TECNOGLASS INC.

TGLS · Materials · $2.0B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power53

Median gross margin 38.9% over 10y, stable.

Returns on capital75

Median ROIC 15.8%, above the 9% hurdle in 80% of years.

Balance-sheet safety96

Net debt/EBITDA 0.3x, interest coverage 39x.

Capital discipline60

Owner earnings +23.9%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

29% below value

Owner earnings (normalized): $159.6M
Est. intrinsic value / share: $64.20
Recent price: $45.55
Discount to value: 29% below value

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

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

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 TGLS. See the disclaimer.