Establishment Labs Holdings Inc.
ESTA · Healthcare · $2.7B mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $127M to $211M, increasing; diluted EPS -1.72 to -1.72, flat.
Median gross margin 64.8% over 9y, stable.
Median ROIC -30.9%, above the 12% hurdle in 0% of years.
Net debt/EBITDA n/ax, interest coverage -2x.
Owner earnings trend unclear.
Price vs. conservative owner-earnings floor
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- Owner earnings (normalized)
- Not reported
- Owner-earnings floor / share
- Unavailable — insufficient owner-earnings data
- Capped-growth comparison / share
- Unavailable — insufficient growth-model data
- Recent price
- $92.32
- Price vs. owner-earnings floor
- No price data
This floor 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 floor across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or floor: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth floor 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.
10 years of fundamentals
The business, in plain English
Establishment Labs Holdings Inc. booked $211M of revenue in FY2025 in the Healthcare sector and kept 69.3% of it as gross profit — a high-margin business by that measure. After every other cost, −24.2% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $34.7M (FY2017) to $211M (FY2025) — about 25.3% a year compounded over 8 years.
It earned −15.8% on invested capital in the latest filed year, FY2025. Across the full 6-year measurable filed record, median ROIC was −30.9%. Over the v3 recent window (6 measurable filed years), median ROIC was −30.9%. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $248M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.
Put together: Pricing Power is the strongest of the five filters (94/100) and Returns on Capital the weakest (0/100), which is how ESTA lands at 42/100 — a Shallow 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.
Gaps in a line mean that item isn’t in ESTA’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
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
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-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.
Track record
How Establishment Labs Holdings 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.
How to read this: each dot is what the engine would have scored ESTA 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, ESTA 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.
Healthcare context
#321 of 728 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #319SRTS Sensus Healthcare, Inc.42.0 out of 100, Shallow moatShallow moat
- #320ZEOX Zeo ScientifiX, Inc.42.0 out of 100, Shallow moatShallow moat
- #322CLDX Celldex Therapeutics, Inc.41.9 out of 100, Shallow moatShallow moat
- #323AXGN AXOGEN, INC.41.9 out of 100, Shallow moatShallow moat
Compare ESTA with its nearest peers →All Healthcare companies on the Index →
Common questions about ESTA
- Does Establishment Labs Holdings Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Establishment Labs Holdings Inc. (ESTA) 42.0 out of 100 — a Shallow 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 65, pricing power 94, returns on capital 0, balance-sheet safety 28, capital discipline 24.
- How has ESTA's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 42.0 out of 100 (shallow 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.