Diebold Nixdorf, Incorporated
DBD · Technology · $3.0B mkt cap · FY2025 filings · No moat ·
Doesn't clear the bar
The four filters
Median gross margin 24.2% over 9y, stable.
Median ROIC -1.6%, above the 9% hurdle in 22% of years.
Net debt/EBITDA 1.5x, interest coverage 3x.
Owner earnings trend unclear, share count n/a.
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $85.67
- 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
Diebold Nixdorf, Incorporated booked $3.8B of revenue in FY2025 in the Technology sector and kept 25.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, 2.5% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $3.1B (FY2008) to $3.8B (FY2025) — about 1.2% a year compounded over 17 years.
It earned 11.7% on invested capital in FY2025, with a median of 7.3% across 17 filed years. The Returns on Capital filter above scores it 8/100.
The balance sheet carried $938.5M of total debt in FY2025 against $94.6M of owner earnings — roughly 9.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 36/100.
The share count fell 46.7% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 44/100.
Put together: Capital Discipline is the strongest of the four filters (44/100) and Returns on Capital the weakest (8/100), which is how DBD 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.
Gaps in a line mean that item isn’t in DBD’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
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 — DBD 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.
Technology context
#427 of 532 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #425ARLO ARLO TECHNOLOGIES, INC.29.3 out of 100, No moatNo moat
- #426OSS One Stop Systems, Inc.29.2 out of 100, No moatNo moat
- #428NVTS Navitas Semiconductor Corporation28.8 out of 100, No moatNo moat
- #429ICHR Ichor Holdings, Ltd.28.3 out of 100, No moatNo moat
Compare DBD with its nearest peers →All Technology companies on the Index →
Common questions about DBD
- Does Diebold Nixdorf, Incorporated have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Diebold Nixdorf, Incorporated (DBD) 29.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 36, returns on capital 8, balance-sheet safety 36, capital discipline 44.
- How has DBD's Moat Score changed over time?
- The record logs 3 readings since Jul 17, 2026; the latest reads 29.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.