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.
EXC · 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 | DUK | HNRG | EXC | LNT |
|---|---|---|---|---|
| Moat Score (0–100) | 47 (highest) | 47 (highest) | 47 (highest) | 46 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 81 | 75 | 96 (highest) | 78 |
| Pricing power | 100 (highest) | 33 | — | 100 (highest) |
| Returns on capital | 0 | 12 (highest) | 1 | 3 |
| Balance-sheet safety | 1 | 56 (highest) | 40 | 0 |
| Capital discipline | 52 | 60 (highest) | 52 | 48 |
| Price vs. high estimate | 44% above high estimate | 232% above high estimate | 16% above high estimate (largest discount to high estimate) | 151% above high estimate |
| Market cap | $101.5B | $668M | $48.6B | $19.3B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |