FiscalNote Holdings, Inc. operates as a technology provider for global policy and market intelligence in North America, Europe, Australia, and Asia. The company delivers legal and policy insights in political, regulatory, and macroeconomic environments by combining artificial intelligence and other technologies with analytics and workflow tools. It also provides data and information that enables customers to manage policy change, address …
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Competitive advantage assessment
Key strengths
FCF Margin Is ImprovingFCF trend is favorable (score 0.92), indicating improving cash scalability.
Key risks
Returns Trail PeersReturn profile is weak (score 0.11), pointing to limited capital efficiency.
Lumpy Revenue TrajectoryRevenue consistency is weak (score 0.32), suggesting demand may be less recurring than peers.
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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Where NOTE ranks in Information Technology Services
FiscalNote Holdings, Inc. ranks #66 of 78
scored companies in Information Technology Services by moat score — the top 85%.
The widest moat in the group is Mastercard Incorporated (MA)
at 84/100.
Moat scores for companies ranked near NOTE in Information Technology Services
How NOTE scores on the Software & SaaS Specialized defenses
Pricing Power
Score 44
· 20% of the moat score
In software, pricing power is visible in gross margin: a vendor that has to discount in order to renew gives it up first.
Recurring Revenue Stickiness
Score 25
· 18% of the moat score
Recurring revenue is the model's central claim, and it is a moat only when customers renew and expand without being re-sold each year.
Innovation Engine
Score 16
· 16% of the moat score
Software is competed away rather than depreciated, so a vendor that stops investing loses its category.
Cash Scalability
Score 50
· 18% of the moat score
The test of a software business is whether growth eventually stops consuming cash.
Capital Efficiency
Score 13
· 16% of the moat score
A software platform employs very little capital, so a genuine franchise should produce high returns on it without leverage.
Balance Sheet Resilience
Score 24
· 12% of the moat score
Software companies fund years of customer acquisition before those customers pay back, which makes access to capital a strategic variable rather than a treasury detail.
FiscalNote Holdings, Inc. (NOTE) scores 30 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #66 of 78 scored companies in Information Technology Services, the top 85%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 77 companies in Information Technology Services. Its strongest defense is Cash Scalability (50/100) and its weakest is Capital Efficiency (13/100).
How does FiscalNote Holdings, Inc. compare with other Information Technology Services companies?
FiscalNote Holdings, Inc. ranks #66 of 78 scored companies in Information Technology Services by moat score. The widest moat in Information Technology Services is Mastercard Incorporated (MA) at 84/100. The companies ranked closest are Data Storage Corporation Warrant (DTSTW) at 30 just above it and BigBear.ai, Inc. (BBAI) at 24 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Software & SaaS 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 77 companies in Information Technology Services. The defenses are then weighted to produce the overall score out of 100.
Why is FiscalNote Holdings, Inc. scored with the Software & SaaS Specialized template?
Software costs almost nothing to reproduce, so the entire economic question is whether customers keep paying. Revenue is a subscription rather than a sale, the cost of winning a customer is paid years before that customer becomes profitable, and margins arrive only if renewals hold. The Software & SaaS template scores retention, reinvestment, and the point at which growth turns into cash.
Which competitive defenses are measured for FiscalNote Holdings, Inc.?
The Software & SaaS Specialized template measures 6 defenses, and NOTE scores: Pricing Power (44), Recurring Revenue Stickiness (25), Innovation Engine (16), Cash Scalability (50), Capital Efficiency (13), Balance Sheet Resilience (24). 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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