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The Moat Index

Seaboard Corporation

SEB · Industrials · $4.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

26/ 100
No moat

The four filters

Pricing power6

Median gross margin 8.2% over 10y, variable.

Returns on capital4

Median ROIC 4.0%, above the 9% hurdle in 10% of years.

Balance-sheet safety39

Net debt/EBITDA 1.4x, interest coverage 3x.

Capital discipline76

Owner earnings +5.3%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale
22% below value
Owner earnings (normalized)
$501.0M
Est. intrinsic value / share
$5811.97
Recent price
$4535.81
Discount to value
22% below value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

Seaboard Corporation booked $9.7B of revenue in FY2025 in the Industrials sector and kept 7.1% of it as gross profit — a thin-margin business by that measure. After every other cost, 5.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $3.6B (FY2009) to $9.7B (FY2025) — about 6.4% a year compounded over 16 years.

It earned 4.0% on invested capital in FY2025, with a median of 5.2% across 17 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $977.0M of total debt in FY2025 against $501.0M of owner earnings — roughly 2.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 39/100.

The share count fell 21.2% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 76/100.

Put together: Capital Discipline is the strongest of the four filters (76/100) and Returns on Capital the weakest (4/100), which is how SEB 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.

FY2008–FY2025 · 18 fiscal years, normalized from SEB’s SEC filings

RevenueSales, as filed$9.7B FY2025
$0$5B$10B2008201420202025
Gross marginRevenue kept after cost of goods7.1% FY2025
0%5%10%2008201420202025
Return on invested capitalOperating profit on the capital employed4.0% FY2025
0%10%2008201420202025
Owner earningsCash an owner could take out$501.0M FY2025
$0$250M$500M2008201420202025

Gaps in a line mean that item isn’t in SEB’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

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale25.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

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 — SEB 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

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

Nearest peers by Moat Score

  1. #224GVA GRANITE CONSTRUCTION INC26.5No moat
  2. #225GWAV GREENWAVE TECHNOLOGY SOLUTIONS, INC.25.9No moat
  3. #227PWR Quanta Services, Inc.25.8No moat
  4. #228TRS TRIMAS CORPORATION25.5No moat

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

Common questions about SEB

Does Seaboard Corporation have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Seaboard Corporation (SEB) 25.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 6, returns on capital 4, balance-sheet safety 39, capital discipline 76.
Is SEB stock trading below its intrinsic value?
Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $5811.97 per share versus a recent price of $4535.81 — 22% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has SEB'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.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SEB. See the disclaimer.

Seaboard Corporation (SEB) Moat Score — The Moat Index · Buy Like Buffett