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The Moat Index

AXALTA COATING SYSTEMS LTD.

AXTA · Materials · FY2025 filings · Shallow moat ·

Doesn't clear the bar

41/ 100
Shallow moat

The four filters

Pricing power55

Median gross margin 34.2% over 10y, very stable.

Returns on capital24

Median ROIC 8.0%, above the 9% hurdle in 30% of years.

Balance-sheet safety27

Net debt/EBITDA 2.5x, interest coverage 4x.

Capital discipline59

Owner earnings +8.7%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$458.8M
Est. intrinsic value / share
—
Recent price
$32.34
Discount to value
No price data

Conservative model: 9% discount rate, 1% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

13 years of fundamentals

The business, in plain English

AXALTA COATING SYSTEMS LTD. booked $5.1B of revenue in FY2025 in the Materials sector and kept 34.4% of it as gross profit — a moderate-margin business by that measure. After every other cost, 7.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $4.4B (FY2014) to $5.1B (FY2025) — about 1.4% a year compounded over 11 years.

It earned 10.4% on invested capital in FY2025, with a median of 8.0% across 12 filed years. The Returns on Capital filter above scores it 24/100.

The balance sheet carried $3.2B of total debt in FY2025 against $477.0M of owner earnings — roughly 6.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 27/100.

The share count rose 5.8% between FY2015 and FY2021 — existing owners have been diluted over the record. Capital Discipline scores it 59/100.

Put together: Capital Discipline is the strongest of the four filters (59/100) and Returns on Capital the weakest (24/100), which is how AXTA lands at 41/100 — a Shallow 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.

FY2013–FY2025 · 13 fiscal years, normalized from AXTA’s SEC filings

RevenueSales, as filed$5.1B FY2025
$0$2B$4B2013201720212025
Gross marginRevenue kept after cost of goods34.4% FY2025
0%20%40%2013201720212025
Return on invested capitalOperating profit on the capital employed10.4% FY2025
0%20%40%2013201720212025
Owner earningsCash an owner could take out$477.0M FY2025
$0$200M$400M2013201720212025

Gaps in a line mean that item isn’t in AXTA’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

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

Moat Score over timeLast scored reading of each day, on the 0–100 scale40.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

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 — AXTA has read Shallow 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.

Materials context

#100 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #98LODE COMSTOCK INC.40.8Shallow moat
  2. #99VIRC VIRCO MFG. CORPORATION40.7Shallow moat
  3. #101FBIN Fortune Brands Innovations, Inc.40.5Shallow moat
  4. #102FLXS FLEXSTEEL INDUSTRIES, INC.40.4Shallow moat

Compare AXTA with its nearest peers →All Materials companies on the Index →

Common questions about AXTA

Does AXALTA COATING SYSTEMS LTD. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores AXALTA COATING SYSTEMS LTD. (AXTA) 40.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 55, returns on capital 24, balance-sheet safety 27, capital discipline 59.
How has AXTA's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 40.7 out of 100 (shallow 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 AXTA. See the disclaimer.

AXALTA COATING SYSTEMS LTD. (AXTA) Moat Score — The Moat Index · Buy Like Buffett