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.
APAM · Other · Wide moat
Wonderful & reasonably priced
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%.
FHI · Other · Wide moat
Wonderful & reasonably priced
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%.
ENDI · Other · Wide moat
On the watchlist
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
| Measure | APAM | FHI | HLI | ENDI |
|---|---|---|---|---|
| Moat Score (0–100) | 84 | 87 (highest) | 84 | 83 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 73 | 62 | 93 (highest) | 50 |
| Pricing power | — | — | 46 | 100 (highest) |
| Returns on capital | 100 (highest) | 100 (highest) | 100 (highest) | — |
| Balance-sheet safety | 100 (highest) | 100 (highest) | 100 (highest) | 100 (highest) |
| Capital discipline | 63 | 86 (highest) | 80 | 80 |
| Price vs. high estimate | 36% below high estimate (largest discount to high estimate) | 16% below high estimate | No price data | No price data |
| Market cap | $3.1B | $4.4B | — | — |
| Moat tier | Wide moat | Wide moat | Wide moat | Wide moat |
| Filings as of | FY2025 | FY2025 | FY2026 | FY2023 |