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.
D · Utilities · No 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%.
TLN · Utilities · No 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 | D | TLN | SPRU | QRHC |
|---|---|---|---|---|
| Moat Score (0–100) | 23 | 24 (highest) | 23 | 23 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 60 | 50 | 63 (highest) | 50 |
| Pricing power | — | — | 28 (highest) | 12 |
| Returns on capital | 0 (highest) | 0 (highest) | 0 (highest) | 0 (highest) |
| Balance-sheet safety | 0 | 0 | 0 | 28 (highest) |
| Capital discipline | 31 | 44 (highest) | 24 | 24 |
| Price vs. high estimate | 176% above high estimate | No price data | No price data | 15% above high estimate (largest discount to high estimate) |
| Market cap | $62.5B | $16.4B | $39.4M | $25.8M |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |