Does NACCO Industries, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NACCO Industries, Inc. (NC) 30.0 out of 100 — below the Shallow-moat bar, so no 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 54, pricing power 0, returns on capital 49, balance-sheet safety 45, capital allocation 2.

Is NC trading below the conservative owner-earnings estimate?

The value if growth stopped today — a zero-growth baseline — is $50.11 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $34.28, that is 32% below 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 NC's Moat Score changed over time?

The record logs 30 readings since Jul 17, 2026; the latest reads 30.0 out of 100 (no 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.

NACCO Industries, Inc.

NC · Materials · $256M mkt cap · FY2025 filings · as of Oct 18, 2026 · No moat ·

Doesn't clear the bar

No moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $192M to $277M, increasing; diluted EPS 6.69 to 2.35, decreasing.

Median gross margin 15.0% over 10y, variable.

Median ROIC 12.3%, above the 12% hurdle in 50% of years.

Net debt/EBITDA 1.1x, interest coverage 4x.

Owner earnings changed -6.6%/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

32% below value if growth stopped today

: $33.7M
: $50.11
: $67.07
: $34.28
: 32% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~7%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

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 243% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 18, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, 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 2% (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

NACCO Industries, Inc. booked $277M of revenue in FY2025 in the Materials sector and kept 13.9% of it as gross profit — a thin-margin business by that measure. After every other cost, 6.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $2.3B (FY2009) to $277M (FY2025) — about −12.4% a year compounded over 16 years.

It earned 4.6% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 9.7%. Over the v3 recent window (10 measurable filed years), median ROIC was 12.3%. The Returns on Capital filter above scores it 49/100.

The balance sheet carried $101M of total debt in FY2025 against $17.6M of owner earnings — roughly 5.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 45/100.

Put together: Business Trend is the strongest of the five filters (54/100) and Pricing Power the weakest (0/100), which is how NC lands at 30/100 — 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.

Sales, as filed$277M FY2025

Revenue kept after cost of goods13.9% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC 4.8% FY2025

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

Cash an owner could take out$17.6M 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 NACCO Industries, 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
	$277M	100%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Cost of revenue	$239M	86%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
	$38.5M	14%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
	$22M	8%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Income before tax	$13.1M	5%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Income tax	−$4.4M	−2%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
	$17.6M	6%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

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Flagship explainer

What NACCO Industries, Inc. owns — and owes

NACCO Industries, 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	$661M	100%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Cash and equivalents	$49.7M	8%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
	$101M	15%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Stockholders’ equity	$429M	65%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Flagship explainer

What drives NACCO Industries, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	$17.6M	FY2025	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Income before tax	$13.1M	FY2025	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Operating income	$22M	FY2025	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
	$277M	FY2025	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Ending assets	$661M	FY2025	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Beginning assets	$632M	FY2024	10-K · FY 2024Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
	$429M	FY2025	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
	$405M	FY2024	10-K · FY 2024Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

Source:

10-K · filed Mar 4, 2026Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

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Flagship explainer

Where NACCO Industries, Inc.'s cash went

NACCO Industries, 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	$50.9M	100%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026
Depreciation and amortization	$25.3M	50%	10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

Source:

10-K · FY 2025Filing detailsAccession 0000789933-26-000070 · filed Mar 4, 2026

· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding NACCO Industries, 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 Oct 18, 2026

Flagship explainer

What NACCO Industries, Inc. insiders reported

Records still being gathered — partial as of retrieval Oct 18, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale30.0 / 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.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 18, 2026.

160 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (13 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

Insider					Shares owned after	Date	Filing detail
Burns Patrick Joseph (2026)Director	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	310	Not disclosed	Not disclosed	310	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 310 shares at Not disclosed · code A · owned after 310 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000182 · filed Oct 1, 2026
SACHS VALERIE GENTILEDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	11,684	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 11,684 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000180 · filed Oct 1, 2026
RANKIN VICTOIRE GMember of a Group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	218,383	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 218,383 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000178 · filed Oct 1, 2026
RANKIN ALFRED M ET ALDirector, Group Member	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	218,383	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 218,383 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000176 · filed Oct 1, 2026
McDonald William PaulDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	8,362	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 8,362 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000174 · filed Oct 1, 2026
SHAPARD ROBERT SDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	19,413	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 19,413 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000172 · filed Oct 1, 2026
Miller Michael SidneyDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	28,984	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 28,984 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000170 · filed Oct 1, 2026
LABARRE DENNIS WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	45,616	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 45,616 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000168 · filed Oct 1, 2026
DALRYMPLE JOHN S IIIDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	26,968	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 26,968 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000166 · filed Oct 1, 2026
Jumper John PDirector, Non-Executive Chairman	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,125	Not disclosed	Not disclosed	35,581	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,125 shares at Not disclosed · code A · owned after 35,581 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000164 · filed Oct 1, 2026
TAPLIN BRITTON TDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	67,832	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 67,832 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000162 · filed Oct 1, 2026
RANKIN ELIZABETH BMember of a group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	38,538	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 38,538 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000160 · filed Oct 1, 2026
RANKIN MATTHEW MDirector, Member of a group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	663	Not disclosed	Not disclosed	38,538	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 663 shares at Not disclosed · code A · owned after 38,538 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0000789933-26-000158 · filed Oct 1, 2026

Source-event as of Oct 1, 2026. Retrieved Oct 18, 2026.

Track record

How NACCO Industries, 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 NC 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, NC 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.

Materials context

#232 of 310 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#230CEIN Camber Energy, Inc.30.5 out of 100, No moatNo moat
#231BKV BKV CORPORATION30.4 out of 100, No moatNo moat
#233SMG Scotts Miracle-Gro Co29.8 out of 100, No moatNo moat
#234GPRE GREEN PLAINS INC.29.8 out of 100, No moatNo moat

Compare NC with its nearest peers →All Materials companies on the Index →

Common questions about NC

Does NACCO Industries, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NACCO Industries, Inc. (NC) 30.0 out of 100 — below the Shallow-moat bar, so no 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 54, pricing power 0, returns on capital 49, balance-sheet safety 45, capital allocation 2.
Is NC trading below the conservative owner-earnings estimate?: The value if growth stopped today — a zero-growth baseline — is $50.11 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $34.28, that is 32% below 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 NC's Moat Score changed over time?: The record logs 30 readings since Jul 17, 2026; the latest reads 30.0 out of 100 (no 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 NC. See the disclaimer.