The Moat Index

Compare moats, side by side.

Two to four companies, scored on the same four filters from their SEC filings — so the comparison is apples to apples. The method is fully public.

ESCO TECHNOLOGIES INC.

ESE · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

NATIONAL CINEMEDIA, INC.

NCMI · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Neonode Inc.

NEON · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

AWARE, INC.

AWRE · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	ESE	NCMI	NEON	AWRE
Moat Score (0–100)	53	54 (highest)	54 (highest)	53
Pricing power	64	100 (highest)	96	100 (highest)
Returns on capital	13	14 (highest)	0	4
Balance-sheet safety	70	55	100 (highest)	55
Capital discipline	79 (highest)	44	24	52
Margin of safety	279% above value	No price data	No price data	No price data
Market cap	$8.2B	$352.9M	$14.4M	$23.8M
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.