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 | EXC | PCYO | HNRG | DUK |
|---|---|---|---|---|
| Moat Score (0–100) | 47 (highest) | 47 (highest) | 47 (highest) | 47 (highest) |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 96 (highest) | 50 | 75 | 81 |
| Pricing power | — | 51 | 33 | 100 (highest) |
| Returns on capital | 1 | 0 | 12 (highest) | 0 |
| Balance-sheet safety | 40 | 95 (highest) | 56 | 1 |
| Capital discipline | 52 | 41 | 60 (highest) | 52 |
| Price vs. high estimate | 16% above high estimate (largest discount to high estimate) | 95% above high estimate | 232% above high estimate | 44% above high estimate |
| Market cap | $48.6B | $257M | $668M | $101.5B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |