Paragon 28, Inc. FNA

Competitive advantage analysis · healthcare

Medical Devices & Diagnostics
Overall moat score
63/100
Moderate

Ranked against 159 peers in Medical Devices

Key strengths

  • Elite Gross Margins Gross margin quality is top-tier vs peers (score 0.77). This signals strong consumable attach-rate economics.
  • Improving FCF Trend FCF trend score is positive (score 0.72). Improving FCF margin signals compounding operational leverage.

Key risks

  • Declining Capital Returns ROIC durability is weak (score 0.00). Volatility or decline in returns is a leading moat erosion signal.

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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Pricing Power & Consumable Moat

Moderate
66
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Signals, strengths and risks for Pricing Power & Consumable Moat

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Signals, strengths and risks for R&D Pipeline & Capital Returns

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Signals, strengths and risks for FCF Quality & Cash Conversion

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Signals, strengths and risks for Commercial Execution

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Signals, strengths and risks for Capital Structure & Resilience

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Signals, strengths and risks for Growth Durability

Where FNA ranks in Medical Devices

Paragon 28, Inc. ranks #41 of 160 scored companies in Medical Devices by moat score — the top 26%. The widest moat in the group is iRadimed Corporation (IRMD) at 83/100.

# Company Moat score Rating
37 UFP Technologies, Inc. UFPT 65/100 Moderate
38 Alphatec Holdings, Inc. ATEC 65/100 Moderate
39 Integer Holdings Corporation ITGR 63/100 Moderate
40 SI-BONE, Inc. SIBN 63/100 Moderate
41 Paragon 28, Inc. FNA 63/100 Moderate
42 Orthofix Medical Inc. OFIX 62/100 Moderate
43 Cerus Corporation CERS 62/100 Moderate
44 Koninklijke Philips N.V. NY Reg PHG 62/100 Moderate
45 Neuropace, Inc. NPCE 61/100 Moderate

See every Medical Devices & Diagnostics company ranked by moat score →

How FNA scores on the Medical Devices & Diagnostics defenses

Pricing Power & Consumable Moat

Score 66 · 25% of the moat score

In MedTech, pricing power is rarely about the machine — it is about what the machine consumes.

R&D Pipeline & Capital Returns

Score 48 · 20% of the moat score

Research spending is how a device company keeps its installed base current, but spending alone proves nothing.

FCF Quality & Cash Conversion

Score 62 · 20% of the moat score

MedTech companies grow by acquisition, and the resulting intangible amortisation depresses reported earnings without consuming any cash.

Commercial Execution

Score 56 · 15% of the moat score

Devices are sold into hospitals and labs through committees, tenders and long qualification cycles, which makes the sales organisation expensive and hard to replicate.

Capital Structure & Resilience

Score 70 · 12% of the moat score

Serial acquirers carry debt, and the question is whether the cash flows underneath it are dependable enough to service it through a downturn.

Growth Durability

Score 70 · 8% of the moat score

Growth durability separates an expanding installed base from a good product cycle.

How each Medical Devices & Diagnostics defense is measured, in full →

Understanding FNA's moat

What is Paragon 28, Inc.'s moat score?

Paragon 28, Inc. (FNA) scores 63 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #41 of 160 scored companies in Medical Devices, the top 26%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 159 companies in Medical Devices. Its strongest defense is Capital Structure & Resilience (70/100) and its weakest is R&D Pipeline & Capital Returns (48/100).

How does Paragon 28, Inc. compare with other Medical Devices companies?

Paragon 28, Inc. ranks #41 of 160 scored companies in Medical Devices by moat score. The widest moat in Medical Devices is iRadimed Corporation (IRMD) at 83/100. The companies ranked closest are SI-BONE, Inc. (SIBN) at 63 just above it and Orthofix Medical Inc. (OFIX) at 62 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Medical Devices & Diagnostics 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 159 companies in Medical Devices. The defenses are then weighted to produce the overall score out of 100.

Why is Paragon 28, Inc. scored with the Medical Devices & Diagnostics template?

Medical device and diagnostics companies place an instrument once and then sell the consumables, reagents and service that instrument needs for the next decade. The economics are a razor-and-blade model wrapped in regulatory approval and clinician habit, so the MedTech template scores the durability of that installed base rather than the size of any single product launch.

Which competitive defenses are measured for Paragon 28, Inc.?

The Medical Devices & Diagnostics template measures 6 defenses, and FNA scores: Pricing Power & Consumable Moat (66), R&D Pipeline & Capital Returns (48), FCF Quality & Cash Conversion (62), Commercial Execution (56), Capital Structure & Resilience (70), Growth Durability (70). 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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