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.
AM · Utilities · 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%.
| Measure | CWEN | NI | OGS | AM |
|---|---|---|---|---|
| Moat Score (0–100) | 49 | 50 (highest) | 50 (highest) | 48 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 75 | 87 | 92 (highest) | 86 |
| Pricing power | 70 | 100 (highest) | 87 | — |
| Returns on capital | 18 (highest) | 0 | 5 | 11 |
| Balance-sheet safety | 28 | 2 | 31 | 51 (highest) |
| Capital allocation | 52 | 60 (highest) | 33 | 44 |
| 38% above value if growth stopped today (largest discount to value if growth stopped today) | 164% above value if growth stopped today | 101% above value if growth stopped today | 135% above value if growth stopped today | |
| Market cap | $6.5B | $22.3B | $5.0B | $10.8B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |