RS · Industrials · $21.1B mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $14.1B to $14.3B, increasing; diluted EPS 21.97 to 13.98, decreasing.
Median gross margin 28.7% over 3y, very stable.
Median ROIC 11.4%, above the 12% hurdle in 40% of years.
Net debt/EBITDA n/ax, interest coverage 18x.
Owner earnings changed +7.8%/yr over up to the ten most recent annual observations.
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
What today’s price assumes: owner earnings growing ~7%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
Across the filed record, revenue grew from $8.7B (FY2008) to $14.3B (FY2025) — about 3.0% a year compounded over 17 years.
It earned 11.1% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 10.9%. Over the v3 recent window (10 measurable filed years), median ROIC was 11.4%. The Returns on Capital filter above scores it 42/100.
RS's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Capital Allocation is the strongest of the five filters (85/100) and Business Trend the weakest (26/100), which is how RS lands at 54/100 — 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.
Gaps in a line mean that item isn’t in RS’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.
Flagship explainer
RELIANCE, INC.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
| Filed line | Value | % of revenue | Source |
|---|---|---|---|
| $14.3B | 100% |
| |
| $1.0B | 7% |
| |
| Income before tax | $969M | 7% |
|
| Income tax | $228M | 2% |
|
| $739M | 5% |
|
Flagship explainer
RELIANCE, INC.'s filing tags don't support a full breakdown — here's what is filed:
| Filed line | Value | % of assets | Source |
|---|---|---|---|
| Total assets | $10.4B | 100% |
|
| Cash and equivalents | $217M | 2% |
|
| Stockholders’ equity | $7.2B | 69% |
|
Flagship explainer
ROE is five filed business factors multiplied together.
| Input | Value | Fiscal year | Source |
|---|---|---|---|
| $739M | FY2025 |
| |
| Income before tax | $969M | FY2025 |
|
| Operating income | $1.0B | FY2025 |
|
| $14.3B | FY2025 |
| |
| Ending assets | $10.4B | FY2025 |
|
| Beginning assets | $10.0B | FY2024 |
|
| $7.2B | FY2025 |
| |
| $7.2B | FY2024 |
|
Flagship explainer
RELIANCE, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:
| Filed line | Value | % of cash from operations | Source |
|---|---|---|---|
| Cash from operations | $831M | 100% |
|
| Depreciation and amortization | $278M | 33% |
|
Curated 19-manager tier
Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.
2 holding0 exited17 not holding19/19 resolved
| Manager | Reported position | Quarter-over-quarter | Filing accession |
|---|---|---|---|
| First Eagle | 1,074 shares$326410 · 0% of eligible reported 13F | Added to position · +275 shares (34%) |
|
| Yacktman Asset Management | 693,126 shares$211M · 3% of eligible reported 13F | Added to position · +1,500 shares (0%) |
|
| Abrams Capital | No position reported | No position reported |
|
| Akre Capital | No position reported | No position reported |
|
| Baupost Group | No position reported | No position reported |
|
| Berkshire Hathaway | No position reported | No position reported |
|
| Brave Warrior Advisors | No position reported | No position reported |
|
| Dodge & Cox | No position reported | No position reported |
|
| Fundsmith | No position reported | No position reported |
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| Gardner Russo & Quinn | No position reported | No position reported |
|
| Gates Foundation Trust | No position reported | No position reported |
|
| Mairs & Power | No position reported | No position reported |
|
| Markel / Markel-Gayner | No position reported | No position reported |
|
| Oakmark / Harris Associates | No position reported | No position reported |
|
| Pershing Square | No position reported | No position reported |
|
| Polen Capital | No position reported | No position reported |
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| Sequoia / Ruane Cunniff | No position reported | No position reported |
|
| Southeastern Asset Management | No position reported | No position reported |
|
| Tweedy, Browne | No position reported | No position reported |
|
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Flagship explainer
Insider activity is unavailable from the source; no zero-activity claim is shown.
Unavailable: Form 4 activity could not be retrieved for this rendering.
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for RS.
#137 of 428 scored Industrials companies, ranked by Moat Score.
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