Does Tenon Medical, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Tenon Medical, Inc. (TNON) 37.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 58, returns on capital 0, balance-sheet safety 55, capital discipline 44.

How has TNON's Moat Score changed over time?

The record logs 1 reading since Jul 18, 2026; the latest reads 37.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Tenon Medical, Inc.

TNON · Healthcare · $2.2M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power58

Median gross margin 52.2% over 5y, variable.

Returns on capital0

Median ROIC -572.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $0.20
Discount to value: No price data

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

6 years of fundamentals

The business, in plain English

Tenon Medical, Inc. booked $3.9M of revenue in FY2025 in the Healthcare sector and kept 59.8% of it as gross profit — a high-margin business by that measure. After every other cost, −318.4% of each revenue dollar reached the bottom line.

TNON'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: Pricing Power is the strongest of the four filters (58/100) and Returns on Capital the weakest (0/100), which is how TNON lands at 37/100 — 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.

RevenueSales, as filed$3.9M FY2025

Gross marginRevenue kept after cost of goods59.8% FY2025

Return on invested capitalOperating profit on the capital employed−787.0% FY2025

Owner earningsCash an owner could take out−$12.6M FY2025

Gaps in a line mean that item isn’t in TNON’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 scale37.2 / 100

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 — TNON has read No 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 Tenon Medical, Inc.’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 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 TNON on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

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 indexed price path isn't available for this company yet; 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, TNON 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.

Healthcare context

#287 of 461 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#285ADPT ADAPTIVE BIOTECHNOLOGIES CORPORATION37.5 out of 100, No moatNo moat
#286SCND SCIENTIFIC INDUSTRIES, INC.37.4 out of 100, No moatNo moat
#288HBIO HARVARD BIOSCIENCE, INC.37.1 out of 100, No moatNo moat
#289BAX BAXTER INTERNATIONAL INC36.9 out of 100, No moatNo moat

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

Common questions about TNON

Does Tenon Medical, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Tenon Medical, Inc. (TNON) 37.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 58, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has TNON's Moat Score changed over time?: The record logs 1 reading since Jul 18, 2026; the latest reads 37.2 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 TNON. See the disclaimer.