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.

Clearway Energy, Inc.

CWEN · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

WISCONSIN ELECTRIC POWER COMPANY

WELPP · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

ATMOS ENERGY CORP

ATO · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

WASTE CONNECTIONS, INC.

WCN · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	CWEN	WELPP	ATO	WCN
Moat Score (0–100)	45	48 (highest)	45	44
Pricing power	70	99 (highest)	94	71
Returns on capital	25	27 (highest)	4	6
Balance-sheet safety	28 (highest)	16	20	22
Capital discipline	52	35	60	85 (highest)
Margin of safety	12% below value (highest margin of safety)	No price data	80% above value	193% above value
Market cap	$6.8B	$2.1B	$28.7B	$43.9B
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.