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.

Codexis, Inc.

CDXS · Materials · Shallow moat

Shallow moat

Doesn't clear the bar

Ring Energy, Inc.

REI · Materials · Shallow moat

Shallow moat

On the watchlist

SONOCO PRODUCTS CO

SON · Materials · Shallow moat

Shallow moat

Doesn't clear the bar

ORION S.A.

OEC · Materials · Shallow moat

Shallow moat

On the watchlist

Measure	CDXS	REI	SON	OEC
Moat Score (0–100)	45 (highest)	45 (highest)	45 (highest)	44
Pricing power	97 (highest)	87	34	37
Returns on capital	0	16	45	48 (highest)
Balance-sheet safety	55 (highest)	28	26	40
Capital discipline	24	44	81 (highest)	55
Margin of safety	No price data	66% below value	8% above value	67% below value (highest margin of safety)
Market cap	$202.7M	$255.4M	$5.6B	$384.7M
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.