Ball Corporation

Moat components and weights: efficient scale 80/100 (25 percent weight), cost advantage 75/100 (30 percent), switching costs 60/100 (25 percent), intangible assets 50/100 (10 percent), network effects 0/100 (10 percent).

Weighted result approximately 62. Ball’s moat rests on scale, capital intensity and a dense global footprint serving large beverage customers under multi‑year agreements. The industry is consolidated and plants run near continuously to be economical, creating real but not unassailable barriers.

Most contracts include metal cost pass‑throughs, which stabilize earnings but limit pure pricing power as a moat source.

Risks to moat durability include substitution from PET or glass, energy price shocks (particularly in Europe), and policy shifts around tariffs and recycling regimes; Ball mitigates some of these via contract structures, local sourcing, and hedging.

The company’s portfolio simplification and closure of high‑cost capacity strengthen the moat by improving asset quality and utilization, while EMEA and South America continue to benefit from mix and scale.