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AVNET, INC.

AVT · Industrials · $7.5B mkt cap · FY2025 filings · · not refreshed in 35 days · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

65

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $19.5B to $22.2B, increasing; diluted EPS 1.93 to 2.75, increasing.

25

Median gross margin 12.1% over 10y, very stable.

13

Median ROIC 6.4%, above the 12% hurdle in 20% of years.

0

Net debt/EBITDA 4.2x, interest coverage 2x.

40

Owner earnings changed -8.0%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
35% above value if growth stopped today
$499M
$66.39
$66.39
$89.42
35% above value if growth stopped today

What today’s price assumes: owner earnings growing ~6%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

AVNET, INC. booked $22.2B of revenue in FY2025 in the Industrials sector and kept 10.7% of it as gross profit — a thin-margin business by that measure. After every other cost, 1.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $18.0B (FY2008) to $22.2B (FY2025) — about 1.3% a year compounded over 17 years.

It earned 6.6% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 9.3%. Over the v3 recent window (10 measurable filed years), median ROIC was 6.4%. The Returns on Capital filter above scores it 13/100.

The balance sheet carried $2.7B of total debt in FY2025 against $240M of owner earnings — roughly 11.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

Put together: Business Trend is the strongest of the five filters (65/100) and Balance-Sheet Safety the weakest (0/100), which is how AVT lands at 29/100 — 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.

FY2007–FY2025 · 19 fiscal years, normalized from AVT’s SEC filings

Sales, as filed$22.2B FY2025
$0$10B$20B2007201320192025
Revenue kept after cost of goods10.7% FY2025
0%5%10%2007201320192025
Standard ROIC or separately labeled Operating ROICROIC 6.6% FY2025
0%2007201320192025
Cash an owner could take out$240M FY2025
−$1B$02007201320192025

Gaps in a line mean that item isn’t in AVT’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.

Flagship explainer

How AVNET, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$22.2B · 100%Cost of revenue$19.8B · 89%Gross profit$2.4B · 11%Operating income$514M · 2%Income before tax$251M · 1%Income tax$10.4M · 0%Net income$240M · 1%As of 2025-06-28 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$22.2B100%
Cost of revenue$19.8B89%
$2.4B11%
$514M2%
Income before tax$251M1%
Income tax$10.4M0%
$240M1%
Source: · event Jun 28, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What AVNET, INC. owns — and owes

AVNET, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$12.1B100%
Cash and equivalents$192M2%
$2.7B22%
Stockholders’ equity$5.0B41%
Source: · event Jun 28, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives AVNET, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity5%Tax burden96%net income ÷ pretax incomeInterest burden49%pretax ÷ operating incomeOperating margin2%operating income ÷ revenueAsset turnover1.83×revenue ÷ average assetsEquity multiplier2.45×average assets ÷ average equityAs of 2025-06-28 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$240MFY2025
Income before tax$251MFY2025
Operating income$514MFY2025
$22.2BFY2025
Ending assets$12.1BFY2025
Beginning assets$12.2BFY2024
$5.0BFY2025
$4.9BFY2024
Source:
  • SEC filingFiling detailsAccession 0000008858-24-000030
  • SEC filingFiling detailsAccession 0000008858-25-000028
· event Jun 28, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where AVNET, INC.'s cash went

AVNET, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$725M100%
Depreciation and amortization$71.6M10%
Source: · event Jun 28, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding AVNET, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What AVNET, INC. insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale28.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 30, 2026.

169 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (22 versus 3). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
McCoy Michael RyanSVP, General CounselGrant, award, or other acquisition (A)Table I · Acquired · Common Stock5,537—Grant, award, or other acquisition (A)—104,749Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 5,537 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 104,749 ·
McCoy Michael RyanSVP, General CounselPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock2,318$87.81$203,544102,431Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 2,318 shares at $87.81 · code F · owned after 102,431 ·
GALLAGHER PHILIP RDirector, Chief Executive OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock29,811—Grant, award, or other acquisition (A)—319,725Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 29,811 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 319,725 ·
GALLAGHER PHILIP RDirector, Chief Executive OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock12,476$87.81$1,095,518307,249Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 12,476 shares at $87.81 · code F · owned after 307,249 ·
Chan Leng JinSVP, CIOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock3,194—Grant, award, or other acquisition (A)—58,127Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 3,194 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 58,127 ·
Chan Leng JinSVP, CIOPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock1,337$87.81$117,40256,790Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 1,337 shares at $87.81 · code F · owned after 56,790 ·
Arnold Ken E.SVP, Chief People OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock5,111—Grant, award, or other acquisition (A)—88,062Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 5,111 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 88,062 ·
Arnold Ken E.SVP, Chief People OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock2,139$87.81$187,82685,923Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 2,139 shares at $87.81 · code F · owned after 85,923 ·
JACOBSON KENNETH AChief Financial OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock6,388—Grant, award, or other acquisition (A)—79,195Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 6,388 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 79,195 ·
JACOBSON KENNETH AChief Financial OfficerPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock2,674$87.81$234,80476,521Aug 27, 2026
1 filed lot
  • Table I · Common Stock: 2,674 shares at $87.81 · code F · owned after 76,521 ·
Youngblood Jay DavidSVP, Chief Digital OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock7,090—Grant, award, or other acquisition (A)—13,725Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 7,090 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 13,725 ·
Chan Leng JinSVP, CIOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock14,157—Grant, award, or other acquisition (A)—54,933Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 14,157 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 54,933 ·
Arnold Ken E.SVP, Chief People OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock21,452—Grant, award, or other acquisition (A)—82,951Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 21,452 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 82,951 ·
JACOBSON KENNETH AChief Financial OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock30,488—Grant, award, or other acquisition (A)—72,807Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 30,488 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 72,807 ·
GALLAGHER PHILIP RDirector, Chief Executive OfficerGrant, award, or other acquisition (A)Table I · Acquired · Common Stock120,991—Grant, award, or other acquisition (A)—289,914Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 120,991 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 289,914 ·
McCoy Michael RyanSVP, General CounselGrant, award, or other acquisition (A)Table I · Acquired · Common Stock22,538—Grant, award, or other acquisition (A)—99,212Aug 20, 2026
1 filed lot
  • Table I · Common Stock: 22,538 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 99,212 ·
McCoy Michael RyanSVP, General CounselExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event32,052$39.62$1,269,900108,726Aug 19, 2026
1 filed lot
  • Table I · Common Stock: 32,052 shares at $39.62 · code M · owned after 108,726 · Paired event: 32,052 Employee Stock Option (Right to Buy) → 32,052 Common Stock ·
McCoy Michael RyanSVP, General CounselOpen-market or private sale (S)Table I · Disposed · Common Stock32,052$91.10$2,919,93776,674Aug 19, 2026
1 filed lot
  • Table I · Common Stock: 32,052 shares at $91.10 · code S · owned after 76,674 ·
McCoy Michael RyanSVP, General CounselExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 1 paired event32,052—Exercise or conversion of derivative security (M)—0Aug 19, 2026
1 filed lot
  • Table II · Employee Stock Option (Right to Buy): 32,052 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 32,052 Employee Stock Option (Right to Buy) → 32,052 Common Stock ·
GALLAGHER PHILIP RDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events51,900$35.7354$1,854,668See lot detailAug 12, 2026
2 filed lots
  • Table I · Common Stock: 31,900 shares at $39.72 · code M · owned after 200,823 · Paired event: 31,900 Employee Stock Option (Right to Buy) → 31,900 Common Stock ·
  • Table I · Common Stock: 20,000 shares at $29.38 · code M · owned after 220,823 · Paired event: 20,000 Employee Stock Option (Right to Buy) → 20,000 Common Stock ·
GALLAGHER PHILIP RDirector, Chief Executive OfficerOpen-market or private sale (S)Table I · Disposed · Common Stock51,900$98.46$5,110,074See lot detailAug 12, 2026
2 filed lots
  • Table I · Common Stock: 31,900 shares at $98.46 · code S · owned after 188,923 ·
  • Table I · Common Stock: 20,000 shares at $98.46 · code S · owned after 168,923 ·
GALLAGHER PHILIP RDirector, Chief Executive OfficerExercise or conversion of derivative security (M)Table II · Disposed · Employee Stock Option (Right to Buy) · 2 paired events51,900—Exercise or conversion of derivative security (M)—See lot detailAug 12, 2026
2 filed lots
  • Table II · Employee Stock Option (Right to Buy): 31,900 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 31,900 Employee Stock Option (Right to Buy) → 31,900 Common Stock ·
  • Table II · Employee Stock Option (Right to Buy): 20,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 150,048 · Paired event: 20,000 Employee Stock Option (Right to Buy) → 20,000 Common Stock ·

Source-event as of . Retrieved .

Track record

How AVNET, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored AVT on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, AVT did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Industrials context

#361 of 446 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #359SONO SONOS, INC.28.9No moat
  2. #360SENS SENSEONICS HOLDINGS, INC.28.8No moat
  3. #362BE BLOOM ENERGY CORPORATION28.7No moat
  4. #363JTAI Jet.AI Inc.28.6No moat

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

Common questions about AVT

Does AVNET, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores AVNET, INC. (AVT) 28.7 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 65, pricing power 25, returns on capital 13, balance-sheet safety 0, capital allocation 40.
Is AVT trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $66.39 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $89.42, that is 35% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has AVT's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 28.7 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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