Does Westlake Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Westlake Corporation (WLK) 22.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 20, balance-sheet safety 28, capital discipline 46.

Is WLK stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $61.50 per share versus a recent price of $77.63 — 26% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has WLK's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 22.1 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

Westlake Corporation

WLK · Materials · $9.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power5

Median gross margin 18.5% over 10y, variable.

Returns on capital20

Median ROIC 6.3%, above the 9% hurdle in 40% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -9x.

Capital discipline46

Owner earnings trend unclear, share count flat.

Margin of safety

Above valueOn sale

26% above value

Owner earnings (normalized): $708.0M
Est. intrinsic value / share: $61.50
Recent price: $77.63
Discount to value: 26% above value

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

18 years of fundamentals

The business, in plain English

Westlake Corporation booked $11.2B of revenue in FY2025 in the Materials sector and kept 7.3% of it as gross profit — a thin-margin business by that measure. After every other cost, −13.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.3B (FY2009) to $11.2B (FY2025) — about 10.3% a year compounded over 16 years.

It earned −10.7% on invested capital in FY2025, with a median of 15.0% across 17 filed years. The Returns on Capital filter above scores it 20/100.

The balance sheet carried $5.6B of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 92.2% between FY2011 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 46/100.

Put together: Capital Discipline is the strongest of the four filters (46/100) and Pricing Power the weakest (5/100), which is how WLK lands at 22/100 — 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$11.2B FY2025

Gross marginRevenue kept after cost of goods7.3% FY2025

Return on invested capitalOperating profit on the capital employed−10.7% FY2025

Owner earningsCash an owner could take out−$1.3B FY2025

Gaps in a line mean that item isn’t in WLK’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 scale22.1 / 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 — WLK 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.

Materials context

#177 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#175DYNR DYNARESOURCE, INC.22.3 out of 100, No moatNo moat
#176CODI COMPASS DIVERSIFIED HOLDINGS22.2 out of 100, No moatNo moat
#178TUSK Mammoth Energy Services, Inc.22.1 out of 100, No moatNo moat
#179IPI INTREPID POTASH, INC.21.9 out of 100, No moatNo moat

Compare WLK with its nearest peers →All Materials companies on the Index →

Common questions about WLK

Does Westlake Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Westlake Corporation (WLK) 22.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 5, returns on capital 20, balance-sheet safety 28, capital discipline 46.
Is WLK stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $61.50 per share versus a recent price of $77.63 — 26% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has WLK's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 22.1 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 WLK. See the disclaimer.