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.
ENDI · Other · 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%.
APAM · Other · Wide moat
Wonderful & reasonably priced
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%.
VRTS · Other · Wide moat
Wonderful & reasonably priced
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 | ENDI | HLI | APAM | VRTS |
|---|---|---|---|---|
| Moat Score (0–100) | 83 | 84 (highest) | 84 (highest) | 81 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 50 | 93 (highest) | 73 | 74 |
| Pricing power | 100 (highest) | 46 | — | — |
| Returns on capital | — | 100 (highest) | 100 (highest) | 89 |
| Balance-sheet safety | 100 (highest) | 100 (highest) | 100 (highest) | 100 (highest) |
| Capital discipline | 80 (highest) | 80 (highest) | 63 | 60 |
| Price vs. high estimate | No price data | No price data | 36% below high estimate | 70% below high estimate (largest discount to high estimate) |
| Market cap | — | — | $3.1B | $1.1B |
| Moat tier | Wide moat | Wide moat | Wide moat | Wide moat |
| Filings as of | FY2023 | FY2026 | FY2025 | FY2025 |