Does California Resources Corp have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores California Resources Corp (CRC) 25.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 47, balance-sheet safety 50, capital discipline 5.

Is CRC stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $69.10 per share versus a recent price of $52.83 — 24% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CRC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 25.2 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

California Resources Corp

CRC · Materials · $4.7B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 2.9% over 3y, variable.

Returns on capital47

Median ROIC 10.5%, above the 9% hurdle in 67% of years.

Balance-sheet safety50

Net debt/EBITDA 1.0x, interest coverage 6x.

Capital discipline5

Owner earnings -3.5%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

24% below value

Owner earnings (normalized): $552.0M
Est. intrinsic value / share: $69.10
Recent price: $52.83
Discount to value: 24% below value

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

15 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $4.1B (FY2012) to $2.9B (FY2025) — about −2.6% a year compounded over 13 years.

It earned 9.0% on invested capital in FY2025, with a median of 9.3% across 11 filed years. The Returns on Capital filter above scores it 47/100.

The balance sheet carried $1.3B of total debt in FY2025 against $552.0M of owner earnings — roughly 2.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 50/100.

The share count rose 130.1% between FY2014 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 5/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (50/100) and Pricing Power the weakest (0/100), which is how CRC lands at 25/100 — 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$2.9B FY2025

Gross marginRevenue kept after cost of goods2.9% FY2019

Return on invested capitalOperating profit on the capital employed9.0% FY2025

Owner earningsCash an owner could take out$552.0M FY2025

Gaps in a line mean that item isn’t in CRC’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 scale25.2 / 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 — CRC 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

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

Nearest peers by Moat Score

#160GPRE Green Plains Inc.25.8 out of 100, No moatNo moat
#161APHD VERDE BIO HOLDINGS, INC.25.4 out of 100, No moatNo moat
#163ACNT Ascent Industries Co.24.9 out of 100, No moatNo moat
#164IFF INTERNATIONAL FLAVORS & FRAGRANCES INC24.7 out of 100, No moatNo moat

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

Common questions about CRC

Does California Resources Corp have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores California Resources Corp (CRC) 25.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 47, balance-sheet safety 50, capital discipline 5.
Is CRC stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $69.10 per share versus a recent price of $52.83 — 24% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CRC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 25.2 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 CRC. See the disclaimer.