At least, not a storyform.
As detailed in our Dramatica analysis of Moonlight , the film lacks the necessary components to make a convincing argument. However, as the events of last night would seem to affirm, "Truth" reveals itself in many different ways.
To say there is "no story"--on this site, and in story meetings and lunch with fellow writers--means there is a sense that something is missing; some greater truth.
The Dramatica theory of story is the first understanding of narrative to delineate and make concrete this greater truth. For hundreds and hundreds and thousands of years, writers have used elements of character, plot, theme, and genre as analogies towards a single human mind trying to resolve a problem. Many didn't realize they were doing it; they simply wrote what they thought was a great story--one that made sense and felt right.
That greater truth or message they hoped to communicate found itself material in the storyform. Balancing out thematic issues and plot concerns with elements of character that in service of a singular purpose, the storyform makes telepathy between writer and reader a reality. The stronger the storyform, the greater the capability of effectively transmitting that message.
Other truths exist.
As Moonlight so eloquently shows, the lack of a complete narrative invites greater acceptance and more opportunities for Audience empathy. With several Throughlines missing or incomplete, the viewer fills in the blanks and takes ownership of the story.
Consider Thelma and Louise. We learn nothing of what happened to Louise in Texas; only that it is enough to motivate her to engage in dangerous and violent action. Without that knowledge each and every audience member supplies his or her own experience and by doing so, becomes a part of the narrative.
Moonlight won not only because it was a fantastic and moving work of art, but also because it invited the audience to bring their own individual understanding to the table. We fill in the blanks and see our own truth worked out across the screen.
Every mind craves meaning. If we can somehow reaffirm our own experience, our personal truths become universal. We celebrate the work as Best Picture, but really it is the Best Picture of ourselves.