Does Quanta Services, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Quanta Services, Inc. (PWR) 25.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 27, returns on capital 22, balance-sheet safety 18, capital discipline 37.

Is PWR 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 $36.19 per share versus a recent price of $628.53 — 1637% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has PWR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 25.8 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

Quanta Services, Inc.

PWR · Industrials · $94.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power27

Median gross margin 14.4% over 10y, very stable.

Returns on capital22

Median ROIC 7.7%, above the 9% hurdle in 30% of years.

Balance-sheet safety18

Net debt/EBITDA 3.4x, interest coverage 6x.

Capital discipline37

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

Margin of safety

Above valueOn sale

1637% above value

Owner earnings (normalized): $300.7M
Est. intrinsic value / share: $36.19
Recent price: $628.53
Discount to value: 1637% above value

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

20 years of fundamentals

The business, in plain English

Quanta Services, Inc. booked $28.5B of revenue in FY2025 in the Industrials sector and kept 15.0% 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 $7.7B (FY2016) to $28.5B (FY2025) — about 15.7% a year compounded over 9 years.

It earned 8.3% on invested capital in FY2025, with a median of 7.6% across 19 filed years. The Returns on Capital filter above scores it 22/100.

The balance sheet carried $6.0B of total debt in FY2025 against $419.2M of owner earnings — roughly 14.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 18/100.

The share count fell 24.0% between FY2008 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 37/100.

Put together: Capital Discipline is the strongest of the four filters (37/100) and Balance-Sheet Safety the weakest (18/100), which is how PWR lands at 26/100 — a None 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$28.5B FY2025

Gross marginRevenue kept after cost of goods15.0% FY2025

Return on invested capitalOperating profit on the capital employed8.3% FY2025

Owner earningsCash an owner could take out$419.2M FY2025

Gaps in a line mean that item isn’t in PWR’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 scale25.8 / 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 — PWR 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.

Industrials context

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

Nearest peers by Moat Score

#225GWAV GREENWAVE TECHNOLOGY SOLUTIONS, INC.25.9 out of 100, No moatNo moat
#226SEB Seaboard Corporation25.8 out of 100, No moatNo moat
#228TRS TRIMAS CORPORATION25.5 out of 100, No moatNo moat
#229DNOW DNOW INC.25.5 out of 100, No moatNo moat

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

Common questions about PWR

Does Quanta Services, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Quanta Services, Inc. (PWR) 25.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 27, returns on capital 22, balance-sheet safety 18, capital discipline 37.
Is PWR 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 $36.19 per share versus a recent price of $628.53 — 1637% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has PWR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 25.8 out of 100 (no 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 PWR’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/PWR"
  width="340" height="150" style="border:0"
  title="PWR 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 PWR. See the disclaimer.