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.
BNC · Agriculture · No 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%.
| Measure | BNC | DMC | NCRA | AVO |
|---|---|---|---|---|
| Moat Score (0–100) | 32 | 33 (highest) | 33 (highest) | 31 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 20 | 47 | 56 (highest) | 56 (highest) |
| Pricing power | 8 | 11 (highest) | 0 | 5 |
| Returns on capital | — | 0 | 6 | 13 (highest) |
| Balance-sheet safety | 78 (highest) | 71 | 78 (highest) | 62 |
| Capital discipline | 24 | 35 (highest) | 24 | 20 |
| Price vs. high estimate | No price data | 16% above high estimate (largest discount to high estimate) | No price data | 38% above high estimate |
| Market cap | $124.8M | $1.4B | $19.5M | $920.2M |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2026 | FY2025 | FY2025 | FY2025 |