Does Primoris Services Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Primoris Services Corporation (PRIM) 51.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 27, returns on capital 54, balance-sheet safety 100, capital discipline 34.

Is PRIM stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $45.79 per share versus a recent price of $85.96 — 88% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PRIM's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 51.2 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

Primoris Services Corporation

PRIM · Industrials · $4.6B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power27

Median gross margin 10.7% over 10y, very stable.

Returns on capital54

Median ROIC 11.8%, above the 9% hurdle in 70% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline34

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

88% above value

Owner earnings (normalized): $137.5M
Est. intrinsic value / share: $45.79
Recent price: $85.96
Discount to value: 88% above value

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

18 years of fundamentals

The business, in plain English

Primoris Services Corporation booked $7.6B of revenue in FY2025 in the Industrials sector and kept 10.7% of it as gross profit — a thin-margin business by that measure. After every other cost, 3.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.0B (FY2016) to $7.6B (FY2025) — about 16.0% a year compounded over 9 years.

It earned 18.2% on invested capital in FY2025, with a median of 12.2% across 17 filed years. The Returns on Capital filter above scores it 54/100.

The balance sheet carried $469.9M of total debt in FY2025 against $274.9M of owner earnings — roughly 1.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

The share count rose 9.5% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 34/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (27/100), which is how PRIM lands at 51/100 — 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$7.6B FY2025

Gross marginRevenue kept after cost of goods10.7% FY2025

Return on invested capitalOperating profit on the capital employed18.2% FY2025

Owner earningsCash an owner could take out$274.9M FY2025

Gaps in a line mean that item isn’t in PRIM’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 scale51.2 / 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 — PRIM 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

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

Nearest peers by Moat Score

#103ACU ACME UNITED CORP51.2 out of 100, Shallow moatShallow moat
#104CENT Central Garden & Pet Company51.2 out of 100, Shallow moatShallow moat
#106TAYD Taylor Devices, Inc.50.8 out of 100, Shallow moatShallow moat
#107RGR STURM, RUGER & COMPANY, INC.49.5 out of 100, Shallow moatShallow moat

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

Common questions about PRIM

Does Primoris Services Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Primoris Services Corporation (PRIM) 51.2 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 27, returns on capital 54, balance-sheet safety 100, capital discipline 34.
Is PRIM stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $45.79 per share versus a recent price of $85.96 — 88% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PRIM's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 51.2 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 PRIM. See the disclaimer.