THE WESTERN UNION COMPANY

WU · Technology · $2.6B mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power64

Median gross margin 38.7% over 10y, very stable.

Returns on capital100

Median ROIC 49.5%, above the 9% hurdle in 100% of years.

Balance-sheet safety33

Net debt/EBITDA 2.2x, interest coverage 5x.

Capital discipline59

Owner earnings +0.3%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

69% below value

Owner earnings (normalized): $768.1M
Est. intrinsic value / share: $27.03
Recent price: $8.37
Discount to value: 69% below value

Conservative model: 9% discount rate, 0% 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 WU. See the disclaimer.