★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
VOL. XCIV, NO. 247
Stock Profile
Carlisle Companies Incorporated (CSL) Moat Analysis
Carlisle Companies Incorporated
CSL · New York Stock Exchange
Partial score covering 75% of segment weight.
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Overview
Carlisle Companies Incorporated is a building-envelope manufacturer with Carlisle Construction Materials (CCM) and Carlisle Weatherproofing Technologies (CWT). In Q2 2026 CCM supplied 75.2% of segment revenue and 89.0% of segment operating profit. Its limited moat comes from complete warranted systems that bundle membranes, insulation, and accessories: $378.1m of extended-warranty contract liabilities and obligations extending beyond 2031 demonstrate duration, while customers can still rebid future projects and rivals offer comparable warranties. CWT supplied 24.8% of revenue and 11.0% of profit. Its Q2 growth reflected share initiatives and acquired Bonded Logic volume, not a demonstrated exclusion mechanism; input inflation compressed margins. The company raised 2026 revenue guidance to mid-single-digit growth, without assuming a near-term new-construction recovery.
Primary segment
Carlisle Construction Materials (CCM)
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
2 segments · 8 tags
Updated 2026-08-23
Segments
Carlisle Construction Materials (CCM)
Commercial roofing systems (single-ply membranes, insulation, accessories) and architectural metal roofing/wall systems
Revenue
75.2%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Carlisle Weatherproofing Technologies (CWT)
Waterproofing, moisture protection, air/vapor barriers, underlayments, spray polyurethane foam/coatings, and insulation products for the building envelope
Revenue
24.8%
Structure
Competitive
Pricing
weak
Share
—
Peers
Moat Claims
Carlisle Construction Materials (CCM)
Commercial roofing systems (single-ply membranes, insulation, accessories) and architectural metal roofing/wall systems
Q2 2026 revenue $1,181.3m and segment operating income $338.1m; shares use company-reported quarter-only segment financials (Form 10-Q Note 2). Source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000037/csl-20260630.htm
Switching Costs General
Demand
Switching Costs General
Strength
Durability
Confidence
Evidence
Five- to 40-year complete-system warranties create a long stand-ready obligation and can favor compatible components during coverage, although the next project or reroof can move to a rival.
Switching Costs General moat: definition, examples, and stocks
Erosion risks
- Competitors match warranties and service levels
- Installation quality issues increasing warranty claims
- Distributors steering volume to alternatives
Leading indicators
- Warranty reserves / claim frequency trend
- Price realization vs raw-material inflation
- Re-roofing vs new construction mix
Counterarguments
- Roofing products are commonly bid per project; switching can occur job-to-job
- Warranties are common across major manufacturers, limiting differentiation
Suite Bundling
Demand
Suite Bundling
Strength
Durability
Confidence
Evidence
System selling (membranes + insulation/accessories) in warranted configurations can increase share-of-project and discourage mixing-and-matching components.
Suite Bundling moat: definition, examples, and stocks
Erosion risks
- Customers unbundle toward lowest-cost component suppliers
- Specifiers allow multi-source equivalency
Leading indicators
- Attachment rate of insulation/accessories per membrane sale
- Gross margin by product mix
Counterarguments
- Large projects can specify commodity-equivalent components from multiple vendors
- Distributors may stock competing bundles and push alternatives
Carlisle Weatherproofing Technologies (CWT)
Waterproofing, moisture protection, air/vapor barriers, underlayments, spray polyurethane foam/coatings, and insulation products for the building envelope
Q2 2026 revenue $389.0m and segment operating income $41.8m; shares use company-reported quarter-only segment financials (Form 10-Q Note 2). Source: https://www.sec.gov/Archives/edgar/data/790051/000079005126000037/csl-20260630.htm
Insufficient segment-specific evidence to assign a moat claim.
Evidence
As one of four major manufacturers in the single-ply industry, CCM competes through innovative products, long-term warranties and customer service.
Explicitly cites long-term warranties as a competitive lever and indicates concentrated industry structure.
Balance as of June 30 $378.1
Extended-warranty contract liabilities were $378.1m; $220.4m of remaining performance obligations were scheduled after 2031, confirming meaningful duration.
EPDM, TPO and PVC membrane and polyisocyanurate ("polyiso") insulation are sold together in warranted systems or separately in non-warranted systems
Direct support for system (bundle) selling as part of the go-to-market model.
Risks & Indicators
Erosion risks
- Competitors match warranties and service levels
- Installation quality issues increasing warranty claims
- Distributors steering volume to alternatives
- Customers unbundle toward lowest-cost component suppliers
- Specifiers allow multi-source equivalency
Leading indicators
- Warranty reserves / claim frequency trend
- Price realization vs raw-material inflation
- Re-roofing vs new construction mix
- Attachment rate of insulation/accessories per membrane sale
- Gross margin by product mix
Research CSL elsewhere
Keep the research going
More Rankings & Systems
Quality Stocks
High quality stocks ranked by profitability, margins, free cash flow quality, durability, solvency, and accounting...
Stock rankingUndervalued Stocks
Undervalued stocks from the NA & Europe universe, ranked with a multi-measure value system and quality controls.
Stock rankingDividend Stocks
Dividend stocks ranked by payout yield, payout sustainability, dividend growth, quality, balance-sheet safety, risk...
Stock rankingDefensive Stocks
Defensive stocks ranked by low volatility, low beta, intermediate momentum, durable profitability, balance sheet...
Stock rankingMomentum Stocks
Momentum stocks ranked by total return momentum, relative momentum, trend confirmation, and risk-adjusted momentum...
Stock rankingConviction 10
A concentrated 10-stock strategy from the NA & Europe universe, ranked across quality, value, growth, momentum, and...
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.