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.
DBHL · Utilities · No moat
Doesn't clear the bar
The balanceSheet component abstained: No debt, cash, or interest-expense disclosures to score the balance sheet. The other four 20% weights were renormalized over the scored 80%.
CMS · Utilities · No 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 | BESS | TXNM | DBHL | CMS |
|---|---|---|---|---|
| Moat Score (0–100) | 24 | 26 (highest) | 26 (highest) | 24 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 0 | 40 | 0 | 48 (highest) |
| Pricing power | 70 | 56 | 78 (highest) | — |
| Returns on capital | 0 | 0 | 0 | 1 (highest) |
| Balance-sheet safety | 28 (highest) | 0 | — | 0 |
| Capital allocation | 24 | 33 | 24 | 45 (highest) |
| No price data | 209% above value if growth stopped today | No price data | 105% above value if growth stopped today (largest discount to value if growth stopped today) | |
| Market cap | $12.1M | $6.4B | Not reported | $22.9B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |