Does MYR GROUP INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores MYR GROUP INC. (MYRG) 69.0 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 90, pricing power 19, returns on capital 46, balance-sheet safety 100, capital allocation 90.

Is MYRG trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $60.85 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $286.59, that is 371% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.

How has MYRG's Moat Score changed over time?

The record logs 18 readings since Jul 17, 2026; the latest reads 69.0 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

MYR GROUP INC.

MYRG · Industrials · $4.4B mkt cap · FY2025 filings · as of Sep 7, 2026 · Narrow moat ·

On the watchlist

Narrow moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $2.5B to $3.7B, increasing; diluted EPS 4.95 to 7.53, increasing.

Median gross margin 11.2% over 10y, stable.

Median ROIC 11.6%, above the 12% hurdle in 50% of years.

100

Net cash position — no leverage risk.

Owner earnings changed +14.4%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

371% above value if growth stopped today

: $85M
: $60.85
: $98.58
: $286.59
: 371% above value if growth stopped today

What today’s price assumes: owner earnings growing ~36%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 235% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 7, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

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 the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 13.1%. Over the v3 recent window (10 measurable filed years), median ROIC was 11.6%. The Returns on Capital filter above scores it 46/100.

The balance sheet carried $59M of total debt in FY2025 against $118M of owner earnings — roughly 0.5 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

Put together: Balance-Sheet Safety is the strongest of the five filters (100/100) and Pricing Power the weakest (19/100), which is how MYRG lands at 69/100 — a Narrow 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.

Sales, as filed$3.7B FY2025

Revenue kept after cost of goods11.6% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC 19.8% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$118M FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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.

Flagship explainer

How MYR GROUP INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$3.7B	100%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Cost of revenue	$3.2B	88%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
	$424M	12%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
	$167M	5%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Income before tax	$161M	4%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Income tax	$42.9M	1%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
	$118M	3%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set

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Flagship explainer

What MYR GROUP INC. owns — and owes

MYR GROUP INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$1.6B	100%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Cash and equivalents	$150M	9%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
	$59M	4%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Stockholders’ equity	$660M	40%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set

Flagship explainer

What drives MYR GROUP INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$118M	FY2025	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Income before tax	$161M	FY2025	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Operating income	$167M	FY2025	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
	$3.7B	FY2025	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Ending assets	$1.6B	FY2025	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Beginning assets	$1.5B	FY2024	10-K · FY 2024Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
	$660M	FY2025	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
	$600M	FY2024	10-K · FY 2024Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

Source:

10-K · filed Feb 25, 2026Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set

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Flagship explainer

Where MYR GROUP INC.'s cash went

MYR GROUP INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$327M	100%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026
Depreciation and amortization	$66.5M	20%	10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000700923-26-000007 · filed Feb 25, 2026

· event Dec 31, 2025 · retrieved Sep 7, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding MYR GROUP INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 7, 2026

Flagship explainer

What MYR GROUP INC. insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale69.0 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for MYRG.

Track record

How MYR GROUP INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored MYRG on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, MYRG did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Industrials context

#65 of 447 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#63OFLX Omega Flex, Inc.69.6 out of 100, Narrow moatNarrow moat
#64NVT nVent Electric plc69.1 out of 100, Narrow moatNarrow moat
#66CIX COMPX INTERNATIONAL INC68.8 out of 100, Narrow moatNarrow moat
#67BALL BALL CORPORATION68.5 out of 100, Narrow moatNarrow 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) 69.0 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 90, pricing power 19, returns on capital 46, balance-sheet safety 100, capital allocation 90.
Is MYRG trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $60.85 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $286.59, that is 371% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has MYRG's Moat Score changed over time?: The record logs 18 readings since Jul 17, 2026; the latest reads 69.0 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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