Does Ameresco, Inc. have an economic moat?

Based on its FY2024 SEC filings, the Moat Index scores Ameresco, Inc. (AMRC) 31.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 26, returns on capital 13, balance-sheet safety 40, capital discipline 60.

Is AMRC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $41.55 per share versus a recent price of $23.11 — 44% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has AMRC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 31.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Ameresco, Inc.

AMRC · Industrials · $1.2B mkt cap · FY2024 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power26

Median gross margin 18.8% over 10y, stable.

Returns on capital13

Median ROIC 7.1%, above the 9% hurdle in 10% of years.

Balance-sheet safety40

Net debt/EBITDA 7.7x, no material interest expense disclosed.

Capital discipline60

Owner earnings +23.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

44% below value

Owner earnings (normalized): $122.7M
Est. intrinsic value / share: $41.55
Recent price: $23.11
Discount to value: 44% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

17 years of fundamentals

The business, in plain English

Ameresco, Inc. booked $1.8B of revenue in FY2024 in the Industrials sector and kept 14.5% of it as gross profit — a thin-margin business by that measure. After every other cost, 3.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $428.5M (FY2009) to $1.8B (FY2024) — about 9.9% a year compounded over 15 years.

It earned 4.3% on invested capital in FY2024, with a median of 7.1% across 16 filed years. The Returns on Capital filter above scores it 13/100.

The balance sheet carried $1.6B of total debt in FY2024 against $141.7M of owner earnings — roughly 11.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 40/100.

The share count rose 62.5% between FY2009 and FY2024 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Capital Discipline is the strongest of the four filters (60/100) and Returns on Capital the weakest (13/100), which is how AMRC lands at 32/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.8B FY2024

Gross marginRevenue kept after cost of goods14.5% FY2024

Return on invested capitalOperating profit on the capital employed4.3% FY2024

Owner earningsCash an owner could take out$141.7M FY2024

Gaps in a line mean that item isn’t in AMRC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale31.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AMRC has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#189 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#187JBTM JBT Marel Corporation32.0 out of 100, No moatNo moat
#188CRS CARPENTER TECHNOLOGY CORPORATION31.8 out of 100, No moatNo moat
#190J JACOBS SOLUTIONS INC.31.4 out of 100, No moatNo moat
#191ALTG ALTA EQUIPMENT GROUP INC.31.4 out of 100, No moatNo moat

Compare AMRC with its nearest peers →All Industrials companies on the Index →

Common questions about AMRC

Does Ameresco, Inc. have an economic moat?: Based on its FY2024 SEC filings, the Moat Index scores Ameresco, Inc. (AMRC) 31.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 26, returns on capital 13, balance-sheet safety 40, capital discipline 60.
Is AMRC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $41.55 per share versus a recent price of $23.11 — 44% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AMRC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 31.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AMRC. See the disclaimer.