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.
ES · 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%.
HTO · 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%.
DTE · 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 | ES | HTO | DTE | TXNM |
|---|---|---|---|---|
| Moat Score (0–100) | 30 | 31 (highest) | 30 | 29 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 77 | 76 | 78 (highest) | 59 |
| Pricing power | — | — | — | 56 |
| Returns on capital | 0 | 0 | 4 (highest) | 0 |
| Balance-sheet safety | 1 (highest) | 1 (highest) | 1 (highest) | 0 |
| Capital discipline | 41 | 45 (highest) | 39 | 33 |
| Price vs. high estimate | 26% above high estimate (largest discount to high estimate) | 52% above high estimate | 95% above high estimate | 206% above high estimate |
| Market cap | $27.8B | $2.3B | $30.3B | $6.3B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |