Does DUKE ENERGY CORPORATION have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores DUKE ENERGY CORPORATION (DUK) 40.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 1, capital discipline 52.

Is DUK stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $90.42 per share versus a recent price of $125.01 — 38% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has DUK's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 40.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

DUKE ENERGY CORPORATION

DUK · Utilities · $97.3B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 71.2% over 3y, very stable.

Returns on capital0

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

Balance-sheet safety1

Net debt/EBITDA 5.5x, interest coverage 2x.

Capital discipline52

Owner earnings +9.7%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

38% above value

Owner earnings (normalized): $3.9B
Est. intrinsic value / share: $90.42
Recent price: $125.01
Discount to value: 38% above value

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

20 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $12.7B (FY2007) to $31.7B (FY2025) — about 5.2% a year compounded over 18 years.

It earned 5.4% on invested capital in FY2025, with a median of 4.4% across 19 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $89.8B of total debt in FY2025 against $5.0B of owner earnings — roughly 18.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 1/100.

The share count fell 38.8% between FY2008 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 52/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how DUK 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.

RevenueSales, as filed$31.7B FY2025

Gross marginRevenue kept after cost of goods72.0% FY2019

Return on invested capitalOperating profit on the capital employed5.4% FY2025

Owner earningsCash an owner could take out$5.0B FY2025

Gaps in a line mean that item isn’t in DUK’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 scale40.6 / 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 — DUK 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.

Utilities context

#18 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#16LNT ALLIANT ENERGY CORP40.7 out of 100, Shallow moatShallow moat
#17PEG PUBLIC SERVICE ENTERPRISE GROUP INC40.6 out of 100, Shallow moatShallow moat
#19XEL XCEL ENERGY INC39.2 out of 100, No moatNo moat
#20WEC WEC ENERGY GROUP, INC.38.6 out of 100, No moatNo moat

Compare DUK with its nearest peers →All Utilities companies on the Index →

Common questions about DUK

Does DUKE ENERGY CORPORATION have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores DUKE ENERGY CORPORATION (DUK) 40.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 1, capital discipline 52.
Is DUK stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $90.42 per share versus a recent price of $125.01 — 38% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has DUK's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 40.6 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 DUK. See the disclaimer.