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The Moat Index

SPECTRUM BRANDS HOLDINGS, INC.

SPB · Technology · FY2025 filings · No moat ·

Doesn't clear the bar

32/ 100
No moat

The four filters

Pricing power55

Median gross margin 34.8% over 10y, stable.

Returns on capital0

Median ROIC 2.6%, above the 9% hurdle in 0% of years.

Balance-sheet safety33

Net debt/EBITDA 2.0x, interest coverage 4x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$182.6M
Est. intrinsic value / share
—
Recent price
$88.69
Discount to value
No price data

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

17 years of fundamentals

The business, in plain English

SPECTRUM BRANDS HOLDINGS, INC. booked $2.8B of revenue in FY2025 in the Technology sector and kept 36.7% of it as gross profit — a solid-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 $2.6B (FY2010) to $2.8B (FY2025) — about 0.6% a year compounded over 15 years.

It earned 5.3% on invested capital in FY2025, with a median of 3.6% across 15 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $567.9M of total debt in FY2025 against $159.6M of owner earnings — roughly 3.6 years of owner earnings to retire it all. Balance-Sheet Safety scores it 33/100.

The share count rose 38262.9% between FY2010 and FY2018 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Pricing Power is the strongest of the four filters (55/100) and Returns on Capital the weakest (0/100), which is how SPB lands at 32/100 — 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.

FY2009–FY2025 · 17 fiscal years, normalized from SPB’s SEC filings

RevenueSales, as filed$2.8B FY2025
$0$2B$4B2009201520212025
Gross marginRevenue kept after cost of goods36.7% FY2025
0%20%40%2009201520212025
Return on invested capitalOperating profit on the capital employed5.3% FY2025
0%20%2009201520212025
Owner earningsCash an owner could take out$159.6M FY2025
$0$1B$2B2009201520212025

Gaps in a line mean that item isn’t in SPB’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 scale31.9 / 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 — SPB 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.

Technology context

#407 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #405SODI SOLITRON DEVICES INC32.0No moat
  2. #406NNDM NANO DIMENSION LTD.32.0No moat
  3. #408MYSZ MY SIZE, INC.31.6No moat
  4. #409CMTL COMTECH TELECOMMUNICATIONS CORP /DE/31.4No moat

Compare SPB with its nearest peers →All Technology companies on the Index →

Common questions about SPB

Does SPECTRUM BRANDS HOLDINGS, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores SPECTRUM BRANDS HOLDINGS, INC. (SPB) 31.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 55, returns on capital 0, balance-sheet safety 33, capital discipline 44.
How has SPB's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 31.9 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 SPB. See the disclaimer.

SPECTRUM BRANDS HOLDINGS, INC. (SPB) Moat Score — The Moat Index · Buy Like Buffett