Acco Brands

Moat components and weights: Intangible assets 65/100 (35% weight) based on a portfolio of long lived brands (AT-A-GLANCE, Five Star, Kensington, Mead, Swingline, PowerA, Leitz, etc.) that command retail placement and recognition across major channels. However, several categories are mature and competitive which tempers durability.

Switching costs 40/100 (25% weight): most products are replaceable and customers can switch on price and availability; enterprise locks and docks have somewhat higher frictions. Network effects 0/100 (10% weight): no meaningful network benefit at the product or platform level.

Cost advantage 50/100 (20% weight): scale in sourcing and global supply chain offers purchasing leverage, but is broadly matched by large peers and private label.

Efficient scale 45/100 (10% weight): some categories (planners, binding/laminating) have concentrated incumbents and limited attractive profit pools for new entrants, yet not enough to deter private label or regional competition.

Weighted outcome yields ~47. Principal erosion vectors: retailer private label, digital substitution in paper products, licensing risks in gaming and audio, and tariff or FX shocks that compress margins. Management acknowledges licensing dependencies and tariff impacts in filings.