Steel Partners Holdings LP LTD SPLP

Competitive advantage analysis · industrials

Corporate Default
Overall moat score
79/100
Strong

Ranked against 26 peers in Conglomerates

About Steel Partners Holdings LP LTD

Steel Partners Holdings L.P., together with its subsidiaries, engages in industrial products, energy, banking, defense, supply chain management, logistics, and youth sports businesses worldwide. It operates through Diversified Industrial, Energy, and Financial Services segments. The company fabricates precious metals and alloys into brazing alloys; manufactures and sells seamless stainless steel tubing coils; mechanical and fluid-carrying welded low carbon tubing for … Full SPLP analysis →

Key strengths

  • Margins Stable Across Cycles Operating margin volatility is low (stability score 0.88), demonstrating pricing resilience across cycles.
  • Revenue Growth Consistent Revenue growth volatility is low (stability score 1.00), suggesting sticky customer base.

Key risks

  • Liquidity Concerns Liquidity is concerning (score 0.28), 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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Pricing Power

Strong
82
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Where SPLP ranks in Conglomerates

Steel Partners Holdings LP LTD ranks #1 of 27 scored companies in Conglomerates by moat score — the top 4%. That makes it the widest moat in the group.

# Company Moat score Rating
1 Steel Partners Holdings LP LTD SPLP 79/100 Strong
2 Honeywell International Inc. HON 78/100 Strong
3 Valmont Industries, Inc. VMI 71/100 Moderate
4 Deluxe Corporation DLX 69/100 Moderate
5 3M Company MMM 68/100 Moderate
6 Griffon Corporation GFF 66/100 Moderate
7 RCM Technologies, Inc. RCMT 66/100 Moderate
8 Cresud S.A.C.I.F. y A. Warrant CRESW 62/100 Moderate
9 Cresud S.A.C.I.F. y A. CRESY 62/100 Moderate

See every General Corporate company ranked by moat score →

How SPLP scores on the Corporate Default defenses

Pricing Power

Score 82 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 61 · 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 99 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 92 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 67 · 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 75 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding SPLP's moat

What is Steel Partners Holdings LP LTD 's moat score?

Steel Partners Holdings LP LTD (SPLP) scores 79 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #1 of 27 scored companies in Conglomerates, the top 4%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 26 companies in Conglomerates. Its strongest defense is Customer Stickiness (99/100) and its weakest is Cost Advantage (61/100).

How does Steel Partners Holdings LP LTD compare with other Conglomerates companies?

Steel Partners Holdings LP LTD ranks #1 of 27 scored companies in Conglomerates by moat score. That is the widest moat in Conglomerates. The companies ranked closest are Honeywell International Inc. (HON) at 78 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 26 companies in Conglomerates. The defenses are then weighted to produce the overall score out of 100.

Why is Steel Partners Holdings LP LTD 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 Steel Partners Holdings LP LTD ?

The Corporate Default template measures 6 defenses, and SPLP scores: Pricing Power (82), Cost Advantage (61), Customer Stickiness (99), Capital Efficiency (92), Resilience (67), Scale & Market Position (75). 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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