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The Moat Index

TWILIO INC.

TWLO · Technology · $31.5B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

48/ 100
Shallow moat

The four filters

Pricing power84

Median gross margin 51.5% over 10y, very stable.

Returns on capital0

Median ROIC -6.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety88

Net debt/EBITDA 0.9x, no material interest expense disclosed.

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
$206.78
Discount to value
No price data

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

13 years of fundamentals

The business, in plain English

TWILIO INC. booked $5.1B of revenue in FY2025 in the Technology sector and kept 48.9% of it as gross profit — a solid-margin business by that measure. After every other cost, 0.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $88.8M (FY2014) to $5.1B (FY2025) — about 44.4% a year compounded over 11 years.

It earned 1.3% on invested capital in FY2025, with a median of −7.1% across 10 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $992.3M of total debt in FY2025 against $33.8M of owner earnings — roughly 29.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 88/100.

The share count rose 779.8% between FY2015 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (88/100) and Returns on Capital the weakest (0/100), which is how TWLO lands at 48/100 — 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.

FY2013–FY2025 · 13 fiscal years, normalized from TWLO’s SEC filings

RevenueSales, as filed$5.1B FY2025
$0$2B$4B2013201720212025
Gross marginRevenue kept after cost of goods48.9% FY2025
0%25%50%2013201720212025
Return on invested capitalOperating profit on the capital employed1.3% FY2025
−200%0%2013201720212025
Owner earningsCash an owner could take out$33.8M FY2025
−$1B−$500M$02013201720212025

Gaps in a line mean that item isn’t in TWLO’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 scale47.5 / 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 — TWLO has read Shallow 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.

Technology context

#216 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #214MEI METHODE ELECTRONICS, INC.47.8Shallow moat
  2. #215AMBA AMBARELLA, INC.47.7Shallow moat
  3. #217VSH Vishay Intertechnology, Inc.47.4Shallow moat
  4. #218VERI Veritone, Inc.47.2Shallow moat

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

Common questions about TWLO

Does TWILIO INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores TWILIO INC. (TWLO) 47.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 84, returns on capital 0, balance-sheet safety 88, capital discipline 24.
How has TWLO's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 47.5 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 TWLO. See the disclaimer.

TWILIO INC. (TWLO) Moat Score — The Moat Index · Buy Like Buffett