Does Quad/Graphics, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Quad/Graphics, Inc. (QUAD) 26.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 34, returns on capital 16, balance-sheet safety 12, capital discipline 44.

How has QUAD's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 26.0 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

Quad/Graphics, Inc.

QUAD · Materials · $431.1M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power34

Median gross margin 19.9% over 10y, very stable.

Returns on capital16

Median ROIC 6.4%, above the 9% hurdle in 30% of years.

Balance-sheet safety12

Net debt/EBITDA 3.2x, interest coverage 2x.

Capital discipline44

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $8.64
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 QUAD 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 scale26.0 / 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 — QUAD 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.

Materials context

#159 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#157GURE Gulf Resources, Inc.27.0 out of 100, No moatNo moat
#158CITR CitroTech Inc.26.8 out of 100, No moatNo moat
#160GPRE Green Plains Inc.25.8 out of 100, No moatNo moat
#161APHD VERDE BIO HOLDINGS, INC.25.4 out of 100, No moatNo moat

Compare QUAD with its nearest peers →All Materials companies on the Index →

Common questions about QUAD

Does Quad/Graphics, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Quad/Graphics, Inc. (QUAD) 26.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 34, returns on capital 16, balance-sheet safety 12, capital discipline 44.
How has QUAD's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 26.0 out of 100 (no 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 QUAD. See the disclaimer.