Does Construction Partners, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Construction Partners, Inc. (ROAD) 31.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 20, returns on capital 30, balance-sheet safety 2, capital discipline 80.

How has ROAD's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 31.2 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

Construction Partners, Inc.

ROAD · Industrials · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power20

Median gross margin 14.6% over 9y, stable.

Returns on capital30

Median ROIC 8.2%, above the 9% hurdle in 44% of years.

Balance-sheet safety2

Net debt/EBITDA 3.9x, interest coverage 2x.

Capital discipline80

Owner earnings +19.4%/yr, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): $49.0M
Est. intrinsic value / share: —
Recent price: $104.47
Discount to value: No price data

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

10 years of fundamentals

The business, in plain English

Construction Partners, Inc. booked $2.8B of revenue in FY2025 in the Industrials sector and kept 15.6% 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 $568.2M (FY2017) to $2.8B (FY2025) — about 22.1% a year compounded over 8 years.

It earned 7.2% on invested capital in FY2025, with a median of 8.2% across 9 filed years. The Returns on Capital filter above scores it 30/100.

The balance sheet carried $1.6B of total debt in FY2025 against $107.8M of owner earnings — roughly 14.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 2/100.

Put together: Capital Discipline is the strongest of the four filters (80/100) and Balance-Sheet Safety the weakest (2/100), which is how ROAD lands at 31/100 — 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$2.8B FY2025

Gross marginRevenue kept after cost of goods15.6% FY2025

Return on invested capitalOperating profit on the capital employed7.2% FY2025

Owner earningsCash an owner could take out$107.8M FY2025

Gaps in a line mean that item isn’t in ROAD’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 scale31.2 / 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 — ROAD 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

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

Nearest peers by Moat Score

#191ALTG ALTA EQUIPMENT GROUP INC.31.4 out of 100, No moatNo moat
#192KOSS KOSS CORPORATION31.2 out of 100, No moatNo moat
#194CHRN ChronoScale Holdings Corp30.9 out of 100, No moatNo moat
#195QXO QXO, Inc.30.6 out of 100, No moatNo moat

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

Common questions about ROAD

Does Construction Partners, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Construction Partners, Inc. (ROAD) 31.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 20, returns on capital 30, balance-sheet safety 2, capital discipline 80.
How has ROAD's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 31.2 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 ROAD. See the disclaimer.