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.
| Measure | CNP | NRG | CWST | TRGP |
|---|---|---|---|---|
| Moat Score (0–100) | 34 | 35 (highest) | 34 | 33 |
| Pricing power | 78 (highest) | 14 | 58 | 15 |
| Returns on capital | 0 | 56 (highest) | 5 | 21 |
| Balance-sheet safety | 1 | 7 | 17 | 53 (highest) |
| Capital discipline | 54 | 64 (highest) | 60 | 60 |
| Margin of safety | 141% above value | 41% above value (highest margin of safety) | 647% above value | 157% above value |
| Market cap | $28.2B | $24.6B | $6.1B | $60.7B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |