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.
WATT · Technology · 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%.
| Measure | CIEN | VIIQ | NEON | WATT |
|---|---|---|---|---|
| Moat Score (0–100) | 48 (highest) | 48 (highest) | 48 (highest) | 48 (highest) |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 49 | 0 | 20 | 60 (highest) |
| Pricing power | 72 | 19 | 96 (highest) | 33 |
| Returns on capital | 33 | 100 (highest) | 0 | — |
| Balance-sheet safety | 37 | 78 | 100 (highest) | 55 |
| Capital discipline | 48 (highest) | 44 | 24 | 44 |
| Price vs. high estimate | 2504% above high estimate | 85% below high estimate (largest discount to high estimate) | No price data | No price data |
| Market cap | $55.1B | $3.4M | $13M | $32.1M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |