Does Compass Minerals International, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Compass Minerals International, Inc. (CMP) 11.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 21, returns on capital 0, balance-sheet safety 0, capital discipline 24.

How has CMP's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 11.0 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

Compass Minerals International, Inc.

CMP · Materials · $1.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power21

Median gross margin 19.6% over 10y, stable.

Returns on capital0

Median ROIC 4.5%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 6.0x, interest coverage 0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $29.46
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

Compass Minerals International, Inc. booked $1.2B of revenue in FY2025 in the Materials sector and kept 15.3% of it as gross profit — a thin-margin business by that measure. After every other cost, −6.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.2B (FY2008) to $1.2B (FY2025) — about 0.4% a year compounded over 17 years.

It earned 2.0% on invested capital in FY2025, with a median of 7.4% across 18 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $832.2M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count rose 27.3% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Capital Discipline is the strongest of the four filters (24/100) and Returns on Capital the weakest (0/100), which is how CMP lands at 11/100 — 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$1.2B FY2025

Gross marginRevenue kept after cost of goods15.3% FY2025

Return on invested capitalOperating profit on the capital employed2.0% FY2025

Owner earningsCash an owner could take out−$46.3M FY2025

Gaps in a line mean that item isn’t in CMP’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 scale11.0 / 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 — CMP 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.

Materials context

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

Nearest peers by Moat Score

#200MAGN Magnera Corporation13.0 out of 100, No moatNo moat
#201OLN OLIN Corp12.7 out of 100, No moatNo moat
#203NINE Nine Energy Service, Inc.11.0 out of 100, No moatNo moat
#204AMTX AEMETIS, INC10.3 out of 100, No moatNo moat

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

Common questions about CMP

Does Compass Minerals International, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Compass Minerals International, Inc. (CMP) 11.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 21, returns on capital 0, balance-sheet safety 0, capital discipline 24.
How has CMP's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 11.0 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 CMP. See the disclaimer.