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.
ADP · Technology · Wide moat
On the watchlist
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%.
PAYO · Technology · Wide moat
On the watchlist
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 | DUOL | ADP | WEX | PAYO |
|---|---|---|---|---|
| Moat Score (0–100) | 86 (highest) | 86 (highest) | 86 (highest) | 85 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 85 | 95 (highest) | 81 | 80 |
| Pricing power | 100 (highest) | 72 | 67 | — |
| Returns on capital | 100 (highest) | — | 82 | 86 |
| Balance-sheet safety | 100 (highest) | 82 | 100 (highest) | 100 (highest) |
| Capital allocation | 44 | 95 | 100 (highest) | 75 |
| No price data | 167% above value if growth stopped today | 35% above value if growth stopped today (largest discount to value if growth stopped today) | 100% above value if growth stopped today | |
| Market cap | Not reported | $111.5B | $6.0B | $2.5B |
| Moat tier | Wide moat | Wide moat | Wide moat | Wide moat |
| Filing date | FY2025 | FY2026 | FY2025 | FY2025 |