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.
BEN · Other · Shallow 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%.
FRHC · Other · Shallow moat
Doesn't clear the bar
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%.
SIEB · Other · Shallow 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 | BEN | FRHC | NDAQ | SIEB |
|---|---|---|---|---|
| Moat Score (0–100) | 51 | 54 (highest) | 54 (highest) | 51 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 38 | 86 (highest) | 79 | 22 |
| Pricing power | — | 28 | 96 (highest) | — |
| Returns on capital | 64 (highest) | — | 16 | 56 |
| Balance-sheet safety | 66 | 78 | 19 | 100 (highest) |
| Capital discipline | 37 | 25 | 60 (highest) | 24 |
| Price vs. high estimate | 71% above high estimate | 324% above high estimate | 159% above high estimate | 13% below high estimate (largest discount to high estimate) |
| Market cap | $16.8B | $9.7B | $52.4B | $67.1M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2026 | FY2025 | FY2025 |