Everus Construction Group, Inc.
ECG · Industrials · $6.8B mkt cap · FY2025 filings · Narrow moat ·
On the watchlist
The four filters
Median gross margin 11.6% over 4y, very stable.
Median ROIC 28.7%, above the 9% hurdle in 100% of years.
Net debt/EBITDA 0.4x, interest coverage 12x.
Owner earnings +14.9%/yr, share count flat.
Margin of safety
- Owner earnings (normalized)
- $98.4M
- Est. intrinsic value / share
- $34.72
- Recent price
- $133.23
- Discount to value
- 284% above value
Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
5 years of fundamentals
The business, in plain English
Everus Construction Group, Inc. booked $3.7B of revenue in FY2025 in the Industrials sector and kept 12.1% of it as gross profit — a thin-margin business by that measure. After every other cost, 5.4% of each revenue dollar reached the bottom line.
It earned 25.7% on invested capital in FY2025, with a median of 28.7% across 4 filed years. The Returns on Capital filter above scores it 100/100.
The balance sheet carried $281.5M of total debt in FY2025 against $134.9M of owner earnings — roughly 2.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 75/100.
Put together: Returns on Capital is the strongest of the four filters (100/100) and Pricing Power the weakest (25/100), which is how ECG lands at 69/100 — a Narrow 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 ECG’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 18, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — ECG has read Narrow moat for every logged capture since Jul 18, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Track record
How Everus Construction Group, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored ECG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, ECG did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Industrials context
#57 of 327 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #55LNN Lindsay Corporation69.0 out of 100, Narrow moatNarrow moat
- #56HBB HAMILTON BEACH BRANDS HOLDING COMPANY68.6 out of 100, Narrow moatNarrow moat
- #58COR CENCORA, INC.68.1 out of 100, Narrow moatNarrow moat
- #59IESC IES Holdings, Inc.67.4 out of 100, Narrow moatNarrow moat
Compare ECG with its nearest peers →All Industrials companies on the Index →
Common questions about ECG
- Does Everus Construction Group, Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores Everus Construction Group, Inc. (ECG) 68.5 out of 100 — a Narrow moat. The four filters behind that score (each 0–100): pricing power 25, returns on capital 100, balance-sheet safety 75, capital discipline 80.
- Is ECG 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 $34.72 per share versus a recent price of $133.23 — 284% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
- How has ECG's Moat Score changed over time?
- The record logs 1 reading since Jul 18, 2026; the latest reads 68.5 out of 100 (narrow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.