SIRIUS XM HOLDINGS INC.

SIRI · Communications · $10.2B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power62

Median gross margin 54.9% over 9y, variable.

Returns on capital86

Median ROIC 19.1%, above the 9% hurdle in 70% of years.

Balance-sheet safety3

Net debt/EBITDA 5.1x, interest coverage 3x.

Capital discipline40

Owner earnings +0.6%/yr, share count n/a.

Margin of safety

Above valueOn sale

15% above value

Owner earnings (normalized): $805.0M
Est. intrinsic value / share: $26.70
Recent price: $30.59
Discount to value: 15% above value

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

19 years of fundamentals

The business, in plain English

SIRIUS XM HOLDINGS INC. booked $8.6B of revenue in FY2025 in the Communications sector and kept 52.4% of it as gross profit — a solid-margin business by that measure. After every other cost, 9.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.7B (FY2008) to $8.6B (FY2025) — about 10.1% a year compounded over 17 years.

It earned 5.3% on invested capital in FY2025, with a median of 14.8% across 17 filed years. The Returns on Capital filter above scores it 86/100.

The balance sheet carried $9.7B of total debt in FY2025 against $805.0M of owner earnings — roughly 12.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 3/100.

The share count fell 91.4% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 40/100.

Put together: Returns on Capital is the strongest of the four filters (86/100) and Balance-Sheet Safety the weakest (3/100), which is how SIRI lands at 53/100 — 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.

RevenueSales, as filed$8.6B FY2025

Gross marginRevenue kept after cost of goods52.4% FY2025

Return on invested capitalOperating profit on the capital employed5.3% FY2025

Owner earningsCash an owner could take out$805.0M FY2025

Gaps in a line mean that item isn’t in SIRI’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 time · 3 readings since 2026-07-17

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell SIRI. See the disclaimer.