2021–2023 (latest 3 aligned FYs; v3 window cap 5): revenue $40.1M to $63.8M, increasing; diluted EPS -2.64 to -2.99, decreasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.
33
Median gross margin 35.8% over 10y, variable.
0
Median ROIC -525.6%, above the 12% hurdle in 0% of years.
28
Net debt/EBITDA n/ax, interest coverage -7x.
44
Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$0.04
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 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.
13 years of fundamentals
The business, in plain English
ALKALINE WATER Co INC booked $63.8M of revenue in FY2023 in the Industrials sector and kept 18.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, −43.0% of each revenue dollar reached the bottom line.
ROIC is not available for the latest filed year, FY2023. Across the full 6-year measurable filed record, median ROIC was −525.6%. Over the v3 recent window (6 measurable filed years), median ROIC was −525.6%. The Returns on Capital filter above scores it 0/100.
WTER's latest filed year, FY2023, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Business Trend is the strongest of the five filters (60/100) and Returns on Capital the weakest (0/100), which is how WTER lands at 33/100 — 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.
FY2011–FY2023 · 13 fiscal years, normalized from WTER’s SEC filings
Sales, as filed$63.8M FY2023Revenue kept after cost of goods18.3% FY2023Standard ROIC or separately labeled Operating ROICROIC −664.3% FY2021Cash an owner could take out−$27.4M FY2023
Gaps in a line mean that item isn’t in WTER’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.
Flagship explainer
How ALKALINE WATER Co INC makes its money
ALKALINE WATER Co INC's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
· event Mar 31, 2023 · retrieved Jul 26, 2026 · annual-row source set
Curated 19-manager tier
Who reported holding ALKALINE WATER Co INC
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
0 holding0 exited0 not holding0/19 resolved19 not retrieved
Named manager positions and quarter-over-quarter changes
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Reported position
Quarter-over-quarter
Filing accession
Abrams Capital
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Akre Capital
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Baupost Group
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Berkshire Hathaway
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Brave Warrior Advisors
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Dodge & Cox
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First Eagle
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Fundsmith
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Gardner Russo & Quinn
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Gates Foundation Trust
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Mairs & Power
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Markel / Markel-Gayner
Not retrieved
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Oakmark / Harris Associates
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Pershing Square
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Polen Capital
Not retrieved
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Sequoia / Ruane Cunniff
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Southeastern Asset Management
Not retrieved
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Tweedy, Browne
Not retrieved
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Yacktman Asset Management
Not retrieved
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Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Jul 26, 2026
Flagship explainer
What ALKALINE WATER Co INC insiders reported
The complete Form 4 source snapshot retrieved on Aug 30, 2026 contains no transaction rows.
Verified empty: the retrieved source snapshot contains no transaction event.
Source snapshot retrieved 2026-08-30T07:00:11.432Z · SEC Form 4
Moat Score history
15 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale33.0 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
No reported Form 4 transactions were found in the complete checked issuer window for WTER, –. The totals and cluster result below are arithmetic over that certified window.
$0
P purchases minus S sales only, Aug 31, 2025–Aug 31, 2026.
0 P / 0 S
Only P and S are included; awards, gifts, exercises, withholding, and other mechanics are excluded.
No
Requires at least 3 distinct insiders with P purchases.
Transaction-code histogram
Supporting event counts for the same certified window, Aug 31, 2025–Aug 31, 2026.
P
0
S
0
A
0
F
0
M
0
G
0
C
0
J
0
W
0
Retrieved .
Track record
How ALKALINE WATER Co 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.
Point-in-time scores 2012–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight
Point-in-time 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 WTER 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, WTER 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
#317 of 446 scored Industrials companies, ranked by Moat Score.
Based on its FY2023 SEC filings, the Moat Index scores ALKALINE WATER Co INC (WTER) 33.0 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 60, pricing power 33, returns on capital 0, balance-sheet safety 28, capital allocation 44.
How has WTER's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 33.0 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WTER. See the disclaimer.