Space Exploration Technologies Corp. provides satellite-based broadband services in the United States, Ireland, Canada, and internationally. The company's Connectivity segment operates a high-speed, low-latency broadband network powered by various Starlink satellites in low-earth orbit, delivering connectivity to various consumer, enterprise, and government customers through its Starlink offering. Its Space segment designs, manufactures, and launches reusable rockets to provide access to …
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Competitive advantage assessment
Key strengths
Operating Leverage in EffectOperating leverage is evident (score 0.84), with margins expanding over time.
Key risks
ROIC Below WACC or PeersROIC at 30.6th percentile suggests inefficient capital deployment.
Liquidity ConcernsLiquidity is concerning (score 0.27), raising questions about short-term obligations.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Space Exploration Technologies ranks #40 of 80
scored companies in Aerospace & Defense by moat score — the top 50%.
The widest moat in the group is Howmet Aerospace Inc. (HWM)
at 80/100.
Moat scores for companies ranked near SPCX in Aerospace & Defense
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 48
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 62
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 15
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 49
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 67
· 15% of the moat score
Scale matters only when it converts into economics.
What is Space Exploration Technologies 's moat score?
Space Exploration Technologies (SPCX) scores 45 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #40 of 80 scored companies in Aerospace & Defense, the top 50%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 79 companies in Aerospace & Defense. Its strongest defense is Scale & Market Position (67/100) and its weakest is Capital Efficiency (15/100).
How does Space Exploration Technologies compare with other Aerospace & Defense companies?
Space Exploration Technologies ranks #40 of 80 scored companies in Aerospace & Defense by moat score. The widest moat in Aerospace & Defense is Howmet Aerospace Inc. (HWM) at 80/100. The companies ranked closest are Axon Enterprise, Inc. (AXON) at 46 just above it and Mercury Systems Inc (MRCY) at 44 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 79 companies in Aerospace & Defense. The defenses are then weighted to produce the overall score out of 100.
Why is Space Exploration Technologies scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for Space Exploration Technologies ?
The Corporate Default template measures 6 defenses, and SPCX scores: Pricing Power (30), Cost Advantage (48), Customer Stickiness (62), Capital Efficiency (15), Resilience (49), Scale & Market Position (67). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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