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The Moat Index

TABOOLA.COM LTD.

TBLA · Technology · FY2025 filings · Shallow moat ·

Doesn't clear the bar

47/ 100
Shallow moat

The four filters

Pricing power49

Median gross margin 30.0% over 6y, very stable.

Returns on capital0

Median ROIC -1.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline60

Owner earnings +13.8%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$5.28
Discount to value
No price data

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

7 years of fundamentals

The business, in plain English

TABOOLA.COM LTD. booked $1.9B of revenue in FY2025 in the Technology sector and kept 29.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, 2.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.2B (FY2020) to $1.9B (FY2025) — about 10.0% a year compounded over 5 years.

It earned 4.4% on invested capital in FY2025, with a median of −1.6% across 5 filed years. The Returns on Capital filter above scores it 0/100.

TBLA's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how TBLA lands at 47/100 — 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.

FY2019–FY2025 · 7 fiscal years, normalized from TBLA’s SEC filings

RevenueSales, as filed$1.9B FY2025
$0$1B$2B2019202120232025
Gross marginRevenue kept after cost of goods29.8% FY2025
0%20%2019202120232025
Return on invested capitalOperating profit on the capital employed4.4% FY2025
−5%0%5%2019202120232025
Owner earningsCash an owner could take out$42.3M FY2025
−$50M$0$50M2019202120232025

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

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.6 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TBLA has read Shallow moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How TABOOLA.COM LTD.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of scores 2022–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored TBLA on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score50100Indexed price · log scale (2022 = 100)20222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, TBLA did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#235 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #233CARS Cars.com Inc.47.1Shallow moat
  2. #234CLVT CLARIVATE PLC46.8Shallow moat
  3. #236DGII DIGI INTERNATIONAL INC.46.5Shallow moat
  4. #237FLEX FLEX LTD.46.5Shallow moat

Compare TBLA with its nearest peers →All Technology companies on the Index →

Common questions about TBLA

Does TABOOLA.COM LTD. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores TABOOLA.COM LTD. (TBLA) 46.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 49, returns on capital 0, balance-sheet safety 100, capital discipline 60.
How has TBLA's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 46.6 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 TBLA. See the disclaimer.

TABOOLA.COM LTD. (TBLA) Moat Score — The Moat Index · Buy Like Buffett