Does Blend Labs have an economic moat?
Not clearly
Blend Labs earns -57.4% a year on the money invested in it, a return competitors could match.
The numbers behind it
Return on invested capital, average of recent years-57.4%
Return on invested capital, latest year-1.0%
Gross margin73.8%Share of each sale left after production costs
Net margin-6.5%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about Blend Labs
Data as of Nov 13, 2026.