Does Exagen Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Exagen Inc. (XGN) 42.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 55, capital discipline 24.

How has XGN's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 42.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Exagen Inc.

XGN · Healthcare · $100.6M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power89

Median gross margin 56.7% over 8y, stable.

Returns on capital0

Median ROIC -139.0%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

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: $4.39
Discount to value: No price data

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

Fundamentals

There's no normalized fundamentals series for XGN yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale42.6 / 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 — XGN 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.

Healthcare context

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

Nearest peers by Moat Score

#209VERU VERU INC.42.6 out of 100, Shallow moatShallow moat
#210IONS IONIS PHARMACEUTICALS, INC.42.6 out of 100, Shallow moatShallow moat
#212ANGO AngioDynamics, Inc.42.6 out of 100, Shallow moatShallow moat
#213MLSS Milestone Scientific Inc.42.4 out of 100, Shallow moatShallow moat

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

Common questions about XGN

Does Exagen Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Exagen Inc. (XGN) 42.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 89, returns on capital 0, balance-sheet safety 55, capital discipline 24.
How has XGN's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 42.6 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 XGN. See the disclaimer.