Does Spruce Power Holding Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Spruce Power Holding Corporation (SPRU) 13.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 0, balance-sheet safety 0, capital discipline 24.

How has SPRU's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 13.2 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

Spruce Power Holding Corporation

SPRU · Utilities · $43.6M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power28

Median gross margin 33.1% over 4y, variable.

Returns on capital0

Median ROIC -5.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 12.9x, interest coverage 0x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $2.40
Discount to value: No price data

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

Fundamentals

There's no normalized fundamentals series for SPRU yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale13.2 / 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 — SPRU 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.

Utilities context

#47 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

#44MNTK MONTAUK RENEWABLES, INC.14.6 out of 100, No moatNo moat
#45CDZI CADIZ INC14.5 out of 100, No moatNo moat
#46QRHC Quest Resource Holding Corporation13.8 out of 100, No moatNo moat
#48PESI PERMA FIX ENVIRONMENTAL SERVICES INC11.9 out of 100, No moatNo moat

Compare SPRU with its nearest peers →All Utilities companies on the Index →

Common questions about SPRU

Does Spruce Power Holding Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Spruce Power Holding Corporation (SPRU) 13.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 28, returns on capital 0, balance-sheet safety 0, capital discipline 24.
How has SPRU's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 13.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows SPRU’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/SPRU"
  width="340" height="150" style="border:0"
  title="SPRU Moat Score — The Moat Index"
  loading="lazy"></iframe>

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