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 · Narrow 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%.
CME · Other · Narrow moat
On the watchlist
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 | APAM | SEIC | HLI | CME |
|---|---|---|---|---|
| Moat Score (0–100) | 75 | 79 (highest) | 76 | 75 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 39 | 84 | 56 | 97 (highest) |
| Pricing power | — | 53 (highest) | 46 | — |
| Returns on capital | 100 (highest) | 100 (highest) | 100 (highest) | 24 |
| Balance-sheet safety | 100 (highest) | 73 | 100 (highest) | 100 (highest) |
| Capital allocation | 63 | 84 (highest) | 80 | 77 |
| 7% above value if growth stopped today (largest discount to value if growth stopped today) | 100% above value if growth stopped today | No price data | No price data | |
| Market cap | $3.2B | $12.1B | Not reported | Not reported |
| Moat tier | Narrow moat | Narrow moat | Narrow moat | Narrow moat |
| Filing date | FY2025 | FY2025 | FY2026 | FY2025 |