Does Sterling Infrastructure, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Sterling Infrastructure, Inc. (STRL) 48.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 79, balance-sheet safety 100, capital discipline 24.

Is STRL stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $81.34 per share versus a recent price of $638.56 — 685% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has STRL's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 48.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Sterling Infrastructure, Inc.

STRL · Industrials · $19.6B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power0

Median gross margin 14.5% over 10y, variable.

Returns on capital79

Median ROIC 16.7%, above the 9% hurdle in 80% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline24

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

Margin of safety

Above valueOn sale

685% above value

Owner earnings (normalized): $138.7M
Est. intrinsic value / share: $81.34
Recent price: $638.56
Discount to value: 685% above value

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

18 years of fundamentals

The business, in plain English

Sterling Infrastructure, Inc. booked $2.5B of revenue in FY2025 in the Industrials sector and kept 23.0% of it as gross profit — a moderate-margin business by that measure. After every other cost, 11.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $390.8M (FY2009) to $2.5B (FY2025) — about 12.3% a year compounded over 16 years.

It earned 30.0% on invested capital in FY2025, with a median of 10.8% across 17 filed years. The Returns on Capital filter above scores it 79/100.

The balance sheet carried $291.0M of total debt in FY2025 against $290.2M of owner earnings — roughly 1.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 100/100.

The share count rose 15.4% between FY2018 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Pricing Power the weakest (0/100), which is how STRL lands at 49/100 — 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$2.5B FY2025

Gross marginRevenue kept after cost of goods23.0% FY2025

Return on invested capitalOperating profit on the capital employed30.0% FY2025

Owner earningsCash an owner could take out$290.2M FY2025

Gaps in a line mean that item isn’t in STRL’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 timeLast scored reading of each day, on the 0–100 scale48.5 / 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 — STRL has read Shallow 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

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

Nearest peers by Moat Score

#112MIDD THE MIDDLEBY CORPORATION48.7 out of 100, Shallow moatShallow moat
#113HAYW Hayward Holdings, Inc.48.6 out of 100, Shallow moatShallow moat
#115AENT ALLIANCE ENTERTAINMENT HOLDING CORP48.4 out of 100, Shallow moatShallow moat
#116FTI TechnipFMC plc48.3 out of 100, Shallow moatShallow moat

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

Common questions about STRL

Does Sterling Infrastructure, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Sterling Infrastructure, Inc. (STRL) 48.5 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 79, balance-sheet safety 100, capital discipline 24.
Is STRL stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $81.34 per share versus a recent price of $638.56 — 685% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has STRL's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 48.5 out of 100 (shallow 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 STRL. See the disclaimer.