Does LCI INDUSTRIES have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores LCI INDUSTRIES (LCII) 52.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 39, returns on capital 58, balance-sheet safety 45, capital discipline 72.

Is LCII stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $117.93 per share versus a recent price of $108.17 — 8% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has LCII's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 52.3 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

LCI INDUSTRIES

LCII · Consumer Discretionary · $2.6B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power39

Median gross margin 23.4% over 10y, very stable.

Returns on capital58

Median ROIC 11.9%, above the 9% hurdle in 80% of years.

Balance-sheet safety45

Net debt/EBITDA 1.8x, interest coverage 8x.

Capital discipline72

Owner earnings +7.8%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

8% below value

Owner earnings (normalized): $256.8M
Est. intrinsic value / share: $117.93
Recent price: $108.17
Discount to value: 8% below value

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

18 years of fundamentals

The business, in plain English

LCI INDUSTRIES booked $4.1B of revenue in FY2025 in the Consumer Discretionary sector and kept 23.8% of it as gross profit — a moderate-margin business by that measure. After every other cost, 4.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $397.8M (FY2009) to $4.1B (FY2025) — about 15.7% a year compounded over 16 years.

It earned 9.9% on invested capital in FY2025, with a median of 13.8% across 17 filed years. The Returns on Capital filter above scores it 58/100.

The balance sheet carried $945.2M of total debt in FY2025 against $256.8M of owner earnings — roughly 3.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 45/100.

The share count fell 3.4% between FY2019 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 72/100.

Put together: Capital Discipline is the strongest of the four filters (72/100) and Pricing Power the weakest (39/100), which is how LCII lands at 52/100 — 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$4.1B FY2025

Gross marginRevenue kept after cost of goods23.8% FY2025

Return on invested capitalOperating profit on the capital employed9.9% FY2025

Owner earningsCash an owner could take out$256.8M FY2025

Gaps in a line mean that item isn’t in LCII’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 scale52.3 / 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 — LCII has read Shallow 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.

Consumer Discretionary context

#140 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#138THRM Gentherm Inc54.0 out of 100, Shallow moatShallow moat
#139GCO Genesco Inc.53.3 out of 100, Shallow moatShallow moat
#141RUSHA RUSH ENTERPRISES, INC.52.2 out of 100, Shallow moatShallow moat
#142RTX RTX CORPORATION51.7 out of 100, Shallow moatShallow moat

Compare LCII with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about LCII

Does LCI INDUSTRIES have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores LCI INDUSTRIES (LCII) 52.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 39, returns on capital 58, balance-sheet safety 45, capital discipline 72.
Is LCII stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $117.93 per share versus a recent price of $108.17 — 8% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has LCII's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 52.3 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 LCII. See the disclaimer.