Does CARPENTER TECHNOLOGY CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores CARPENTER TECHNOLOGY CORPORATION (CRS) 31.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 1, returns on capital 14, balance-sheet safety 69, capital discipline 67.

Is CRS 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 $23.49 per share versus a recent price of $557.77 — 2274% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CRS's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 31.8 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

CARPENTER TECHNOLOGY CORPORATION

CRS · Industrials · $27.7B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power1

Median gross margin 15.9% over 10y, variable.

Returns on capital14

Median ROIC 4.9%, above the 9% hurdle in 40% of years.

Balance-sheet safety69

Net debt/EBITDA 0.6x, interest coverage 11x.

Capital discipline67

Owner earnings +30.0%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

2274% above value

Owner earnings (normalized): $105.1M
Est. intrinsic value / share: $23.49
Recent price: $557.77
Discount to value: 2274% above value

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

18 years of fundamentals

The business, in plain English

CARPENTER TECHNOLOGY CORPORATION booked $2.9B of revenue in FY2025 in the Industrials sector and kept 26.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, 13.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.4B (FY2009) to $2.9B (FY2025) — about 4.8% a year compounded over 16 years.

It earned 18.5% on invested capital in FY2025, with a median of 7.2% across 17 filed years. The Returns on Capital filter above scores it 14/100.

The balance sheet carried $695.4M of total debt in FY2025 against $376.0M of owner earnings — roughly 1.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 69/100.

The share count rose 9.7% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 67/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (69/100) and Pricing Power the weakest (1/100), which is how CRS 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$2.9B FY2025

Gross marginRevenue kept after cost of goods26.7% FY2025

Return on invested capitalOperating profit on the capital employed18.5% FY2025

Owner earningsCash an owner could take out$376.0M FY2025

Gaps in a line mean that item isn’t in CRS’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 scale31.8 / 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 — CRS 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

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

Nearest peers by Moat Score

#186PPIH PERMA-PIPE INTERNATIONAL HOLDINGS, INC.32.1 out of 100, No moatNo moat
#187JBTM JBT Marel Corporation32.0 out of 100, No moatNo moat
#189AMRC Ameresco, Inc.31.6 out of 100, No moatNo moat
#190J JACOBS SOLUTIONS INC.31.4 out of 100, No moatNo moat

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

Common questions about CRS

Does CARPENTER TECHNOLOGY CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores CARPENTER TECHNOLOGY CORPORATION (CRS) 31.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 1, returns on capital 14, balance-sheet safety 69, capital discipline 67.
Is CRS 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 $23.49 per share versus a recent price of $557.77 — 2274% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CRS's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 31.8 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 CRS. See the disclaimer.