Does INTERACTIVE STRENGTH INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores INTERACTIVE STRENGTH INC. (TRNR) 19.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 0, balance-sheet safety 55, capital discipline 44.

How has TRNR's Moat Score changed over time?

The record logs 1 reading since Jul 18, 2026; the latest reads 19.8 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

INTERACTIVE STRENGTH INC.

TRNR · Industrials · $43.5M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin -313.1% over 4y, variable.

Returns on capital0

Median ROIC -266.9%, 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: $3.09
Discount to value: No price data

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

5 years of fundamentals

The business, in plain English

INTERACTIVE STRENGTH INC. booked $11.5M of revenue in FY2025 in the Industrials sector and kept 7.9% of it as gross profit — a thin-margin business by that measure. After every other cost, −207.9% of each revenue dollar reached the bottom line.

It earned −266.9% on invested capital in FY2025, with a median of −266.9% across 3 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $11.3M of total debt in FY2024. Balance-Sheet Safety scores it 55/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (55/100) and Pricing Power the weakest (0/100), which is how TRNR lands at 20/100 — 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$11.5M FY2025

Gross marginRevenue kept after cost of goods7.9% FY2025

Return on invested capitalOperating profit on the capital employed−266.9% FY2025

Owner earningsCash an owner could take out−$24.1M FY2025

Gaps in a line mean that item isn’t in TRNR’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 scale19.8 / 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 — TRNR 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 INTERACTIVE STRENGTH 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 TRNR 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, TRNR 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.

Industrials context

#279 of 327 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#277LIQT LiqTech International, Inc.19.8 out of 100, No moatNo moat
#278TLSS Transportation and Logistics Systems, Inc.19.8 out of 100, No moatNo moat
#280VELO Velo3D, Inc.19.8 out of 100, No moatNo moat
#281AVT AVNET, INC.19.6 out of 100, No moatNo moat

Compare TRNR with its nearest peers →All Industrials companies on the Index →

Common questions about TRNR

Does INTERACTIVE STRENGTH INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores INTERACTIVE STRENGTH INC. (TRNR) 19.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has TRNR's Moat Score changed over time?: The record logs 1 reading since Jul 18, 2026; the latest reads 19.8 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 TRNR. See the disclaimer.