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SHOULDER INNOVATIONS, INC.

SI · Healthcare · $419M mkt cap · FY2025 filings · · Narrow moat ·

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The five investor questions

70

2024–2025 (latest 2 aligned FYs; v3 window cap 5): revenue $31.6M to $47.3M, increasing; diluted EPS -242.04 to -4.65, increasing. Two-year history is scoreable but carries less confidence than a full-cycle record.

100

Median gross margin 76.7% over 2y, very stable.

—

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

55

Net cash position — no leverage risk.

44

Owner earnings changed trend unclear 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
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$20.33
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.

Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

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.

3 years of fundamentals

The business, in plain English

SHOULDER INNOVATIONS, INC. booked $47.3M of revenue in FY2025 in the Healthcare sector and kept 76.5% of it as gross profit — a high-margin business by that measure. After every other cost, −85.3% of each revenue dollar reached the bottom line.

The balance sheet carried $14.9M of total debt in FY2025. Balance-Sheet Safety scores it 55/100.

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.

FY2023–FY2025 · 3 fiscal years, normalized from SI’s SEC filings

Sales, as filed$47.3M FY2025
$0$20M$40M202320242025
Revenue kept after cost of goods76.5% FY2025
0%50%202320242025
Standard ROIC or separately labeled Operating ROICStandard ROIC −63.7% FY2025

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

−50%−25%0%202320242025
Cash an owner could take out−$40.4M FY2025
−$40M−$20M$0202320242025

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 SHOULDER INNOVATIONS, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$47.3M · 100%Cost of revenue$11.1M · 23%Gross profit$36.2M · 77%Operating income−$26.3M · −56%Income before tax−$40.4M · −85%Income tax$0 · 0%Net income−$40.4M · −85%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$47.3M100%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Cost of revenue$11.1M23%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
$36.2M77%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
−$26.3M−56%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Income before tax−$40.4M−85%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Income tax$00%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
−$40.4M−85%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

What SHOULDER INNOVATIONS, INC. owns — and owes

SHOULDER INNOVATIONS, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$170M100%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Cash and equivalents$26.9M16%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
$14.9M9%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Stockholders’ equity$141M83%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives SHOULDER INNOVATIONS, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−94%Tax burden100%net income ÷ pretax incomeInterest burden153%pretax ÷ operating incomeOperating margin−56%operating income ÷ revenueAsset turnover0.44×revenue ÷ average assetsEquity multiplier2.48×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$40.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Income before tax−$40.4MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Operating income−$26.3MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
$47.3MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Ending assets$170MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Beginning assets$43.1MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
$141MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
−$54.7MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Source: · event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

Where SHOULDER INNOVATIONS, INC.'s cash went

SHOULDER INNOVATIONS, 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 lineValue% of cash from operationsSource
Cash from operations−$28.6M−100%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Depreciation and amortization$2.9M10%
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001699350-26-000011 · filed Mar 10, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding SHOULDER INNOVATIONS, 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
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling 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 Sep 4, 2026

Flagship explainer

What SHOULDER INNOVATIONS, 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

13 logged readings since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale67.3 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Sep 4, 2026

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

  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 SI.

Healthcare context

#64 of 708 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #62ABT ABBOTT LABORATORIES67.7Narrow moat
  2. #63SYK STRYKER CORP67.7Narrow moat
  3. #65CARL Carlsmed, Inc.67.2Narrow moat
  4. #66ZBH ZIMMER BIOMET HOLDINGS, INC.67.1Narrow moat

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

Common questions about SI

Does SHOULDER INNOVATIONS, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores SHOULDER INNOVATIONS, INC. (SI) 67.3 out of 100 — a Narrow 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 70, pricing power 100, returns on capital not measurable from the filings, balance-sheet safety 55, capital allocation 44.
How has SI's Moat Score changed over time?
The record logs 13 readings since Jul 18, 2026; the latest reads 67.3 out of 100 (narrow 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 SI. See the disclaimer.