{ "version": "v1", "asOf": "2026-07-23", "publishedAt": "2026-07-23T06:30:08.774Z", "snapshotId": "sha256:7c71a5dfb23f917acbfc5d2b925217db6a66a5119c466bdfefdfb98a9420cfbc", "count": 100, "license": "https://creativecommons.org/licenses/by/4.0/", "attribution": "The Moat Index by Buy Like Buffett (AdvisorWorld.com Inc.), https://buylikebuffett.com/the-index, licensed CC BY 4.0.", "data": [ { "rank": 1, "cik": 1262039, "ticker": "FTNT", "entityName": "FORTINET, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3577", "marketCap": 115202150000.00002, "composite": 99, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 95, "components": { "revenueCagr": 0.2286559622629072, "revenueConsistency": 100, "epsCagr": 0.23946009126575984, "epsConsistency": 75, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 252115000.00 to 6799600000.00, increasing; diluted EPS 0.08 to 2.42, increasing." }, "pricingPower": { "score": 99.87078421129071, "components": { "medianGrossMargin": 0.7659175289983844, "grossMarginCV": 0.031162942098383533, "years": 10 }, "note": "Median gross margin 76.6% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 1.4097702114686792, "fractionAboveHurdle": 1, "years": 3 }, "note": "Median ROIC 141.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 103.71641791044776, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.5688020313362376, "shareCountChange": -0.14142756445071009, "years": 10 }, "note": "Owner earnings +56.9%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1147800000, "maintenanceCapex": 152000000, "conservativeValue": 20660400000, "conservativeValuePerShare": 27.80672947510094, "valueRange": { "low": 12753333333.333332, "high": 20660400000, "lowPerShare": 17.16464782413638, "highPerShare": 27.80672947510094 }, "price": 155.05, "discountToEstimate": -4.575988364213666, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 2, "cik": 1326801, "ticker": "META", "entityName": "Meta Platforms, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7370", "marketCap": 1614335580000, "composite": 98.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96, "components": { "revenueCagr": 0.3609798522200496, "revenueConsistency": 100, "epsCagr": 0.3435329822893092, "epsConsistency": 80, "years": 16, "spanYears": 15, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2025: revenue 1974000000.00 to 200966000000.00, increasing; diluted EPS 0.28 to 23.49, increasing." }, "pricingPower": { "score": 99.87460738883374, "components": { "medianGrossMargin": 0.8180107789591171, "grossMarginCV": 0.031128533500496224, "years": 10 }, "note": "Median gross margin 81.8% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.25161140061814324, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 25.2%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 96.91363159031131, "components": { "netDebtToEbitda": 0.22446315706826836, "interestCoverage": 71.48154506437768, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.2x, interest coverage 71x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.2184066614284359, "shareCountChange": -0.12, "years": 10 }, "note": "Owner earnings +21.8%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 39370000000, "maintenanceCapex": 18616000000, "conservativeValue": 708660000000, "conservativeValuePerShare": 275.31468531468533, "valueRange": { "low": 437444444444.44446, "high": 708660000000, "lowPerShare": 169.9473366140033, "highPerShare": 275.31468531468533 }, "price": 627.17, "discountToEstimate": -1.2780114300228598, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 3, "cik": 1097149, "ticker": "ALGN", "entityName": "ALIGN TECHNOLOGY, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3842", "marketCap": 12307435440, "composite": 98.3, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 92.24175949708106, "components": { "revenueCagr": 0.16428377461836052, "revenueConsistency": 94.11764705882354, "epsCagr": 0.09650291513246412, "epsConsistency": 70.58823529411765, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 303976000.00 to 4034964000.00, increasing; diluted EPS 1.18 to 5.65, increasing." }, "pricingPower": { "score": 99.09213996258858, "components": { "medianGrossMargin": 0.7189358975750553, "grossMarginCV": 0.03817074033670277, "years": 10 }, "note": "Median gross margin 71.9% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.23269913036268108, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 23.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.12450221192590427, "shareCountChange": -0.1029376641987103, "years": 10 }, "note": "Owner earnings +12.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 450816000, "maintenanceCapex": 102445000, "conservativeValue": 5009066666.666666, "conservativeValuePerShare": 70.19038544177269, "valueRange": { "low": 5009066666.666666, "high": 5009066666.666666, "lowPerShare": 70.19038544177269, "highPerShare": 70.19038544177269 }, "price": 172.46, "discountToEstimate": -1.4570316705706987, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 4, "cik": 1720420, "ticker": "IBEX", "entityName": "IBEX LIMITED", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7374", "marketCap": 442149469, "composite": 98, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 91.85839020659807, "components": { "revenueCagr": 0.05929195103299034, "revenueConsistency": 100, "epsCagr": 0.35024759858954546, "epsConsistency": 100, "years": 5, "spanYears": 4, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2021–2025: revenue 443388000.00 to 558273000.00, increasing; diluted EPS 0.71 to 2.36, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.31024689640165337, "fractionAboveHurdle": 1, "years": 5 }, "note": "Median ROIC 31.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 28.525703794369644, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.29545996908024663, "shareCountChange": -0.2679105692736717, "years": 5 }, "note": "Owner earnings +29.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 31615000, "maintenanceCapex": 17232000, "conservativeValue": 351277777.7777778, "conservativeValuePerShare": 26.297203230259775, "valueRange": { "low": 351277777.7777778, "high": 351277777.7777778, "lowPerShare": 26.297203230259775, "highPerShare": 26.297203230259775 }, "price": 33.1, "discountToEstimate": -0.2586889833939586, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 5, "cik": 874716, "ticker": "IDXX", "entityName": "IDEXX LABORATORIES INC /DE", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "2835", "marketCap": 43443040000, "composite": 97.5, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.44823783664937, "components": { "revenueCagr": 0.0881235421244233, "revenueConsistency": 100, "epsCagr": 0.16788417180464155, "epsConsistency": 94.11764705882354, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 1024030000.00 to 4303702000.00, increasing; diluted EPS 0.94 to 13.08, increasing." }, "pricingPower": { "score": 96.39970176499115, "components": { "medianGrossMargin": 0.5840314451699102, "grossMarginCV": 0.04004670735295392, "years": 10 }, "note": "Median gross margin 58.4% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.5684705144995627, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 56.8%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 97.53570173410559, "components": { "netDebtToEbitda": 0.17922169206504857, "interestCoverage": 35.005430865849895, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.2x, interest coverage 35x." }, "capitalDiscipline": { "score": 96.97281410727408, "components": { "ownerEarningsCagr": 0.1843938957843434, "shareCountChange": -0.08486407053637031, "years": 10 }, "note": "Owner earnings +18.4%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 845042000, "maintenanceCapex": 124676000, "conservativeValue": 15210756000, "conservativeValuePerShare": 190.82140706543558, "valueRange": { "low": 9389355555.555555, "high": 15210756000, "lowPerShare": 117.79099201570097, "highPerShare": 190.82140706543558 }, "price": 545, "discountToEstimate": -1.8560736889080331, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 6, "cik": 1397187, "ticker": "LULU", "entityName": "lululemon athletica inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "2300", "marketCap": 12627150600, "composite": 97.3, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 94.11764705882354, "components": { "revenueCagr": 0.22479037775356914, "revenueConsistency": 100, "epsCagr": 0.2560658315881015, "epsConsistency": 70.58823529411765, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2026: revenue 353488000.00 to 11102600000.00, increasing; diluted EPS 0.28 to 13.26, increasing." }, "pricingPower": { "score": 92.15683411761543, "components": { "medianGrossMargin": 0.5592487213404942, "grossMarginCV": 0.04353670281815296, "years": 10 }, "note": "Median gross margin 55.9% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.5764607138258566, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 57.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.20117116462978246, "shareCountChange": -0.12508640733991078, "years": 10 }, "note": "Owner earnings +20.1%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1550190000, "maintenanceCapex": 496228000, "conservativeValue": 27903420000, "conservativeValuePerShare": 250.52451068414436, "valueRange": { "low": 17224333333.333332, "high": 27903420000, "lowPerShare": 154.64475968157058, "highPerShare": 250.52451068414436 }, "price": 113.37, "discountToEstimate": 0.5474694284786595, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 7, "cik": 1652044, "ticker": "GOOGL", "entityName": "ALPHABET INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7370", "marketCap": 4135183919999.9995, "composite": 97, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.36363636363636, "components": { "revenueCagr": 0.17957045642424196, "revenueConsistency": 100, "epsCagr": 0.2257749517424379, "epsConsistency": 81.81818181818181, "years": 12, "spanYears": 12, "skippedYears": 1, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2013–2025: revenue 55519000000.00 to 402836000000.00, increasing; diluted EPS 0.94 to 10.81, increasing. 1 fiscal year was not jointly reported; CAGR uses the full 12-year elapsed span." }, "pricingPower": { "score": 93.99636972646334, "components": { "medianGrossMargin": 0.5678242544250067, "grossMarginCV": 0.038986628656839294, "years": 10 }, "note": "Median gross margin 56.8% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.2057791025357118, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 20.6%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 98.36703013151325, "components": { "netDebtToEbitda": 0.11876144498085567, "interestCoverage": 175.32472826086956, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.1x, interest coverage 175x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.1482400502570962, "shareCountChange": -0.12569634004683977, "years": 5 }, "note": "Owner earnings +14.8%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 76033000000, "maintenanceCapex": 21136000000, "conservativeValue": 1368594000000, "conservativeValuePerShare": 113.2192256783587, "valueRange": { "low": 844811111111.1111, "high": 1368594000000, "lowPerShare": 69.8884109125671, "highPerShare": 113.2192256783587 }, "price": 342.09, "discountToEstimate": -2.0214833033025132, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 8, "cik": 1048695, "ticker": "FFIV", "entityName": "F5, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3576", "marketCap": 23108787240, "composite": 96.9, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 98.01993895384624, "components": { "revenueCagr": 0.09598204771040764, "revenueConsistency": 100, "epsCagr": 0.16420360890123664, "epsConsistency": 94.11764705882354, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 650173000.00 to 3088072000.00, increasing; diluted EPS 0.89 to 11.80, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.8203111919387781, "grossMarginCV": 0.020959934697272132, "years": 10 }, "note": "Median gross margin 82.0% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2765463564376307, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 27.7%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 86.46787990231799, "components": { "ownerEarningsCagr": 0.08165899305656765, "shareCountChange": -0.11683380540457781, "years": 10 }, "note": "Owner earnings +8.2%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 453466000, "maintenanceCapex": 43260000, "conservativeValue": 8162388000, "conservativeValuePerShare": 141.50176825462867, "valueRange": { "low": 5038511111.111111, "high": 8162388000, "lowPerShare": 87.34677052754856, "highPerShare": 141.50176825462867 }, "price": 400.61, "discountToEstimate": -1.8311306985161693, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 9, "cik": 789019, "ticker": "MSFT", "entityName": "MICROSOFT CORPORATION", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": 2901787560000, "composite": 96.5, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 94.25268569427726, "components": { "revenueCagr": 0.09479284023609225, "revenueConsistency": 100, "epsCagr": 0.12399169873085847, "epsConsistency": 76.47058823529412, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 60420000000.00 to 281724000000.00, increasing; diluted EPS 1.87 to 13.64, increasing." }, "pricingPower": { "score": 99.86759940713335, "components": { "medianGrossMargin": 0.6809133823854353, "grossMarginCV": 0.031191605335799715, "years": 10 }, "note": "Median gross margin 68.1% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.27980525364257436, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 28.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 98.86602556731066, "components": { "netDebtToEbitda": 0.08247086783195338, "interestCoverage": 53.89014675052411, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.1x, interest coverage 54x." }, "capitalDiscipline": { "score": 89.57991803278689, "components": { "ownerEarningsCagr": 0.19469242140147913, "shareCountChange": -0.04789959016393443, "years": 10 }, "note": "Owner earnings +19.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 72738000000, "maintenanceCapex": 28000000000, "conservativeValue": 1309284000000, "conservativeValuePerShare": 176.12106537530266, "valueRange": { "low": 808200000000, "high": 1309284000000, "lowPerShare": 108.71670702179176, "highPerShare": 176.12106537530266 }, "price": 390.34, "discountToEstimate": -1.2163163683356704, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 10, "cik": 1289460, "ticker": "TXRH", "entityName": "Texas Roadhouse, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5812", "marketCap": 12623608233.9, "composite": 96.5, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.25, "components": { "revenueCagr": 0.12121649356924569, "revenueConsistency": 93.75, "epsCagr": 0.14803053515535836, "epsConsistency": 87.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 942331000.00 to 5878075000.00, increasing; diluted EPS 0.67 to 6.10, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.2606681035909255, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 26.1%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 93.24277659091254, "components": { "ownerEarningsCagr": 0.1523917606583205, "shareCountChange": -0.0662138829545627, "years": 10 }, "note": "Owner earnings +15.2%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 313675000, "maintenanceCapex": 206640000, "conservativeValue": 5646150000, "conservativeValuePerShare": 85.62072542757288, "valueRange": { "low": 3485277777.7777777, "high": 5646150000, "lowPerShare": 52.85229964664992, "highPerShare": 85.62072542757288 }, "price": 191.43, "discountToEstimate": -1.2357904472782337, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 11, "cik": 1059556, "ticker": "MCO", "entityName": "Moody’s Corporation", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7320", "marketCap": 86839767000, "composite": 96.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 86.87355745557906, "components": { "revenueCagr": 0.0706408455990557, "revenueConsistency": 88.88888888888889, "epsCagr": 0.09706027501217296, "epsConsistency": 77.77777777777777, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 2259000000.00 to 7718000000.00, increasing; diluted EPS 2.58 to 13.67, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.7195588566284042, "grossMarginCV": 0.017649847071769854, "years": 9 }, "note": "Median gross margin 72.0% over 9y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 1.736996564230763, "fractionAboveHurdle": 1, "years": 6 }, "note": "Median ROIC 173.7%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 94.15094339622642, "components": { "ownerEarningsCagr": 0.28263849207153946, "shareCountChange": -0.07075471698113207, "years": 10 }, "note": "Owner earnings +28.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 2172000000, "maintenanceCapex": 326000000, "conservativeValue": 39096000000, "conservativeValuePerShare": 220.50761421319797, "valueRange": { "low": 24133333333.333332, "high": 39096000000, "lowPerShare": 136.11581124271478, "highPerShare": 220.50761421319797 }, "price": 489.79, "discountToEstimate": -1.2211931399631675, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 12, "cik": 1058090, "ticker": "CMG", "entityName": "CHIPOTLE MEXICAN GRILL, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5812", "marketCap": 41931508485, "composite": 94.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 86.69050501290388, "components": { "revenueCagr": 0.13208975750246377, "revenueConsistency": 100, "epsCagr": 0.04456363617563053, "epsConsistency": 88.88888888888889, "years": 10, "spanYears": 9, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 10 }, "note": "2016–2025: revenue 3904384000.00 to 11925601000.00, increasing; diluted EPS 0.77 to 1.14, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.35924125358160974, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 35.9%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 95.24194022979461, "components": { "ownerEarningsCagr": 0.5953762432963803, "shareCountChange": -0.07620970114897298, "years": 10 }, "note": "Owner earnings +59.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1228737000, "maintenanceCapex": 361382000, "conservativeValue": 13652633333.333332, "conservativeValuePerShare": 10.482487896277425, "valueRange": { "low": 13652633333.333332, "high": 13652633333.333332, "lowPerShare": 10.482487896277425, "highPerShare": 10.482487896277425 }, "price": 32.195, "discountToEstimate": -2.071312871387449, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 13, "cik": 1107843, "ticker": "QLYS", "entityName": "QUALYS, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": 5010417900, "composite": 94.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96, "components": { "revenueCagr": 0.16765480479609862, "revenueConsistency": 100, "epsCagr": 0.38750937825142606, "epsConsistency": 80, "years": 16, "spanYears": 15, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 16 }, "note": "2010–2025: revenue 65432000.00 to 669125000.00, increasing; diluted EPS 0.04 to 5.44, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.7831613857308876, "grossMarginCV": 0.025232016024114522, "years": 10 }, "note": "Median gross margin 78.3% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.24752369276906655, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 24.8%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80.61940792334455, "components": { "ownerEarningsCagr": 0.302781975749991, "shareCountChange": -0.0030970396167227586, "years": 10 }, "note": "Owner earnings +30.3%/yr, share count flat." } }, "ownerEarnings": { "ownerEarnings": 169800000, "maintenanceCapex": 4990000, "conservativeValue": 1886666666.6666665, "conservativeValuePerShare": 52.803433156077986, "valueRange": { "low": 1886666666.6666665, "high": 1886666666.6666665, "lowPerShare": 52.803433156077986, "highPerShare": 52.803433156077986 }, "price": 140.23, "discountToEstimate": -1.6556985335689047, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 14, "cik": 1278021, "ticker": "MKTX", "entityName": "MARKETAXESS HOLDINGS INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Other", "sicCode": "6211", "marketCap": 4040999273.7000003, "composite": 94.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 97.5, "components": { "revenueCagr": 0.1332046985956663, "revenueConsistency": 100, "epsCagr": 0.18831731233301507, "epsConsistency": 87.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 114439000.00 to 846268000.00, increasing; diluted EPS 0.42 to 6.64, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.40837990113089706, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 40.8%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 229.88433086751849, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 81.08896386459581, "components": { "ownerEarningsCagr": 0.0964168726744703, "shareCountChange": -0.04706210283861972, "years": 10 }, "note": "Owner earnings +9.6%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 315122000, "maintenanceCapex": 8204000, "conservativeValue": 3501355555.5555553, "conservativeValuePerShare": 97.86641452125139, "valueRange": { "low": 3501355555.5555553, "high": 3501355555.5555553, "lowPerShare": 97.86641452125139, "highPerShare": 97.86641452125139 }, "price": 112.95, "discountToEstimate": -0.15412422691211666, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 15, "cik": 1668397, "ticker": "MEDP", "entityName": "Medpace Holdings, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "8731", "marketCap": 14983176333.6, "composite": 94.3, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 85, "components": { "revenueCagr": 0.2156246193790592, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 100, "years": 11, "spanYears": 10, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2015–2025: revenue 359059000.00 to 2530234000.00, increasing; diluted EPS -0.28 to 15.28, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 92.22222222222223, "components": { "medianRoic": 0.2729073955519436, "fractionAboveHurdle": 0.7777777777777778, "years": 9 }, "note": "Median ROIC 27.3%, above the 12% hurdle in 78% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.2559824055822548, "shareCountChange": -0.3022924902274449, "years": 10 }, "note": "Owner earnings +25.6%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 282810000, "maintenanceCapex": 28124000, "conservativeValue": 5090580000, "conservativeValuePerShare": 179.430385770148, "valueRange": { "low": 3142333333.333333, "high": 5090580000, "lowPerShare": 110.75949738898025, "highPerShare": 179.430385770148 }, "price": 528.12, "discountToEstimate": -1.9433141869099397, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 16, "cik": 1670592, "ticker": "YETI", "entityName": "YETI Holdings, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "3949", "marketCap": 3881599377.6, "composite": 94.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 90.30877953747523, "components": { "revenueCagr": 0.09598834213182061, "revenueConsistency": 88.88888888888889, "epsCagr": 0.1493492186722336, "epsConsistency": 66.66666666666667, "years": 10, "spanYears": 9, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2016–2025: revenue 818914000.00 to 1868494000.00, increasing; diluted EPS 0.58 to 2.03, increasing." }, "pricingPower": { "score": 84.88053842337308, "components": { "medianGrossMargin": 0.5444068909741449, "grossMarginCV": 0.08824480155344497, "years": 10 }, "note": "Median gross margin 54.4% over 10y, stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.3060796909400463, "fractionAboveHurdle": 1, "years": 9 }, "note": "Median ROIC 30.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 96.0489115103943, "components": { "ownerEarningsCagr": 0.15605970864648078, "shareCountChange": -0.08024455755197155, "years": 10 }, "note": "Owner earnings +15.6%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 176952000, "maintenanceCapex": 42667000, "conservativeValue": 2844448167.9806514, "conservativeValuePerShare": 37.92988993771692, "valueRange": { "low": 1966133333.3333333, "high": 2844448167.9806514, "lowPerShare": 26.217816789803816, "highPerShare": 37.92988993771692 }, "price": 51.76, "discountToEstimate": -0.3646229948199934, "assumptions": { "discountRate": 0.09, "growthRate": 0.027790393935839264, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 17, "cik": 1088856, "ticker": "CORT", "entityName": "CORCEPT THERAPEUTICS INC", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "2834", "marketCap": 9630190080, "composite": 94, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 81.36363636363636, "components": { "revenueCagr": 0.356760749469186, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 81.81818181818181, "years": 12, "spanYears": 11, "skippedYears": 0, "derivedEpsYears": 1, "uncorroboratedEpsYears": 0 }, "note": "2014–2025: revenue 26551000.00 to 761407000.00, increasing; diluted EPS -0.31 to 0.82, increasing. Diluted EPS was derived from net income and diluted weighted-average shares in 1 year where the direct tag was absent." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.9834180133059313, "grossMarginCV": 0.004052617028532859, "years": 10 }, "note": "Median gross margin 98.3% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.2556724407015362, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 25.6%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 91.96699494277348, "components": { "ownerEarningsCagr": 0.3222866107380278, "shareCountChange": -0.05983497471386745, "years": 10 }, "note": "Owner earnings +32.2%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 107043000, "maintenanceCapex": 211000, "conservativeValue": 1189366666.6666665, "conservativeValuePerShare": 11.224040415479177, "valueRange": { "low": 1189366666.6666665, "high": 1189366666.6666665, "lowPerShare": 11.224040415479177, "highPerShare": 11.224040415479177 }, "price": 90.88, "discountToEstimate": -7.096905983576694, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 18, "cik": 1393052, "ticker": "VEEV", "entityName": "Veeva Systems Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Technology", "sicCode": "7372", "marketCap": 30225279913.050003, "composite": 94, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 100, "components": { "revenueCagr": 0.3263735553986149, "revenueConsistency": 100, "epsCagr": 0.4924430876158148, "epsConsistency": 100, "years": 15, "spanYears": 14, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 15 }, "note": "2012–2026: revenue 61262000.00 to 3195311000.00, increasing; diluted EPS 0.02 to 5.44, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.719051367925131, "grossMarginCV": 0.029229510075481628, "years": 10 }, "note": "Median gross margin 71.9% over 10y, very stable." }, "returnsOnCapital": { "score": 93, "components": { "medianRoic": 0.20071558221864488, "fractionAboveHurdle": 0.8, "years": 10 }, "note": "Median ROIC 20.1%, above the 12% hurdle in 80% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 76.8769734414025, "components": { "ownerEarningsCagr": 0.302098954270581, "shareCountChange": 0.015615132792987471, "years": 10 }, "note": "Owner earnings +30.2%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 525705000, "maintenanceCapex": 14000000, "conservativeValue": 5841166666.666666, "conservativeValuePerShare": 35.6650893369528, "valueRange": { "low": 5841166666.666666, "high": 5841166666.666666, "lowPerShare": 35.6650893369528, "highPerShare": 35.6650893369528 }, "price": 184.55, "discountToEstimate": -4.17452790476503, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 19, "cik": 1516513, "ticker": "DOCS", "entityName": "Doximity, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Technology", "sicCode": "7371", "marketCap": 3750899399.9999995, "composite": 93.9, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 93.33333333333334, "components": { "revenueCagr": 0.3302294005662061, "revenueConsistency": 100, "epsCagr": 0.40027645763815967, "epsConsistency": 66.66666666666667, "years": 7, "spanYears": 6, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 7 }, "note": "2020–2026: revenue 116388000.00 to 644863000.00, increasing; diluted EPS 0.13 to 0.98, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.8841879446249141, "grossMarginCV": 0.020054212447841866, "years": 7 }, "note": "Median gross margin 88.4% over 7y, very stable." }, "returnsOnCapital": { "score": 96.37137273827761, "components": { "medianRoic": 0.19162624478064066, "fractionAboveHurdle": 1, "years": 6 }, "note": "Median ROIC 19.2%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.3808762690964853, "shareCountChange": null, "years": 7 }, "note": "Owner earnings +38.1%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 157911000, "maintenanceCapex": 0, "conservativeValue": 1754566666.6666665, "conservativeValuePerShare": 9.584653483375213, "valueRange": { "low": 1754566666.6666665, "high": 1754566666.6666665, "lowPerShare": 9.584653483375213, "highPerShare": 9.584653483375213 }, "price": 20.49, "discountToEstimate": -1.1377924653760663, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 20, "cik": 796343, "ticker": "ADBE", "entityName": "ADOBE INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": 90182680000, "composite": 93.2, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 93.33333333333334, "components": { "revenueCagr": 0.11866703823445413, "revenueConsistency": 88.88888888888889, "epsCagr": 0.15698973437061658, "epsConsistency": 77.77777777777777, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 3157881000.00 to 23769000000.00, increasing; diluted EPS 1.21 to 16.70, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.8723469510859645, "grossMarginCV": 0.01578350328061985, "years": 10 }, "note": "Median gross margin 87.2% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.46498723939544506, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 46.5%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 72.5, "components": { "netDebtToEbitda": null, "interestCoverage": 33.10266159695818, "fiscalYear": 2025 }, "note": "Net debt/EBITDA n/ax, interest coverage 33x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.2201092824115658, "shareCountChange": -0.16439725323416704, "years": 10 }, "note": "Owner earnings +22.0%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 5940000000, "maintenanceCapex": 179000000, "conservativeValue": 106920000000, "conservativeValuePerShare": 258.8861985472155, "valueRange": { "low": 66000000000, "high": 106920000000, "lowPerShare": 159.80629539951573, "highPerShare": 258.8861985472155 }, "price": 218.36, "discountToEstimate": 0.15654059109614657, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 21, "cik": 920371, "ticker": "SSD", "entityName": "Simpson Manufacturing Co., Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "3420", "marketCap": 7706434000, "composite": 93, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 90.39675044902611, "components": { "revenueCagr": 0.07551316400983654, "revenueConsistency": 94.11764705882354, "epsCagr": 0.1257532448614973, "epsConsistency": 82.3529411764706, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 676724000.00 to 2332808000.00, increasing; diluted EPS 1.10 to 8.24, increasing." }, "pricingPower": { "score": 77.43446317260408, "components": { "medianGrossMargin": 0.4565433019511955, "grossMarginCV": 0.03225045417823704, "years": 10 }, "note": "Median gross margin 45.7% over 10y, very stable." }, "returnsOnCapital": { "score": 97.3335549082768, "components": { "medianRoic": 0.19384666517294646, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 19.4%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.16143867058065298, "shareCountChange": -0.13032021417880557, "years": 10 }, "note": "Owner earnings +16.1%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 333995000, "maintenanceCapex": 89951000, "conservativeValue": 6011910000, "conservativeValuePerShare": 145.72560901708883, "valueRange": { "low": 3711055555.5555553, "high": 6011910000, "lowPerShare": 89.95407964017829, "highPerShare": 145.72560901708883 }, "price": 186.8, "discountToEstimate": -0.28186117223977086, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 22, "cik": 1056696, "ticker": "MANH", "entityName": "MANHATTAN ASSOCIATES, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": 8923531341.01, "composite": 92.9, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 93.10472914369177, "components": { "revenueCagr": 0.09677364571845892, "revenueConsistency": 81.25, "epsCagr": 0.2048694061902565, "epsConsistency": 87.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 246667000.00 to 1081392000.00, increasing; diluted EPS 0.18 to 3.60, increasing." }, "pricingPower": { "score": 91.46924734805046, "components": { "medianGrossMargin": 0.5496902768455261, "grossMarginCV": 0.036343161451282475, "years": 10 }, "note": "Median gross margin 55.0% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 4.436466635129877, "fractionAboveHurdle": 1, "years": 8 }, "note": "Median ROIC 443.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80.02591296689951, "components": { "ownerEarningsCagr": 0.06340675340621527, "shareCountChange": -0.14791512168152854, "years": 10 }, "note": "Owner earnings +6.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 177590000, "maintenanceCapex": 6317000, "conservativeValue": 3196620000, "conservativeValuePerShare": 53.41472898845124, "valueRange": { "low": 1973222222.222222, "high": 3196620000, "lowPerShare": 32.972054931142736, "highPerShare": 53.41472898845124 }, "price": 149.11, "discountToEstimate": -1.7915521209934246, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 23, "cik": 1141391, "ticker": "MA", "entityName": "Mastercard Inc", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7389", "marketCap": null, "composite": 92.4, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 95.55555555555556, "components": { "revenueCagr": 0.12293979788264142, "revenueConsistency": 88.88888888888889, "epsCagr": 0.18351033342927714, "epsConsistency": 88.88888888888889, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 4067599000.00 to 32791000000.00, increasing; diluted EPS 0.80 to 16.52, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.8199884569646919, "fractionAboveHurdle": 1, "years": 9 }, "note": "Median ROIC 82.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 94.21319860279442, "components": { "netDebtToEbitda": 0.42085828343313375, "interestCoverage": 26.173130193905816, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.4x, interest coverage 26x." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.15662495735140314, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +15.7%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 11623000000, "maintenanceCapex": 489000000, "conservativeValue": 209214000000, "conservativeValuePerShare": null, "valueRange": { "low": 129144444444.44444, "high": 209214000000, "lowPerShare": null, "highPerShare": null }, "price": 531.98, "discountToEstimate": null, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 24, "cik": 865752, "ticker": "MNST", "entityName": "Monster Beverage Corp", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Staples", "sicCode": "2086", "marketCap": 93576070710, "composite": 92.3, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 92.17256878732738, "components": { "revenueCagr": 0.13030926165147738, "revenueConsistency": 100, "epsCagr": 0.07624745932125232, "epsConsistency": 84.61538461538461, "years": 14, "spanYears": 17, "skippedYears": 4, "derivedEpsYears": 11, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 1033780000.00 to 8294343000.00, increasing; diluted EPS 0.56 to 1.94, increasing. 4 fiscal years were not jointly reported; CAGR uses the full 17-year elapsed span. Diluted EPS was derived from net income and diluted weighted-average shares in 11 years where the direct tag was absent." }, "pricingPower": { "score": 91.12489068444715, "components": { "medianGrossMargin": 0.5766448673649893, "grossMarginCV": 0.07717879815096067, "years": 10 }, "note": "Median gross margin 57.7% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2817172974078575, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 28.2%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 78.39863666776934, "components": { "ownerEarningsCagr": 0.11546280389201313, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +11.5%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 1509048000, "maintenanceCapex": 114441000, "conservativeValue": 27162864000, "conservativeValuePerShare": 27.770680892698493, "valueRange": { "low": 16767200000, "high": 27162864000, "lowPerShare": 17.14239561277685, "highPerShare": 27.770680892698493 }, "price": 95.67, "discountToEstimate": -2.4450001557273193, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 25, "cik": 1434588, "ticker": "LOPE", "entityName": "Grand Canyon Education, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "8200", "marketCap": 3745170960, "composite": 92.3, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.34303698507662, "components": { "revenueCagr": 0.09421518492538317, "revenueConsistency": 87.5, "epsCagr": 0.17302277816563238, "epsConsistency": 100, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 261902000.00 to 1106070000.00, increasing; diluted EPS 0.60 to 7.71, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2834733026388082, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 28.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 72.6793913602906, "components": { "ownerEarningsCagr": 0.04259160885415669, "shareCountChange": -0.42402069009020377, "years": 10 }, "note": "Owner earnings +4.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 216170000, "maintenanceCapex": 31187000, "conservativeValue": 3891060000, "conservativeValuePerShare": 142.04577811849742, "valueRange": { "low": 2401888888.888889, "high": 3891060000, "lowPerShare": 87.68257908549224, "highPerShare": 142.04577811849742 }, "price": 136.72, "discountToEstimate": 0.03749339254599003, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 26, "cik": 900075, "ticker": "CPRT", "entityName": "COPART, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5500", "marketCap": 26286396007.300003, "composite": 92.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 100, "components": { "revenueCagr": 0.12139405755007449, "revenueConsistency": 100, "epsCagr": 0.186009215766892, "epsConsistency": 100, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 743082000.00 to 4646958000.00, increasing; diluted EPS 0.10 to 1.59, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.8900360899727364, "grossMarginCV": 0.01386287883754996, "years": 4 }, "note": "Median gross margin 89.0% over 4y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.26303130702694577, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 26.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 60.36219763778484, "components": { "ownerEarningsCagr": 0.2143437894048934, "shareCountChange": 0.09818901181107582, "years": 10 }, "note": "Owner earnings +21.4%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 1237741000, "maintenanceCapex": 215849000, "conservativeValue": 22279338000, "conservativeValuePerShare": 23.028246751357386, "valueRange": { "low": 13752677777.777777, "high": 22279338000, "lowPerShare": 14.214967130467521, "highPerShare": 23.028246751357386 }, "price": 27.17, "discountToEstimate": -0.1798553443239652, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 27, "cik": 1902314, "ticker": "MPTI", "entityName": "M-tron Industries, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3679", "marketCap": 273370258.8, "composite": 91.9, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 100, "components": { "revenueCagr": 0.19489635092964663, "revenueConsistency": 100, "epsCagr": 0.4516513419779591, "epsConsistency": 100, "years": 5, "spanYears": 4, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2021–2025: revenue 26694000.00 to 54417000.00, increasing; diluted EPS 0.59 to 2.62, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 87.58321322703479, "components": { "medianRoic": 0.18749972283161878, "fractionAboveHurdle": 0.8, "years": 5 }, "note": "Median ROIC 18.7%, above the 12% hurdle in 80% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.5201064569153309, "shareCountChange": null, "years": 5 }, "note": "Owner earnings +52.0%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 3489000, "maintenanceCapex": 1086000, "conservativeValue": 38766666.666666664, "conservativeValuePerShare": 11.38451568821502, "valueRange": { "low": 38766666.666666664, "high": 38766666.666666664, "lowPerShare": 11.38451568821502, "highPerShare": 11.38451568821502 }, "price": 80.28, "discountToEstimate": -6.051683374032675, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 28, "cik": 1002047, "ticker": "NTAP", "entityName": "NetApp, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Technology", "sicCode": "3572", "marketCap": 32641840000, "composite": 91.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 77.93523536537437, "components": { "revenueCagr": 0.04261735329746008, "revenueConsistency": 88.23529411764706, "epsCagr": 0.22927271642145142, "epsConsistency": 58.8235294117647, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2026: revenue 3406400000.00 to 6925000000.00, increasing; diluted EPS 0.19 to 6.35, increasing." }, "pricingPower": { "score": 97.84969957374679, "components": { "medianGrossMargin": 0.6660520996736565, "grossMarginCV": 0.04935270383627881, "years": 10 }, "note": "Median gross margin 66.6% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.7331058076703422, "fractionAboveHurdle": 1, "years": 7 }, "note": "Median ROIC 73.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 85.30018888289261, "components": { "netDebtToEbitda": 0.22504047490555856, "interestCoverage": 15.357798165137615, "fiscalYear": 2026 }, "note": "Net debt/EBITDA 0.2x, interest coverage 15x." }, "capitalDiscipline": { "score": 97.78565581339643, "components": { "ownerEarningsCagr": 0.11372602480462324, "shareCountChange": -0.27137546468401486, "years": 10 }, "note": "Owner earnings +11.4%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1214000000, "maintenanceCapex": 179000000, "conservativeValue": 21852000000, "conservativeValuePerShare": 111.48979591836735, "valueRange": { "low": 13488888888.88889, "high": 21852000000, "lowPerShare": 68.82086167800453, "highPerShare": 111.48979591836735 }, "price": 166.54, "discountToEstimate": -0.4937689913966684, "assumptions": { "discountRate": 0.09, "growthRate": 0.03810448963486701, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 29, "cik": 1403568, "ticker": "ULTA", "entityName": "ULTA BEAUTY, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "5990", "marketCap": 21355144320, "composite": 91.7, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 97.5, "components": { "revenueCagr": 0.15575042876729572, "revenueConsistency": 93.75, "epsCagr": 0.257001744268176, "epsConsistency": 93.75, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2026: revenue 1222771000.00 to 12392820000.00, increasing; diluted EPS 0.66 to 25.64, increasing." }, "pricingPower": { "score": 60.92574789317593, "components": { "medianGrossMargin": 0.3754012098972617, "grossMarginCV": 0.06722996281758298, "years": 10 }, "note": "Median gross margin 37.5% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.4697783133107222, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 47.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.12186923049650145, "shareCountChange": -0.28912424149752936, "years": 10 }, "note": "Owner earnings +12.2%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1201118000, "maintenanceCapex": 300772000, "conservativeValue": 21620124000, "conservativeValuePerShare": 489.51963048498845, "valueRange": { "low": 13345755555.555555, "high": 21620124000, "lowPerShare": 302.1726114104867, "highPerShare": 489.51963048498845 }, "price": 483.52, "discountToEstimate": 0.012256159122861685, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 30, "cik": 1957132, "ticker": "SN", "entityName": "SHARKNINJA, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "3630", "marketCap": 20765757204.86, "composite": 91.7, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 100, "components": { "revenueCagr": 0.22653090485466443, "revenueConsistency": 100, "epsCagr": 1.0289570391377603, "epsConsistency": 100, "years": 3, "spanYears": 2, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2023–2025: revenue 4253710000.00 to 6399188000.00, increasing; diluted EPS 1.20 to 4.94, increasing." }, "pricingPower": { "score": 79.74304848070526, "components": { "medianGrossMargin": 0.4814911952109733, "grossMarginCV": 0.046400236969015275, "years": 3 }, "note": "Median gross margin 48.1% over 3y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.21026099753344482, "fractionAboveHurdle": 1, "years": 3 }, "note": "Median ROIC 21.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 78.84488092821304, "components": { "ownerEarningsCagr": 1.0488737450652978, "shareCountChange": 0.005775595358934808, "years": 3 }, "note": "Owner earnings +104.9%/yr, share count flat." } }, "ownerEarnings": { "ownerEarnings": 438705000, "maintenanceCapex": 139631000, "conservativeValue": 4874500000, "conservativeValuePerShare": 34.532219939091526, "valueRange": { "low": 4874500000, "high": 4874500000, "lowPerShare": 34.532219939091526, "highPerShare": 34.532219939091526 }, "price": 147.11, "discountToEstimate": -3.2600794347851063, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 31, "cik": 1045810, "ticker": "NVDA", "entityName": "NVIDIA CORP", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Technology", "sicCode": "3674", "marketCap": 5153906240000, "composite": 91.4, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 92.22222222222223, "components": { "revenueCagr": 0.24639011974320346, "revenueConsistency": 88.88888888888889, "epsCagr": 0.320786093281181, "epsConsistency": 72.22222222222223, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2026: revenue 4097860000.00 to 215938000000.00, increasing; diluted EPS 0.03 to 4.90, increasing." }, "pricingPower": { "score": 92.53817158858845, "components": { "medianGrossMargin": 0.6216710146483819, "grossMarginCV": 0.09715645570270395, "years": 10 }, "note": "Median gross margin 62.2% over 10y, stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.46087843645987703, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 46.1%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 503.42471042471044, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 72.27350427350427, "components": { "ownerEarningsCagr": 0.6084831586085031, "shareCountChange": 0.03863247863247863, "years": 10 }, "note": "Owner earnings +60.8%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 30199000000, "maintenanceCapex": 2843000000, "conservativeValue": 543582000000, "conservativeValuePerShare": 22.365947992100065, "valueRange": { "low": 335544444444.44446, "high": 543582000000, "lowPerShare": 13.806140735864238, "highPerShare": 22.365947992100065 }, "price": 212.06, "discountToEstimate": -8.481377676229162, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 32, "cik": 1596532, "ticker": "ANET", "entityName": "Arista Networks, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3576", "marketCap": 219724155000, "composite": 91.4, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.92307692307692, "components": { "revenueCagr": 0.34372687471120034, "revenueConsistency": 100, "epsCagr": 0.4383878480297634, "epsConsistency": 84.61538461538461, "years": 14, "spanYears": 13, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 14 }, "note": "2012–2025: revenue 193408000.00 to 9005700000.00, increasing; diluted EPS 0.02 to 2.75, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.6399137216389639, "grossMarginCV": 0.01740503900206387, "years": 10 }, "note": "Median gross margin 64.0% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.3263306400446758, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 32.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 60, "components": { "ownerEarningsCagr": 0.3875424879430964, "shareCountChange": 0.10902614000649617, "years": 10 }, "note": "Owner earnings +38.8%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 2123500000, "maintenanceCapex": 72600000, "conservativeValue": 23594444444.444443, "conservativeValuePerShare": 18.77791042136446, "valueRange": { "low": 23594444444.444443, "high": 23594444444.444443, "lowPerShare": 18.77791042136446, "highPerShare": 18.77791042136446 }, "price": 174.87, "discountToEstimate": -8.31253776783612, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 33, "cik": 42888, "ticker": "GGG", "entityName": "GRACO INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "3561", "marketCap": 12201292490.96, "composite": 91.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 87.57684396627613, "components": { "revenueCagr": 0.061008911916876185, "revenueConsistency": 94.11764705882354, "epsCagr": 0.09452236673803394, "epsConsistency": 88.23529411764706, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 817270000.00 to 2236604000.00, increasing; diluted EPS 0.66 to 3.08, increasing." }, "pricingPower": { "score": 88.59238071536728, "components": { "medianGrossMargin": 0.5266653045987897, "grossMarginCV": 0.02466870100600266, "years": 10 }, "note": "Median gross margin 52.7% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.32246259026274793, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 32.2%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 215.96854476322156, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 82.8096101976203, "components": { "ownerEarningsCagr": 0.3234604308537514, "shareCountChange": -0.014048050988101508, "years": 10 }, "note": "Owner earnings +32.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 486084000, "maintenanceCapex": 45669000, "conservativeValue": 8749512000, "conservativeValuePerShare": 52.9791370085531, "valueRange": { "low": 5400933333.333333, "high": 8749512000, "lowPerShare": 32.70317099293401, "highPerShare": 52.9791370085531 }, "price": 73.88, "discountToEstimate": -0.3945112014201477, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 34, "cik": 707549, "ticker": "LRCX", "entityName": "LAM RESEARCH CORPORATION", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "3559", "marketCap": 405095994600, "composite": 91.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 77.5, "components": { "revenueCagr": 0.19158730538330793, "revenueConsistency": 81.25, "epsCagr": null, "epsConsistency": 81.25, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 1115946000.00 to 18435591000.00, increasing; diluted EPS -0.24 to 4.15, increasing." }, "pricingPower": { "score": 77.89256903285602, "components": { "medianGrossMargin": 0.457880800925503, "grossMarginCV": 0.02879816177874153, "years": 10 }, "note": "Median gross margin 45.8% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.5227211700390928, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 52.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 33.113741070576815, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.20112374161535573, "shareCountChange": -0.20803240928583466, "years": 10 }, "note": "Owner earnings +20.1%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 4510931000, "maintenanceCapex": 386277000, "conservativeValue": 81196758000, "conservativeValuePerShare": 63.99794914639721, "valueRange": { "low": 50121455555.55556, "high": 81196758000, "lowPerShare": 39.50490688049211, "highPerShare": 63.99794914639721 }, "price": 319.29, "discountToEstimate": -3.9890661225661255, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 35, "cik": 943819, "ticker": "RMD", "entityName": "ResMed Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3841", "marketCap": 28239197868.5, "composite": 91.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 97.5, "components": { "revenueCagr": 0.11355114894495033, "revenueConsistency": 100, "epsCagr": 0.15485791972748508, "epsConsistency": 87.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 920735000.00 to 5146327000.00, increasing; diluted EPS 0.95 to 9.51, increasing." }, "pricingPower": { "score": 95.99315175884102, "components": { "medianGrossMargin": 0.5742416898782637, "grossMarginCV": 0.017600934124936615, "years": 10 }, "note": "Median gross margin 57.4% over 10y, very stable." }, "returnsOnCapital": { "score": 89.93816300920304, "components": { "medianRoic": 0.17678037617508396, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 17.7%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 71.86067192236467, "components": { "ownerEarningsCagr": 0.16536992019301544, "shareCountChange": 0.04069664038817661, "years": 10 }, "note": "Owner earnings +16.5%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 943040000, "maintenanceCapex": 89865000, "conservativeValue": 16974720000, "conservativeValuePerShare": 115.95914481879505, "valueRange": { "low": 10478222222.222221, "high": 16974720000, "lowPerShare": 71.57971902394756, "highPerShare": 115.95914481879505 }, "price": 192.91, "discountToEstimate": -0.6636031621434697, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 36, "cik": 746515, "ticker": "EXPD", "entityName": "EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "4731", "marketCap": 23757715800, "composite": 91, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 80.33230067789803, "components": { "revenueCagr": 0.042474491987958274, "revenueConsistency": 83.33333333333333, "epsCagr": 0.09252034473486526, "epsConsistency": 83.33333333333333, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 5235171000.00 to 11069009000.00, increasing; diluted EPS 1.21 to 5.95, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.6624072239724714, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 66.2%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 83.50325423046166, "components": { "ownerEarningsCagr": 0.07325922031964138, "shareCountChange": -0.25560862240557775, "years": 10 }, "note": "Owner earnings +7.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 830697000, "maintenanceCapex": 53101000, "conservativeValue": 13667599718.266623, "conservativeValuePerShare": 102.08538524593396, "valueRange": { "low": 9229966666.666666, "high": 13667599718.266623, "lowPerShare": 68.94002768565822, "highPerShare": 102.08538524593396 }, "price": 177.45, "discountToEstimate": -0.738250774804886, "assumptions": { "discountRate": 0.09, "growthRate": 0.029221442160778155, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 37, "cik": 56679, "ticker": "KFY", "entityName": "KORN FERRY", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Technology", "sicCode": "7361", "marketCap": 3922572499.9999995, "composite": 90.8, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 91.25, "components": { "revenueCagr": 0.1044360873667769, "revenueConsistency": 93.75, "epsCagr": 0.265918010049778, "epsConsistency": 62.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2026: revenue 599649000.00 to 2938641000.00, increasing; diluted EPS 0.12 to 5.22, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 71.87039742952034, "components": { "medianRoic": 0.14316245560658541, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 14.3%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.14572604976397363, "shareCountChange": -0.11790017211703958, "years": 10 }, "note": "Owner earnings +14.6%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 263865000, "maintenanceCapex": 89899000, "conservativeValue": 4749570000, "conservativeValuePerShare": 94.56585365853658, "valueRange": { "low": 2931833333.333333, "high": 4749570000, "lowPerShare": 58.37398373983739, "highPerShare": 94.56585365853658 }, "price": 78.1, "discountToEstimate": 0.174120499329413, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 38, "cik": 878927, "ticker": "ODFL", "entityName": "OLD DOMINION FREIGHT LINE, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "4213", "marketCap": 48552020246.4, "composite": 90.7, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 82.87421560930619, "components": { "revenueCagr": 0.06992663360208651, "revenueConsistency": 77.77777777777777, "epsCagr": 0.11755648842955457, "epsConsistency": 66.66666666666667, "years": 10, "spanYears": 9, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2016–2025: revenue 2991517000.00 to 5496389000.00, increasing; diluted EPS 1.78 to 4.84, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.24063117587770255, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 24.1%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 4598.125, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.1479266353616564, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +14.8%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 1186073000, "maintenanceCapex": 364683000, "conservativeValue": 21349314000, "conservativeValuePerShare": 102.36691025371948, "valueRange": { "low": 13178588888.88889, "high": 21349314000, "lowPerShare": 63.189450773900916, "highPerShare": 102.36691025371948 }, "price": 232.8, "discountToEstimate": -1.2741723807331702, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 39, "cik": 851520, "ticker": "EXPO", "entityName": "EXPONENT, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "8742", "marketCap": 2990723464.08, "composite": 90.4, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 90.82108519750903, "components": { "revenueCagr": 0.060355425987545175, "revenueConsistency": 100, "epsCagr": 0.2149217641162382, "epsConsistency": 93.75, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 227882000.00 to 582014000.00, increasing; diluted EPS 0.09 to 2.07, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.4594551408332233, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 45.9%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 70.87351328240753, "components": { "ownerEarningsCagr": 0.09414162096682133, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +9.4%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 102330000, "maintenanceCapex": 9390000, "conservativeValue": 1841940000, "conservativeValuePerShare": 37.39650226551614, "valueRange": { "low": 1137000000, "high": 1841940000, "lowPerShare": 23.084260657726013, "highPerShare": 37.39650226551614 }, "price": 60.72, "discountToEstimate": -0.6236812621909508, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 40, "cik": 1058290, "ticker": "CTSH", "entityName": "COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7371", "marketCap": 20683220000, "composite": 90.4, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 97.77777777777777, "components": { "revenueCagr": 0.13572710767082952, "revenueConsistency": 100, "epsCagr": 0.121917556842283, "epsConsistency": 88.88888888888889, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 2135577000.00 to 21108000000.00, increasing; diluted EPS 0.57 to 4.56, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 89.05846223411419, "components": { "medianRoic": 0.17475029746334048, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 17.5%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 91.5945945945946, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 74.6427793434113, "components": { "ownerEarningsCagr": 0.04815454147299869, "shareCountChange": -0.21217105263157895, "years": 10 }, "note": "Owner earnings +4.8%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 2485000000, "maintenanceCapex": 288000000, "conservativeValue": 44730000000, "conservativeValuePerShare": 93.38204592901879, "valueRange": { "low": 27611111111.11111, "high": 44730000000, "lowPerShare": 57.643238227789375, "highPerShare": 93.38204592901879 }, "price": 43.18, "discountToEstimate": 0.5375984797674939, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 41, "cik": 1018840, "ticker": "ANF", "entityName": "Abercrombie & Fitch Co.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "5651", "marketCap": null, "composite": 90.3, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 63.48679883518483, "components": { "revenueCagr": 0.024599387067595124, "revenueConsistency": 64.70588235294117, "epsCagr": 0.07518754828479968, "epsConsistency": 52.94117647058823, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2026: revenue 3484058000.00 to 5266292000.00, increasing; diluted EPS 3.05 to 10.46, increasing." }, "pricingPower": { "score": 99.92438376738545, "components": { "medianGrossMargin": 0.6033704440221077, "grossMarginCV": 0.030680546093530887, "years": 8 }, "note": "Median gross margin 60.3% over 8y, very stable." }, "returnsOnCapital": { "score": 88.33333333333333, "components": { "medianRoic": 0.339773977510593, "fractionAboveHurdle": 0.6666666666666666, "years": 9 }, "note": "Median ROIC 34.0%, above the 12% hurdle in 67% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.27109153550456244, "shareCountChange": -0.3396591422350177, "years": 10 }, "note": "Owner earnings +27.1%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 328123000, "maintenanceCapex": 155021000, "conservativeValue": 3645811111.111111, "conservativeValuePerShare": null, "valueRange": { "low": 3645811111.111111, "high": 3645811111.111111, "lowPerShare": null, "highPerShare": null }, "price": 96.04, "discountToEstimate": null, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 42, "cik": 84839, "ticker": "ROL", "entityName": "ROLLINS INC", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7340", "marketCap": 20917492355.97, "composite": 90.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 93.16648209649955, "components": { "revenueCagr": 0.10166577207657479, "revenueConsistency": 100, "epsCagr": 0.08805463270472003, "epsConsistency": 77.77777777777777, "years": 10, "spanYears": 9, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2016–2025: revenue 1573477000.00 to 3761050000.00, increasing; diluted EPS 0.51 to 1.09, increasing." }, "pricingPower": { "score": 85.86710408435161, "components": { "medianGrossMargin": 0.509145669113689, "grossMarginCV": 0.0057065441850079794, "years": 5 }, "note": "Median gross margin 50.9% over 5y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.3110584746249569, "fractionAboveHurdle": 1, "years": 7 }, "note": "Median ROIC 31.1%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 91.76068567439106, "components": { "netDebtToEbitda": 0.5992228600442872, "interestCoverage": 25.424329434834373, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.6x, interest coverage 25x." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.15890231415484335, "shareCountChange": null, "years": 7 }, "note": "Owner earnings +15.9%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 502244000, "maintenanceCapex": 28086000, "conservativeValue": 9040392000, "conservativeValuePerShare": 18.787426023743187, "valueRange": { "low": 5580488888.888888, "high": 9040392000, "lowPerShare": 11.597176557866165, "highPerShare": 18.787426023743187 }, "price": 43.47, "discountToEstimate": -1.3137815656633032, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 43, "cik": 872589, "ticker": "REGN", "entityName": "REGENERON PHARMACEUTICALS, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "2834", "marketCap": null, "composite": 90.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 74.33333333333334, "components": { "revenueCagr": 0.257912071719842, "revenueConsistency": 86.66666666666667, "epsCagr": null, "epsConsistency": 60, "years": 16, "spanYears": 15, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2025: revenue 459074000.00 to 14342900000.00, increasing; diluted EPS -1.26 to 41.48, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.9569006330567862, "grossMarginCV": 0.012175050578550355, "years": 4 }, "note": "Median gross margin 95.7% over 4y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.21607653662388043, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 21.6%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 81.68721461187215, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.1966240562857371, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +19.7%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 4412600000, "maintenanceCapex": 543700000, "conservativeValue": 79426800000, "conservativeValuePerShare": null, "valueRange": { "low": 49028888888.888885, "high": 79426800000, "lowPerShare": null, "highPerShare": null }, "price": 651.18, "discountToEstimate": null, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 44, "cik": 896878, "ticker": "INTU", "entityName": "INTUIT INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": 79403826630, "composite": 90.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 98.82352941176471, "components": { "revenueCagr": 0.11425931784158427, "revenueConsistency": 100, "epsCagr": 0.1429633845499132, "epsConsistency": 94.11764705882354, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 2993000000.00 to 18831000000.00, increasing; diluted EPS 1.41 to 13.67, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.9744986720800275, "grossMarginCV": 0.0034925676130118117, "years": 2 }, "note": "Median gross margin 97.4% over 2y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.41798883150998634, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 41.8%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 92.21069167891311, "components": { "netDebtToEbitda": 0.5539813486370158, "interestCoverage": 19.931174089068826, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.6x, interest coverage 20x." }, "capitalDiscipline": { "score": 63.497574199253066, "components": { "ownerEarningsCagr": 0.18286135999816144, "shareCountChange": 0.08251212900373468, "years": 10 }, "note": "Owner earnings +18.3%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 2817000000, "maintenanceCapex": 84000000, "conservativeValue": 50706000000, "conservativeValuePerShare": 181.65794310157668, "valueRange": { "low": 31300000000, "high": 50706000000, "lowPerShare": 112.13453277875104, "highPerShare": 181.65794310157668 }, "price": 284.47, "discountToEstimate": -0.5659651053129809, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 45, "cik": 1836754, "ticker": "LGCY", "entityName": "LEGACY EDUCATION INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "8200", "marketCap": 144326445.3, "composite": 90, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 100, "components": { "revenueCagr": 0.34528650410612904, "revenueConsistency": 100, "epsCagr": 0.4516001023501124, "epsConsistency": 100, "years": 3, "spanYears": 2, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2023–2025: revenue 35455948.00 to 64168025.00, increasing; diluted EPS 0.28 to 0.59, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.3405871435231993, "fractionAboveHurdle": 1, "years": 3 }, "note": "Median ROIC 34.1%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 88.58544677151804, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 60, "components": { "ownerEarningsCagr": 0.6716578374945581, "shareCountChange": 0.34027233876025453, "years": 3 }, "note": "Owner earnings +67.2%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 5114852, "maintenanceCapex": 441718, "conservativeValue": 56831688.88888889, "conservativeValuePerShare": 4.563815542280402, "valueRange": { "low": 56831688.88888889, "high": 56831688.88888889, "lowPerShare": 4.563815542280402, "highPerShare": 4.563815542280402 }, "price": 11.59, "discountToEstimate": -1.5395417261340112, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 46, "cik": 898173, "ticker": "ORLY", "entityName": "O Reilly Automotive Inc", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5531", "marketCap": 72850406364.14, "composite": 89.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 99.7867515046981, "components": { "revenueCagr": 0.09893375752349054, "revenueConsistency": 100, "epsCagr": 0.42690461590569706, "epsConsistency": 100, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 3576553000.00 to 17781992000.00, increasing; diluted EPS 0.01 to 2.97, increasing." }, "pricingPower": { "score": 88.26724906385732, "components": { "medianGrossMargin": 0.5245751725533685, "grossMarginCV": 0.014301261549531237, "years": 10 }, "note": "Median gross margin 52.5% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.5141518948849925, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 51.4%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 66.6461454845475, "components": { "netDebtToEbitda": 1.4660983493301094, "interestCoverage": 14.7219991151346, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 1.5x, interest coverage 15x." }, "capitalDiscipline": { "score": 94.52620512161994, "components": { "ownerEarningsCagr": 0.10449091451125647, "shareCountChange": -0.3955176586119148, "years": 10 }, "note": "Owner earnings +10.4%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 2346581000, "maintenanceCapex": 511230000, "conservativeValue": 42238458000, "conservativeValuePerShare": 50.16984740580789, "valueRange": { "low": 26073122222.22222, "high": 42238458000, "lowPerShare": 30.96904160852339, "highPerShare": 50.16984740580789 }, "price": 86.53, "discountToEstimate": -0.7247411438206386, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 47, "cik": 1280452, "ticker": "MPWR", "entityName": "MONOLITHIC POWER SYSTEMS INC", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3674", "marketCap": 66953590650, "composite": 89.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.25, "components": { "revenueCagr": 0.19333029271846258, "revenueConsistency": 93.75, "epsCagr": 0.2191382310276082, "epsConsistency": 87.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 165008000.00 to 2790459000.00, increasing; diluted EPS 0.54 to 12.86, increasing." }, "pricingPower": { "score": 92.60671210508515, "components": { "medianGrossMargin": 0.5524717206755474, "grossMarginCV": 0.021297883700315625, "years": 10 }, "note": "Median gross margin 55.2% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2299654905163524, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 23.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 60, "components": { "ownerEarningsCagr": 0.3153775580407585, "shareCountChange": 0.17365724511558356, "years": 10 }, "note": "Owner earnings +31.5%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 437672000, "maintenanceCapex": 52513000, "conservativeValue": 7878096000, "conservativeValuePerShare": 164.54865593082275, "valueRange": { "low": 4863022222.222222, "high": 7878096000, "lowPerShare": 101.57324440174243, "highPerShare": 164.54865593082275 }, "price": 1398.45, "discountToEstimate": -7.498702053135681, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 48, "cik": 1289419, "ticker": "MORN", "entityName": "MORNINGSTAR, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Other", "sicCode": "6282", "marketCap": 6629971177.2300005, "composite": 89.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 91.98182064579274, "components": { "revenueCagr": 0.09755823969869737, "revenueConsistency": 100, "epsCagr": 0.09764498117732523, "epsConsistency": 64.70588235294117, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 502457000.00 to 2445500000.00, increasing; diluted EPS 1.82 to 8.87, increasing." }, "pricingPower": { "score": 98.38636073395665, "components": { "medianGrossMargin": 0.5896266047182928, "grossMarginCV": 0.02197927621063445, "years": 10 }, "note": "Median gross margin 59.0% over 10y, very stable." }, "returnsOnCapital": { "score": 80.35917876500238, "components": { "medianRoic": 0.1789057971500055, "fractionAboveHurdle": 0.7, "years": 10 }, "note": "Median ROIC 17.9%, above the 12% hurdle in 70% of years." }, "balanceSheet": { "score": 88.5221563154222, "components": { "netDebtToEbitda": 0.8347522679692951, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.8x, no material interest expense disclosed." }, "capitalDiscipline": { "score": 89.80024916653554, "components": { "ownerEarningsCagr": 0.10563511339441867, "shareCountChange": -0.07435104572488004, "years": 10 }, "note": "Owner earnings +10.6%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 242200000, "maintenanceCapex": 147100000, "conservativeValue": 4359600000, "conservativeValuePerShare": 109.70063799038577, "valueRange": { "low": 2691111111.111111, "high": 4359600000, "lowPerShare": 67.71644320394184, "highPerShare": 109.70063799038577 }, "price": 166.83, "discountToEstimate": -0.5207751117602533, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 49, "cik": 1035267, "ticker": "ISRG", "entityName": "Intuitive Surgical, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3842", "marketCap": 120979019000, "composite": 89.7, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 94.44444444444444, "components": { "revenueCagr": 0.16950697158709205, "revenueConsistency": 94.44444444444444, "epsCagr": 0.17821103050516607, "epsConsistency": 77.77777777777777, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 600828000.00 to 10064700000.00, increasing; diluted EPS 0.41 to 7.87, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.6839150685677693, "grossMarginCV": 0.026089260715014082, "years": 10 }, "note": "Median gross margin 68.4% over 10y, very stable." }, "returnsOnCapital": { "score": 77.46665716323155, "components": { "medianRoic": 0.15607690114591896, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 15.6%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 76.62084765177549, "components": { "ownerEarningsCagr": 0.15949818755452294, "shareCountChange": 0.016895761741122565, "years": 10 }, "note": "Owner earnings +15.9%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 1798000000, "maintenanceCapex": 539800000, "conservativeValue": 32364000000, "conservativeValuePerShare": 91.14052379611377, "valueRange": { "low": 19977777777.77778, "high": 32364000000, "lowPerShare": 56.25958259019369, "highPerShare": 91.14052379611377 }, "price": 340.69, "discountToEstimate": -2.738073754789272, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 50, "cik": 910521, "ticker": "DECK", "entityName": "DECKERS OUTDOOR CORP", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Materials", "sicCode": "3021", "marketCap": 14343545660, "composite": 89.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.47058823529412, "components": { "revenueCagr": 0.12197108378305654, "revenueConsistency": 100, "epsCagr": 0.18890469474530147, "epsConsistency": 82.3529411764706, "years": 18, "spanYears": 18, "skippedYears": 1, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2026: revenue 689445000.00 to 5472296000.00, increasing; diluted EPS 0.31 to 7.02, increasing. 1 fiscal year was not jointly reported; CAGR uses the full 18-year elapsed span." }, "pricingPower": { "score": 82.46845169906837, "components": { "medianGrossMargin": 0.5161834422219829, "grossMarginCV": 0.07044075381916075, "years": 10 }, "note": "Median gross margin 51.6% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.6480781918731059, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 64.8%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 72.5, "components": { "netDebtToEbitda": null, "interestCoverage": 499.1711462450593, "fiscalYear": 2026 }, "note": "Net debt/EBITDA n/ax, interest coverage 499x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.613212975510169, "shareCountChange": -0.2706516188868394, "years": 10 }, "note": "Owner earnings +61.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 759563000, "maintenanceCapex": 75773000, "conservativeValue": 13672134000, "conservativeValuePerShare": 97.67344868479333, "valueRange": { "low": 8439588888.888888, "high": 13672134000, "lowPerShare": 60.29225227456378, "highPerShare": 97.67344868479333 }, "price": 102.47, "discountToEstimate": -0.04910803682877884, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 51, "cik": 916365, "ticker": "TSCO", "entityName": "TRACTOR SUPPLY CO /DE/", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5200", "marketCap": 15473219120, "composite": 89.2, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 100, "components": { "revenueCagr": 0.1013505069245042, "revenueConsistency": 100, "epsCagr": 0.16942094051616108, "epsConsistency": 100, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 3007949000.00 to 15524046000.00, increasing; diluted EPS 0.14 to 2.06, increasing." }, "pricingPower": { "score": 61.244060626976214, "components": { "medianGrossMargin": 0.3508546754591328, "grossMarginCV": 0.0241503941851509, "years": 10 }, "note": "Median gross margin 35.1% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.30472329629735784, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 30.5%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 88.98776702865301, "components": { "netDebtToEbitda": 0.800889670643418, "interestCoverage": 21.222217401365267, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.8x, interest coverage 21x." }, "capitalDiscipline": { "score": 95.6033097691471, "components": { "ownerEarningsCagr": 0.1075427110125835, "shareCountChange": -0.19413280324171414, "years": 10 }, "note": "Owner earnings +10.8%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1096087000, "maintenanceCapex": 494011000, "conservativeValue": 19729566000, "conservativeValuePerShare": 37.43629901881723, "valueRange": { "low": 12178744444.444445, "high": 19729566000, "lowPerShare": 23.108826554825452, "highPerShare": 37.43629901881723 }, "price": 29.36, "discountToEstimate": 0.21573444038252035, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 52, "cik": 815556, "ticker": "FAST", "entityName": "FASTENAL CO", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5200", "marketCap": 52041445251.09, "composite": 89.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 91.85131936812147, "components": { "revenueCagr": 0.07654476738802662, "revenueConsistency": 94.11764705882354, "epsCagr": 0.09447653533493372, "epsConsistency": 94.11764705882354, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 1, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 2340425000.00 to 8200500000.00, increasing; diluted EPS 0.23 to 1.09, increasing. Diluted EPS was derived from net income and diluted weighted-average shares in 1 year where the direct tag was absent." }, "pricingPower": { "score": 77.69278180195072, "components": { "medianGrossMargin": 0.46135202484989657, "grossMarginCV": 0.03665779857229876, "years": 10 }, "note": "Median gross margin 46.1% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2955601870687117, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 29.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 267.0483870967742, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 75.81596744975185, "components": { "ownerEarningsCagr": 0.10814524110763024, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +10.8%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 1150600000, "maintenanceCapex": 179200000, "conservativeValue": 20710800000, "conservativeValuePerShare": 18.039863410217965, "valueRange": { "low": 12784444444.444445, "high": 20710800000, "lowPerShare": 11.135718154455535, "highPerShare": 18.039863410217965 }, "price": 45.33, "discountToEstimate": -1.512768471091894, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 53, "cik": 849146, "ticker": "LFVN", "entityName": "Lifevantage Corp", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "2834", "marketCap": 78924150, "composite": 89, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 69.28571428571428, "components": { "revenueCagr": 0.1347833829333549, "revenueConsistency": 71.42857142857143, "epsCagr": null, "epsConsistency": 50, "years": 15, "spanYears": 14, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2011–2025: revenue 38919000.00 to 228530000.00, increasing; diluted EPS -38.64 to 0.75, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.8275363647413342, "grossMarginCV": 0.02035167193165232, "years": 10 }, "note": "Median gross margin 82.8% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.6490778720588067, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 64.9%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 75.47100243804354, "components": { "ownerEarningsCagr": 0.050501173574456715, "shareCountChange": -0.1139863130881095, "years": 10 }, "note": "Owner earnings +5.1%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 4851000, "maintenanceCapex": 1371000, "conservativeValue": 53900000, "conservativeValuePerShare": 4.3366320701585, "valueRange": { "low": 53900000, "high": 53900000, "lowPerShare": 4.3366320701585, "highPerShare": 4.3366320701585 }, "price": 6.35, "discountToEstimate": -0.46426994434137286, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 54, "cik": 1121788, "ticker": "GRMN", "entityName": "GARMIN LTD", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3812", "marketCap": 46327036200, "composite": 89, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 70.58228608550992, "components": { "revenueCagr": 0.046806958478529115, "revenueConsistency": 88.88888888888889, "epsCagr": 0.04499336083790939, "epsConsistency": 72.22222222222223, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 3180319000.00 to 7245519000.00, increasing; diluted EPS 3.89 to 8.59, increasing." }, "pricingPower": { "score": 97.44353990593137, "components": { "medianGrossMargin": 0.5835656136809875, "grossMarginCV": 0.02057775513476352, "years": 10 }, "note": "Median gross margin 58.4% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.23045677136261053, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 23.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 77.11926097567867, "components": { "ownerEarningsCagr": 0.13850821873442065, "shareCountChange": 0.01440369512160666, "years": 10 }, "note": "Owner earnings +13.9%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 1289636000, "maintenanceCapex": 184979000, "conservativeValue": 23213448000, "conservativeValuePerShare": 120.51421451562662, "valueRange": { "low": 14329288888.88889, "high": 23213448000, "lowPerShare": 74.39149044174484, "highPerShare": 120.51421451562662 }, "price": 240.51, "discountToEstimate": -0.995698191841212, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 55, "cik": 1325618, "ticker": "IRMD", "entityName": "IRADIMED CORPORATION", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3841", "marketCap": 1202509297.92, "composite": 88.9, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 91.66666666666667, "components": { "revenueCagr": 0.18138553731358398, "revenueConsistency": 83.33333333333333, "epsCagr": 0.18864257177488275, "epsConsistency": 75, "years": 13, "spanYears": 12, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2013–2025: revenue 11340097.00 to 83814000.00, increasing; diluted EPS 0.22 to 1.75, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.7669692660038498, "grossMarginCV": 0.02207508619634427, "years": 10 }, "note": "Median gross margin 76.7% over 10y, very stable." }, "returnsOnCapital": { "score": 93, "components": { "medianRoic": 0.505325084203754, "fractionAboveHurdle": 0.8, "years": 10 }, "note": "Median ROIC 50.5%, above the 12% hurdle in 80% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 60, "components": { "ownerEarningsCagr": 0.1315832546621074, "shareCountChange": 0.1920322121112502, "years": 10 }, "note": "Owner earnings +13.2%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 17192776, "maintenanceCapex": 1166000, "conservativeValue": 309469968, "conservativeValuePerShare": 24.21181660699055, "valueRange": { "low": 191030844.44444445, "high": 309469968, "lowPerShare": 14.94556580678429, "highPerShare": 24.21181660699055 }, "price": 94.08, "discountToEstimate": -2.8857059561915226, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 56, "cik": 1511737, "ticker": "UI", "entityName": "UBIQUITI INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3663", "marketCap": 32514506437.5, "composite": 88.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 75.66666666666667, "components": { "revenueCagr": 0.21599248937665427, "revenueConsistency": 86.66666666666667, "epsCagr": null, "epsConsistency": 66.66666666666667, "years": 16, "spanYears": 15, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2025: revenue 136952000.00 to 2573545000.00, increasing; diluted EPS -0.08 to 11.76, increasing." }, "pricingPower": { "score": 69.79595685396536, "components": { "medianGrossMargin": 0.44677057541366694, "grossMarginCV": 0.08731519389344532, "years": 10 }, "note": "Median gross margin 44.7% over 10y, stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 1.2515134695339305, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 125.2%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 98.40049768055923, "components": { "netDebtToEbitda": 0.11632744141387423, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.1x, no material interest expense disclosed." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.14476416061367736, "shareCountChange": -0.259284540295276, "years": 10 }, "note": "Owner earnings +14.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 407641000, "maintenanceCapex": 12586000, "conservativeValue": 7337538000, "conservativeValuePerShare": 121.29744865053051, "valueRange": { "low": 4529344444.444445, "high": 7337538000, "lowPerShare": 74.87496830279662, "highPerShare": 121.29744865053051 }, "price": 537.5, "discountToEstimate": -3.4312556115552657, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 57, "cik": 277135, "ticker": "GWW", "entityName": "W.W. GRAINGER, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "5000", "marketCap": 64143548226.24, "composite": 88.7, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 86.19955242628312, "components": { "revenueCagr": 0.058775539909193375, "revenueConsistency": 94.44444444444444, "epsCagr": 0.11599518428867794, "epsConsistency": 77.77777777777777, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 6418014000.00 to 17942000000.00, increasing; diluted EPS 4.91 to 35.40, increasing." }, "pricingPower": { "score": 66.35749911784336, "components": { "medianGrossMargin": 0.3890676942967393, "grossMarginCV": 0.037477279954844754, "years": 10 }, "note": "Median gross margin 38.9% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2711530305368769, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 27.1%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 90.73761061946902, "components": { "netDebtToEbitda": 0.6736283185840708, "interestCoverage": 30.80246913580247, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.7x, interest coverage 31x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.12187677103462646, "shareCountChange": -0.19484780357131293, "years": 10 }, "note": "Owner earnings +12.2%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1706000000, "maintenanceCapex": 330000000, "conservativeValue": 30708000000, "conservativeValuePerShare": 648.2170105923574, "valueRange": { "low": 18955555555.555553, "high": 30708000000, "lowPerShare": 400.1339571557761, "highPerShare": 648.2170105923574 }, "price": 1354.01, "discountToEstimate": -1.0888220732786245, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 58, "cik": 1590955, "ticker": "PAYC", "entityName": "Paycom Software, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": 7633640000.000001, "composite": 88.7, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 81.92307692307692, "components": { "revenueCagr": 0.28749589590585556, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 84.61538461538461, "years": 14, "spanYears": 13, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2012–2025: revenue 76810000.00 to 2051700000.00, increasing; diluted EPS -0.01 to 8.08, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.838301257234479, "grossMarginCV": 0.011373922781397747, "years": 10 }, "note": "Median gross margin 83.8% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.3708945895251212, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 37.1%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 72.5, "components": { "netDebtToEbitda": null, "interestCoverage": 166.8235294117647, "fiscalYear": 2025 }, "note": "Net debt/EBITDA n/ax, interest coverage 167x." }, "capitalDiscipline": { "score": 88.82950246377956, "components": { "ownerEarningsCagr": 0.22988461767404345, "shareCountChange": -0.04414751231889778, "years": 10 }, "note": "Owner earnings +23.0%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 340800000, "maintenanceCapex": 176300000, "conservativeValue": 6134400000, "conservativeValuePerShare": 111.94160583941606, "valueRange": { "low": 3786666666.6666665, "high": 6134400000, "lowPerShare": 69.09975669099757, "highPerShare": 111.94160583941606 }, "price": 139.3, "discountToEstimate": -0.2443988002086595, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 59, "cik": 1633917, "ticker": "PYPL", "entityName": "PayPal Holdings, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7389", "marketCap": 51069200000, "composite": 88.6, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.66666666666667, "components": { "revenueCagr": 0.14220972212053384, "revenueConsistency": 100, "epsCagr": 0.17514616743895317, "epsConsistency": 83.33333333333333, "years": 13, "spanYears": 12, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2013–2025: revenue 6727000000.00 to 33172000000.00, increasing; diluted EPS 0.78 to 5.41, increasing." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 77.22528407393074, "components": { "medianRoic": 0.16359680940137866, "fractionAboveHurdle": 0.8, "years": 10 }, "note": "Median ROIC 16.4%, above the 12% hurdle in 80% of years." }, "balanceSheet": { "score": 80.59046693046409, "components": { "netDebtToEbitda": 0.2757541263517359, "interestCoverage": 13.75283446712018, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.3x, interest coverage 14x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.15543364152370454, "shareCountChange": -0.23777961888980945, "years": 10 }, "note": "Owner earnings +15.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 4526000000, "maintenanceCapex": 852000000, "conservativeValue": 81468000000, "conservativeValuePerShare": 88.55217391304348, "valueRange": { "low": 50288888888.888885, "high": 81468000000, "lowPerShare": 54.661835748792264, "highPerShare": 88.55217391304348 }, "price": 55.51, "discountToEstimate": 0.3731379191829921, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 60, "cik": 1575515, "ticker": "SFM", "entityName": "Sprouts Farmers Market, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5411", "marketCap": 7092770214.559999, "composite": 88.5, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 82.14285714285714, "components": { "revenueCagr": 0.15974572252560004, "revenueConsistency": 92.85714285714286, "epsCagr": null, "epsConsistency": 92.85714285714286, "years": 15, "spanYears": 14, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2011–2025: revenue 1105879000.00 to 8806159000.00, increasing; diluted EPS -0.28 to 5.31, increasing." }, "pricingPower": { "score": 60.44851440429069, "components": { "medianGrossMargin": 0.3644474129055675, "grossMarginCV": 0.0561897484291782, "years": 10 }, "note": "Median gross margin 36.4% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2646796799936112, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 26.5%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.17326516970468653, "shareCountChange": -0.3160662650528964, "years": 10 }, "note": "Owner earnings +17.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 267320000, "maintenanceCapex": 157722000, "conservativeValue": 4811760000, "conservativeValuePerShare": 50.16115334875133, "valueRange": { "low": 2970222222.2222223, "high": 4811760000, "lowPerShare": 30.963674906636623, "highPerShare": 50.16115334875133 }, "price": 73.94, "discountToEstimate": -0.47404904121568814, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 61, "cik": 1080014, "ticker": "INVA", "entityName": "INNOVIVA, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "2834", "marketCap": 1599449480, "composite": 88.3, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 74.0909090909091, "components": { "revenueCagr": 0.4238796675396683, "revenueConsistency": 81.81818181818181, "epsCagr": null, "epsConsistency": 63.63636363636363, "years": 12, "spanYears": 11, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2014–2025: revenue 8433000.00 to 411328000.00, increasing; diluted EPS -1.50 to 3.30, increasing." }, "pricingPower": { "score": 97.83584317988075, "components": { "medianGrossMargin": 0.7924905705349752, "grossMarginCV": 0.0494774113810732, "years": 3 }, "note": "Median gross margin 79.2% over 3y, very stable." }, "returnsOnCapital": { "score": 95, "components": { "medianRoic": 0.5111452226633532, "fractionAboveHurdle": 0.8571428571428571, "years": 7 }, "note": "Median ROIC 51.1%, above the 12% hurdle in 86% of years." }, "balanceSheet": { "score": 74.51566055815069, "components": { "netDebtToEbitda": 0, "interestCoverage": 9.806264223260271, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.16805376516176462, "shareCountChange": -0.2617460286059071, "years": 10 }, "note": "Owner earnings +16.8%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 225776000, "maintenanceCapex": 1131000, "conservativeValue": 4063968000, "conservativeValuePerShare": 54.45050645800954, "valueRange": { "low": 2508622222.2222223, "high": 4063968000, "lowPerShare": 33.61142373951206, "highPerShare": 54.45050645800954 }, "price": 21.43, "discountToEstimate": 0.6064315762328838, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 62, "cik": 1075531, "ticker": "BKNG", "entityName": "Booking Holdings Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "4700", "marketCap": 5633421319.56, "composite": 88.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "capitalDiscipline" ], "note": "The capitalDiscipline component abstained: Not enough owner-earnings history to score capital discipline. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.47058823529412, "components": { "revenueCagr": 0.16930298609590877, "revenueConsistency": 94.11764705882354, "epsCagr": 0.24976973314934536, "epsConsistency": 88.23529411764706, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 1884806000.00 to 26917000000.00, increasing; diluted EPS 3.74 to 165.57, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.9711432630324408, "grossMarginCV": 0.014231891963477164, "years": 2 }, "note": "Median gross margin 97.1% over 2y, very stable." }, "returnsOnCapital": { "score": 95, "components": { "medianRoic": 0.29820425143859447, "fractionAboveHurdle": 0.8571428571428571, "years": 7 }, "note": "Median ROIC 29.8%, above the 12% hurdle in 86% of years." }, "balanceSheet": { "score": 61.413066270500195, "components": { "netDebtToEbitda": 0.16225656223539373, "interestCoverage": 5.457637600494744, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.2x, interest coverage 5x." }, "capitalDiscipline": { "score": null, "components": {}, "note": "Not enough owner-earnings history to score capital discipline." } }, "ownerEarnings": { "ownerEarnings": null, "maintenanceCapex": 322000000, "conservativeValue": null, "conservativeValuePerShare": null, "valueRange": { "low": null, "high": null, "lowPerShare": null, "highPerShare": null }, "price": 177.86, "discountToEstimate": null, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 63, "cik": 89800, "ticker": "SHW", "entityName": "THE SHERWIN-WILLIAMS COMPANY", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5200", "marketCap": 79241707000, "composite": 88.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "balanceSheet" ], "note": "The balanceSheet component abstained: Insufficient leverage/coverage inputs to score the balance sheet. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 86.81239454479118, "components": { "revenueCagr": 0.061839750501733626, "revenueConsistency": 94.44444444444444, "epsCagr": 0.11005071236300612, "epsConsistency": 77.77777777777777, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 8005292000.00 to 23574300000.00, increasing; diluted EPS 1.57 to 10.26, increasing." }, "pricingPower": { "score": 74.30996742911435, "components": { "medianGrossMargin": 0.4578072258513485, "grossMarginCV": 0.0621404093298586, "years": 10 }, "note": "Median gross margin 45.8% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.20653012913522545, "fractionAboveHurdle": 1, "years": 8 }, "note": "Median ROIC 20.7%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": null, "components": {}, "note": "Insufficient leverage/coverage inputs to score the balance sheet." }, "capitalDiscipline": { "score": 91.25918370387237, "components": { "ownerEarningsCagr": 0.09523435382763834, "shareCountChange": -0.11231076141721834, "years": 10 }, "note": "Owner earnings +9.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 2388800000, "maintenanceCapex": 676900000, "conservativeValue": 42998400000, "conservativeValuePerShare": 173.5906338312475, "valueRange": { "low": 26542222222.22222, "high": 42998400000, "lowPerShare": 107.15471224151078, "highPerShare": 173.5906338312475 }, "price": 319.91, "discountToEstimate": -0.8428989683337055, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 64, "cik": 779152, "ticker": "JKHY", "entityName": "JACK HENRY & ASSOCIATES, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7373", "marketCap": 10650517274.675, "composite": 88.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 92.52101072021134, "components": { "revenueCagr": 0.07510505360105668, "revenueConsistency": 100, "epsCagr": 0.10739242244268143, "epsConsistency": 87.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 745593000.00 to 2375288000.00, increasing; diluted EPS 1.22 to 6.24, increasing." }, "pricingPower": { "score": 71.21607486382813, "components": { "medianGrossMargin": 0.4162881094050522, "grossMarginCV": 0.03185867939261994, "years": 10 }, "note": "Median gross margin 41.6% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2274744339634593, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 22.7%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 76.6144167822585, "components": { "ownerEarningsCagr": 0.06953566985753667, "shareCountChange": -0.07212678416269833, "years": 10 }, "note": "Owner earnings +7.0%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 379046000, "maintenanceCapex": 43700000, "conservativeValue": 6822828000, "conservativeValuePerShare": 93.62835631571981, "valueRange": { "low": 4211622222.222222, "high": 6822828000, "lowPerShare": 57.79528167637025, "highPerShare": 93.62835631571981 }, "price": 146.155, "discountToEstimate": -0.5610121308458897, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 65, "cik": 105132, "ticker": "WDFC", "entityName": "WD-40 COMPANY", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Materials", "sicCode": "2890", "marketCap": 3207667831.68, "composite": 87.9, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 83.3391349011513, "components": { "revenueCagr": 0.044748860516306666, "revenueConsistency": 100, "epsCagr": 0.07861348065611651, "epsConsistency": 93.33333333333333, "years": 16, "spanYears": 15, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2025: revenue 321516000.00 to 619985000.00, increasing; diluted EPS 2.15 to 6.69, increasing." }, "pricingPower": { "score": 90.44896390914816, "components": { "medianGrossMargin": 0.547378480123403, "grossMarginCV": 0.04228919699043067, "years": 10 }, "note": "Median gross margin 54.7% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2853476802405133, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 28.5%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 96.45579948921275, "components": { "netDebtToEbitda": 0.25776003714816403, "interestCoverage": 30.163615228131356, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.3x, interest coverage 30x." }, "capitalDiscipline": { "score": 69.3738360892818, "components": { "ownerEarningsCagr": 0.06274343482588574, "shareCountChange": -0.04791017781249292, "years": 10 }, "note": "Owner earnings +6.3%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 70229000, "maintenanceCapex": 4528000, "conservativeValue": 1264122000, "conservativeValuePerShare": 93.44752149196451, "valueRange": { "low": 780322222.2222222, "high": 1264122000, "lowPerShare": 57.6836552419534, "highPerShare": 93.44752149196451 }, "price": 237.12, "discountToEstimate": -1.5374669784087298, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 66, "cik": 1746618, "ticker": "RVLV", "entityName": "REVOLVE GROUP, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5961", "marketCap": 1828847190, "composite": 87.9, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 92.5, "components": { "revenueCagr": 0.15038828030758022, "revenueConsistency": 100, "epsCagr": 0.34563123050740874, "epsConsistency": 62.5, "years": 9, "spanYears": 8, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 9 }, "note": "2017–2025: revenue 399597000.00 to 1225682000.00, increasing; diluted EPS 0.08 to 0.86, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 88.91040819512601, "components": { "medianGrossMargin": 0.5319535869462785, "grossMarginCV": 0.034541347968655794, "years": 9 }, "note": "Median gross margin 53.2% over 9y, very stable." }, "returnsOnCapital": { "score": 96.11111111111111, "components": { "medianRoic": 0.38684401787258554, "fractionAboveHurdle": 0.8888888888888888, "years": 9 }, "note": "Median ROIC 38.7%, above the 12% hurdle in 89% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 61.77277268186359, "components": { "ownerEarningsCagr": 0.3400627057288639, "shareCountChange": 0.09113613659068205, "years": 9 }, "note": "Owner earnings +34.0%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 58697000, "maintenanceCapex": 4601000, "conservativeValue": 652188888.8888888, "conservativeValuePerShare": 9.047246922314548, "valueRange": { "low": 652188888.8888888, "high": 652188888.8888888, "lowPerShare": 9.047246922314548, "highPerShare": 9.047246922314548 }, "price": 25.37, "discountToEstimate": -1.8041679659948555, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 67, "cik": 749251, "ticker": "IT", "entityName": "Gartner, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "8741", "marketCap": 9306483837.4, "composite": 87.7, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 95.29411764705883, "components": { "revenueCagr": 0.10032182409259516, "revenueConsistency": 94.11764705882354, "epsCagr": 0.1393756716629686, "epsConsistency": 82.3529411764706, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 1279065000.00 to 6497226000.00, increasing; diluted EPS 1.05 to 9.65, increasing." }, "pricingPower": { "score": 97.26998203779306, "components": { "medianGrossMargin": 0.6772016668719163, "grossMarginCV": 0.054570161659862386, "years": 10 }, "note": "Median gross margin 67.7% over 10y, very stable." }, "returnsOnCapital": { "score": 89.5, "components": { "medianRoic": 0.3975862510822768, "fractionAboveHurdle": 0.7, "years": 10 }, "note": "Median ROIC 39.8%, above the 12% hurdle in 70% of years." }, "balanceSheet": { "score": 56.34726939050147, "components": { "netDebtToEbitda": 1.0270248446191743, "interestCoverage": 8.187544401606042, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 1.0x, interest coverage 8x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.15877740062194667, "shareCountChange": -0.1476365493858169, "years": 10 }, "note": "Owner earnings +15.9%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 807799000, "maintenanceCapex": 200309000, "conservativeValue": 14540382000, "conservativeValuePerShare": 206.39206984714642, "valueRange": { "low": 8975544444.444445, "high": 14540382000, "lowPerShare": 127.40251225132495, "highPerShare": 206.39206984714642 }, "price": 132.1, "discountToEstimate": 0.3599560288443591, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 68, "cik": 723254, "ticker": "CTAS", "entityName": "Cintas Corporation", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "2320", "marketCap": 81137609280, "composite": 87.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 89.25164611921355, "components": { "revenueCagr": 0.06500823059606775, "revenueConsistency": 93.75, "epsCagr": 0.16735563626242556, "epsConsistency": 87.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 3774685000.00 to 10340181000.00, increasing; diluted EPS 0.37 to 4.40, increasing." }, "pricingPower": { "score": 76.84745175450966, "components": { "medianGrossMargin": 0.45942891131802677, "grossMarginCV": 0.04157341005465047, "years": 10 }, "note": "Median gross margin 45.9% over 10y, very stable." }, "returnsOnCapital": { "score": 92.03901664215515, "components": { "medianRoic": 0.18970542302035803, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 19.0%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 89.5882778673041, "components": { "netDebtToEbitda": 0.7572161551051557, "interestCoverage": 23.338667563397554, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.8x, interest coverage 23x." }, "capitalDiscipline": { "score": 88.26107010369802, "components": { "ownerEarningsCagr": 0.11833324073019957, "shareCountChange": -0.04424669040637319, "years": 10 }, "note": "Owner earnings +11.8%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1426063000, "maintenanceCapex": 408884000, "conservativeValue": 25669134000, "conservativeValuePerShare": 63.703341374073084, "valueRange": { "low": 15845144444.444445, "high": 25669134000, "lowPerShare": 39.32305023090931, "highPerShare": 63.703341374073084 }, "price": 201.36, "discountToEstimate": -2.16090169929379, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 69, "cik": 1053706, "ticker": "CRAI", "entityName": "CRA International, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "8111", "marketCap": 1103303553.57, "composite": 87.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 95.09757929544297, "components": { "revenueCagr": 0.09771011869943713, "revenueConsistency": 100, "epsCagr": 0.20688340013446616, "epsConsistency": 77.77777777777777, "years": 10, "spanYears": 9, "skippedYears": 0, "derivedEpsYears": 4, "uncorroboratedEpsYears": 0 }, "note": "2016–2025: revenue 324779000.00 to 751583000.00, increasing; diluted EPS 1.50 to 8.14, increasing. Diluted EPS was derived from net income and diluted weighted-average shares in 4 years where the direct tag was absent." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 92.50959083270808, "components": { "medianRoic": 0.19886828653701868, "fractionAboveHurdle": 0.8, "years": 10 }, "note": "Median ROIC 19.9%, above the 12% hurdle in 80% of years." }, "balanceSheet": { "score": 61.28499440089587, "components": { "netDebtToEbitda": null, "interestCoverage": 15.513997760358343, "fiscalYear": 2025 }, "note": "Net debt/EBITDA n/ax, interest coverage 16x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.19707384509752912, "shareCountChange": -0.2143730674022887, "years": 10 }, "note": "Owner earnings +19.7%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 51802000, "maintenanceCapex": 3868000, "conservativeValue": 932436000, "conservativeValuePerShare": 142.41301938309317, "valueRange": { "low": 575577777.7777778, "high": 932436000, "lowPerShare": 87.9092712241316, "highPerShare": 142.41301938309317 }, "price": 168.51, "discountToEstimate": -0.1832485592255126, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 70, "cik": 1056288, "ticker": "FHI", "entityName": "Federated Hermes, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Other", "sicCode": "6282", "marketCap": 4329687950, "composite": 87.1, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 61.981192530557195, "components": { "revenueCagr": 0.022983207288051588, "revenueConsistency": 76.47058823529412, "epsCagr": 0.05162863771767556, "epsConsistency": 58.8235294117647, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 6, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 1223680000.00 to 1800663000.00, increasing; diluted EPS 2.18 to 5.13, increasing. Diluted EPS was derived from net income and diluted weighted-average shares in 6 years where the direct tag was absent." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.34362000898269757, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 34.4%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 40.36145146088596, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 86.37740009295277, "components": { "ownerEarningsCagr": 0.08140263359669953, "shareCountChange": -0.24227932645257624, "years": 10 }, "note": "Owner earnings +8.1%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 289072000, "maintenanceCapex": 2762000, "conservativeValue": 5203296000, "conservativeValuePerShare": 69.28213253798117, "valueRange": { "low": 3211911111.111111, "high": 5203296000, "lowPerShare": 42.76674848023529, "highPerShare": 69.28213253798117 }, "price": 57.65, "discountToEstimate": 0.16789512839554005, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 71, "cik": 1090396, "ticker": "TBTC", "entityName": "Table Trac INC", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Communications", "sicCode": "7990", "marketCap": 20422701.200000003, "composite": 86.9, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 84.19467483597023, "components": { "revenueCagr": 0.09020414341062044, "revenueConsistency": 69.23076923076923, "epsCagr": 0.17795794570935386, "epsConsistency": 61.53846153846154, "years": 14, "spanYears": 15, "skippedYears": 2, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2025: revenue 3024653.00 to 11048237.00, increasing; diluted EPS 0.03 to 0.35, increasing. 2 fiscal years were not jointly reported; CAGR uses the full 15-year elapsed span." }, "pricingPower": { "score": 97.47606851131427, "components": { "medianGrossMargin": 0.7116254406320248, "grossMarginCV": 0.052715383398171556, "years": 10 }, "note": "Median gross margin 71.2% over 10y, very stable." }, "returnsOnCapital": { "score": 78.51195585886711, "components": { "medianRoic": 0.17464297505892412, "fractionAboveHurdle": 0.7, "years": 10 }, "note": "Median ROIC 17.5%, above the 12% hurdle in 70% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 74.25713630314065, "components": { "ownerEarningsCagr": 0.2901229394134055, "shareCountChange": 0.028714318484296755, "years": 10 }, "note": "Owner earnings +29.0%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 1632332, "maintenanceCapex": 31114, "conservativeValue": 29381976, "conservativeValuePerShare": 6.330244620138692, "valueRange": { "low": 18137022.22222222, "high": 29381976, "lowPerShare": 3.907558407493019, "highPerShare": 6.330244620138692 }, "price": 4.4, "discountToEstimate": 0.30492417528351395, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 72, "cik": 1005284, "ticker": "OLED", "entityName": "UNIVERSAL DISPLAY CORPORATION", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3670", "marketCap": 3855922839.32, "composite": 86.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 78.75, "components": { "revenueCagr": 0.26165182592963143, "revenueConsistency": 87.5, "epsCagr": null, "epsConsistency": 81.25, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 15786617.00 to 650611000.00, increasing; diluted EPS -0.56 to 5.08, increasing." }, "pricingPower": { "score": 98.70462343521172, "components": { "medianGrossMargin": 0.7924209737158141, "grossMarginCV": 0.041658389083094494, "years": 10 }, "note": "Median gross margin 79.2% over 10y, very stable." }, "returnsOnCapital": { "score": 76.9315146994701, "components": { "medianRoic": 0.15484195699877717, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 15.5%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 78.52228567070364, "components": { "ownerEarningsCagr": 0.16437889024038244, "shareCountChange": 0.007388571646481805, "years": 10 }, "note": "Owner earnings +16.4%/yr, share count flat." } }, "ownerEarnings": { "ownerEarnings": 210061000, "maintenanceCapex": 46587000, "conservativeValue": 3781098000, "conservativeValuePerShare": 80.00673215608344, "valueRange": { "low": 2334011111.111111, "high": 3781098000, "lowPerShare": 49.386871701286076, "highPerShare": 80.00673215608344 }, "price": 81.59, "discountToEstimate": -0.019789182750618976, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 73, "cik": 1494259, "ticker": "CARG", "entityName": "CarGurus, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7374", "marketCap": 3380814699.9900002, "composite": 86.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 73, "components": { "revenueCagr": 0.24846785671135807, "revenueConsistency": 80, "epsCagr": null, "epsConsistency": 60, "years": 11, "spanYears": 10, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 11 }, "note": "2015–2025: revenue 98588000.00 to 906980000.00, increasing; diluted EPS -0.41 to 1.55, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 80.1800402185366, "components": { "medianGrossMargin": 0.9251878654511971, "grossMarginCV": 0.20837963803317053, "years": 10 }, "note": "Median gross margin 92.5% over 10y, variable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.3237811580231981, "fractionAboveHurdle": 1, "years": 9 }, "note": "Median ROIC 32.4%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.44447123187879534, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +44.4%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 123797000, "maintenanceCapex": 6383000, "conservativeValue": 1375522222.222222, "conservativeValuePerShare": 13.699015572299544, "valueRange": { "low": 1375522222.222222, "high": 1375522222.222222, "lowPerShare": 13.699015572299544, "highPerShare": 13.699015572299544 }, "price": 33.67, "discountToEstimate": -1.457840844278133, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 74, "cik": 6951, "ticker": "AMAT", "entityName": "APPLIED MATERIALS INC /DE", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3674", "marketCap": 439258559999.99994, "composite": 86.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 82.24404112979714, "components": { "revenueCagr": 0.06122020564898567, "revenueConsistency": 72.22222222222223, "epsCagr": 0.1160544134264967, "epsConsistency": 77.77777777777777, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 9734856000.00 to 28368000000.00, increasing; diluted EPS 1.20 to 8.66, increasing." }, "pricingPower": { "score": 76.15241705244078, "components": { "medianGrossMargin": 0.45755020578904704, "grossMarginCV": 0.04519853463269872, "years": 10 }, "note": "Median gross margin 45.8% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.6432646643749226, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 64.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 72.5, "components": { "netDebtToEbitda": null, "interestCoverage": 30.814126394052046, "fiscalYear": 2025 }, "note": "Net debt/EBITDA n/ax, interest coverage 31x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.15882539465373724, "shareCountChange": -0.26437847866419295, "years": 10 }, "note": "Owner earnings +15.9%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 6856000000, "maintenanceCapex": 435000000, "conservativeValue": 123408000000, "conservativeValuePerShare": 155.6216897856242, "valueRange": { "low": 76177777777.77777, "high": 123408000000, "lowPerShare": 96.06277147260752, "highPerShare": 155.6216897856242 }, "price": 553.92, "discountToEstimate": -2.559401011279658, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 75, "cik": 1092699, "ticker": "SPSC", "entityName": "SPS COMMERCE, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": 2255536408.68, "composite": 86.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.25, "components": { "revenueCagr": 0.2055668810731519, "revenueConsistency": 100, "epsCagr": 0.2549498165097399, "epsConsistency": 81.25, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 17 }, "note": "2009–2025: revenue 37746000.00 to 751505000.00, increasing; diluted EPS 0.07 to 2.46, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.6682031317420962, "grossMarginCV": 0.015163473559443192, "years": 10 }, "note": "Median gross margin 66.8% over 10y, very stable." }, "returnsOnCapital": { "score": 54.40342079600757, "components": { "medianRoic": 0.12708481722155596, "fractionAboveHurdle": 0.6, "years": 10 }, "note": "Median ROIC 12.7%, above the 12% hurdle in 60% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.38545040960140087, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +38.5%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 65824000, "maintenanceCapex": 21089000, "conservativeValue": 731377777.7777778, "conservativeValuePerShare": 19.49444568076499, "valueRange": { "low": 731377777.7777778, "high": 731377777.7777778, "lowPerShare": 19.49444568076499, "highPerShare": 19.49444568076499 }, "price": 60.12, "discountToEstimate": -2.0839553473079726, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 76, "cik": 1579091, "ticker": "CART", "entityName": "MAPLEBEAR INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7389", "marketCap": 10863440910, "composite": 86.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 80, "components": { "revenueCagr": 0.19516017433820698, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 75, "years": 5, "spanYears": 4, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 5 }, "note": "2021–2025: revenue 1834000000.00 to 3742000000.00, increasing; diluted EPS -1.12 to 1.60, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 98.06976217013914, "components": { "medianGrossMargin": 0.7370390165686799, "grossMarginCV": 0.0473721404687478, "years": 5 }, "note": "Median gross margin 73.7% over 5y, very stable." }, "returnsOnCapital": { "score": 88.33333333333333, "components": { "medianRoic": 0.21284981584110702, "fractionAboveHurdle": 0.6666666666666666, "years": 3 }, "note": "Median ROIC 21.3%, above the 12% hurdle in 67% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 64, "components": { "ownerEarningsCagr": null, "shareCountChange": -0.1593970649314689, "years": 5 }, "note": "Owner earnings trend unclear, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 438000000, "maintenanceCapex": 61000000, "conservativeValue": 4866666666.666666, "conservativeValuePerShare": 20.038402362884483, "valueRange": { "low": 4866666666.666666, "high": 4866666666.666666, "lowPerShare": 20.038402362884483, "highPerShare": 20.038402362884483 }, "price": 44.73, "discountToEstimate": -1.2322138856164386, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 77, "cik": 320193, "ticker": "AAPL", "entityName": "Apple Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "3571", "marketCap": 4814457701400, "composite": 85.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.66666666666666, "components": { "revenueCagr": 0.17020496244262273, "revenueConsistency": 94.44444444444444, "epsCagr": 0.2469853476938917, "epsConsistency": 88.88888888888889, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 24578000000.00 to 416161000000.00, increasing; diluted EPS 0.14 to 7.46, increasing." }, "pricingPower": { "score": 63.47516474826499, "components": { "medianGrossMargin": 0.40427657636632414, "grossMarginCV": 0.084710724178469, "years": 10 }, "note": "Median gross margin 40.4% over 10y, stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.5118798506137163, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 51.2%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 94.04177432503386, "components": { "netDebtToEbitda": 0.43332550363390165, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.4x, no material interest expense disclosed." }, "capitalDiscipline": { "score": 74.6264320530004, "components": { "ownerEarningsCagr": 0.10477489081683444, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +10.5%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 97555000000, "maintenanceCapex": 11698000000, "conservativeValue": 1755990000000, "conservativeValuePerShare": 118.86272901174148, "valueRange": { "low": 1083944444444.4445, "high": 1755990000000, "lowPerShare": 73.37205494551944, "highPerShare": 118.86272901174148 }, "price": 325.89, "discountToEstimate": -1.7417341222899905, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 78, "cik": 1013237, "ticker": "FDS", "entityName": "FACTSET RESEARCH SYSTEMS INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7370", "marketCap": 9231143782.7, "composite": 85.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 95.91035125470631, "components": { "revenueCagr": 0.0858017562735316, "revenueConsistency": 100, "epsCagr": 0.10901104513488447, "epsConsistency": 93.75, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 622023000.00 to 2321748000.00, increasing; diluted EPS 2.97 to 15.55, increasing." }, "pricingPower": { "score": 89.55333295609066, "components": { "medianGrossMargin": 0.5339405321515784, "grossMarginCV": 0.03153674840739387, "years": 10 }, "note": "Median gross margin 53.4% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2963141131530429, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 29.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 67.57297137595896, "components": { "netDebtToEbitda": 1.137545061004819, "interestCoverage": 13.285686385910092, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 1.1x, interest coverage 13x." }, "capitalDiscipline": { "score": 75.82854755189281, "components": { "ownerEarningsCagr": 0.07432453992459509, "shareCountChange": -0.05974649083370798, "years": 10 }, "note": "Owner earnings +7.4%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 512771000, "maintenanceCapex": 108806000, "conservativeValue": 9229878000, "conservativeValuePerShare": 245.17637658526687, "valueRange": { "low": 5697455555.555555, "high": 9229878000, "lowPerShare": 151.34344233658447, "highPerShare": 245.17637658526687 }, "price": 245.21, "discountToEstimate": -0.00013713970000469837, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 79, "cik": 1817358, "ticker": "ASO", "entityName": "Academy Sports and Outdoors, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "5940", "marketCap": 3173259263.58, "composite": 85.8, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 78.26769955164721, "components": { "revenueCagr": 0.03419564061537894, "revenueConsistency": 85.71428571428571, "epsCagr": 0.524108786111966, "epsConsistency": 71.42857142857143, "years": 8, "spanYears": 7, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2019–2026: revenue 4783893000.00 to 6053414000.00, increasing; diluted EPS 0.29 to 5.54, increasing." }, "pricingPower": { "score": 54.18646153547916, "components": { "medianGrossMargin": 0.34080480020954385, "grossMarginCV": 0.0794485664740489, "years": 8 }, "note": "Median gross margin 34.1% over 8y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.25262266947007533, "fractionAboveHurdle": 1, "years": 6 }, "note": "Median ROIC 25.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 96.67702739941737, "components": { "netDebtToEbitda": 0.24167073458782773, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net debt/EBITDA 0.2x, no material interest expense disclosed." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.34910259125395826, "shareCountChange": -0.2872011655727989, "years": 8 }, "note": "Owner earnings +34.9%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 519190000, "maintenanceCapex": 122866000, "conservativeValue": 6698077182.240063, "conservativeValuePerShare": 103.13309564092566, "valueRange": { "low": 5768777777.777778, "high": 6698077182.240063, "lowPerShare": 88.82428405935899, "highPerShare": 103.13309564092566 }, "price": 48.86, "discountToEstimate": 0.5262432520195661, "assumptions": { "discountRate": 0.09, "growthRate": 0.012486709861058154, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 80, "cik": 1309108, "ticker": "WEX", "entityName": "WEX Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7389", "marketCap": 5339824000, "composite": 85.7, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 80.32882585082896, "components": { "revenueCagr": 0.09604474870517565, "revenueConsistency": 82.3529411764706, "epsCagr": 0.058540557019557404, "epsConsistency": 64.70588235294117, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 388159000.00 to 1845400000.00, increasing; diluted EPS 3.22 to 8.47, increasing." }, "pricingPower": { "score": 66.51370308535706, "components": { "medianGrossMargin": 0.4519373440755181, "grossMarginCV": 0.12408895393751179, "years": 10 }, "note": "Median gross margin 45.2% over 10y, stable." }, "returnsOnCapital": { "score": 81.62537115005067, "components": { "medianRoic": 0.18990470265396311, "fractionAboveHurdle": 0.6, "years": 10 }, "note": "Median ROIC 19.0%, above the 12% hurdle in 60% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.15009745766150195, "shareCountChange": -0.19936509418547652, "years": 10 }, "note": "Owner earnings +15.0%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 399200000, "maintenanceCapex": 140600000, "conservativeValue": 4435555555.555555, "conservativeValuePerShare": 129.31648850016197, "valueRange": { "low": 4435555555.555555, "high": 4435555555.555555, "lowPerShare": 129.31648850016197, "highPerShare": 129.31648850016197 }, "price": 155.68, "discountToEstimate": -0.20386813627254516, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 81, "cik": 1099800, "ticker": "EW", "entityName": "EDWARDS LIFESCIENCES CORPORATION", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3842", "marketCap": 48993659000, "composite": 85.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 92.54598820069242, "components": { "revenueCagr": 0.098024058650521, "revenueConsistency": 94.11764705882354, "epsCagr": 0.2721860864019652, "epsConsistency": 70.58823529411765, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 18 }, "note": "2008–2025: revenue 1237700000.00 to 6067600000.00, increasing; diluted EPS 0.03 to 1.83, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": 98.47724979125968, "components": { "medianGrossMargin": 0.7574803515341098, "grossMarginCV": 0.04370475187866275, "years": 10 }, "note": "Median gross margin 75.7% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2269737720682033, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 22.7%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 61.970588235294116, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 37.04473850031506, "components": { "ownerEarningsCagr": -0.08070786719109246, "shareCountChange": -0.0852236925015753, "years": 5 }, "note": "Owner earnings -8.1%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1503100000, "maintenanceCapex": 156600000, "conservativeValue": 16701111111.11111, "conservativeValuePerShare": 28.760308440005357, "valueRange": { "low": 16701111111.11111, "high": 16701111111.11111, "lowPerShare": 28.760308440005357, "highPerShare": 28.760308440005357 }, "price": 84.37, "discountToEstimate": -1.9335568558312821, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 82, "cik": 91142, "ticker": "AOS", "entityName": "A. O. Smith Corporation", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "3630", "marketCap": 8422645754, "composite": 85.5, "tier": "Wide", "verdict": "yes", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 83.51401926448537, "components": { "revenueCagr": 0.05874656691066216, "revenueConsistency": 88.23529411764706, "epsCagr": 0.14548645518414194, "epsConsistency": 70.58823529411765, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 1451300000.00 to 3830200000.00, increasing; diluted EPS 0.38 to 3.85, increasing." }, "pricingPower": { "score": 64.72816816656875, "components": { "medianGrossMargin": 0.3868584363020867, "grossMarginCV": 0.04904829732380274, "years": 10 }, "note": "Median gross margin 38.7% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2862930037577238, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 28.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 53.97037037037037, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 79.48834953171522, "components": { "ownerEarningsCagr": 0.06188365700652643, "shareCountChange": -0.1974290101505848, "years": 10 }, "note": "Owner earnings +6.2%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 533600000, "maintenanceCapex": 70800000, "conservativeValue": 9604800000, "conservativeValuePerShare": 67.68002557026453, "valueRange": { "low": 5928888888.888888, "high": 9604800000, "lowPerShare": 41.777793561891684, "highPerShare": 67.68002557026453 }, "price": 59.35, "discountToEstimate": 0.12307952752790269, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 83, "cik": 719955, "ticker": "WSM", "entityName": "WILLIAMS-SONOMA, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "5700", "marketCap": 26407321800, "composite": 85.5, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 85.45705972089888, "components": { "revenueCagr": 0.05081471036920027, "revenueConsistency": 88.23529411764706, "epsCagr": 0.2761491197713266, "epsConsistency": 88.23529411764706, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2026: revenue 3361472000.00 to 7806816000.00, increasing; diluted EPS 0.14 to 8.84, increasing." }, "pricingPower": { "score": 62.145347367969606, "components": { "medianGrossMargin": 0.40631104715945854, "grossMarginCV": 0.09952733971151542, "years": 10 }, "note": "Median gross margin 40.6% over 10y, stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.8841309200223435, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 88.4%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.1516700780963578, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +15.2%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 1126337000, "maintenanceCapex": 231449000, "conservativeValue": 18317038947.629707, "conservativeValuePerShare": 154.22277467062142, "valueRange": { "low": 12514855555.555555, "high": 18317038947.629707, "lowPerShare": 105.3705106976135, "highPerShare": 154.22277467062142 }, "price": 222.34, "discountToEstimate": -0.4416807146341307, "assumptions": { "discountRate": 0.09, "growthRate": 0.02850878391314704, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 84, "cik": 706698, "ticker": "UTMD", "entityName": "UTAH MEDICAL PRODUCTS INC", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3841", "marketCap": 220439340, "composite": 85.3, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 64.02154652663019, "components": { "revenueCagr": 0.02507913605902079, "revenueConsistency": 81.25, "epsCagr": 0.045028596574130164, "epsConsistency": 68.75, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 25916000.00 to 38520000.00, increasing; diluted EPS 1.72 to 3.48, increasing." }, "pricingPower": { "score": 99.54585831493179, "components": { "medianGrossMargin": 0.6107723190909916, "grossMarginCV": 0.03408727516561381, "years": 10 }, "note": "Median gross margin 61.1% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.32019121013910334, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 32.0%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 62.941079963125716, "components": { "ownerEarningsCagr": 0.014999726562189508, "shareCountChange": -0.14450537343077072, "years": 10 }, "note": "Owner earnings +1.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 21517000, "maintenanceCapex": 371000, "conservativeValue": 239077777.77777776, "conservativeValuePerShare": 75.04010601939038, "valueRange": { "low": 239077777.77777776, "high": 239077777.77777776, "lowPerShare": 75.04010601939038, "highPerShare": 75.04010601939038 }, "price": 69.19, "discountToEstimate": 0.07795972486870838, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 85, "cik": 1283699, "ticker": "TMUS", "entityName": "T-Mobile US, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Communications", "sicCode": "4812", "marketCap": 211357340411.34, "composite": 85.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 92.94117647058823, "components": { "revenueCagr": 0.22634792739516918, "revenueConsistency": 100, "epsCagr": 0.20298391934492077, "epsConsistency": 64.70588235294117, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 2751516000.00 to 88309000000.00, increasing; diluted EPS 0.42 to 9.72, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.7127666067402232, "grossMarginCV": 0.0026790147039970342, "years": 2 }, "note": "Median gross margin 71.3% over 2y, very stable." }, "returnsOnCapital": { "score": 72.82620095067402, "components": { "medianRoic": 0.1695989252707862, "fractionAboveHurdle": 0.6, "years": 10 }, "note": "Median ROIC 17.0%, above the 12% hurdle in 60% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 60, "components": { "ownerEarningsCagr": 0.19168331545047512, "shareCountChange": 0.3395302727700978, "years": 10 }, "note": "Owner earnings +19.2%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 11334000000, "maintenanceCapex": 9955000000, "conservativeValue": 204012000000, "conservativeValuePerShare": 184.30422716423428, "valueRange": { "low": 125933333333.33333, "high": 204012000000, "lowPerShare": 113.76804145940386, "highPerShare": 184.30422716423428 }, "price": 190.94, "discountToEstimate": -0.0360044527348391, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 86, "cik": 1671933, "ticker": "TTD", "entityName": "TRADE DESK, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7370", "marketCap": 8676626580, "composite": 85.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 80.55555555555556, "components": { "revenueCagr": 0.34362526374343383, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 77.77777777777777, "years": 10, "spanYears": 9, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2016–2025: revenue 202926000.00 to 2896284000.00, increasing; diluted EPS -0.15 to 0.90, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.794874800988306, "grossMarginCV": 0.026557527479111838, "years": 10 }, "note": "Median gross margin 79.5% over 10y, very stable." }, "returnsOnCapital": { "score": 93, "components": { "medianRoic": 0.21713288139167647, "fractionAboveHurdle": 0.8, "years": 10 }, "note": "Median ROIC 21.7%, above the 12% hurdle in 80% of years." }, "balanceSheet": { "score": 72.5, "components": { "netDebtToEbitda": null, "interestCoverage": 329.22960893854747, "fiscalYear": 2025 }, "note": "Net debt/EBITDA n/ax, interest coverage 329x." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.40724566959099007, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +40.7%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 212568000, "maintenanceCapex": 115784000, "conservativeValue": 3826224000, "conservativeValuePerShare": 7.752438957676106, "valueRange": { "low": 2361866666.6666665, "high": 3826224000, "lowPerShare": 4.785456146713646, "highPerShare": 7.752438957676106 }, "price": 17.58, "discountToEstimate": -1.2676734503782319, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 87, "cik": 814547, "ticker": "FICO", "entityName": "Fair Isaac Corp", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7389", "marketCap": 29027013080, "composite": 85, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 89.55458405117542, "components": { "revenueCagr": 0.059537626138230104, "revenueConsistency": 94.11764705882354, "epsCagr": 0.1754470182888379, "epsConsistency": 94.11764705882354, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 744842000.00 to 1990869000.00, increasing; diluted EPS 1.70 to 26.54, increasing." }, "pricingPower": { "score": 95.88156189189864, "components": { "medianGrossMargin": 0.734251834552397, "grossMarginCV": 0.06706594297291218, "years": 10 }, "note": "Median gross margin 73.4% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.5348107532252078, "fractionAboveHurdle": 1, "years": 7 }, "note": "Median ROIC 53.5%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 39.800238688485344, "components": { "netDebtToEbitda": null, "interestCoverage": 6.9200954753941355, "fiscalYear": 2025 }, "note": "Net debt/EBITDA n/ax, interest coverage 7x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.2091292469727124, "shareCountChange": -0.23180863100048488, "years": 10 }, "note": "Owner earnings +20.9%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 439776000, "maintenanceCapex": 8922000, "conservativeValue": 7915968000, "conservativeValuePerShare": 333.10755765022725, "valueRange": { "low": 4886400000, "high": 7915968000, "lowPerShare": 205.62194916680693, "highPerShare": 333.10755765022725 }, "price": 1221.47, "discountToEstimate": -2.6668936862806922, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 88, "cik": 1043277, "ticker": "CHRW", "entityName": "C.H. ROBINSON WORLDWIDE, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Industrials", "sicCode": "4731", "marketCap": 24556253150, "composite": 85, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 71.0540097405794, "components": { "revenueCagr": 0.04526903263984261, "revenueConsistency": 77.77777777777777, "epsCagr": 0.05444546050749888, "epsConsistency": 77.77777777777777, "years": 19, "spanYears": 18, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 7316223000.00 to 16232763000.00, increasing; diluted EPS 1.86 to 4.83, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.9080722581293054, "grossMarginCV": 0.012868928239401296, "years": 2 }, "note": "Median gross margin 90.8% over 2y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2377437203000546, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 23.8%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 85.7784641320414, "components": { "netDebtToEbitda": 1.0342935176697161, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 1.0x, no material interest expense disclosed." }, "capitalDiscipline": { "score": 68.16506075750812, "components": { "ownerEarningsCagr": 0.02980100547960629, "shareCountChange": -0.16161208568718233, "years": 10 }, "note": "Owner earnings +3.0%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 670271000, "maintenanceCapex": 19628000, "conservativeValue": 7473731027.066795, "conservativeValuePerShare": 63.10727125169338, "valueRange": { "low": 7447455555.555555, "high": 7473731027.066795, "lowPerShare": 62.885404381997276, "highPerShare": 63.10727125169338 }, "price": 207.35, "discountToEstimate": -2.285675261936414, "assumptions": { "discountRate": 0.09, "growthRate": 0.00031641390725023477, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 89, "cik": 1562088, "ticker": "DUOL", "entityName": "Duolingo, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7372", "marketCap": null, "composite": 85, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 81, "components": { "revenueCagr": 0.4503246102127074, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 80, "years": 6, "spanYears": 5, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2020–2025: revenue 161696000.00 to 1037589000.00, increasing; diluted EPS -1.24 to 8.57, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.7259320079694649, "grossMarginCV": 0.008554616914845176, "years": 6 }, "note": "Median gross margin 72.6% over 6y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.917331673725584, "fractionAboveHurdle": 1, "years": 2 }, "note": "Median ROIC 91.7%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 44, "components": { "ownerEarningsCagr": null, "shareCountChange": null, "years": 6 }, "note": "Owner earnings trend unclear, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 19971000, "maintenanceCapex": 14391000, "conservativeValue": 221900000, "conservativeValuePerShare": null, "valueRange": { "low": 221900000, "high": 221900000, "lowPerShare": null, "highPerShare": null }, "price": 119.51, "discountToEstimate": null, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 90, "cik": 1069878, "ticker": "TREX", "entityName": "Trex Company, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Materials", "sicCode": "2400", "marketCap": 4524497612.14, "composite": 84.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 76.62974945653784, "components": { "revenueCagr": 0.09564874728268924, "revenueConsistency": 87.5, "epsCagr": null, "epsConsistency": 75, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 272286000.00 to 1174267000.00, increasing; diluted EPS -0.14 to 1.78, increasing." }, "pricingPower": { "score": 67.43216420716988, "components": { "medianGrossMargin": 0.4096551927514377, "grossMarginCV": 0.05662779198748375, "years": 10 }, "note": "Median gross margin 41.0% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.36601858180723856, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 36.6%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 80, "components": { "ownerEarningsCagr": 0.1214934025889034, "shareCountChange": null, "years": 10 }, "note": "Owner earnings +12.1%/yr, share count n/a." } }, "ownerEarnings": { "ownerEarnings": 204119000, "maintenanceCapex": 62957000, "conservativeValue": 3609400983.255289, "conservativeValuePerShare": 34.135561848698536, "valueRange": { "low": 2267988888.888889, "high": 3609400983.255289, "lowPerShare": 21.449286279909003, "highPerShare": 34.135561848698536 }, "price": 42.79, "discountToEstimate": -0.2535314400173385, "assumptions": { "discountRate": 0.09, "growthRate": 0.033447956891753616, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 91, "cik": 1636222, "ticker": "WING", "entityName": "WINGSTOP INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Consumer Discretionary", "sicCode": "5812", "marketCap": 3803910296.28, "composite": 84.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 96.66666666666667, "components": { "revenueCagr": 0.22845158108909236, "revenueConsistency": 100, "epsCagr": 0.2908956386566097, "epsConsistency": 83.33333333333333, "years": 13, "spanYears": 12, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2013–2025: revenue 58999000.00 to 696853000.00, increasing; diluted EPS 0.29 to 6.21, increasing." }, "pricingPower": { "score": 99.05384332928321, "components": { "medianGrossMargin": 0.7967589609985062, "grossMarginCV": 0.038515410036451016, "years": 9 }, "note": "Median gross margin 79.7% over 9y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.4788178358494859, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 47.9%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 40, "components": { "netDebtToEbitda": 4.9546239705616095, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 5.0x, no material interest expense disclosed." }, "capitalDiscipline": { "score": 88.39570420857656, "components": { "ownerEarningsCagr": 0.3159915284897974, "shareCountChange": -0.04197852104288278, "years": 10 }, "note": "Owner earnings +31.6%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 70175000, "maintenanceCapex": 25068000, "conservativeValue": 1263150000, "conservativeValuePerShare": 45.86498219230294, "valueRange": { "low": 779722222.2222222, "high": 1263150000, "lowPerShare": 28.311717402656136, "highPerShare": 45.86498219230294 }, "price": 138.12, "discountToEstimate": -2.0114478061037886, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 92, "cik": 1845815, "ticker": "PAYO", "entityName": "Payoneer Global Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7389", "marketCap": 2482774722.8, "composite": 84.8, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [ "pricingPower" ], "note": "The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 78.33333333333334, "components": { "revenueCagr": 0.18051041706596882, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 66.66666666666667, "years": 7, "spanYears": 6, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 7 }, "note": "2019–2025: revenue 300533000.00 to 813413000.00, increasing; diluted EPS -0.33 to 0.19, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%." }, "pricingPower": { "score": null, "components": {}, "note": "Not enough years of gross-margin data to score pricing power." }, "returnsOnCapital": { "score": 86, "components": { "medianRoic": 0.28049967115511093, "fractionAboveHurdle": 0.6, "years": 5 }, "note": "Median ROIC 28.0%, above the 12% hurdle in 60% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 75.03488407852562, "components": { "ownerEarningsCagr": 1.4130647772804013, "shareCountChange": 0.024825579607371872, "years": 7 }, "note": "Owner earnings +141.3%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 111943000, "maintenanceCapex": 26874000, "conservativeValue": 1243811111.1111112, "conservativeValuePerShare": 3.5669507304809556, "valueRange": { "low": 1243811111.1111112, "high": 1243811111.1111112, "lowPerShare": 3.5669507304809556, "highPerShare": 3.5669507304809556 }, "price": 7.12, "discountToEstimate": -0.9961027045192641, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 93, "cik": 1408198, "ticker": "MSCI", "entityName": "MSCI INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Technology", "sicCode": "7389", "marketCap": 42000899333.850006, "composite": 84.6, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 97.64705882352942, "components": { "revenueCagr": 0.12380169738817437, "revenueConsistency": 94.11764705882354, "epsCagr": 0.20488562772708807, "epsConsistency": 94.11764705882354, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 430961000.00 to 3134459000.00, increasing; diluted EPS 0.66 to 15.69, increasing." }, "pricingPower": { "score": 100, "components": { "medianGrossMargin": 0.7996246820048202, "grossMarginCV": 0.023970689524177812, "years": 5 }, "note": "Median gross margin 80.0% over 5y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.38172848041739205, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 38.2%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 25.392043155172853, "components": { "netDebtToEbitda": 3.274061988333721, "interestCoverage": 8.164158197904607, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 3.3x, interest coverage 8x." }, "capitalDiscipline": { "score": 100, "components": { "ownerEarningsCagr": 0.18402229899646327, "shareCountChange": -0.19408946731684487, "years": 10 }, "note": "Owner earnings +18.4%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1109128000, "maintenanceCapex": 23405000, "conservativeValue": 19964304000, "conservativeValuePerShare": 271.38988806397896, "valueRange": { "low": 12323644444.444445, "high": 19964304000, "lowPerShare": 167.52462226171542, "highPerShare": 271.38988806397896 }, "price": 570.95, "discountToEstimate": -1.103799828626633, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 94, "cik": 1000697, "ticker": "WAT", "entityName": "Waters Corporation", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3826", "marketCap": 22081960180, "composite": 84.5, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 82.34409726973132, "components": { "revenueCagr": 0.04341082141513963, "revenueConsistency": 100, "epsCagr": 0.08164299826685029, "epsConsistency": 86.66666666666667, "years": 16, "spanYears": 18, "skippedYears": 3, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2007–2025: revenue 1473048000.00 to 3165286000.00, increasing; diluted EPS 2.62 to 10.76, increasing. 3 fiscal years were not jointly reported; CAGR uses the full 18-year elapsed span." }, "pricingPower": { "score": 98.33098851977475, "components": { "medianGrossMargin": 0.5892706404842663, "grossMarginCV": 0.011951319684860682, "years": 10 }, "note": "Median gross margin 58.9% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.28471575922401743, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 28.5%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 73.94825745782342, "components": { "netDebtToEbitda": 0.3565010329800185, "interestCoverage": 11.540058664519469, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.4x, interest coverage 12x." }, "capitalDiscipline": { "score": 71.42092127738233, "components": { "ownerEarningsCagr": 0.039025943619249936, "shareCountChange": -0.2595573618202297, "years": 10 }, "note": "Owner earnings +3.9%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 692843000, "maintenanceCapex": 112745000, "conservativeValue": 12471174000, "conservativeValuePerShare": 209.42709365396564, "valueRange": { "low": 7698255555.555555, "high": 12471174000, "lowPerShare": 129.27598373701582, "highPerShare": 209.42709365396564 }, "price": 370.82, "discountToEstimate": -0.7706400520111418, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 95, "cik": 97210, "ticker": "TER", "entityName": "TERADYNE, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Healthcare", "sicCode": "3825", "marketCap": 57668272480, "composite": 84.3, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 63.72911400920418, "components": { "revenueCagr": 0.06423380534013856, "revenueConsistency": 70.58823529411765, "epsCagr": null, "epsConsistency": 58.8235294117647, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2008–2025: revenue 1107042000.00 to 3190024000.00, increasing; diluted EPS -2.31 to 3.47, increasing." }, "pricingPower": { "score": 97.13416702625666, "components": { "medianGrossMargin": 0.5815767880259357, "grossMarginCV": 0.023628978786238104, "years": 10 }, "note": "Median gross margin 58.2% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.34279948032361335, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 34.3%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 94.95340344726847, "fiscalYear": 2025 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 64, "components": { "ownerEarningsCagr": null, "shareCountChange": -0.19628238471525267, "years": 10 }, "note": "Owner earnings trend unclear, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 554047000, "maintenanceCapex": 127981000, "conservativeValue": 6156077777.777778, "conservativeValuePerShare": 39.43978895096213, "valueRange": { "low": 6156077777.777778, "high": 6156077777.777778, "lowPerShare": 39.43978895096213, "highPerShare": 39.43978895096213 }, "price": 369.46, "discountToEstimate": -8.367697186700768, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 96, "cik": 772406, "ticker": "CRUS", "entityName": "Cirrus Logic, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Technology", "sicCode": "3674", "marketCap": 7057636040, "composite": 84.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 88.75, "components": { "revenueCagr": 0.14750771454806255, "revenueConsistency": 81.25, "epsCagr": 0.17557706021748531, "epsConsistency": 62.5, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2010–2026: revenue 220989000.00 to 1997379000.00, increasing; diluted EPS 0.59 to 7.85, increasing." }, "pricingPower": { "score": 86.67340436290667, "components": { "medianGrossMargin": 0.5143290280472572, "grossMarginCV": 0.024663116509891465, "years": 10 }, "note": "Median gross margin 51.4% over 10y, very stable." }, "returnsOnCapital": { "score": 96.5, "components": { "medianRoic": 0.2070227924537127, "fractionAboveHurdle": 0.9, "years": 10 }, "note": "Median ROIC 20.7%, above the 12% hurdle in 90% of years." }, "balanceSheet": { "score": 72.5, "components": { "netDebtToEbitda": null, "interestCoverage": 512.6726057906459, "fiscalYear": 2026 }, "note": "Net debt/EBITDA n/ax, interest coverage 513x." }, "capitalDiscipline": { "score": 76.59126616851611, "components": { "ownerEarningsCagr": 0.05367525414412899, "shareCountChange": -0.2130647795318454, "years": 10 }, "note": "Owner earnings +5.4%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 359682000, "maintenanceCapex": 13988000, "conservativeValue": 6474276000, "conservativeValuePerShare": 127.96023401059372, "valueRange": { "low": 3996466666.6666665, "high": 6474276000, "lowPerShare": 78.98779877197143, "highPerShare": 127.96023401059372 }, "price": 139.49, "discountToEstimate": -0.09010428965339143, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 97, "cik": 1177609, "ticker": "FIVE", "entityName": "Five Below, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "5331", "marketCap": 11314710939.45, "composite": 84.2, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 79.66666666666666, "components": { "revenueCagr": 0.23653618934428344, "revenueConsistency": 100, "epsCagr": null, "epsConsistency": 73.33333333333333, "years": 16, "spanYears": 15, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2011–2026: revenue 197189000.00 to 4764147000.00, increasing; diluted EPS -0.08 to 6.47, increasing." }, "pricingPower": { "score": 62.49509132960219, "components": { "medianGrossMargin": 0.35889701569029975, "grossMarginCV": 0.026762951969621928, "years": 10 }, "note": "Median gross margin 35.9% over 10y, very stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.2629390147807455, "fractionAboveHurdle": 1, "years": 10 }, "note": "Median ROIC 26.3%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 78.82057637276229, "components": { "ownerEarningsCagr": 0.2019101689113989, "shareCountChange": 0.005897118136188585, "years": 10 }, "note": "Owner earnings +20.2%/yr, share count flat." } }, "ownerEarnings": { "ownerEarnings": 278810000, "maintenanceCapex": 174741000, "conservativeValue": 5018580000, "conservativeValuePerShare": 90.86900143557516, "valueRange": { "low": 3097888888.888889, "high": 5018580000, "lowPerShare": 56.09197619479948, "highPerShare": 90.86900143557516 }, "price": 204.87, "discountToEstimate": -1.2545642272216444, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 98, "cik": 1037038, "ticker": "RL", "entityName": "RALPH LAUREN CORPORATION", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "2320", "marketCap": 24118822000, "composite": 84.1, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 71.85701233428838, "components": { "revenueCagr": 0.031067613422760765, "revenueConsistency": 82.3529411764706, "epsCagr": 0.08115862471926949, "epsConsistency": 64.70588235294117, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2026: revenue 4823700000.00 to 8114500000.00, increasing; diluted EPS 4.01 to 15.11, increasing." }, "pricingPower": { "score": 95.255871719393, "components": { "medianGrossMargin": 0.6483509595358082, "grossMarginCV": 0.07269715452546299, "years": 10 }, "note": "Median gross margin 64.8% over 10y, very stable." }, "returnsOnCapital": { "score": 89.5, "components": { "medianRoic": 0.20105164329430922, "fractionAboveHurdle": 0.7, "years": 10 }, "note": "Median ROIC 20.1%, above the 12% hurdle in 70% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": 21.756457564575644, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 64, "components": { "ownerEarningsCagr": null, "shareCountChange": -0.24667472793228537, "years": 10 }, "note": "Owner earnings trend unclear, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 710500000, "maintenanceCapex": 233000000, "conservativeValue": 7894444444.444444, "conservativeValuePerShare": 126.71660424469412, "valueRange": { "low": 7894444444.444444, "high": 7894444444.444444, "lowPerShare": 126.71660424469412, "highPerShare": 126.71660424469412 }, "price": 387.14, "discountToEstimate": -2.0551639408866995, "assumptions": { "discountRate": 0.09, "growthRate": 0, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 99, "cik": 745732, "ticker": "ROST", "entityName": "Ross Stores, Inc.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2026, "sector": "Consumer Discretionary", "sicCode": "5651", "marketCap": 76782943930, "composite": 84, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 91.79296331201797, "components": { "revenueCagr": 0.07661187538361935, "revenueConsistency": 94.11764705882354, "epsCagr": 0.1535947381764322, "epsConsistency": 88.23529411764706, "years": 18, "spanYears": 17, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2026: revenue 6486139000.00 to 22750559000.00, increasing; diluted EPS 0.58 to 6.61, increasing." }, "pricingPower": { "score": 44.09261692998455, "components": { "medianGrossMargin": 0.2774074417758992, "grossMarginCV": 0.08153686611639792, "years": 10 }, "note": "Median gross margin 27.7% over 10y, stable." }, "returnsOnCapital": { "score": 100, "components": { "medianRoic": 0.6736379936018569, "fractionAboveHurdle": 1, "years": 4 }, "note": "Median ROIC 67.4%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 100, "components": { "netDebtToEbitda": 0, "interestCoverage": null, "fiscalYear": 2026 }, "note": "Net cash position — no leverage risk." }, "capitalDiscipline": { "score": 83.98714178967106, "components": { "ownerEarningsCagr": 0.07463023507073463, "shareCountChange": -0.17749742914520034, "years": 10 }, "note": "Owner earnings +7.5%/yr, share count shrinking (buybacks)." } }, "ownerEarnings": { "ownerEarnings": 1874520000, "maintenanceCapex": 509391000, "conservativeValue": 33741360000, "conservativeValuePerShare": 104.67857774413417, "valueRange": { "low": 20828000000, "high": 33741360000, "lowPerShare": 64.61640601489763, "highPerShare": 104.67857774413417 }, "price": 238.21, "discountToEstimate": -1.2756327525031594, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } }, { "rank": 100, "cik": 822663, "ticker": "IPAR", "entityName": "INTERPARFUMS, INC.", "capturedAt": "2026-07-23T06:30:08.774Z", "asOfFiscalYear": 2025, "sector": "Materials", "sicCode": "2844", "marketCap": 3919263572.7, "composite": 84, "tier": "Wide", "verdict": "watch", "insufficientData": false, "missing": [], "note": "All five operating components scored at 20% each.", "methodologyVersion": "moat-index@2.0.0", "subScores": { "businessTrend": { "score": 86.80209743053926, "components": { "revenueCagr": 0.08401048715269632, "revenueConsistency": 68.75, "epsCagr": 0.13013733636424907, "epsConsistency": 81.25, "years": 17, "spanYears": 16, "skippedYears": 0, "derivedEpsYears": 0, "uncorroboratedEpsYears": 0 }, "note": "2009–2025: revenue 409464000.00 to 1488509000.00, increasing; diluted EPS 0.74 to 5.24, increasing." }, "pricingPower": { "score": 70, "components": { "medianGrossMargin": 0.6376542226598256, "grossMarginCV": 1.0313849681513032, "years": 10 }, "note": "Median gross margin 63.8% over 10y, variable." }, "returnsOnCapital": { "score": 97.78600218747464, "components": { "medianRoic": 0.19489077427878768, "fractionAboveHurdle": 1, "years": 9 }, "note": "Median ROIC 19.5%, above the 12% hurdle in 100% of years." }, "balanceSheet": { "score": 91.37526681302623, "components": { "netDebtToEbitda": 0.6272533226890017, "interestCoverage": 37.29539183222958, "fiscalYear": 2025 }, "note": "Net debt/EBITDA 0.6x, interest coverage 37x." }, "capitalDiscipline": { "score": 74.03328721866094, "components": { "ownerEarningsCagr": 0.19788755557474302, "shareCountChange": 0.029833563906695282, "years": 10 }, "note": "Owner earnings +19.8%/yr, share count growing (dilution)." } }, "ownerEarnings": { "ownerEarnings": 163520000, "maintenanceCapex": 24414000, "conservativeValue": 2943360000, "conservativeValuePerShare": 91.78700348345674, "valueRange": { "low": 1816888888.8888888, "high": 2943360000, "lowPerShare": 56.65864412559058, "highPerShare": 91.78700348345674 }, "price": 122.22, "discountToEstimate": -0.3315610637842465, "assumptions": { "discountRate": 0.09, "growthRate": 0.04, "maxGrowthRate": 0.04, "floorMultiple": 11.11111111111111, "maxMultiple": 18, "growthMethod": "min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%", "maintCapexMethod": "min(capex, D&A); abstain when D&A is unavailable" } } } ] }