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.
CWT · 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%.
AVA · 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 | CWT | AWR | AVA | HNRG |
|---|---|---|---|---|
| Moat Score (0–100) | 46 | 48 (highest) | 47 | 45 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 80 (highest) | 62 | 62 | 65 |
| Pricing power | — | 84 (highest) | — | 33 |
| Returns on capital | 32 (highest) | 20 | 2 | 12 |
| Balance-sheet safety | 29 | 19 | 92 (highest) | 56 |
| Capital discipline | 43 | 56 | 31 | 60 (highest) |
| Price vs. high estimate | 119% above high estimate | 87% above high estimate | 11% above high estimate (largest discount to high estimate) | 243% above high estimate |
| Market cap | $3.1B | $3.5B | $3.4B | $691.0M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |