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The Moat Index

Kraft Heinz Co

KHC · Consumer Staples · $30.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

33/ 100
No moat

The four filters

Pricing power58

Median gross margin 33.7% over 10y, very stable.

Returns on capital0

Median ROIC 3.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -5x.

Capital discipline49

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

Margin of safety

Above valueOn sale
16% above value
Owner earnings (normalized)
$2.4B
Est. intrinsic value / share
$22.33
Recent price
$25.88
Discount to value
16% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

13 years of fundamentals

The business, in plain English

Kraft Heinz Co booked $24.9B of revenue in FY2025 in the Consumer Staples sector and kept 33.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, −23.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $10.9B (FY2014) to $24.9B (FY2025) — about 7.8% a year compounded over 11 years.

It earned −6.1% on invested capital in FY2025, with a median of 3.1% across 12 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $21.2B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 214.2% between FY2013 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 49/100.

Put together: Pricing Power is the strongest of the four filters (58/100) and Returns on Capital the weakest (0/100), which is how KHC lands at 33/100 — 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.

FY2013–FY2025 · 13 fiscal years, normalized from KHC’s SEC filings

RevenueSales, as filed$24.9B FY2025
$0$10B$20B2013201720212025
Gross marginRevenue kept after cost of goods33.3% FY2025
0%20%2013201720212025
Return on invested capitalOperating profit on the capital employed−6.1% FY2025
−10%0%2013201720212025
Owner earningsCash an owner could take out−$5.7B FY2025
−$10B$0$10B2013201720212025

Gaps in a line mean that item isn’t in KHC’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 time · 3 readings since 2026-07-17

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell KHC. See the disclaimer.

Kraft Heinz Co (KHC) Moat Score — The Moat Index · Buy Like Buffett