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.
CNR · Materials · Shallow moat
Doesn't clear the bar
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
SM · Materials · Shallow moat
Doesn't clear the bar
The capitalDiscipline component abstained: Not enough owner-earnings history to score capital discipline. The other four 20% weights were renormalized over the scored 80%.
| Measure | CNR | VMC | SM | AXIL |
|---|---|---|---|---|
| Moat Score (0–100) | 59 | 60 (highest) | 59 | 59 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 52 | 70 | 71 | 78 (highest) |
| Pricing power | — | 42 | 86 (highest) | 79 |
| Returns on capital | 88 (highest) | 64 | 43 | 15 |
| Balance-sheet safety | 55 | 39 | 37 | 100 (highest) |
| Capital discipline | 42 | 82 (highest) | — | 24 |
| Price vs. high estimate | 16% above high estimate (largest discount to high estimate) | 118% above high estimate | No price data | 285% above high estimate |
| Market cap | $4.3B | $36.6B | $3.6B | $36.6M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |