The Moat Index
Compare moats, side by side.
Two to four companies, scored on the same four filters from their SEC filings — so the comparison is apples to apples. The method is fully public.
| Measure | AIN | III | HOG | BNED |
|---|---|---|---|---|
| Moat Score (0–100) | 38 (highest) | 38 (highest) | 38 (highest) | 38 (highest) |
| Pricing power | 50 | 68 (highest) | 35 | 34 |
| Returns on capital | 43 (highest) | 15 | 12 | 4 |
| Balance-sheet safety | 0 | 42 | 79 | 100 (highest) |
| Capital discipline | 50 (highest) | 24 | 40 | 31 |
| Margin of safety | No price data | 74% above value | 62% below value (highest margin of safety) | No price data |
| Market cap | — | $190.6M | $3.0B | $433.8M |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2026 |