Does NET Power Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NET Power Inc. (NPWR) 40.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 0, balance-sheet safety 55, capital discipline 44.

How has NPWR's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 40.8 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

NET Power Inc.

NPWR · Industrials · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power70

Median gross margin 70.1% over 2y, variable.

Returns on capital0

Median ROIC -15840.9%, above the 9% hurdle in 0% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $1.54
Discount to value: No price data

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 NPWR 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 scale40.8 / 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 — NPWR 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

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

Nearest peers by Moat Score

#146LMB LIMBACH HOLDINGS, INC.41.6 out of 100, Shallow moatShallow moat
#147ARW ARROW ELECTRONICS, INC.41.1 out of 100, Shallow moatShallow moat
#149ZEO ZEO ENERGY CORP.40.8 out of 100, Shallow moatShallow moat
#150SCSC ScanSource, Inc.40.6 out of 100, Shallow moatShallow moat

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

Common questions about NPWR

Does NET Power Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NET Power Inc. (NPWR) 40.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 70, returns on capital 0, balance-sheet safety 55, capital discipline 44.
How has NPWR's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 40.8 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 NPWR. See the disclaimer.