150" style="border:0"
  title="ROKU 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 ROKU. See the disclaimer.

Roku, Inc. (ROKU) Moat Score — The Moat Index · Buy Like Buffett