AGNT

Moat components and durability. Network effects (60/100, weight 40%): AGNT benefits from a quasi‑network effect where agent attraction, mentorship, and revenue‑share communities reinforce retention. Still, agent switching costs remain modest in brokerage and competitors can match splits and perks.

Intangibles/brand (55/100, weight 20%): eXp and NextHome are known brands with high agent NPS scores historically, but brand equity is tied to agent economics rather than consumer pull. Cost advantage (65/100, weight 25%): the cloud model avoids brick‑and‑mortar overhead, supporting lean fixed costs versus traditional brokerages.

Switching costs (35/100, weight 10%): workflow and community help, but agents can port listings and CRMs, so contractual stickiness is limited. Efficient scale (30/100, weight 5%): residential brokerage is fragmented; local competition remains intense.

Weighted average yields about 56. The new franchise arm (NextHome) could improve unit economics over time, but rule changes post‑NAR settlement may also compress buyer‑side participation, tempering moat expansion.