Does UroGen Pharma Ltd. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores UroGen Pharma Ltd. (URGN) 31.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 0, balance-sheet safety 28, capital discipline 24.

How has URGN's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 31.3 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

UroGen Pharma Ltd.

URGN · Healthcare · $1.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power70

Median gross margin 89.7% over 10y, variable.

Returns on capital0

Median ROIC -58.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage 0x.

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: $40.23
Discount to value: No price data

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

11 years of fundamentals

The business, in plain English

UroGen Pharma Ltd. booked $109.8M of revenue in FY2025 in the Healthcare sector and kept 88.7% of it as gross profit — a high-margin business by that measure. After every other cost, −139.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $17.5M (FY2016) to $109.8M (FY2025) — about 22.6% a year compounded over 9 years.

It earned −230.2% on invested capital in FY2020, with a median of −58.1% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $122.2M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 251.6% between FY2017 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (70/100) and Returns on Capital the weakest (0/100), which is how URGN lands at 31/100 — 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$109.8M FY2025

Gross marginRevenue kept after cost of goods88.7% FY2025

Return on invested capitalOperating profit on the capital employed−230.2% FY2020

Owner earningsCash an owner could take out−$153.5M FY2025

Gaps in a line mean that item isn’t in URGN’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 scale31.3 / 100

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 — URGN has read No 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.

Healthcare context

#343 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#341EMMA EMMAUS LIFE SCIENCES, INC.31.4 out of 100, No moatNo moat
#342PRGO Perrigo Company plc31.3 out of 100, No moatNo moat
#344LCTC LIFELOC TECHNOLOGIES, INC.30.9 out of 100, No moatNo moat
#345QURT Quarta-Rad, Inc.30.9 out of 100, No moatNo moat

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

Common questions about URGN

Does UroGen Pharma Ltd. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores UroGen Pharma Ltd. (URGN) 31.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 0, balance-sheet safety 28, capital discipline 24.
How has URGN's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 31.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows URGN’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/URGN"
  width="340" height="150" style="border:0"
  title="URGN Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell URGN. See the disclaimer.