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.
HNOI · Materials · 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%.
BSET · Materials · Shallow moat
Doesn't clear the bar
| Measure | BRN | SON | HNOI | BSET |
|---|---|---|---|---|
| Moat Score (0–100) | 47 | 48 (highest) | 48 (highest) | 47 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 5 | 75 (highest) | 50 | 20 |
| Pricing power | 86 | 34 | 34 | 87 (highest) |
| Returns on capital | 88 (highest) | 24 | — | 15 |
| Balance-sheet safety | 33 | 26 | 55 | 73 (highest) |
| Capital allocation | 24 | 81 (highest) | 52 | 41 |
| No price data | 11% above value if growth stopped today (largest discount to value if growth stopped today) | No price data | 46% above value if growth stopped today | |
| Market cap | $13.4M | $5.7B | $9.8M | $169M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |