The Moat Index
Compare moats, side by side.
Two to four companies, scored on the same five investor questions from their SEC filings — so the comparison is apples to apples. The method is fully public.
AEE · Utilities · No moat
Doesn't clear the bar
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%.
BKH · Utilities · No moat
Doesn't clear the bar
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%.
RGCO · Utilities · No moat
Doesn't clear the bar
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%.
ET · Utilities · No moat
Doesn't clear the bar
The businessTrend component abstained: Fewer than two aligned fiscal years of revenue and diluted EPS are available; the filing history does not contain a measurable trend. The other four 20% weights were renormalized over the scored 80%.
| Measure | AEE | BKH | RGCO | ET |
|---|---|---|---|---|
| Moat Score (0–100) | 32 (highest) | 32 (highest) | 32 (highest) | 31 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 72 (highest) | 64 | 72 (highest) | — |
| Pricing power | — | — | — | 32 |
| Returns on capital | 2 | 3 | 1 | 11 (highest) |
| Balance-sheet safety | 2 (highest) | 2 (highest) | 2 (highest) | 1 |
| Capital discipline | 51 | 60 | 52 | 80 (highest) |
| Price vs. high estimate | 47% above high estimate | 56% above high estimate | 97% above high estimate | 13% above high estimate (largest discount to high estimate) |
| Market cap | $30.5B | $5.6B | $247.8M | $69.8B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |