Does MYR GROUP INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MYR GROUP INC. (MYRG) 58.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 19, returns on capital 50, balance-sheet safety 100, capital discipline 90.

Is MYRG 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 $98.58 per share versus a recent price of $391.51 — 297% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has MYRG's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 58.5 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

MYR GROUP INC.

MYRG · Industrials · $6.1B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power19

Median gross margin 11.2% over 10y, stable.

Returns on capital50

Median ROIC 11.6%, above the 9% hurdle in 60% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline90

Owner earnings +14.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

297% above value

Owner earnings (normalized): $85.0M
Est. intrinsic value / share: $98.58
Recent price: $391.51
Discount to value: 297% above 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

MYR GROUP INC. booked $3.7B of revenue in FY2025 in the Industrials sector and kept 11.6% of it as gross profit — a thin-margin business by that measure. After every other cost, 3.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.1B (FY2016) to $3.7B (FY2025) — about 13.8% a year compounded over 9 years.

It earned 21.5% on invested capital in FY2025, with a median of 13.1% across 17 filed years. The Returns on Capital filter above scores it 50/100.

The balance sheet carried $59.0M of total debt in FY2025 against $118.4M of owner earnings — roughly 0.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

The share count fell 21.6% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 90/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (19/100), which is how MYRG lands at 59/100 — 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$3.7B FY2025

Gross marginRevenue kept after cost of goods11.6% FY2025

Return on invested capitalOperating profit on the capital employed21.5% FY2025

Owner earningsCash an owner could take out$118.4M FY2025

Gaps in a line mean that item isn’t in MYRG’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 scale58.5 / 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 — MYRG 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.

Industrials context

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

Nearest peers by Moat Score

#82BDC BELDEN INC.58.8 out of 100, Shallow moatShallow moat
#83HLIO HELIOS TECHNOLOGIES, INC.58.7 out of 100, Shallow moatShallow moat
#85SITE SiteOne Landscape Supply, Inc.58.4 out of 100, Shallow moatShallow moat
#86VMI VALMONT INDUSTRIES INC58.3 out of 100, Shallow moatShallow moat

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

Common questions about MYRG

Does MYR GROUP INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores MYR GROUP INC. (MYRG) 58.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 19, returns on capital 50, balance-sheet safety 100, capital discipline 90.
Is MYRG 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 $98.58 per share versus a recent price of $391.51 — 297% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has MYRG's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 58.5 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 MYRG. See the disclaimer.