RGA
Reinsurance Group of America, Incorporated (RGA)'s economic moat is graded on the Buffett-Fit framework using two quantitative anchors and qualitative signals. The current ROIC sits at 0.0% (0.1% over 5y average) and the gross margin runs at 0.2%. Whether that constitutes a durable competitive advantage depends on whether those returns can be sustained - covered below. Educational only, not investment advice.
ROIC sustainability. Reinsurance Group of America, Incorporated's trailing ROIC is 0.0%, with a 5-year average of 0.1%. ROIC above 15% sustained over multiple years is the closest single quantitative proxy for moat strength - it means capital deployed in the business is earning above-average returns AND competitors haven't been able to compete those returns away. A one-year spike from a hot product cycle doesn't count; the pattern needs to hold across a full business cycle.
Gross-margin durability. Reinsurance Group of America, Incorporated runs a gross margin of 0.2%. Sustained gross margins above 40% in industries where peers sit lower is direct evidence of pricing power - customers are willing to pay a premium without switching, which is what a moat actually feels like in the income statement. Margin compression over multiple years signals the moat is eroding.
Qualitative signals. Beyond the numbers, moat sources include brand strength (consumer staples, luxury), switching costs (enterprise software, banking), network effects (marketplaces, payment networks), regulatory barriers (utilities, insurance), and patents (pharma, semiconductors). The Buffett-Fit verdict on /buffett/rga/ identifies which of these apply to Reinsurance Group of America, Incorporated specifically. The moat pillar contributes roughly 25% of the overall Buffett-Fit score.
Ein wirtschaftlicher Moat ist ein struktureller Vorteil, der einem Unternehmen ermöglicht, über lange Zeiträume hinweg überdurchschnittliche Kapitalrenditen zu erzielen, ohne dass diese durch Konkurrenz wegkonkurriert werden. Die Buffett-Fit-Moat-Säule bewertet ihn über zwei quantitative Anker (ROIC-Nachhaltigkeit, Brutto-Margen-Beständigkeit) plus qualitative Signale wie Markenstärke, Wechselkosten, Netzwerkeffekte, regulatorische Schranken und Patent-Moats.
ROIC über 15% nachhaltig über ein mehrjähriges Fenster - nicht ein einzelnes heißes Jahr - ist der nächste einzelne quantitative Proxy für Moat-Stärke. Nachhaltige Bruttomargen über 40% in Branchen, in denen Wettbewerber niedriger liegen, ist echte Preissetzungsmacht. Beide sind notwendig, keines ist allein ausreichend.
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