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ZeroStack Corp.

ZSTK · Industrials · $1.5M mkt cap · FY2025 filings · · not refreshed in 44 days · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

34

2022–2025 (latest 4 aligned FYs; v3 window cap 5): revenue $33.4M to $35.7M, increasing; diluted EPS -6.84 to -43.49, 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%.

13

Median gross margin 23.3% over 5y, variable.

0

Median ROIC -103.1%, above the 12% hurdle in 0% of years.

28

Net debt/EBITDA n/ax, interest coverage 0x.

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
$1.45
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 235% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 7, 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.

6 years of fundamentals

The business, in plain English

ZeroStack Corp. booked $35.7M of revenue in FY2025 in the Industrials sector and kept 4.6% of it as gross profit — a thin-margin business by that measure. After every other cost, −335.6% of each revenue dollar reached the bottom line.

It earned −103.1% on invested capital in the latest filed year, FY2025. Across the full 5-year measurable filed record, median ROIC was −103.1%. Over the v3 recent window (5 measurable filed years), median ROIC was −103.1%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $53.5M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

Put together: Capital Allocation is the strongest of the five filters (44/100) and Returns on Capital the weakest (0/100), which is how ZSTK lands at 24/100 — 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.

FY2020–FY2025 · 6 fiscal years, normalized from ZSTK’s SEC filings

Sales, as filed$35.7M FY2025
$0$50M2020202220242025
Revenue kept after cost of goods4.6% FY2025
0%20%40%2020202220242025
Standard ROIC or separately labeled Operating ROICROIC −103.1% FY2025
−1000%−500%0%2020202220242025
Cash an owner could take out−$119M FY2025
−$100M−$50M$02020202220242025

Gaps in a line mean that item isn’t in ZSTK’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 ZeroStack Corp. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$35.7M · 100%Cost of revenue$34M · 95%Gross profit$1.6M · 5%Operating income−$155M · −433%Income before tax−$115M · −323%Income tax$59000 · 0%Net income−$120M · −336%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$35.7M100%
Cost of revenue$34M95%
$1.6M5%
−$155M−433%
Income before tax−$115M−323%
Income tax$590000%
−$120M−336%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What ZeroStack Corp. owns — and owes

ZeroStack Corp.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$130M100%
Cash and equivalents$5.6M4%
$53.5M41%
Stockholders’ equity$70.6M54%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives ZeroStack Corp.’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 equity−319%Tax burden104%net income ÷ pretax incomeInterest burden75%pretax ÷ operating incomeOperating margin−433%operating income ÷ revenueAsset turnover0.46×revenue ÷ average assetsEquity multiplier2.08×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$120MFY2025
Income before tax−$115MFY2025
Operating income−$155MFY2025
$35.7MFY2025
Ending assets$130MFY2025
Beginning assets$26.2MFY2024
$70.6MFY2025
$4.5MFY2024
Source:
  • SEC filingFiling detailsAccession 0001062993-25-006145
  • SEC filingFiling detailsAccession 0001062993-26-001203
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where ZeroStack Corp.'s cash went

ZeroStack Corp.’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−$8.7M−100%
Depreciation and amortization$5820007%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding ZeroStack Corp.

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 Jul 26, 2026

Flagship explainer

What ZeroStack Corp. 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

1 logged reading since Jul 26, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale23.8 / 100
0406080100WideNarrowShallowNo moatJul 26, 2026

Score history begins Jul 26, 2026 — the record builds forward from here.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — ZSTK has read No moat for every logged capture since Jul 26, 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 ZSTK.

Industrials context

#392 of 447 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #390MEDS DataMeds AI, Inc.24.3No moat
  2. #391SMXT SolarMax Technology, Inc.24.0No moat
  3. #393WHR WHIRLPOOL CORP /DE/23.7No moat
  4. #394ST Sensata Technologies Holding plc23.7No moat

Compare ZSTK with its nearest peers →All Industrials companies on the Index →

Common questions about ZSTK

Does ZeroStack Corp. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ZeroStack Corp. (ZSTK) 23.8 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 34, pricing power 13, returns on capital 0, balance-sheet safety 28, capital allocation 44.
How has ZSTK's Moat Score changed over time?
The record logs 1 reading since Jul 26, 2026; the latest reads 23.8 out of 100 (no moat). No tier changes on record yet. 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 ZSTK. See the disclaimer.