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.
COHN · Other · 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%.
ICE · Other · 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%.
FRHC · Other · 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 | COHN | HKHC | ICE | FRHC |
|---|---|---|---|---|
| Moat Score (0–100) | 55 | 57 (highest) | 56 | 54 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 65 | 70 | 94 (highest) | 86 |
| Pricing power | — | 43 (highest) | — | 28 |
| Returns on capital | 38 (highest) | 11 | 18 | — |
| Balance-sheet safety | 55 | 100 (highest) | 25 | 78 |
| Capital discipline | 60 | 60 | 85 (highest) | 25 |
| Price vs. high estimate | No price data | No price data | 86% above high estimate (largest discount to high estimate) | 324% above high estimate |
| Market cap | $27.0M | $482.5M | $80.3B | $9.7B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2026 |