Does KBR, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores KBR, Inc. (KBR) 34.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 52, balance-sheet safety 32, capital discipline 64.

Is KBR 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 $36.44 per share versus a recent price of $35.07 — 4% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has KBR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 34.8 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

KBR, Inc.

KBR · Industrials · $4.4B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 11.7% over 10y, variable.

Returns on capital52

Median ROIC 12.1%, above the 9% hurdle in 60% of years.

Balance-sheet safety32

Net debt/EBITDA 2.2x, interest coverage 5x.

Capital discipline64

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

4% below value

Owner earnings (normalized): $256.0M
Est. intrinsic value / share: $36.44
Recent price: $35.07
Discount to value: 4% below 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

KBR, Inc. booked $7.8B of revenue in FY2025 in the Industrials sector and kept 14.8% of it as gross profit — a thin-margin business by that measure. After every other cost, 5.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $8.7B (FY2007) to $7.8B (FY2025) — about −0.6% a year compounded over 18 years.

It earned 16.1% on invested capital in FY2025, with a median of 15.4% across 18 filed years. The Returns on Capital filter above scores it 52/100.

The balance sheet carried $2.6B of total debt in FY2025 against $542.0M of owner earnings — roughly 4.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 32/100.

The share count fell 21.8% between FY2008 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 64/100.

Put together: Capital Discipline is the strongest of the four filters (64/100) and Pricing Power the weakest (0/100), which is how KBR lands at 35/100 — 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$7.8B FY2025

Gross marginRevenue kept after cost of goods14.8% FY2025

Return on invested capitalOperating profit on the capital employed16.1% FY2025

Owner earningsCash an owner could take out$542.0M FY2025

Gaps in a line mean that item isn’t in KBR’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 scale34.8 / 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 — KBR 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

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

Nearest peers by Moat Score

#171NASC Can B Corp.35.3 out of 100, No moatNo moat
#172SONO SONOS, INC.34.8 out of 100, No moatNo moat
#174VECO VEECO INSTRUMENTS INC.34.5 out of 100, No moatNo moat
#175FTEK FUEL TECH, INC.34.5 out of 100, No moatNo moat

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

Common questions about KBR

Does KBR, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores KBR, Inc. (KBR) 34.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 52, balance-sheet safety 32, capital discipline 64.
Is KBR 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 $36.44 per share versus a recent price of $35.07 — 4% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has KBR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 34.8 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 KBR. See the disclaimer.