Does GRANITE CONSTRUCTION INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores GRANITE CONSTRUCTION INC (GVA) 26.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 7, returns on capital 16, balance-sheet safety 37, capital discipline 60.

Is GVA 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 $34.47 per share versus a recent price of $124.03 — 260% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has GVA's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 26.5 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

GRANITE CONSTRUCTION INC

GVA · Industrials · $5.4B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power7

Median gross margin 10.8% over 10y, variable.

Returns on capital16

Median ROIC 5.5%, above the 9% hurdle in 40% of years.

Balance-sheet safety37

Net debt/EBITDA n/ax, interest coverage 6x.

Capital discipline60

Owner earnings +16.0%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

260% above value

Owner earnings (normalized): $83.3M
Est. intrinsic value / share: $34.47
Recent price: $124.03
Discount to value: 260% above value

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

19 years of fundamentals

The business, in plain English

GRANITE CONSTRUCTION INC booked $4.4B of revenue in FY2025 in the Industrials sector and kept 16.1% of it as gross profit — a thin-margin business by that measure. After every other cost, 4.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.7B (FY2008) to $4.4B (FY2025) — about 3.0% a year compounded over 17 years.

It earned 33.2% on invested capital in FY2025, with a median of 8.2% across 18 filed years. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $382.4M of total debt in FY2018. Balance-Sheet Safety scores it 37/100.

The share count rose 12.6% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.

Put together: Capital Discipline is the strongest of the four filters (60/100) and Pricing Power the weakest (7/100), which is how GVA lands at 27/100 — 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$4.4B FY2025

Gross marginRevenue kept after cost of goods16.1% FY2025

Return on invested capitalOperating profit on the capital employed33.2% FY2025

Owner earningsCash an owner could take out$217.2M FY2025

Gaps in a line mean that item isn’t in GVA’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 scale26.5 / 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 — GVA 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

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

Nearest peers by Moat Score

#222LCUT LIFETIME BRANDS, INC.26.9 out of 100, No moatNo moat
#223HFFG HF FOODS GROUP INC.26.6 out of 100, No moatNo moat
#225GWAV GREENWAVE TECHNOLOGY SOLUTIONS, INC.25.9 out of 100, No moatNo moat
#226SEB Seaboard Corporation25.8 out of 100, No moatNo moat

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

Common questions about GVA

Does GRANITE CONSTRUCTION INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores GRANITE CONSTRUCTION INC (GVA) 26.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 7, returns on capital 16, balance-sheet safety 37, capital discipline 60.
Is GVA 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 $34.47 per share versus a recent price of $124.03 — 260% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has GVA's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 26.5 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 GVA. See the disclaimer.