Vivakor, Inc.
VIVK · Utilities · $4.5M mkt cap · FY2025 filings · No moat ·
Doesn't clear the bar
The four filters
Median gross margin 9.3% over 6y, variable.
Median ROIC -28.1%, above the 9% hurdle in 0% of years.
Net debt/EBITDA n/ax, interest coverage 0x.
Owner earnings trend unclear, share count growing (dilution).
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $2.26
- 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
Vivakor, Inc. booked $104.4M of revenue in FY2025 in the Utilities sector and kept 36.1% of it as gross profit — a solid-margin business by that measure. After every other cost, −105.6% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $1.5M (FY2020) to $104.4M (FY2025) — about 135.0% a year compounded over 5 years.
It earned −121.4% on invested capital in FY2025, with a median of −28.1% across 6 filed years. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $475000 of total debt in FY2025. Balance-Sheet Safety scores it 28/100.
The share count fell 82.1% between FY2020 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 24/100.
Put together: Balance-Sheet Safety is the strongest of the four filters (28/100) and Pricing Power the weakest (0/100), which is how VIVK lands at 10/100 — 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.
Gaps in a line mean that item isn’t in VIVK’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
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 — VIVK 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 Vivakor, 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.
How to read this: each dot is what the engine would have scored VIVK 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 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, VIVK 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.
Utilities context
#52 of 52 scored Utilities companies, ranked by Moat Score.
Nearest peers by Moat Score
- #48CDZI CADIZ INC14.5 out of 100, No moatNo moat
- #49QRHC Quest Resource Holding Corporation13.8 out of 100, No moatNo moat
- #50SPRU Spruce Power Holding Corporation13.2 out of 100, No moatNo moat
- #51PESI PERMA FIX ENVIRONMENTAL SERVICES INC11.9 out of 100, No moatNo moat
Compare VIVK with its nearest peers →All Utilities companies on the Index →
Common questions about VIVK
- Does Vivakor, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Vivakor, Inc. (VIVK) 10.3 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 28, capital discipline 24.
- How has VIVK's Moat Score changed over time?
- The record logs 1 reading since Jul 18, 2026; the latest reads 10.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.