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.
BKV · Materials · 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 | BKV | IPI | SW | ARQ |
|---|---|---|---|---|
| Moat Score (0–100) | 30 | 31 (highest) | 31 (highest) | 30 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 13 | 52 | 50 | 55 (highest) |
| Pricing power | — | 5 | 29 | 46 (highest) |
| Returns on capital | 19 | 0 | 20 (highest) | 0 |
| Balance-sheet safety | 90 (highest) | 73 | 14 | 28 |
| Capital discipline | 0 | 24 | 40 (highest) | 24 |
| Price vs. high estimate | 35% above high estimate (largest discount to high estimate) | No price data | 118% above high estimate | No price data |
| Market cap | $2.5B | $446.0M | $22.5B | $89.3M |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |