The Moat Index

Compare moats, side by side.

Two to four companies, scored on the same four filters from their SEC filings — so the comparison is apples to apples. The method is fully public.

DUTCH BROS INC.

BROS · Consumer Discretionary · Shallow moat

Shallow moat

Doesn't clear the bar

MILLER INDUSTRIES, INC.

MLR · Consumer Discretionary · Shallow moat

Shallow moat

Doesn't clear the bar

Fox Factory Holding Corp.

FOXF · Consumer Discretionary · Shallow moat

Shallow moat

On the watchlist

POLARIS INC.

PII · Consumer Discretionary · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	BROS	MLR	FOXF	PII
Moat Score (0–100)	50	51 (highest)	51 (highest)	50
Pricing power	29	17	57 (highest)	38
Returns on capital	43	71	78 (highest)	69
Balance-sheet safety	100 (highest)	78	28	28
Capital discipline	44	45	24	64 (highest)
Margin of safety	No price data	31% above value	47% below value (highest margin of safety)	17% below value
Market cap	—	$564.5M	$795.1M	$4.1B
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.