Does Procore Technologies, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Procore Technologies, Inc. (PCOR) 44.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 28, capital discipline 44.

How has PCOR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 44.3 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

Procore Technologies, Inc.

PCOR · Technology · $7.0B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 81.6% over 7y, very stable.

Returns on capital0

Median ROIC -21.4%, above the 9% hurdle in 0% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -108x.

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: $45.95
Discount to value: No price data

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

8 years of fundamentals

The business, in plain English

Procore Technologies, Inc. booked $1.3B of revenue in FY2025 in the Technology sector and kept 79.5% of it as gross profit — a high-margin business by that measure. After every other cost, −7.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $289.2M (FY2019) to $1.3B (FY2025) — about 28.8% a year compounded over 6 years.

It earned −12.6% on invested capital in FY2025, with a median of −21.4% across 5 filed years. The Returns on Capital filter above scores it 0/100.

PCOR's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 394.1% between FY2020 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Returns on Capital the weakest (0/100), which is how PCOR lands at 44/100 — 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$1.3B FY2025

Gross marginRevenue kept after cost of goods79.5% FY2025

Return on invested capitalOperating profit on the capital employed−12.6% FY2025

Owner earningsCash an owner could take out−$8.3M FY2025

Gaps in a line mean that item isn’t in PCOR’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 scale44.3 / 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 — PCOR 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.

Technology context

#252 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#250NET CLOUDFLARE, INC.44.3 out of 100, Shallow moatShallow moat
#251DDOG Datadog, Inc.44.3 out of 100, Shallow moatShallow moat
#253SMSI Smith Micro Software, Inc.44.2 out of 100, Shallow moatShallow moat
#254MTSI MACOM Technology Solutions Holdings, Inc.44.2 out of 100, Shallow moatShallow moat

Compare PCOR with its nearest peers →All Technology companies on the Index →

Common questions about PCOR

Does Procore Technologies, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Procore Technologies, Inc. (PCOR) 44.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 0, balance-sheet safety 28, capital discipline 44.
How has PCOR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 44.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows PCOR’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/PCOR"
  width="340" height="150" style="border:0"
  title="PCOR Moat Score — The Moat Index"
  loading="lazy"></iframe>

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