Does KENNAMETAL INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores KENNAMETAL INC (KMT) 38.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 50, returns on capital 16, balance-sheet safety 42, capital discipline 53.

Is KMT 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 $33.30 per share versus a recent price of $33.74 — around fair value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has KMT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 38.8 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

KENNAMETAL INC

KMT · Industrials · $2.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power50

Median gross margin 30.9% over 10y, very stable.

Returns on capital16

Median ROIC 7.0%, above the 9% hurdle in 20% of years.

Balance-sheet safety42

Net debt/EBITDA 1.6x, interest coverage 6x.

Capital discipline53

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

Margin of safety

Above valueOn sale

Around fair value

Owner earnings (normalized): $140.7M
Est. intrinsic value / share: $33.30
Recent price: $33.74
Discount to value: Around fair value

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

18 years of fundamentals

The business, in plain English

KENNAMETAL INC booked $2.0B of revenue in FY2025 in the Industrials sector and kept 30.4% of it as gross profit — a moderate-margin business by that measure. After every other cost, 4.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue held roughly flat, from $2.0B (FY2009) to $2.0B (FY2025) — about −0.1% a year compounded over 16 years.

It earned 6.1% on invested capital in FY2025, with a median of 6.8% across 17 filed years. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $596.8M of total debt in FY2025 against $140.7M of owner earnings — roughly 4.2 years of owner earnings to retire it all. Balance-Sheet Safety scores it 42/100.

The share count fell 6.4% between FY2011 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 53/100.

Put together: Capital Discipline is the strongest of the four filters (53/100) and Returns on Capital the weakest (16/100), which is how KMT lands at 39/100 — 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$2.0B FY2025

Gross marginRevenue kept after cost of goods30.4% FY2025

Return on invested capitalOperating profit on the capital employed6.1% FY2025

Owner earningsCash an owner could take out$140.7M FY2025

Gaps in a line mean that item isn’t in KMT’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 scale38.8 / 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 — KMT 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

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

Nearest peers by Moat Score

#155NTIC NORTHERN TECHNOLOGIES INTERNATIONAL CORP39.5 out of 100, No moatNo moat
#156MGPI MGP INGREDIENTS, INC.38.9 out of 100, No moatNo moat
#158RELL RICHARDSON ELECTRONICS, LTD.38.7 out of 100, No moatNo moat
#159AZZ AZZ Inc.38.2 out of 100, No moatNo moat

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

Common questions about KMT

Does KENNAMETAL INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores KENNAMETAL INC (KMT) 38.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 50, returns on capital 16, balance-sheet safety 42, capital discipline 53.
Is KMT 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 $33.30 per share versus a recent price of $33.74 — around fair value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has KMT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 38.8 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 KMT. See the disclaimer.