Does EquipmentShare.com Inc have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores EquipmentShare.com Inc (EQPT) 45.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 84, returns on capital 17, balance-sheet safety 0, capital discipline 77.

Is EQPT 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 $3.87 per share versus a recent price of $16.61 — 329% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has EQPT's Moat Score changed over time?

The record logs 1 reading since Jul 18, 2026; the latest reads 45.8 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

EquipmentShare.com Inc

EQPT · Technology · $1.3B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power84

Median gross margin 60.7% over 3y, stable.

Returns on capital17

Median ROIC 6.3%, above the 9% hurdle in 33% of years.

Balance-sheet safety0

Net debt/EBITDA 4.5x, interest coverage 1x.

Capital discipline77

Owner earnings +53.4%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

329% above value

Owner earnings (normalized): $17.0M
Est. intrinsic value / share: $3.87
Recent price: $16.61
Discount to value: 329% above value

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

4 years of fundamentals

The business, in plain English

EquipmentShare.com Inc booked $2.0B of revenue in FY2025 in the Technology sector and kept 60.7% of it as gross profit — a high-margin business by that measure. After every other cost, 2.0% of each revenue dollar reached the bottom line.

It earned 6.3% on invested capital in FY2025, with a median of 6.3% across 3 filed years. The Returns on Capital filter above scores it 17/100.

The balance sheet carried $3.3B of total debt in FY2025 against $40.0M of owner earnings — roughly 81.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

Put together: Pricing Power is the strongest of the four filters (84/100) and Balance-Sheet Safety the weakest (0/100), which is how EQPT lands at 46/100 — 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$2.0B FY2025

Gross marginRevenue kept after cost of goods60.7% FY2025

Return on invested capitalOperating profit on the capital employed6.3% FY2025

Owner earningsCash an owner could take out$40.0M FY2025

Gaps in a line mean that item isn’t in EQPT’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 scale45.8 / 100

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 — EQPT has read Shallow 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.

Technology context

#249 of 579 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#247ASAN Asana, Inc.45.8 out of 100, Shallow moatShallow moat
#248SPT SPROUT SOCIAL, INC.45.8 out of 100, Shallow moatShallow moat
#250ESTC Elastic N.V.45.8 out of 100, Shallow moatShallow moat
#251KVYO Klaviyo, Inc.45.8 out of 100, Shallow moatShallow moat

Compare EQPT with its nearest peers →All Technology companies on the Index →

Common questions about EQPT

Does EquipmentShare.com Inc have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores EquipmentShare.com Inc (EQPT) 45.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 84, returns on capital 17, balance-sheet safety 0, capital discipline 77.
Is EQPT 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 $3.87 per share versus a recent price of $16.61 — 329% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has EQPT's Moat Score changed over time?: The record logs 1 reading since Jul 18, 2026; the latest reads 45.8 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 EQPT. See the disclaimer.