Buy Like Buffett

The Moat Index

ZRCN INC.

ZRCN · Technology · FY2025 filings · No moat ·

Doesn't clear the bar

27/ 100
No moat

The four filters

Pricing power38

Median gross margin 39.7% over 5y, variable.

Returns on capital9

Median ROIC -23.7%, above the 9% hurdle in 25% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -3x.

Capital discipline38

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
—
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

ZRCN INC. booked $28.1M of revenue in FY2025 in the Technology sector and kept 39.7% of it as gross profit — a solid-margin business by that measure. After every other cost, −10.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $48020 (FY2020) to $28.1M (FY2025) — about 257.6% a year compounded over 5 years.

It earned −49.9% on invested capital in FY2025, with a median of −23.7% across 4 filed years. The Returns on Capital filter above scores it 9/100.

ZRCN's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the four filters (38/100) and Returns on Capital the weakest (9/100), which is how ZRCN lands at 27/100 — 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.

FY2019–FY2025 · 7 fiscal years, normalized from ZRCN’s SEC filings

RevenueSales, as filed$28.1M FY2025
$0$20M2019202120232025
Gross marginRevenue kept after cost of goods39.7% FY2025
0%20%40%2019202120232025
Return on invested capitalOperating profit on the capital employed−49.9% FY2025
−100%0%2019202120232025
Owner earningsCash an owner could take out−$2.7M FY2025
−$2M$02019202120232025

Gaps in a line mean that item isn’t in ZRCN’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

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale27.2 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

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 — ZRCN 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 ZRCN 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.

As-of scores 2022–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

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

0406080100WideNarrowShallowNo moatAs-of Moat Score100Indexed price · log scale 2022202320242025

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 indexed price path isn't available for this company yet; 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, ZRCN 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.

Technology context

#477 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #475VREX VAREX IMAGING CORPORATION27.4No moat
  2. #476AOSL Alpha and Omega Semiconductor Limited27.3No moat
  3. #478XYZ Block, Inc.27.1No moat
  4. #479FOUR SHIFT4 PAYMENTS, INC.27.1No moat

Compare ZRCN with its nearest peers →All Technology companies on the Index →

Common questions about ZRCN

Does ZRCN INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ZRCN INC. (ZRCN) 27.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 38, returns on capital 9, balance-sheet safety 28, capital discipline 38.
How has ZRCN's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 27.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
Embed this score on your site

One iframe, no script. The badge shows ZRCN’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/ZRCN"
  width="340" height="150" style="border:0"
  title="ZRCN Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ZRCN. See the disclaimer.

ZRCN INC. (ZRCN) Moat Score — The Moat Index · Buy Like Buffett