CPI Card Group Inc.

PMTS · Materials · $215.2M mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power54

Median gross margin 34.0% over 10y, very stable.

Returns on capital86

Median ROIC 18.4%, above the 9% hurdle in 80% of years.

Balance-sheet safety53

Net debt/EBITDA 3.4x, no material interest expense disclosed.

Capital discipline67

Owner earnings +10.2%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

27% below value

Owner earnings (normalized): $26.7M
Est. intrinsic value / share: $25.88
Recent price: $18.79
Discount to value: 27% below value

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

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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