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.
AROC · Utilities · Narrow moat
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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 | ATO | AROC | GNE | WCN |
|---|---|---|---|---|
| Moat Score (0–100) | 55 | 63 (highest) | 61 | 55 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 97 | 100 (highest) | 57 | 90 |
| Pricing power | 94 (highest) | 52 | 27 | 71 |
| Returns on capital | 4 | — | 90 (highest) | 6 |
| Balance-sheet safety | 20 | 20 | 100 (highest) | 22 |
| Capital allocation | 60 | 80 | 32 | 85 (highest) |
| 194% above value if growth stopped today | 421% above value if growth stopped today | 4% below value if growth stopped today (largest discount to value if growth stopped today) | 369% above value if growth stopped today | |
| Market cap | $29.0B | $6.3B | $380M | $43.4B |
| Moat tier | Shallow moat | Narrow moat | Narrow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |