Sphere 3D Corp. engages in the bitcoin mining business. The company is involved with bitcoin mining pool operators as its customers to provide a service to perform hash calculations for the mining pool operators. The company is based in Stamford, Connecticut.
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Competitive advantage assessment
Key strengths
Improving Margin TrajectoryMargin trajectory is improving (trend score 0.98).
Key risks
Fee Margin PressureFee margin quality is below peers (score 0.15).
Below-Peer Return on EquityReturn on equity lags peers (score 0.13).
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Sphere 3D Corp. ranks #52 of 67
scored companies in Capital Markets by moat score — the top 78%.
The widest moat in the group is Interactive Brokers Group, Inc. (IBKR)
at 83/100.
Moat scores for companies ranked near ANY in Capital Markets
How ANY scores on the Asset Management Specialized defenses
Fee Revenue Quality
Score 10
· 20% of the moat score
Fee revenue quality is the ability to charge above the industry's falling average and keep charging it.
Client Retention & Revenue Stickiness
Score 18
· 18% of the moat score
Assets under management leave far more easily than they arrive, and the fee leaves with them.
Compensation Discipline
Score 48
· 18% of the moat score
Compensation is the largest expense in asset management and the one that decides whether a good year ever reaches shareholders.
Capital Efficiency
Score 18
· 20% of the moat score
Asset managers are asset-light: with little capital employed, a healthy business should earn a very high return on equity, and a merely average one is a real warning.
Earnings Quality & Cash Conversion
Score 20
· 14% of the moat score
Reported profits here can be flattered by performance fees, seed-capital gains and consolidated fund accounting, none of which recur reliably.
Balance Sheet Strength
Score 32
· 10% of the moat score
Because the business needs so little capital, an asset manager carrying meaningful debt has usually borrowed to buy another manager or to fund distributions.
Sphere 3D Corp. (ANY) scores 23 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #52 of 67 scored companies in Capital Markets, the top 78%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 74 companies in Capital Markets. Its strongest defense is Compensation Discipline (48/100) and its weakest is Fee Revenue Quality (10/100).
How does Sphere 3D Corp. compare with other Capital Markets companies?
Sphere 3D Corp. ranks #52 of 67 scored companies in Capital Markets by moat score. The widest moat in Capital Markets is Interactive Brokers Group, Inc. (IBKR) at 83/100. The companies ranked closest are Soluna Holdings, Inc. - 9.0% Se (SLNHP) at 24 just above it and Plutus Financial Group Limited (PLUT) at 21 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Asset Management Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 74 companies in Capital Markets. The defenses are then weighted to produce the overall score out of 100.
Why is Sphere 3D Corp. scored with the Asset Management Specialized template?
An asset manager owns almost nothing. It charges a fee on someone else's money, pays much of that fee out in compensation, and keeps the remainder — so its economics turn on the fee rate it can defend, whether client money stays, and how much revenue survives the bonus pool. The Asset Management template scores those questions rather than the balance sheet, which in this industry is largely beside the point.
Which competitive defenses are measured for Sphere 3D Corp.?
The Asset Management Specialized template measures 6 defenses, and ANY scores: Fee Revenue Quality (10), Client Retention & Revenue Stickiness (18), Compensation Discipline (48), Capital Efficiency (18), Earnings Quality & Cash Conversion (20), Balance Sheet Strength (32). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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