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YELP INC

YELP · Consumer Discretionary · $1.3B mkt cap · FY2025 filings · · Wide moat ·

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Wide moat
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The five investor questions

98

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $1.0B to $1.5B, increasing; diluted EPS 0.50 to 2.24, increasing.

100

Median gross margin 92.4% over 7y, very stable.

38

Median ROIC 10.5%, above the 12% hurdle in 40% of years.

100

Net cash position — no leverage risk.

100

Owner earnings changed +33.9%/yr over up to the ten most recent annual observations.

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
3% above value if growth stopped today
$115M
$21.22
$21.22
$21.82
3% above value if growth stopped today

What today’s price assumes: owner earnings growing ~1%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

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 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

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.

17 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $47.7M (FY2010) to $1.5B (FY2025) — about 25.6% a year compounded over 15 years.

It earned 26.6% on invested capital in the latest filed year, FY2025. Across the full 14-year measurable filed record, median ROIC was 4.2%. Over the v3 recent window (10 measurable filed years), median ROIC was 10.5%. The Returns on Capital filter above scores it 38/100.

YELP's latest filed year, FY2025, 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: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (38/100), which is how YELP lands at 87/100 — a Wide 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.

FY2009–FY2025 · 17 fiscal years, normalized from YELP’s SEC filings

Sales, as filed$1.5B FY2025
$0$1B2009201520212025
Revenue kept after cost of goods91.1% FY2022
0%50%100%2009201520212025
Standard ROIC or separately labeled Operating ROICStandard ROIC −0.4% FY2016

Exact FY and FY-1 financing invested-capital inputs are required.

−100%0%2009201520212025
Cash an owner could take out$147M FY2025
$0$100M2009201520212025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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 YELP INC makes its money

YELP INC's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$1.5B100%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
$185M13%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Income before tax$204M14%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Income tax$58.4M4%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
$146M10%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What YELP INC owns — and owes

YELP INC's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$958M100%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Cash and equivalents$216M23%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Stockholders’ equity$711M74%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives YELP INC’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity20%Tax burden71%net income ÷ pretax incomeInterest burden111%pretax ÷ operating incomeOperating margin13%operating income ÷ revenueAsset turnover1.51×revenue ÷ average assetsEquity multiplier1.33×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$146MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Income before tax$204MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Operating income$185MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
$1.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Ending assets$958MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Beginning assets$984MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
$711MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
$744MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Source: · event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set
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Flagship explainer

Where YELP INC's cash went

YELP INC’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$372M100%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Depreciation and amortization$50.1M13%
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001345016-26-000019 · filed Feb 27, 2026
· event Dec 31, 2025 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding YELP 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
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

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 Sep 4, 2026

Flagship explainer

What YELP INC insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

17 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale87.2 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Sep 4, 2026

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for YELP.

Track record

How YELP 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 YELP on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2013 = 100)201220152018202120242026

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, YELP 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

#18 of 486 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #16YETI YETI Holdings, Inc.88.5Wide moat
  2. #17RL Ralph Lauren Corporation87.5Wide moat
  3. #19EXPO EXPONENT, INC.86.7Wide moat
  4. #20CRAI CRA International, Inc.85.9Wide moat

Compare YELP with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about YELP

Does YELP INC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores YELP INC (YELP) 87.2 out of 100 — a Wide 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 98, pricing power 100, returns on capital 38, balance-sheet safety 100, capital allocation 100.
Is YELP trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $21.22 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $21.82, that is 3% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has YELP's Moat Score changed over time?
The record logs 17 readings since Jul 17, 2026; the latest reads 87.2 out of 100 (wide 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 YELP. See the disclaimer.