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.
DHI · Industrials · Narrow moat
Wonderful & reasonably priced
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 | DHI | VNOV | AAON | IESC |
|---|---|---|---|---|
| Moat Score (0–100) | 72 | 73 (highest) | 72 | 72 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 78 | 87 (highest) | 75 | 78 |
| Pricing power | 33 | 71 (highest) | 41 | 19 |
| Returns on capital | — | 88 | 100 (highest) | 71 |
| Balance-sheet safety | 78 | 73 | 100 (highest) | 100 (highest) |
| Capital discipline | 100 (highest) | 44 | 46 | 90 |
| Price vs. high estimate | 50% below high estimate (largest discount to high estimate) | No price data | 610% above high estimate | 471% above high estimate |
| Market cap | $42.6B | — | $8.5B | $12.3B |
| Moat tier | Narrow moat | Narrow moat | Narrow moat | Narrow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |