Does WEC ENERGY GROUP, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores WEC ENERGY GROUP, INC. (WEC) 38.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 3, balance-sheet safety 1, capital discipline 43.

Is WEC 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 $77.96 per share versus a recent price of $113.35 — 45% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has WEC's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 38.6 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

WEC ENERGY GROUP, INC.

WEC · Utilities · $36.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power96

Median gross margin 64.3% over 10y, very stable.

Returns on capital3

Median ROIC 5.8%, above the 9% hurdle in 0% of years.

Balance-sheet safety1

Net debt/EBITDA 5.9x, interest coverage 3x.

Capital discipline43

Owner earnings +3.2%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

45% above value

Owner earnings (normalized): $1.4B
Est. intrinsic value / share: $77.96
Recent price: $113.35
Discount to value: 45% above value

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

20 years of fundamentals

The business, in plain English

WEC ENERGY GROUP, INC. booked $9.8B of revenue in FY2025 in the Utilities sector and kept 66.7% of it as gross profit — a high-margin business by that measure. After every other cost, 15.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $4.5B (FY2011) to $9.8B (FY2025) — about 5.7% a year compounded over 14 years.

It earned 5.8% on invested capital in FY2025, with a median of 5.8% across 18 filed years. The Returns on Capital filter above scores it 3/100.

The balance sheet carried $21.9B of total debt in FY2025 against $1.6B of owner earnings — roughly 14.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 1/100.

The share count rose 178.4% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 43/100.

Put together: Pricing Power is the strongest of the four filters (96/100) and Balance-Sheet Safety the weakest (1/100), which is how WEC lands at 39/100 — 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.

RevenueSales, as filed$9.8B FY2025

Gross marginRevenue kept after cost of goods66.7% FY2025

Return on invested capitalOperating profit on the capital employed5.8% FY2025

Owner earningsCash an owner could take out$1.6B FY2025

Gaps in a line mean that item isn’t in WEC’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 scale38.6 / 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 — WEC 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

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

Nearest peers by Moat Score

#18DUK DUKE ENERGY CORPORATION40.6 out of 100, Shallow moatShallow moat
#19XEL XCEL ENERGY INC39.2 out of 100, No moatNo moat
#21HNRG HALLADOR ENERGY CO38.6 out of 100, No moatNo moat
#22PNW PINNACLE WEST CAPITAL CORP37.6 out of 100, No moatNo moat

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

Common questions about WEC

Does WEC ENERGY GROUP, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores WEC ENERGY GROUP, INC. (WEC) 38.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 96, returns on capital 3, balance-sheet safety 1, capital discipline 43.
Is WEC 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 $77.96 per share versus a recent price of $113.35 — 45% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has WEC's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 38.6 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 WEC. See the disclaimer.