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.
AEP · 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%.
CMS · 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%.
POR · 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%.
ETR · 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%.
| Measure | AEP | CMS | POR | ETR |
|---|---|---|---|---|
| Moat Score (0–100) | 27 | 29 (highest) | 28 | 27 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 67 | 67 | 73 (highest) | 63 |
| Pricing power | — | — | — | — |
| Returns on capital | 2 (highest) | 1 | 2 (highest) | 0 |
| Balance-sheet safety | 2 (highest) | 0 | 1 | 1 |
| Capital discipline | 39 | 45 (highest) | 36 | 44 |
| Price vs. high estimate | 7% above high estimate (largest discount to high estimate) | 24% above high estimate | 38% above high estimate | 59% above high estimate |
| Market cap | $70.9B | $22.3B | $6.1B | $50.7B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |