Does NACCO INDUSTRIES, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NACCO INDUSTRIES, INC. (NC) 24.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 49, balance-sheet safety 45, capital discipline 2.

Is NC 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 $50.11 per share versus a recent price of $47.97 — 4% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has NC's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 24.0 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

NACCO INDUSTRIES, INC.

NC · Materials · $358.9M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power0

Median gross margin 15.0% over 10y, variable.

Returns on capital49

Median ROIC 12.3%, above the 9% hurdle in 50% of years.

Balance-sheet safety45

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

Capital discipline2

Owner earnings -6.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

4% below value

Owner earnings (normalized): $33.7M
Est. intrinsic value / share: $50.11
Recent price: $47.97
Discount to value: 4% below value

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

Fundamentals

There's no normalized fundamentals series for NC yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.0 / 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 — NC 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.

Materials context

#167 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#165ALOY REalloys Inc.24.4 out of 100, No moatNo moat
#166PACK RANPAK HOLDINGS CORP.24.2 out of 100, No moatNo moat
#168ARQ ARQ, INC.24.0 out of 100, No moatNo moat
#169RCON Recon Technology, Ltd23.8 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) 24.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 49, balance-sheet safety 45, capital discipline 2.
Is NC 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 $50.11 per share versus a recent price of $47.97 — 4% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has NC's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 24.0 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 NC. See the disclaimer.