WAYFAIR INC.
W · Consumer Discretionary · $11.2B mkt cap · FY2025 filings · No moat ·
Doesn't clear the bar
The five investor questions
2018–2025: revenue 6779174000.00 to 12457000000.00, increasing; diluted EPS -5.63 to -2.44, increasing.
Median gross margin 28.2% over 10y, stable.
Not enough years of ROIC data to score returns on capital.
Net debt/EBITDA 5.6x, interest coverage 0x.
Owner earnings trend unclear, share count growing (dilution).
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. owner-earnings value range
- Owner earnings (normalized)
- —
- Value range / share
- —
- Conservative high estimate / share
- —
- Recent price
- $87.76
- Price vs. high estimate
- No price data
Conservative range under moat-index@2.0.0: low end 11.1×, high end capped at 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
15 years of fundamentals
The business, in plain English
WAYFAIR INC. booked $12.5B of revenue in FY2025 in the Consumer Discretionary sector and kept 30.2% of it as gross profit — a moderate-margin business by that measure. After every other cost, −2.5% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $601.0M (FY2012) to $12.5B (FY2025) — about 26.3% a year compounded over 13 years.
The balance sheet carried $3.3B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.
The share count rose 43.1% between FY2018 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.
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.
Not disclosed in W’s filings for these years — we don’t estimate it.
Gaps in a line mean that item isn’t in W’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
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 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 WAYFAIR 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 W 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, W 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.
Consumer Discretionary context
#394 of 482 scored Consumer Discretionary companies, ranked by Moat Score.
Nearest peers by Moat Score
- #392PPHC Public Policy Holding Company, Inc.30.8 out of 100, No moatNo moat
- #393DWAY DRIVEITAWAY HOLDINGS, INC.30.6 out of 100, No moatNo moat
- #395CATO THE CATO CORPORATION30.4 out of 100, No moatNo moat
- #396GTCH GBT TECHNOLOGIES INC.30.4 out of 100, No moatNo moat
Compare W with its nearest peers →All Consumer Discretionary companies on the Index →
Common questions about W
- Does WAYFAIR INC. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores WAYFAIR INC. (W) 30.5 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 57, pricing power 41, returns on capital not measurable from the filings, balance-sheet safety 0, capital discipline 24.
- How has W's Moat Score changed over time?
- The record logs 9 readings since Jul 17, 2026; the latest reads 30.5 out of 100 (no moat). No tier changes on record yet. (A methodology upgrade on Jul 20, 2026 re-based the score; readings across engine versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.