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The Moat Index

SELECT WATER SOLUTIONS, INC.

WTTR · Materials · FY2025 filings · No moat ·

Doesn't clear the bar

4/ 100
No moat

The four filters

Pricing power0

Median gross margin 11.6% over 10y, variable.

Returns on capital0

Median ROIC 2.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 8.7x, interest coverage 1x.

Capital discipline20

Owner earnings -10.9%/yr, share count n/a.

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
$30.6M
Est. intrinsic value / share
—
Recent price
$20.33
Discount to value
No price data

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

12 years of fundamentals

The business, in plain English

SELECT WATER SOLUTIONS, INC. booked $1.4B of revenue in FY2025 in the Materials sector and kept 14.4% of it as gross profit — a thin-margin business by that measure. After every other cost, 1.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $535.6M (FY2015) to $1.4B (FY2025) — about 10.1% a year compounded over 10 years.

It earned 2.6% on invested capital in FY2025, with a median of 1.8% across 11 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $316.3M of total debt in FY2025 against $21.2M of owner earnings — roughly 14.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

Put together: Capital Discipline is the strongest of the four filters (20/100) and Pricing Power the weakest (0/100), which is how WTTR lands at 4/100 — 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.

FY2014–FY2025 · 12 fiscal years, normalized from WTTR’s SEC filings

RevenueSales, as filed$1.4B FY2025
$0$1B2014201820222025
Gross marginRevenue kept after cost of goods14.4% FY2025
0%2014201820222025
Return on invested capitalOperating profit on the capital employed2.6% FY2025
−200%0%2014201820222025
Owner earningsCash an owner could take out$21.2M FY2025
−$200M$02014201820222025

Gaps in a line mean that item isn’t in WTTR’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

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale4.0 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

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 — WTTR 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

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

Nearest peers by Moat Score

  1. #210GEVO GEVO, INC.8.8No moat
  2. #211LXU LSB INDUSTRIES, INC.8.6No moat
  3. #212DWSN DAWSON GEOPHYSICAL COMPANY7.1No moat
  4. #213RYAM Rayonier Advanced Materials Inc5.9No moat

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

Common questions about WTTR

Does SELECT WATER SOLUTIONS, INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores SELECT WATER SOLUTIONS, INC. (WTTR) 4.0 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 0, balance-sheet safety 0, capital discipline 20.
How has WTTR's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 4.0 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 WTTR. See the disclaimer.

SELECT WATER SOLUTIONS, INC. (WTTR) Moat Score — The Moat Index · Buy Like Buffett